# EDGAR Filing Document

**Accession Number:** 0002038383
**File Stem:** 0001999371-25-015989
**Filing Date:** 2025-10
**Character Count:** 309191
**Document Hash:** 6991557563ad6f41afb964cd6bb6077a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-015989.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001999371-25-015989

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**EFFECTIVENESS DATE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg ETF Trust
- **CENTRAL INDEX KEY:** 0002038383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24005
- **FILM NUMBER:** 251414595

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** 617-235-4739

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506

## Series and Classes Contracts Data

### Thornburg Core Plus Bond ETF (Series ID: S000089219)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255734 | Thornburg Core Plus Bond ETF | TPLS            |

### Thornburg Multi Sector Bond ETF (Series ID: S000089220)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255735 | Thornburg Multi Sector Bond ETF | TMB             |

### Thornburg International Equity ETF (Series ID: S000089221)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255736 | Thornburg International Equity ETF | TXUE            |

### Thornburg International Growth ETF (Series ID: S000089222)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255737 | Thornburg International Growth ETF | TXUG            |

?xml version='1.0' encoding='ASCII'? thornburg_tsr

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-24005**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Thornburg ETF Trust** 

(Exact name of registrant as specified in charter)

**c/o Thornburg Investment Management, Inc.**

**2300 North Ridgetop Road, Santa Fe, New Mexico 87506**

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: **August 31, 2025**

Date of reporting period: **August 31, 2025** 

Item 1. Reports to Stockholders

(a) The following are the reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Thornburg Core Plus Bond ETF Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond ETF <br> TICKER: TPLS \| NASDAQ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Shareholder Report <br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

 *This annual shareholder report contains important information about the Thornburg Core Plus Bond ETF for the period from February 4, 2025 to August 31, 2025. You can find additional information about the Fund at https://www.thornburg.com/download . You can also request this information by contacting us at 1-800-847-0200 . This report also describes changes to the Fund that occurred during the reporting period.* 

#### How did the Fund perform during the period and what affected its performance?

**The Fund underperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the period from the Fund's inception on February 4, 2025 to August 31, 2025.

Top contributors to performance relative to the Index were yield curve positioning within corporate bonds and security selection within sub-investment grade bonds due to a rally in securities with lower credit ratings.

Yield curve positioning within U.S. Treasury securities was the top detractor to relative performance during the period.The Fund maintained an overweight allocation to securities with longer duration relative to the Index and interest rates on the long end of the U.S. Treasury curve rose as the yield curve steepened on economic optimism.**

#### How did the Fund perform over the past 10 years?
The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, visit https://www.thornburg.com/product/etfs/ecb/TPLS or call 1-800-847-0200.

#### Cumulative Performance
![line](qes1cdjt1mgsjdv6x.jpg)

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**  | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg Core Plus Bond ETF**  | $26.00  | 0.45%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund costs may be higher for a full one-year period.

Thornburg Core Plus Bond ETF Tailored Shareholder Report 8/31/25 TH6458

---

| | |
|:---|:---|
| **Annual Performance**  | **Since Inception (02/04/2025)**  |
| **Core Plus Bond ETF**  | 3.79%  |
| **Bloomberg U.S. Aggregate Total Return Value Index USD**  | 4.17%  |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)**  | $19.0 M  |
| **Number of Holdings**  | 276  |
| **Annual Portfolio Turnover**  | 22.11%  |
| **Total Advisory Fee**  | $41330  |

---

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Credit Quality Ratings**  | **(%)** <br>|
| **U.S. Government** <br>| 46.3 <br>|
| **AAA** <br>| 9.5 <br>|
| **AA** <br>| 2.8 <br>|
| **A** <br>| 11.2 <br>|
| **BBB** <br>| 18.3 <br>|
| **Below Invest. Grade** <br>| 7.4 <br>|
| **NR** <br>| 2.2 <br>|
| **Cash Equivalents & Other** <br>| 2.3 <br>|

---

![doughnut](qes43zec1mg6yrcsi.jpg)

Expressed as a percentage of the Fund's net assets.

\* Credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Services, both of which are independent, nationally recognized statistical rating organizations. If a credit rating for an investment is not available from either S&P or Moody's, then the Fund's investment advisor will determine the credit quality of the investment. Investments are considered to be investment grade if they are rated within the four highest grades by S&P or Moody's (BBB/Baa or higher) or, if no credit rating is available, have been judged to be of comparable quality by the Fund's investment advisor. (NR = Not Rated)

#### How has the Fund changed?
This is a summary of certain changes to the Fund since February 4, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200 .

#### Changes In and Disagreements with Accountants
No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/download.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qesd7hlt1mgsknnzn.jpg)

Thornburg Multi Sector Bond ETF Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Multi Sector Bond ETF <br> TICKER: TMB \| NASDAQ <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

 *This annual shareholder report contains important information about the Thornburg Multi Sector Bond ETF for the period from February 4, 2025 to August 31, 2025. You can find additional information about the Fund at https://www.thornburg.com/download . You can also request this information by contacting us at 1-800-847-0200 . This report also describes changes to the Fund that occurred during the reporting period.* 

#### How did the Fund perform during the period and what affected its performance?

**The Fund outperformed the Bloomberg U.S. Universal Total Return Index Value Unhedged (the "Index") during the period from the Fund's inception on February 4, 2025 to August 31, 2025.

Top contributors to the Fund's performance relative to the Index were yield curve positioning within corporate bonds, U.S. Treasuries, and securities with A and BBB credit ratings. Additionally, the Fund's underweight allocation to U.S. government securities and overweight allocation to securities with a BB credit rating enhanced performance.

The Fund's security selection based on duration positioning was the top detractor to relative performance for the period. The average duration of securities held by the Fund was approximately 1.5 years shorter than the Index and interest rates generally fell as the yield curve steepened on economic optimism.**

#### How did the Fund perform over the past 10 years?
The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, visit https://www.thornburg.com/product/etfs/emb/TMB or call 1-800-847-0200.

#### Cumulative Performance
![line](qesdaat1mgg2jjj3.jpg)

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg Multi Sector Bond ETF**  | $32.00  | 0.55%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund costs may be higher for a full one-year period.

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** Tailored Shareholder Report <br>| 8/31/25 <br> TH6459 <br>|

---

---

| | |
|:---|:---|
| **Annual Performance**  | **Since Inception (02/04/2025)**  |
| **Multi Sector Bond ETF**  | 4.52%  |
| **Bloomberg U.S. Aggregate Total Return Value Index USD**  | 4.17%  |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged**  | 4.33%  |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)**  | $76.5 M  |
| **Number of Holdings**  | 384  |
| **Annual Portfolio Turnover**  | 22.80%  |
| **Total Advisory Fee**  | $0.1M  |

---

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fixed Income Credit Quality**  | **(%)** <br>|
| **U.S. Government** <br>| 28.4 <br>|
| **AAA** <br>| 14.3 <br>|
| **AA** <br>| 3.5 <br>|
| **A** <br>| 11.8 <br>|
| **BBB** <br>| 22.4 <br>|
| **Below Invest. Grade** <br>| 15.6 <br>|
| **NR** <br>| 2.9 <br>|
| **Cash Equivalents & Other** <br>| 1.2 <br>|

---

![doughnut](qes43zec1mg6yrfd9.jpg)

Expressed as a percentage of the Fund's net assets.

\* Credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Services, both of which are independent, nationally recognized statistical rating organizations. If a credit rating for an investment is not available from either S&P or Moody's, then the Fund's investment advisor will determine the credit quality of the investment. Investments are considered to be investment grade if they are rated within the four highest grades by S&P or Moody's (BBB/Baa or higher) or, if no credit rating is available, have been judged to be of comparable quality by the Fund's investment advisor. (NR = Not Rated)

#### How has the Fund changed?
This is a summary of certain changes to the Fund since February 4, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200 .

#### Changes In and Disagreements with Accountants
No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/download.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qesd7hlt1mgsko5yi.jpg)

**Thornburg International Equity ETF** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity ETF <br> TICKER: TXUE \| NASDAQ <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

 *This annual shareholder report contains important information about the Thornburg International Equity ETF for the period from January 21, 2025 to August 31, 2025. You can find additional information about the Fund at https://www.thornburg.com/download . You can also request this information by contacting us at 1-800-847-0200 . This report also describes changes to the Fund that occurred during the reporting period.* 

#### How did the Fund perform during the period and what affected its performance?

**The Fund outperformed the MSCI EAFE Net Total Return USD Index (the "Index") during the period from the Fund's inception on January 21, 2025 to August 31, 2025.

Compelling international valuations and supportive fiscal and monetary policies drew global investment flows.

The Fund's sector allocations in utilities, consumer discretionary, and materials led performance relative to the Index, while allocations to consumer staples, energy, and cash were detriments to relative performance. By geography, stock selection in Germany and the Netherlands topped contributions to relative performance, while selection effects in France and Japan were the leading detractors to relative performance.**

#### How did the Fund perform over the past 10 years?
The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, visit https://www.thornburg.com/product/etfs/eie/TXUE or call 1-800-847-0200.

#### Cumulative Performance
![line](qes1f1dw11mgfxe4o7.jpg)

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg International Equity ETF**  | $44.00  | 0.65%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund costs may be higher for a full one-year period.

Thornburg International Equity ETF Tailored Shareholder Report 8/31/25 TH6456

---

| | |
|:---|:---|
| **Annual Performance**  | **Since Inception (01/21/2025)**  |
| **International Equity ETF**  | 19.88%  |
| **MSCI EAFE Net Total Return USD Index**  | 19.51%  |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)**  | $220.6 M  |
| **Number of Holdings**  | 50  |
| **Annual Portfolio Turnover**  | 11.62%  |
| **Total Advisory Fee**  | $0.5M  |

---

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 3.8 <br>|
| **Large Cap (>$12 B)** <br>| 96.2 <br>|

---

![doughnut](qes1mn21mg6yri36.jpg)

Expressed as a percentage of the Fund's net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since January 21, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200 .

#### Changes In and Disagreements with Accountants
No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/download.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qes5i6v1mgskp7zm.jpg)

Thornburg International Growth ETF Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth ETF <br> TICKER: TXUG \| NASDAQ <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

 *This annual shareholder report contains important information about the Thornburg International Growth ETF for the period from January 22, 2025 to August 31, 2025. You can find additional information about the Fund at https://www.thornburg.com/download . You can also request this information by contacting us at 1-800-847-0200 . This report also describes changes to the Fund that occurred during the reporting period.* 

#### How did the Fund perform during the period and what affected its performance?

**The Fund underperformed the MSCI EAFE Growth Net Total Return USD Index (the "Index") during the period from the Fund's inception on January 22, 2025 to August 31, 2025.

Investment selection based on a value factor continued to materially lead versus core and growth styles in international securities, creating a headwind to growth-oriented mandates.

By geography, the Fund's allocation to Brazil contributed to performance relative to the Index, while allocation to the United States detracted. From a sector perspective, stock selection in consumer discretionary and utilities enhanced relative performance. In contrast, the Fund's underweight allocation to industrials, overweight allocation in information technology, and stock selection in both were the lead detractors to relative performance.**

#### How did the Fund perform over the past 10 years?
The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, visit https://www.thornburg.com/product/etfs/eig/TXUG or call 1-800-847-0200.

#### Cumulative Performance
![line](qese8lszq1mgg1jhv4.jpg)

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg International Growth ETF**  | $43.00  | 0.70%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund costs may be higher for a full one-year period.

Thornburg International Growth ETF Tailored Shareholder Report 8/31/25 TH6457

---

| | |
|:---|:---|
| **Annual Performance**  | **Since Inception (01/22/2025)**  |
| **International Growth ETF**  | 2.48%  |
| **MSCI EAFE Net Total Return USD Index**  | 11.21%  |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)**  | $5.1 M  |
| **Number of Holdings**  | 44  |
| **Annual Portfolio Turnover**  | 24.84%  |
| **Total Advisory Fee**  | $20283  |

---

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 6.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 13.1 <br>|
| **Large Cap (>$12 B)** <br>| 80.9 <br>|

---

![doughnut](qes1mn21mg6yrkuh.jpg)

Expressed as a percentage of the Fund's net assets.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since January 22, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200 .

#### Changes In and Disagreements with Accountants
No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/download.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qesd7hlt1mgskokv1.jpg)

(b) Not applicable.

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

Below are the amount of fees that PricewaterhouseCoopers LLP ("PWC"), the Trust's registered independent public accounting firm, billed to the Trust during the Trust's fiscal year ended August 31, 2025. The Trust was not in operation during the previous fiscal year, as such no information is presented.

(a) Audit Fees

The aggregate fees billed to the Trust in the last fiscal year ended August 31, 2025 for the audit of the Trust's financial statements and for services that are normally provided by PWC, registered independent public accounting firm, in connection with statutory and regulatory filings or requirements was $0.

(b) Audit-Related Fees

The fees billed to the Trust by PWC in the last fiscal year ended August 31, 2025 for assurance and related services that are reasonably related to the audit or review of the Trust's financial statements (and that are not reflected in "Audit Fees," above) was $0.

(c) Tax Fees

The fees billed to the Trust by PWC in the last fiscal year ended August 31, 2025 for professional services rendered by PWC for tax compliance, tax advice or tax planning, including amounts paid in connection with filing foreign tax reclaims, was $0.

(d) All Other Fees

The fees billed to the Trust by PWC in the last fiscal year ended August 31, 2025 for all other services rendered by PWC to the Trust was $0.

(e) Audit Committee Pre-Approval Policies and Procedures

As of September 30, 2024, the Trust's Audit Committee has not adopted pre-approval policies and procedures.

(f) Not applicable.

(g) The aggregate non-audit fees billed by PWC to the Trust for the fiscal year ended August 31, 2025 was $0. PWC performs no services for the investment advisor, the Funds' principal underwriter or any other person controlling, controlled by, or under common control with the investment advisor which provides ongoing services to the Funds, and accordingly PWC did not bill any non-audit fees to those persons.

(h) Not applicable

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

(b) Not applicable.

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

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

Thornburg Core Plus Bond ETF

Thornburg Multi Sector Bond ETF

Thornburg International Equity ETF

Thornburg International Growth ETF

![](thornburgetfncsr001.jpg)

**ANNUAL FINANCIAL STATEMENTS \| AUGUST 31, 2025**

THORNBURG ETF TRUST

**<u>Fixed Income</u>**

Thornburg Core Plus Bond ETF

Thornburg Multi Sector Bond ETF

**<u>Equity</u>**

Thornburg International Equity ETF

Thornburg International Growth ETF

Annual Financial Statements \| August 31, 2025

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#thornburgetfncsra001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Core Plus Bond ETF](#thornburgetfncsra002) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Multi Sector Bond ETF](#thornburgetfncsra003) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Equity ETF](#thornburgetfncsra004) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Growth ETF](#thornburgetfncsra005) | 27 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#thornburgetfncsra006) | 30 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#thornburgetfncsra007) | 31 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#thornburgetfncsra008) | 32 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#thornburgetfncsra009) | 34 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#thornburgetfncsra010) | 45 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#thornburgetfncsra011) | 49 |
| &nbsp;&nbsp;&nbsp;[Tax Information](#thornburgetfncsra012) | 50 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#thornburgetfncsra013) | 51 |
| [Proxy Disclosures for Open-End Management Investment Companies](#thornburgetfncsra014) | 51 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#thornburgetfncsra015) | 51 |

---

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

Annual Financial Statements \| 3

**Schedule of Investments**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **ASSET BACKED SECURITIES — 9.3%** |  |  |
|  | **AUTO RECEIVABLES — 4.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2023-2A Class B, 9.85% due 6/20/2030 | $75767 | $76988 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2024-4 Class A, 4.81% due 3/13/2028 | 12393 | 12402 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class B, 6.632% due 7/26/2032 | 33943 | 34464 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class C, 1.53% due 3/10/2027 | 145000 | 142712 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | 75000 | 75475 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-5A Class C, 6.51% due 12/15/2027 | 8481 | 8495 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class C, 3.13% due 5/15/2028 | 53740 | 53500 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-1 Class C, 3.06% due 3/15/2028 | 61214 | 60825 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | 39750 | 39626 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | 45000 | 45370 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A Class A, 5.87% due 5/21/2029 | 35073 | 35133 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Onemain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | 45727 | 45724 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-4 Class A3, 4.85% due 1/16/2029 | 100000 | 100255 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | 63077 | 63359 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2023-2A Class A, 6.46% due 8/18/2038 | 53285 | 54010 |
|  |  |  | 848338 |
|  | **CREDIT CARD — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BA Credit Card Trust, Series 2023-A1 Class A1, 4.79% due 5/15/2028 | 105000 | 105479 |
|  |  |  | 105479 |
|  | **OTHER ASSET BACKED — 3.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | 100000 | 100709 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 50000 | 50119 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 53644 | 44214 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 80262 | 74084 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 91658 | 77882 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.53% due 12/15/2031 | 81104 | 80608 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.54% due 6/15/2033 | 21351 | 21374 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A, 4.01% due 6/22/2043 | 88230 | 83556 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | 76754 | 63231 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-5 Class C, 9.099% due 4/15/2031 | 46523 | 46751 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-2A Class A2, 5.05% due 9/15/2048 | 50000 | 49840 |
|  |  |  | 692368 |
|  | **STUDENT LOAN — 0.6%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2019-A Class A1, 5.837% (TSFR1M + 1.51%) due 12/28/2048 | 75268 | 75972 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-1 Class A3, 5.413% (SOFR30A + 1.06%) due 9/25/2028 | 39886 | 38986 |
|  |  |  | 114958 |
|  | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $1,752,061) |  | 1761143 |
|  | **CORPORATE BONDS — 34.5%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.98% (SOFR + 0.62%) due 12/11/2026 | 38000 | 38026 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.30% due 9/24/2027 | 25000 | 24978 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | 25000 | 25536 |
|  |  |  | 88540 |

---

4 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **BANKS — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.975% (SOFR + 1.09%) due 3/14/2030 | $25000 | $25689 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 10000 | 9708 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 5.741% (SOFR + 1.88%) due 3/20/2031 | 25000 | 25983 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030 | 25000 | 25706 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.574% (SOFR + 1.74%) due 7/25/2029 | 25000 | 25913 |
|  |  |  | 112999 |
|  | **CAPITAL GOODS — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 4/15/2029 | 25000 | 24121 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.375% due 3/1/2029 | 25000 | 25607 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | 25000 | 24051 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | 25000 | 22213 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.05% due 2/15/2026 | 41000 | 41175 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.30% due 2/15/2030 | 25000 | 26457 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 25000 | 26425 |
|  |  |  | 190049 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | 50000 | 49614 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 25000 | 26461 |
|  | &nbsp;&nbsp;&nbsp;Equifax, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 6/1/2026 | 31000 | 30717 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.10% due 12/15/2027 | 25000 | 25470 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 25000 | 24690 |
|  |  |  | 156952 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | 25000 | 25504 |
|  |  |  | 25504 |
|  | **CONSUMER DURABLES & APPAREL — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | 25000 | 26477 |
|  |  |  | 26477 |
|  | **CONSUMER SERVICES — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | 50000 | 50547 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 25000 | 24032 |
|  |  |  | 74579 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.25% due 3/15/2026 | 60000 | 59590 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 25000 | 26325 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | 25000 | 24634 |
|  |  |  | 110549 |
|  | **ENERGY — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 48000 | 48731 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | 10000 | 10634 |

---

See notes to financial statements. Annual Financial Statements \| 5

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 8.375% due 1/19/2036 | $20000 | $20246 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | 25000 | 26141 |
| | &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 27000 | 27766 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 5/1/2027 | 70000 | 69995 |
| | &nbsp;&nbsp;&nbsp;&nbsp;6.05% due 12/1/2026 | 23000 | 23446 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 50000 | 50239 |
| | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | 25000 | 25790 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | 25000 | 25015 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69% due 1/23/2050 | 20000 | 17100 |
| | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | 25000 | 25324 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sunoco LP, 7.25% due 5/1/2032 | 25000 | 26465 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | 35000 | 36417 |
| |  |  | 433309 |
| | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;American Tower Corp., 4.90% due 3/15/2030 | 30000 | 30604 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | 50000 | 48941 |
| | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | 10000 | 10130 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/1/2034 | 25000 | 26088 |
| | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;3.50% due 7/1/2026 | 25000 | 24786 |
| | &nbsp;&nbsp;&nbsp;&nbsp;3.90% due 4/1/2029 | 33000 | 32512 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | 20000 | 19227 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SBA Tower Trust, 1.631% due 5/15/2051 | 70000 | 67711 |
| |  |  | 259999 |
| | **FINANCIAL SERVICES — 3.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 6.60% due 9/15/2029 | 25000 | 25983 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10% due 3/15/2028 | 25000 | 25325 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | 46000 | 47627 |
| | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | 74000 | 72289 |
| | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 3/15/2029 | 35000 | 34238 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 6/15/2030 | 30000 | 30594 |
| | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.40% due 8/15/2028 | 50000 | 50218 |
| | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | 25000 | 25559 |
| | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | 25000 | 26059 |
| | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital One Financial Corp., 7.149% (SOFR + 2.44%) due 10/29/2027 | 25000 | 25758 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 6.875% due 3/1/2032 | 25000 | 25957 |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 1.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.162% (SOFR + 1.00%) due 1/24/2031 | 43000 | 44384 |
| | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.785% (SOFR + 1.94%) due 3/17/2033 | 33000 | 31043 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.542% (SOFR + 1.34%) due 9/19/2030 | 26000 | 26117 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series W, 4.00% (5-Yr. CMT + 3.60%) due 12/10/2025 | 37000 | 36724 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.14% (SOFR + 1.01%) due 1/24/2031 | 69000 | 71145 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.23% (SOFR + 1.11%) due 1/15/2031 | 43000 | 44367 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034 | 25000 | 26266 |
| | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 18000 | 18154 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | 50000 | 51627 |
| |  |  | 739434 |

---

6 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | **FOOD, BEVERAGE & TOBACCO — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.5%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | $25000 | $24381 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | 45000 | 44939 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | 21000 | 21009 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 48000 | 48836 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | 10000 | 9977 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | 25000 | 25687 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 7.75% due 10/19/2032 | 25000 | 28958 |
|  |  |  | 203787 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Hologic, Inc., 3.25% due 2/15/2029 | 25000 | 23885 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 3.00% due 10/15/2030 | 25000 | 22105 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 4.25% due 5/1/2028 | 50000 | 48874 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 73000 | 71303 |
|  | &nbsp;&nbsp;&nbsp;Humana, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.95% due 3/15/2027 | 25000 | 24921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 5/1/2035 | 16000 | 16153 |
|  | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 4/1/2030 | 25000 | 24993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/1/2032 | 25000 | 24794 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75% due 5/15/2031 | 25000 | 25980 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., 4.625% due 10/15/2029 | 72000 | 71772 |
|  |  |  | 354780 |
|  | **INSURANCE — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 4.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American National Global Funding, 5.55% due 1/28/2030 | 75000 | 77291 |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | 70000 | 72243 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 5.55% due 4/9/2027 | 38000 | 38594 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.70% due 6/23/2028 | 19000 | 19190 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp., 5.125% due 2/15/2034 | 71000 | 71067 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | 35000 | 36773 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 25000 | 25559 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.95% due 6/9/2030 | 35000 | 35687 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 5.00% due 3/27/2030 | 35000 | 35892 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., 5.625% due 8/16/2032 | 25000 | 25792 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 65000 | 67605 |
|  | &nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | 25000 | 26034 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 7.25% due 9/15/2028 | 25000 | 26875 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | 25000 | 25538 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding, 4.625% due 5/28/2028 | 52000 | 52492 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;MetLife, Inc., Series G, 3.85% (5-Yr. CMT + 3.58%) due 9/15/2025 | 45000 | 44921 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | 25000 | 25839 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | 69000 | 71697 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | 25000 | 25037 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | 25000 | 25962 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;RGA Global Funding, 2.70% due 1/18/2029 | 30000 | 28373 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 25000 | 22494 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | 40000 | 40790 |
|  |  |  | 921745 |
|  | **MATERIALS — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | 34000 | 34785 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | 25000 | 25873 |

---

See notes to financial statements. Annual Financial Statements \| 7

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.875% due 8/15/2030 | $50000 | $45223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 3/15/2026 | 25000 | 24969 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | 25000 | 23383 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | 75000 | 71169 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 73000 | 71540 |
|  |  |  | 296942 |
|  | **MEDIA & ENTERTAINMENT — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034 | 70000 | 60791 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/1/2026 | 25000 | 24837 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2029 | 25000 | 25009 |
|  |  |  | 110637 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | 25000 | 25056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 12/13/2027 | 16000 | 16455 |
|  |  |  | 41511 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Broadcom, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.187% due 11/15/2036 | 25000 | 20799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.15% due 11/15/2030 | 38000 | 37626 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 1/15/2035 | 21000 | 21709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.75% due 11/1/2029 | 25000 | 27125 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 50000 | 45583 |
|  |  |  | 152842 |
|  | **SOFTWARE & SERVICES — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | 40000 | 39146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | 17000 | 17530 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 25000 | 25792 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 50000 | 49528 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | 32000 | 32683 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.5%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 25000 | 25611 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | 70000 | 68262 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MSCI, Inc., 3.625% due 9/1/2030 - 11/1/2031 | 76000 | 71948 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 12/1/2029 | 25000 | 23590 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp., 5.25% due 2/3/2032 | 41000 | 42156 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | 25000 | 25006 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | 25000 | 25945 |
|  |  |  | 447197 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 4.85% due 8/15/2030 | 66000 | 67242 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 25000 | 23924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.276% due 12/1/2028 | 34000 | 32766 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd., 4.875% due 5/12/2030 | 38000 | 38395 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 40000 | 40403 |

---

8 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | $25000 | $23739 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 - 3/15/2033 | 100000 | 103511 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 25000 | 25671 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | 70000 | 72469 |
|  |  |  | 428120 |
|  | **TELECOMMUNICATION SERVICES — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.125% due 5/15/2032 | 70000 | 71682 |
|  |  |  | 71682 |
|  | **TRANSPORTATION — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.30% due 3/15/2027 | 25000 | 25367 |
|  |  |  | 25367 |
|  | **UTILITIES — 6.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 6.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., Series I, 2.10% due 7/1/2030 | 25000 | 22516 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | 26000 | 26445 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 2.30% due 3/1/2030 | 50000 | 45741 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., 6.15% due 5/15/2034 | 25000 | 26477 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | 25000 | 23350 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light & Power Co., 4.95% due 8/15/2034 | 48000 | 48260 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 20000 | 20619 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.85% due 6/1/2034 | 30000 | 31556 |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (SOFR + 5.44%) due 6/15/2076 | 55000 | 55432 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 3.75% due 3/15/2032 | 25000 | 22968 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | 74000 | 76244 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55% due 1/15/2030 | 10000 | 10077 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.30% due 7/1/2043 | 25000 | 23304 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | 35000 | 37834 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 53000 | 47188 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Monongahela Power Co., 3.55% due 5/15/2027 | 40000 | 39571 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | 30000 | 30734 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.00% due 12/2/2025 | 53000 | 52511 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 5.35% due 4/1/2035 | 32000 | 32912 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co., 5.306% (SOFRINDX + 0.95%) due 9/4/2025 | 25000 | 25000 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp., 4.90% due 5/15/2028 | 70000 | 71042 |
|  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | 25000 | 25351 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 44000 | 45228 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | 25000 | 21978 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 4.90% due 3/15/2030 | 32000 | 32699 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | 25000 | 23754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | 26000 | 26389 |
|  | &nbsp;&nbsp;&nbsp;Southern Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.70% due 4/30/2030 | 25000 | 24360 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | 40000 | 39851 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co., 6.00% due 6/1/2054 | 25000 | 25042 |
|  | &nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | 30000 | 30271 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co., 2.95% due 3/15/2030 | 25000 | 23783 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | 48000 | 48389 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co., 5.375% due 3/30/2034 | 25000 | 25813 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.5%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | 73000 | 73044 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 25000 | 26176 |
|  |  |  | 1261909 |
|  | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $6,431,030) |  | 6534910 |

---

See notes to financial statements. Annual Financial Statements \| 9

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **OTHER GOVERNMENT — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | $100000 | $60497 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025 | 2000000 | 31795 |
|  | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 46000 | 26031 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 3.25% due 1/31/2033 | 60000 | 75038 |
|  | &nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $183,563) |  | 193361 |
|  | **U.S. TREASURY SECURITIES — 27.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 2/15/2051 | 390225 | 207795 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2045 | 1850000 | 1402531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 5/15/2044 | 998000 | 813058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/31/2030 | 160000 | 160063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/2032 | 20000 | 20106 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 8/15/2053 | 465000 | 407311 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 650000 | 654367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/2044 | 1000000 | 970313 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 7.60%, 11/15/2041 | 1120000 | 498058 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $5,162,345) |  | 5133602 |
|  | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (SOFR + 4.66%), 10/1/2026 | 45000 | 45139 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $45,253) |  | 45139 |
|  | **MORTGAGE BACKED — 24.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B Class A1, 1.698% due 5/25/2059 | 145658 | 136867 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 5.115% due 1/25/2061 | 31969 | 32000 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.881% due 12/25/2066 | 80017 | 74979 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 30000 | 31706 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR1 Class A3, 3.606% due 11/25/2043 | 71304 | 66669 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH1 Class A1A, 2.87% due 1/25/2067 | 107242 | 103873 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 5.169% due 5/25/2067 | 102071 | 103708 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841733, 2.093% (2.19% - SOFR30A) due 6/1/2052 | 101240 | 95023 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, Series 4165 Class BE, 1.50% due 2/15/2028 | 29655 | 28918 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031 | 90000 | 91733 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2278, 3.00% due 8/1/2052 | 108941 | 94631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2601, 2.50% due 2/1/2053 | 177793 | 148263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8194, 2.50% due 2/1/2052 | 244047 | 203433 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8218, 2.00% due 6/1/2052 | 115145 | 91833 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 565507 | 491093 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AM5836, 4.05% due 4/1/2032 | 80055 | 78632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BL2763, 3.99% due 6/1/2049 | 90548 | 79760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056 3.85% due 8/1/2032 | 43000 | 41311 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS7738, 4.20% due 3/1/2033 | 17000 | 16767 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2010-155 Class D, 4.00% due 1/25/2031 | 42559 | 42061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-46 Class LB, 3.50% due 12/25/2052 | 28511 | 28028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-6 Class GJ, 3.00% due 2/25/2049 | 42954 | 41919 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2096, 3.00% due 11/1/2051 | 251544 | 218015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS4713, 2.50% due 5/1/2053 | 111710 | 93173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS8579, 2.00% due 8/1/2042 | 253203 | 218438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9660, 5.50% due 10/1/2054 | 182422 | 183902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9716, 2.00% due 8/1/2042 | 210603 | 181687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5107, 5.50% due 8/1/2053 | 189005 | 190587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5611, 4.00% due 2/1/2055 | 257720 | 240492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5671, 4.50% due 4/1/2055 | 258978 | 249094 |

---

10 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | $78020 | $73181 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., Pool MA7706, 3.00% due 11/20/2051 | 357402 | 316800 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-110 Class AC, 1.75% due 10/16/2062 | 27361 | 20976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-75 Class AC, 1.60% due 4/16/2062 | 35107 | 26569 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H01 Class FA, 5.342% (TSFR1M + 1.01%) due 1/20/2066 | 36488 | 36662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-15 Class DL, 3.00% due 9/20/2049 | 32476 | 31135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | 61393 | 47379 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | 66217 | 66236 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A1, 2.479% due 3/25/2065 | 38221 | 36743 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-1A Class A1, 4.00% due 2/25/2057 | 73199 | 70833 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 34000 | 31268 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 80338 | 77818 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 84008 | 85126 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.628% (TSFR1M + 1.26%) due 5/15/2038 | 50000 | 49630 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2015-1 Class A5, 4.632% due 10/25/2053 | 36426 | 36251 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $4,662,280) |  | 4705202 |
|  | **SHORT-TERM INVESTMENTS — 1.4%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 26766 | 267662 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $267,662) |  | 267662 |
|  | TOTAL INVESTMENTS — 98.3% (Cost $18,504,194) |  | $18641019 |
|  | OTHER ASSETS LESS LIABILITIES — 1.7% |  | 329672 |
|  | NET ASSETS — 100.0% |  | $18970691 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OUTSTANDING FUTURES CONTRACTS AT AUGUST 31, 2025** | **OUTSTANDING FUTURES CONTRACTS AT AUGUST 31, 2025** | **OUTSTANDING FUTURES CONTRACTS AT AUGUST 31, 2025** | **OUTSTANDING FUTURES CONTRACTS AT AUGUST 31, 2025** | **OUTSTANDING FUTURES CONTRACTS AT AUGUST 31, 2025** |
| **CONTRACT<br> DESCRIPTION** | **CONTRACT** **<br> AMOUNT** | **EXPIRATION<br> DATE** | **NOTIONAL** **<br> AMOUNT** | **VALUE AND** **<br> UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** |
| **LONG CONTRACTS** |  |  |  |  |
| U.S. Treasury 10 Year Note Futures | 2 | 12/19/2025 | $200000 | $(156) |

---

**Footnote Legend**

---

| | |
|:---|:---|
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025, the aggregate value of these securities in the Fund's portfolio was $5,312,879, representing 28.01% of the Fund's net assets. |

---

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 August 31, 2025.

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

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

e Investment in Affiliates.

---

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

---

See notes to financial statements. Annual Financial Statements \| 11

**Schedule of Investments, Continued** 

Thornburg Core Plus Bond ETF \| August 31, 2025

---

| | |
|:---|:---|
| **COUNTRY EXPOSURE \*** |  |
| (percent of net assets) |  |
| **United States** | **93.0%** |
| **Canada** | **1.5%** |
| **Australia** | **0.7%** |
| **United Kingdom** | **0.7%** |
| **Bermuda** | **0.3%** |
| **Dominican Republic** | **0.2%** |
| **Israel** | **0.1%** |
| **New Zealand** | **0.1%** |
| **Guatemala** | **0.1%** |
| **Colombia** | **0.1%** |
| **Mexico** | **0.1%** |
| **Other Assets Less Liabilities** | **3.1%** |

---

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

12 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments** 

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| | **ASSET BACKED SECURITIES — 13.5%** | **ASSET BACKED SECURITIES — 13.5%** | **ASSET BACKED SECURITIES — 13.5%** |
| | **AUTO RECEIVABLES — 5.9%** |  |  |
| | &nbsp;&nbsp;ACM Auto Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 9.85% due 6/20/2030 | $140169 | $142428 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 11.40% due 1/21/2031 | 68058 | 69267 |
| <sup>a</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-1 Class C, 5.59% due 4/12/2029 | 35413 | 35454 |
| | &nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| | &nbsp;&nbsp;&nbsp;Series 2022-P3 Class A3, 4.61% due 11/10/2027 | 159508 | 159585 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | 150000 | 150949 |
| <sup>a</sup> | &nbsp;&nbsp;CPS Auto Receivables Trust, Series 2024-B Class B, 6.04% due 10/16/2028 | 255000 | 256979 |
| <sup>a</sup> | &nbsp;&nbsp;DT Auto Owner Trust, Series 2023-2A Class C, 5.79% due 2/15/2029 | 200000 | 201235 |
| | &nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
| | &nbsp;&nbsp;&nbsp;Series 2022-6A Class C, 6.32% due 5/15/2028 | 134720 | 135280 |
| | &nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.75% due 7/17/2028 | 122831 | 123384 |
| <sup>a</sup> | &nbsp;&nbsp;FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028 | 423144 | 426043 |
| | &nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | 150682 | 149724 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.76% due 5/17/2027 | 197632 | 197607 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | 92101 | 92386 |
| | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | 135150 | 134729 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | 120000 | 120987 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 6.42% due 6/15/2028 | 200000 | 202465 |
| <sup>a,b</sup> | &nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 6.993% (SOFR30A + 2.65%) due 11/15/2027 | 245000 | 245545 |
| <sup>a</sup> | &nbsp;&nbsp;LAD Auto Receivables Trust, Series 2022-1A Class A, 5.21% due 6/15/2027 | 52447 | 52456 |
| | &nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | 142534 | 144688 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 6.19% due 8/15/2029 | 178500 | 180100 |
| <sup>a</sup> | &nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-1 Class C, 8.31% due 10/16/2028 | 145164 | 145985 |
| <sup>a</sup> | &nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2023-1A Class A, 5.41% due 11/14/2029 | 245000 | 247002 |
| <sup>a</sup> | &nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | 165166 | 166889 |
| | &nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 225240 | 226808 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 74512 | 74638 |
| <sup>a</sup> | &nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | 157693 | 158398 |
| <sup>a</sup> | &nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2022-2A Class D, 5.48% due 9/15/2027 | 250000 | 251032 |
| |  |  | 4492043 |
| |  |  |  |
| | **OTHER ASSET BACKED — 5.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;ACHV ABS Trust, Series 2023-4CP Class E, 10.50% due 11/25/2030 | 150000 | 154283 |
| <sup>a</sup> | &nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2023-X1 Class D, 9.55% due 11/15/2028 | 100000 | 100000 |
| <sup>a</sup> | &nbsp;&nbsp;Auxilior Term Funding LLC, Series 2024-1A Class A2, 5.84% due 3/15/2027 | 70327 | 70671 |
| <sup>a</sup> | &nbsp;&nbsp;BHG Securitization Trust, Series 2022-B Class B, 4.84% due 6/18/2035 | 128922 | 128881 |
| <sup>a</sup> | &nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class D, 8.53% due 6/26/2028 | 200000 | 201992 |
| <sup>a</sup> | &nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 144839 | 119379 |
| | &nbsp;&nbsp;HPEFS Equipment Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 6.48% due 1/21/2031 | 140000 | 141000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1A Class C, 5.33% due 5/20/2031 | 305000 | 306902 |
| <sup>a</sup> | &nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 264864 | 244478 |
| <sup>a</sup> | &nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 230455 | 195816 |
| | &nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.53% due 12/15/2031 | 117601 | 116881 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 7.20% due 4/15/2033 | 259542 | 261016 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.54% due 6/15/2033 | 47895 | 47947 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | 250000 | 251514 |
| <sup>a</sup> | &nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | 96161 | 96774 |
| | &nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2018-1A Class A, 4.01% due 6/22/2043 | 211753 | 200534 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | 172696 | 142269 |
| <sup>a</sup> | &nbsp;&nbsp;NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031 | 84460 | 85906 |
| <sup>a</sup> | &nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | 250000 | 250317 |
| <sup>a,b</sup> | &nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10 Class ABC, 5.627% due 6/15/2032 | 244271 | 245053 |

---

See notes to financial statements. Annual Financial Statements \| 13

**Schedule of Investments, Continued** 

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | $100184 | $100584 |
| <sup>a</sup> | &nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | 28417 | 28311 |
| <sup>a</sup> | &nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 185000 | 183833 |
| | &nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | 157770 | 158066 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 250000 | 250160 |
| | &nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2022-1 Class B, 4.48% due 3/20/2032 | 70148 | 70040 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 286535 | 289301 |
| |  |  | 4441908 |
| | **STUDENT LOAN — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | 185784 | 181345 |
| | &nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.42% due 1/15/2043 | 54405 | 54057 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2019-FA Class A2, 2.60% due 8/15/2068 | 191768 | 185036 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2019-GA Class A, 2.40% due 10/15/2068 | 84555 | 81664 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2020-HA Class A, 1.31% due 1/15/2069 | 35125 | 33070 |
| <sup>a</sup> | &nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A Class APT1, 1.36% due 4/20/2062 | 365238 | 343653 |
| <sup>b</sup> | &nbsp;&nbsp;SLM Student Loan Trust, Series 2012-1 Class A3, 5.413% (SOFR30A + 1.06%) due 9/25/2028 | 107839 | 105406 |
| | &nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Series 2017-A Class A2B, 5.378% (TSFR1M + 1.01%) due 9/15/2034 | 6516 | 6515 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 5.228% (TSFR1M + 0.86%) due 10/15/2035 | 194852 | 194506 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2020-PTB Class A2A, 1.60% due 9/15/2054 | 127746 | 120401 |
| <sup>a</sup> | &nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2020-C Class AFX, 1.95% due 2/15/2046 | 100549 | 95024 |
| |  |  | 1400677 |
| | &nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $10,300,547) |  | 10334628 |
| |  |  |  |
| | **CORPORATE BONDS — 44.6%** |  |  |
| | **AUTOMOBILES & COMPONENTS — 0.9%** |  |  |
| | &nbsp;&nbsp;**Automobiles — 0.9%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;American Honda Finance Corp., 4.98% (SOFR + 0.62%) due 12/11/2026 | 144000 | 144099 |
| <sup>a</sup> | &nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.00% due 10/12/2032 | 300000 | 300171 |
| <sup>a</sup> | &nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 3.05% due 2/14/2027 | 50000 | 49090 |
| | &nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | 150000 | 153211 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | 50000 | 50389 |
| |  |  | 696960 |
| | **BANKS — 0.4%** |  |  |
| | &nbsp;&nbsp;**Banks — 0.4%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 110000 | 106796 |
| <sup>b</sup> | &nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 1.23%) due 5/31/2027 | 76000 | 76868 |
| <sup>b</sup> | &nbsp;&nbsp;U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030 | 141000 | 144982 |
| |  |  | 328646 |
| | **CAPITAL GOODS — 2.0%** |  |  |
| | &nbsp;&nbsp;**Aerospace & Defense — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | 265000 | 258693 |
| <sup>a</sup> | &nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | 205000 | 209463 |
| **** | &nbsp;&nbsp;**Machinery — 1.0%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | 165000 | 157791 |
| <sup>a</sup> | &nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | 220000 | 226224 |
| <sup>b</sup> | &nbsp;&nbsp;John Deere Capital Corp., 4.956% (SOFR + 0.60%) due 6/11/2027 | 71000 | 71165 |
| <sup>d</sup> | &nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | 75000 | 66637 |
| | &nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | 213000 | 213912 |
| | &nbsp;&nbsp;**Trading Companies & Distributors — 0.4%** |  |  |
| | &nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 233000 | 246281 |
| <sup>a</sup> | &nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 77000 | 81903 |
| |  |  | 1532069 |

---

14 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 2.5%** |  |  |
| | &nbsp;&nbsp;**Commercial Services & Supplies — 1.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | $75000 | $67331 |
| <sup>a</sup> | &nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | 262000 | 259977 |
| | &nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 240000 | 254030 |
| <sup>a,d</sup> | &nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | 142000 | 143795 |
| | &nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | 130000 | 137440 |
| <sup>a</sup> | &nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | 410000 | 417294 |
| <sup>a</sup> | &nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 65000 | 68842 |
| <sup>a</sup> | &nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | 88000 | 93889 |
| | &nbsp;&nbsp;**Professional Services — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | 200000 | 191048 |
| <sup>a</sup> | &nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 215000 | 212332 |
| | &nbsp;&nbsp;Verisk Analytics, Inc., 5.75% due 4/1/2033 | 50000 | 52774 |
| |  |  | 1898752 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.1%** |  |  |
| | &nbsp;&nbsp;**Specialty Retail — 0.1%** |  |  |
| | &nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | 76000 | 77534 |
| |  |  | 77534 |
| | **CONSUMER DURABLES & APPAREL — 0.8%** |  |  |
| | &nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | 55000 | 41851 |
| | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | 100000 | 106767 |
| <sup>a</sup> | &nbsp;&nbsp;Levi Strauss & Co. (EUR), 4.00% due 8/15/2030 | 200000 | 236998 |
| <sup>a</sup> | &nbsp;&nbsp;Under Armour, Inc., 7.25% due 7/15/2030 | 200000 | 199756 |
| |  |  | 585372 |
| | **CONSUMER SERVICES — 0.4%** |  |  |
| | &nbsp;&nbsp;**Diversified Consumer Services — 0.3%** |  |  |
| | &nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | 215000 | 217350 |
| | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 120000 | 115355 |
| |  |  | 332705 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%** |  |  |
| | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
| | &nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.875% due 2/15/2028 | 136000 | 136019 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;6.25% due 3/15/2033 | 115000 | 117836 |
| <sup>a</sup> | &nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 80000 | 84240 |
| | &nbsp;&nbsp;U.S. Foods, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.75% due 2/15/2029 | 105000 | 103463 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.75% due 4/15/2033 | 112000 | 112774 |
| |  |  | 554332 |
| | **ENERGY — 2.8%** |  |  |
| | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 277000 | 281221 |
| <sup>a</sup> | &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | 118000 | 123528 |
| <sup>d</sup> | &nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | 170000 | 172955 |
| <sup>d</sup> | &nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | 125000 | 130704 |
| <sup>b,c</sup> | &nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 200000 | 200956 |
| <sup>a</sup> | &nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | 130000 | 132986 |
| <sup>a</sup> | &nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 50000 | 49221 |
| | &nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | 100000 | 103159 |
| | &nbsp;&nbsp;MPLX LP, 4.95% due 9/1/2032 | 107000 | 106343 |
| | &nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | 150000 | 150426 |
| <sup>a,d</sup> | &nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | 150000 | 150089 |
| <sup>d</sup> | &nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | 160000 | 149726 |

---

See notes to financial statements. Annual Financial Statements \| 15

**Schedule of Investments, Continued** 

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;Sunoco LP, 7.00% due 5/1/2029 | $111000 | $115400 |
| <sup>a</sup> | &nbsp;&nbsp;Whistler Pipeline LLC, 5.40% due 9/30/2029 | 259000 | 266402 |
| |  |  | 2133116 |
| | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.5%** |  |  |
| | &nbsp;&nbsp;**Diversified REITs — 1.5%** |  |  |
| | &nbsp;&nbsp;American Tower Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | 109000 | 111193 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 11/15/2028 | 50000 | 52279 |
| <sup>a</sup> | &nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | 80000 | 78305 |
| | &nbsp;&nbsp;Crown Castle, Inc., 5.00% due 1/11/2028 | 82000 | 83106 |
| | &nbsp;&nbsp;Extra Space Storage LP, 5.70% due 4/1/2028 | 186000 | 192153 |
| <sup>a</sup> | &nbsp;&nbsp;Iron Mountain, Inc., 7.00% due 2/15/2029 | 215000 | 221650 |
| | &nbsp;&nbsp;Realty Income Corp., 4.70% due 12/15/2028 | 82000 | 83395 |
| <sup>a</sup> | &nbsp;&nbsp;SBA Tower Trust, 1.631% due 5/15/2051 | 150000 | 145096 |
| | &nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | 200000 | 195382 |
| |  |  | 1162559 |
| | **FINANCIAL SERVICES — 5.5%** |  |  |
| | &nbsp;&nbsp;**Capital Markets — 1.9%** |  |  |
| | &nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | 149000 | 156438 |
| <sup>a</sup> | &nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10% due 3/15/2028 | 207000 | 209691 |
| <sup>d</sup> | &nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | 151000 | 156339 |
| | &nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | 214000 | 209052 |
| <sup>a</sup> | &nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | 60000 | 62912 |
| <sup>a</sup> | &nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | 227000 | 227005 |
| | &nbsp;&nbsp;Main Street Capital Corp., 6.50% due 6/4/2027 | 276000 | 282166 |
| | &nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | 155000 | 161566 |
| | &nbsp;&nbsp;**Consumer Finance — 0.6%** |  |  |
| | &nbsp;&nbsp;FirstCash, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | 190000 | 189742 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.875% due 3/1/2032 | 73000 | 75796 |
| <sup>b,c</sup> | &nbsp;&nbsp;Wells Fargo & Co., Series BB, 3.90% (5-Yr. CMT + 3.45%) due 3/15/2026 | 150000 | 148563 |
| | &nbsp;&nbsp;**Financial Services — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Antares Holdings LP, 6.35% due 10/23/2029 | 250000 | 254200 |
| <sup>b</sup> | &nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | 50000 | 50669 |
| <sup>b,d</sup> | &nbsp;&nbsp;Barclays PLC, 4.476% (SOFR + 1.08%) due 11/11/2029 | 200000 | 200370 |
| | &nbsp;&nbsp;Citigroup, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | 50000 | 48881 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.643% (SOFR + 1.14%) due 5/7/2028 | 199000 | 200051 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.786% (SOFR + 0.87%) due 3/4/2029 | 60000 | 60775 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series W, 4.00% (5-Yr. CMT + 3.60%) due 12/10/2025 | 115000 | 114142 |
| <sup>a</sup> | &nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | 200000 | 211026 |
| | &nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.937% (SOFR + 1.32%) due 4/23/2028 | 56000 | 56571 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.178% (SOFR + 0.82%) due 9/10/2027 | 50000 | 50084 |
| <sup>b,d</sup> | &nbsp;&nbsp;HSBC Holdings plc, 4.755% (SOFR + 2.11%) due 6/9/2028 | 210000 | 211543 |
| <sup>b</sup> | &nbsp;&nbsp;JPMorgan Chase & Co., 5.129% (SOFR + 0.77%) due 9/22/2027 | 71000 | 71180 |
| <sup>d</sup> | &nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030 | 210000 | 223375 |
| <sup>a</sup> | &nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 100000 | 99875 |
| | &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 280000 | 282394 |
| <sup>a</sup> | &nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | 182000 | 187922 |
| |  |  | 4202328 |
| | **FOOD, BEVERAGE & TOBACCO — 1.6%** |  |  |
| | &nbsp;&nbsp;**Beverages — 0.3%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 165000 | 160920 |
| | &nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | 20000 | 19973 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | 70000 | 70030 |

---

16 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| **** | &nbsp;&nbsp;**Food Products — 0.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Darling Ingredients, Inc., 5.25% due 4/15/2027 | $214000 | $213534 |
| | &nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 223000 | 226887 |
| | &nbsp;&nbsp;Post Holdings, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | 105000 | 104756 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;6.375% due 3/1/2033 | 61000 | 61752 |
| **** | &nbsp;&nbsp;**Tobacco — 0.5%** |  |  |
| | &nbsp;&nbsp;Altria Group, Inc., 2.45% due 2/4/2032 | 192000 | 167188 |
| <sup>a,d</sup> | &nbsp;&nbsp;Imperial Brands Finance plc, 6.125% due 7/27/2027 | 210000 | 216749 |
| |  |  | 1241789 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 2.5%** |  |  |
| **** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 0.6%** |  |  |
| | &nbsp;&nbsp;Hologic, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 121000 | 115604 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.625% due 2/1/2028 | 139000 | 137621 |
| <sup>a</sup> | &nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029 | 165000 | 169622 |
| **** | &nbsp;&nbsp;**Health Care Providers & Services — 1.9%** |  |  |
| | &nbsp;&nbsp;Centene Corp., 4.625% due 12/15/2029 | 240000 | 231247 |
| | &nbsp;&nbsp;Charles River Laboratories International, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;3.75% due 3/15/2029 | 147000 | 139437 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.25% due 5/1/2028 | 125000 | 122186 |
| <sup>a</sup> | &nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 50000 | 48838 |
| | &nbsp;&nbsp;IQVIA, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.00% due 5/15/2027 | 200000 | 199414 |
| | &nbsp;&nbsp;&nbsp;5.70% due 5/15/2028 | 210000 | 216697 |
| | &nbsp;&nbsp;Laboratory Corp. of America Holdings, 4.55% due 4/1/2032 | 242000 | 240003 |
| | &nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | 165000 | 167726 |
| | &nbsp;&nbsp;Universal Health Services, Inc., 4.625% due 10/15/2029 | 101000 | 100681 |
| |  |  | 1889076 |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 0.9%** |  |  |
| **** | &nbsp;&nbsp;**Household Products — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | 83000 | 81565 |
| <sup>a</sup> | &nbsp;&nbsp;Prestige Brands, Inc., 3.75% due 4/1/2031 | 223000 | 205459 |
| | &nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |
| | &nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | 72000 | 66452 |
| | &nbsp;&nbsp;&nbsp;5.25% due 12/15/2026 | 95000 | 94883 |
| **** | &nbsp;&nbsp;**Personal Care Products — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | 235000 | 233982 |
| |  |  | 682341 |
| | **INSURANCE — 5.4%** |  |  |
| **** | &nbsp;&nbsp;**Insurance — 5.4%** |  |  |
| | &nbsp;&nbsp;American National Global Funding, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.25% due 6/3/2030 | 178000 | 181309 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.55% due 1/28/2030 | 129000 | 132941 |
| | &nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | 133000 | 137261 |
| <sup>a</sup> | &nbsp;&nbsp;Brighthouse Financial Global Funding, 2.00% due 6/28/2028 | 164000 | 152313 |
| | &nbsp;&nbsp;Brown & Brown, Inc., 5.65% due 6/11/2034 | 200000 | 205262 |
| | &nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | 315000 | 330955 |
| <sup>a</sup> | &nbsp;&nbsp;CNO Global Funding, 4.95% due 9/9/2029 | 50000 | 51117 |
| <sup>a</sup> | &nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | 65000 | 65792 |
| <sup>a,d</sup> | &nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 205000 | 209582 |
| <sup>d</sup> | &nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | 278000 | 248429 |
| | &nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | 50000 | 47341 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | 109000 | 111778 |
| | &nbsp;&nbsp;F&G Annuities & Life, Inc., 7.40% due 1/13/2028 | 149000 | 156694 |
| <sup>d</sup> | &nbsp;&nbsp;Fairfax Financial Holdings Ltd., 4.625% due 4/29/2030 | 278000 | 278828 |
| | &nbsp;&nbsp;Fidelity National Financial, Inc., 2.45% due 3/15/2031 | 242000 | 213255 |
| | &nbsp;&nbsp;First American Financial Corp., 2.40% due 8/15/2031 | 244000 | 211365 |
| <sup>a</sup> | &nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 251000 | 261060 |

---

See notes to financial statements. Annual Financial Statements \| 17

**Schedule of Investments, Continued** 

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| <sup>b,c</sup> | &nbsp;&nbsp;MetLife, Inc., Series G, 3.85% (5-Yr. CMT + 3.58%) due 9/15/2025 | $173000 | $172696 |
| <sup>a</sup> | &nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | 50000 | 49389 |
| | &nbsp;&nbsp;Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | 228000 | 240834 |
| <sup>a</sup> | &nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | 51000 | 51077 |
| <sup>d</sup> | &nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | 270000 | 280387 |
| | &nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 312000 | 280719 |
| | &nbsp;&nbsp;Willis North America, Inc., 5.35% due 5/15/2033 | 65000 | 66864 |
| |  |  | 4137248 |
| | **MATERIALS — 2.7%** |  |  |
| **** | &nbsp;&nbsp;**Chemicals — 0.3%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;NOVA Chemicals Corp., 5.25% due 6/1/2027 | 165000 | 165454 |
| <sup>a,d</sup> | &nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 65000 | 60061 |
| **** | &nbsp;&nbsp;**Containers & Packaging — 2.2%** |  |  |
| | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | 195000 | 199504 |
| <sup>d</sup> | &nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | 112000 | 115911 |
| | &nbsp;&nbsp;Ball Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;4.875% due 3/15/2026 | 163000 | 162796 |
| | &nbsp;&nbsp;&nbsp;5.50% due 9/15/2033 | 105000 | 106398 |
| | &nbsp;&nbsp;&nbsp;6.00% due 6/15/2029 | 79000 | 80951 |
| <sup>a</sup> | &nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | 200000 | 202300 |
| | &nbsp;&nbsp;Graphic Packaging International LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;1.512% due 4/15/2026 | 131000 | 128145 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;3.50% due 3/1/2029 | 236000 | 223945 |
| <sup>a</sup> | &nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | 55000 | 56992 |
| | &nbsp;&nbsp;Sealed Air Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.00% due 4/15/2029 | 136000 | 134994 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;6.50% due 7/15/2032 | 116000 | 120218 |
| <sup>a</sup> | &nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 177000 | 173460 |
| **** | &nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | 160000 | 145200 |
| |  |  | 2076329 |
| | **MEDIA & ENTERTAINMENT — 0.7%** |  |  |
| **** | &nbsp;&nbsp;**Media — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | 240000 | 221472 |
| <sup>a</sup> | &nbsp;&nbsp;News Corp., 3.875% due 5/15/2029 | 157000 | 151477 |
| <sup>a</sup> | &nbsp;&nbsp;Sirius XM Radio LLC, 5.00% due 8/1/2027 | 191000 | 190209 |
| |  |  | 563158 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.4%** |  |  |
| **** | &nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
| | &nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | 156000 | 156348 |
| **** | &nbsp;&nbsp;**Pharmaceuticals — 0.2%** |  |  |
| | &nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | 110000 | 105616 |
| |  |  | 261964 |
| | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** |  |  |
| **** | &nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 130000 | 131418 |
| |  |  | 131418 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** |  |  |
| **** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
| | &nbsp;&nbsp;Micron Technology, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;5.65% due 11/1/2032 | 64000 | 66846 |
| | &nbsp;&nbsp;&nbsp;6.75% due 11/1/2029 | 66000 | 71609 |
| <sup>a</sup> | &nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 173000 | 157719 |
| | &nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 109000 | 106719 |
| |  |  | 402893 |

---

18 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| | **SOFTWARE & SERVICES — 3.0%** |  |  |
| **** | &nbsp;&nbsp;**Information Technology Services — 1.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | $233000 | $228026 |
| | &nbsp;&nbsp;Global Payments, Inc., 5.30% due 8/15/2029 | 307000 | 314294 |
| <sup>a</sup> | &nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 188000 | 193952 |
| <sup>a</sup> | &nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 206000 | 204057 |
| **** | &nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 55000 | 54812 |
| | &nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | 207000 | 211415 |
| **** | &nbsp;&nbsp;**Software — 1.5%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 99000 | 101419 |
| | &nbsp;&nbsp;Fair Isaac Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | 150000 | 146275 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.25% due 5/15/2026 | 68000 | 68018 |
| <sup>a</sup> | &nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | 232000 | 226942 |
| | &nbsp;&nbsp;Open Text Corp., |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;3.875% due 2/15/2028 | 170000 | 165221 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | 50000 | 51922 |
| | &nbsp;&nbsp;Oracle Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.126% (SOFR + 0.76%) due 8/3/2028 | 71000 | 71360 |
| | &nbsp;&nbsp;&nbsp;5.25% due 2/3/2032 | 61000 | 62720 |
| | &nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | 105000 | 105026 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | 115000 | 119347 |
| |  |  | 2324806 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.7%** |  |  |
| **** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.4%** |  |  |
| | &nbsp;&nbsp;CDW LLC/CDW Finance Corp., 4.25% due 4/1/2028 | 275000 | 273584 |
| <sup>d</sup> | &nbsp;&nbsp;Flex Ltd., 6.00% due 1/15/2028 | 185000 | 191491 |
| <sup>a</sup> | &nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 139000 | 140401 |
| <sup>a</sup> | &nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | 212000 | 218506 |
| <sup>a</sup> | &nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 213000 | 218717 |
| **** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.3%** |  |  |
| | &nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | 262000 | 271241 |
| |  |  | 1313940 |
| | **TELECOMMUNICATION SERVICES — 0.4%** |  |  |
| **** | &nbsp;&nbsp;**Wireless Telecommunication Services — 0.4%** |  |  |
| | &nbsp;&nbsp;T-Mobile USA, Inc., 5.125% due 5/15/2032 | 268000 | 274440 |
| |  |  | 274440 |
| | **TRANSPORTATION — 0.4%** |  |  |
| **** | &nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
| | &nbsp;&nbsp;Ryder System, Inc., 5.65% due 3/1/2028 | 50000 | 51720 |
| **** | &nbsp;&nbsp;**Ground Transportation — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;BNSF Funding Trust I, 6.613% (SOFR + 2.35%) due 12/15/2055 | 240000 | 240293 |
| |  |  | 292013 |
| | **UTILITIES — 6.6%** |  |  |
| **** | &nbsp;&nbsp;**Electric Utilities — 5.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Alliant Energy Finance LLC, 5.95% due 3/30/2029 | 75000 | 78860 |
| | &nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | 184000 | 187152 |
| | &nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | 262000 | 271516 |
| | &nbsp;&nbsp;Black Hills Corp., 2.50% due 6/15/2030 | 118000 | 108322 |
| | &nbsp;&nbsp;Dominion Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | 20000 | 20218 |
| | &nbsp;&nbsp;&nbsp;5.00% due 6/15/2030 | 167000 | 171482 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series C, 4.35% (5-Yr. CMT + 3.20%) due 1/15/2027 | 220000 | 216075 |
| | &nbsp;&nbsp;DTE Energy Co., |  |  |
| | &nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | 50000 | 50872 |
| | &nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 131000 | 135053 |

---

See notes to financial statements. Annual Financial Statements \| 19

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>a,d</sup> | Electricite de France SA, 5.75% due 1/13/2035 | $102000 | $104866 |
| <sup>b,d</sup> | Emera, Inc., Series 16-A, 6.75% (SOFR + 5.44%) due 6/15/2076 | 175000 | 176376 |
| | Entergy Arkansas LLC, 5.45% due 6/1/2034 | 187000 | 194012 |
| | Evergy Kansas Central, Inc., 5.25% due 3/15/2035 | 115000 | 116268 |
| | Eversource Energy, 5.45% due 3/1/2028 | 76000 | 78127 |
| | Exelon Corp., 5.125% due 3/15/2031 | 186000 | 191640 |
| <sup>a</sup> | ITC Holdings Corp., 5.65% due 5/9/2034 | 65000 | 67278 |
| <sup>a</sup> | Monongahela Power Co., 3.55% due 5/15/2027 | 53000 | 52431 |
| | NextEra Energy Capital Holdings, Inc., 5.749% due 9/1/2025 | 50000 | 50000 |
| <sup>a</sup> | Niagara Mohawk Power Corp., 4.647% due 10/3/2030 | 208000 | 208907 |
| <sup>a</sup> | NorthWestern Corp., 5.073% due 3/21/2030 | 186000 | 190553 |
| <sup>a</sup> | Ohio Edison Co., 4.95% due 12/15/2029 | 107000 | 109247 |
| | PPL Capital Funding, Inc., 5.25% due 9/1/2034 | 279000 | 282920 |
| <sup>a</sup> | PSEG Power LLC, 5.20% due 5/15/2030 | 210000 | 215861 |
| | Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | 280000 | 283340 |
| | Public Service Electric & Gas Co., 5.20% due 8/1/2033 | 73000 | 75380 |
| | Puget Energy, Inc., 4.10% due 6/15/2030 | 346000 | 337094 |
| | Southern Co., |  |  |
| | &nbsp;&nbsp;&nbsp;3.25% due 7/1/2026 | 50000 | 49556 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | 153000 | 152431 |
| | Union Electric Co., 2.95% due 3/15/2030 | 73000 | 69446 |
| | Xcel Energy, Inc., 5.45% due 8/15/2033 | 269000 | 275373 |
| **** | **Gas Utilities — 0.7%** |  |  |
| <sup>a,d</sup> | APA Infrastructure Ltd., 5.125% due 9/16/2034 | 71000 | 71043 |
| <sup>a</sup> | Brooklyn Union Gas Co., 3.407% due 3/10/2026 | 52000 | 51721 |
| | Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | 134000 | 138249 |
| | Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 179000 | 182505 |
| | Southwest Gas Corp., 5.80% due 12/1/2027 | 76000 | 78171 |
| |  |  | 5042345 |
| | TOTAL CORPORATE BONDS (Cost $33,848,488) |  | 34138133 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **CONVERTIBLE BONDS — 0.2%** |  |  |
|  | **FINANCIAL SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;**Financial Services — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Repay Holdings Corp., Zero Coupon due 2/1/2026 | 150000 | 146421 |
|  |  |  | 146421 |
|  | &nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $145,946) |  | 146421 |
|  | **OTHER GOVERNMENT — 1.0%** |  |  |
|  | &nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | 325000 | 196614 |
|  | &nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | 495000 | 85307 |
|  | &nbsp;&nbsp;Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025 | 5500000 | 87436 |
|  | &nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 129000 | 73002 |
|  | &nbsp;&nbsp;U.K. Gilts (GBP), 3.25% due 1/31/2033 | 262000 | 327666 |
|  | &nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $731,544) |  | 770025 |
|  | **U.S. TREASURY SECURITIES — 14.7%** |  |  |
|  | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;0.125%, 2/15/2051 | 266344 | 141828 |
|  | &nbsp;&nbsp;&nbsp;1.625%, 10/15/2027 | 718588 | 732539 |
|  | &nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | 257064 | 258299 |
|  | &nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 8/31/2028 | 700000 | 651328 |
|  | &nbsp;&nbsp;&nbsp;2.50%, 2/15/2045 | 225000 | 156762 |
|  | &nbsp;&nbsp;&nbsp;3.00%, 5/15/2045 | 2500000 | 1895313 |
|  | &nbsp;&nbsp;&nbsp;4.00%, 6/30/2032 | 145000 | 145770 |
|  | &nbsp;&nbsp;&nbsp;4.125%, 1/31/2027 | 200000 | 201000 |
|  | &nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 1716000 | 1727529 |
|  | &nbsp;&nbsp;&nbsp;4.625%, 2/15/2035 | 3794000 | 3924419 |
|  | &nbsp;&nbsp;&nbsp;4.75%, 2/15/2045 | 1055000 | 1039340 |

---

20 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.264%, 11/15/2036 | $260000 | $156357 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 5/15/2037 | 325000 | 190079 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $11,088,692) |  | 11220563 |
|  | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (SOFR + 4.66%), 10/1/2026 | 105000 | 105324 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $105,591) |  | 105324 |
|  | **MORTGAGE BACKED — 23.9%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059 | 555323 | 521807 |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5 Class M1, 2.97% due 5/25/2065 | 220000 | 200145 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.881% due 12/25/2066 | 160713 | 150593 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | 20717 | 20250 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 5.757% due 1/25/2063 | 166114 | 165842 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 6.08% due 6/13/2047 | 100000 | 102061 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 260000 | 238869 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 369000 | 389988 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 421105 | 419289 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 5.169% due 5/25/2067 | 275970 | 280396 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 6.385% due 5/25/2065 | 175000 | 176460 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841733, 2.093% (2.19% - SOFR30A) due 6/1/2052 | 83633 | 78497 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031 | 180000 | 183465 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2024-1 Class MT, 3.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2063 | 92237 | 76508 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0014, 6.00% due 6/1/2055 | 645271 | 659243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2278, 3.00% due 8/1/2052 | 729065 | 633297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2601, 2.50% due 2/1/2053 | 537716 | 448406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8218, 2.00% due 6/1/2052 | 149262 | 119043 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8255, 3.50% due 10/1/2052 | 365297 | 330618 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM7605, 1.979% (2.28% - SOFR30A) due 7/1/2052 | 118628 | 111358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS3483, 2.26% due 10/1/2041 | 160000 | 111073 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-134 Class MX, 3.50% due 5/25/2042 | 410862 | 405846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-28 Class V, 3.50% due 2/25/2048 | 193667 | 192506 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB4555, 4.50% due 9/1/2052 | 137724 | 133099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FA1110, 4.50% due 9/1/2054 | 530635 | 512375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS4713, 2.50% due 5/1/2053 | 747597 | 623543 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6122, 3.00% due 9/1/2053 | 752816 | 653317 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9660, 5.50% due 10/1/2054 | 1262539 | 1272779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9716, 2.00% due 8/1/2042 | 360365 | 310886 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4698, 3.00% due 8/1/2052 | 933769 | 810787 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5611, 4.00% due 2/1/2055 | 141017 | 131590 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA6283, 3.00% due 11/20/2049 | 350032 | 311282 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | 586417 | 519798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 866991 | 767926 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-83 Class AE, 3.50% due 11/20/2044 | 397043 | 394725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | 226277 | 174625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 260000 | 260359 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2019-PJ2 Class B4, 4.372% due 11/25/2049 | 91484 | 85467 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 387372 | 377993 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.182% due 1/25/2068 | 105299 | 105345 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | 85000 | 79306 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | 139056 | 139096 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class A, 6.057% (TSFR1M + 1.69%) due 3/15/2040 | 69056 | 69063 |

---

See notes to financial statements. Annual Financial Statements \| 21

**Schedule of Investments, Continued** 

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>a,b</sup> | Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO, Series 2021-GS4 Class A1, 5.65% due 11/25/2060 | $288200 | $288439 |
| <sup>a</sup> | Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 225000 | 214138 |
| | MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2022-INV3 Class A1, 6.00% due 10/25/2057 | 222366 | 221637 |
| <sup>b</sup> | &nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 143367 | 144079 |
| | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2017-1A Class A1, 4.00% due 2/25/2057 | 186584 | 180555 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2019-NQM4 Class A1, 2.492% due 9/25/2059 | 235916 | 225485 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | 90251 | 74553 |
| <sup>a</sup> | One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 286000 | 263022 |
| <sup>a,b</sup> | PRET LLC, Whole Loan Securities Trust CMO, Series 2021-RN4 Class A1, 5.487% due 10/25/2051 | 71100 | 71169 |
| | PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 154976 | 131978 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 171669 | 173953 |
| <sup>a,b</sup> | PRPM LLC, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 5.993% due 4/25/2030 | 99795 | 99693 |
| <sup>a</sup> | ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | 100000 | 102784 |
| | Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2D, 2.00% due 7/25/2030 | 65000 | 57393 |
| <sup>a,b</sup> | SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.628% (TSFR1M + 1.26%) due 5/15/2038 | 80000 | 79408 |
| <sup>a,b</sup> | SKY Trust, CMBS, Series 2025-LINE Class A, 6.952% (TSFR1M + 2.59%) due 4/15/2042 | 99298 | 99042 |
| <sup>a</sup> | SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 150000 | 133147 |
| <sup>a,b</sup> | Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | 257238 | 256224 |
| | Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | 149510 | 146728 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 81472 | 80420 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2020-1 Class A2A, 3.10% due 1/25/2060 | 100000 | 91713 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2020-2 Class A1A, 1.636% due 4/25/2060 | 204526 | 186669 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 94340 | 86198 |
| | UWM Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2021-INV1 Class A15, 2.50% due 8/25/2051 | 275411 | 221742 |
| <sup>a,b</sup> | &nbsp;&nbsp;Series 2021-INV5 Class A14, 3.00% due 1/25/2052 | 166084 | 140155 |
| <sup>a,b</sup> | Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2022-4 Class A1, 4.474% due 4/25/2067 | 257821 | 257281 |
| <sup>a,b</sup> | Visio Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class M1, 3.26% due 11/25/2054 | 160000 | 156538 |
| <sup>a,b</sup> | VOLT CII LLC, Whole Loan Securities Trust CMO, Series 2021-NP11 Class A1, 5.868% due 8/25/2051 | 131536 | 131478 |
| | Wells Fargo Commercial Mortgage Trust, CMBS, Series 2017-C40 Class A2, 2.495% due 10/15/2050 | 89649 | 86375 |
| <sup>a,b</sup> | WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B3, 3.784% due 1/20/2046 | 136953 | 131424 |
| | TOTAL MORTGAGE BACKED (Cost $18,132,877) |  | 18282341 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| <sup>e</sup> | Thornburg Capital Management Fund | 56903 | 569032 |
| | TOTAL SHORT-TERM INVESTMENTS (Cost $569,032) |  | 569032 |
|  | TOTAL INVESTMENTS — 98.8% (Cost $74,922,717) |  | $75566467 |
|  | OTHER ASSETS LESS LIABILITIES — 1.2% |  | 921967 |
|  | NET ASSETS — 100.0% |  | $76488434 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2025** |
| **CONTRACT** | **CONTRACT** |  | **CONTRACT** | **CONTRACT** | **VALUE** | **UNREALIZED** | **UNREALIZED** |
| **DESCRIPTION** | **PARTY\*** | **BUY/SELL** | **AMOUNT** | **VALUE DATE** | **USD** | **APPRECIATION** | **DEPRECIATION** |
| Euro | SSB | Sell | 193200 | 9/25/2025 | 226277 | $— | $(1863) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  |  | $(1863) |

---

\* Counterparty includes State Street Bank and Trust Company ("SSB").

22 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| August 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2025** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2025** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2025** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2025** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2025** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2025** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2025** |
| <br>**REFERENCE**<br>**ENTITY** | **FIXED**<br>**RATE**<br>**(PAY)/**<br>**RECEIVE** | <br>**PAYMENT**<br>**FREQUENCY** | <br>**EXPIRATION**<br>**DATE** | <br>**NOTIONAL**<br>**AMOUNT** | **UPFRONT**<br>**PREMIUMS**<br>**(RECEIVED)/**<br>**PAID** | **VALUE AND**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)** |
| PROTECTION SOLD CONTRACTS |  |  |  |  |  |  |
| CDX North America High Yield Index Series 44 ICE | 5.00% | Quarterly | 6/20/2030 | $365000 | $26814 | $3178 |

---

\* Clearinghouse includes Intercontinental Exchange ("ICE").

**Footnote Legend** 

---

| | |
|:---|:---|
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025, the aggregate value of these securities in the Fund's portfolio was $34,306,590, representing 44.85% of the Fund's net assets. |

---

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 August 31, 2025.

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

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

e Investment in Affiliates.

---

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

---

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 91.4% |
| &nbsp;&nbsp;Canada | 2.4% |
| &nbsp;&nbsp;United Kingdom | 1.3% |
| &nbsp;&nbsp;Bermuda | 0.7% |
| &nbsp;&nbsp;Australia | 0.4% |
| &nbsp;&nbsp;Germany | 0.4% |
| &nbsp;&nbsp;Japan | 0.3% |
| &nbsp;&nbsp;Colombia | 0.2% |
| &nbsp;&nbsp;Guatemala | 0.2% |
| &nbsp;&nbsp;Mexico | 0.2% |
| &nbsp;&nbsp;Israel | 0.2% |
| &nbsp;&nbsp;France | 0.1% |
| &nbsp;&nbsp;Dominican Republic | 0.1% |
| &nbsp;&nbsp;Brazil | 0.1% |
| &nbsp;&nbsp;New Zealand | 0.1% |
| &nbsp;&nbsp;Other Assets Less Liabilities | 1.9% |

---

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

See notes to financial statements. Annual Financial Statements \| 23

**Schedule of Investments**

Thornburg International Equity ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 96.1%** |  |  |
| |  |  |  |
| | **BANKS — 8.5%** |  |  |
| | &nbsp;&nbsp;**Banks — 8.5%** |  |  |
| | &nbsp;&nbsp;BNP Paribas SA | 78338 | $7044896 |
| | &nbsp;&nbsp;ING Groep NV Series N | 237080 | 5649942 |
| | &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 398083 | 6124771 |
| |  |  | 18819609 |
| |  |  |  |
| | **CAPITAL GOODS — 18.9%** |  |  |
| | &nbsp;&nbsp;**Aerospace & Defense — 5.1%** |  |  |
| | &nbsp;&nbsp;MTU Aero Engines AG | 12280 | 5476393 |
| | &nbsp;&nbsp;Rheinmetall AG | 887 | 1754095 |
| | &nbsp;&nbsp;Safran SA | 12186 | 4063731 |
| | &nbsp;&nbsp;**Construction & Engineering — 2.2%** |  |  |
| | &nbsp;&nbsp;Ferrovial SE | 89680 | 4901068 |
| | &nbsp;&nbsp;**Electrical Equipment — 6.0%** |  |  |
| | &nbsp;&nbsp;ABB Ltd. | 67480 | 4533291 |
| | &nbsp;&nbsp;Mitsubishi Electric Corp. | 178494 | 4318139 |
| | &nbsp;&nbsp;Schneider Electric SE | 17620 | 4332114 |
| | &nbsp;&nbsp;**Industrial Conglomerates — 4.3%** |  |  |
| | &nbsp;&nbsp;Hitachi Ltd. | 208846 | 5759356 |
| | &nbsp;&nbsp;Siemens AG | 13184 | 3651180 |
| | &nbsp;&nbsp;**Machinery — 1.3%** |  |  |
| | &nbsp;&nbsp;FANUC Corp. | 99325 | 2826357 |
| |  |  | 41615724 |
| |  |  |  |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 1.5%** |  |  |
| | &nbsp;&nbsp;**Professional Services — 1.5%** |  |  |
| | &nbsp;&nbsp;Recruit Holdings Co. Ltd. | 57482 | 3358679 |
| |  |  | 3358679 |
| |  |  |  |
| | **CONSUMER DURABLES & APPAREL — 5.2%** |  |  |
| | &nbsp;&nbsp;**Household Durables — 3.4%** |  |  |
| | &nbsp;&nbsp;Barratt Redrow plc | 554860 | 2696468 |
| | &nbsp;&nbsp;Sony Group Corp. | 175510 | 4880690 |
| | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Amer Sports, Inc. | 38840 | 1527189 |
| | &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 4095 | 2416250 |
| |  |  | 11520597 |
| |  |  |  |
| | **CONSUMER SERVICES — 3.3%** |  |  |
| | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.3%** |  |  |
| | &nbsp;&nbsp;Compass Group plc | 77133 | 2617769 |
| | &nbsp;&nbsp;Galaxy Entertainment Group Ltd. ADR | 177757 | 4699895 |
| |  |  | 7317664 |
| |  |  |  |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.8%** |  |  |
| | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.8%** |  |  |
| | &nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 77317 | 3920053 |
| |  |  | 3920053 |
| |  |  |  |
| | **ENERGY — 4.4%** |  |  |
| | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.4%** |  |  |
| | &nbsp;&nbsp;Shell plc | 84800 | 3135572 |
| | &nbsp;&nbsp;TotalEnergies SE | 104499 | 6543908 |
| |  |  | 9679480 |
| |  |  |  |
| | **FINANCIAL SERVICES — 1.6%** |  |  |
| | &nbsp;&nbsp;**Capital Markets — 1.6%** |  |  |
| | &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. ADR | 14261 | 835410 |
| | &nbsp;&nbsp;Japan Exchange Group, Inc. | 245958 | 2594013 |
| |  |  | 3429423 |

---

24 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg International Equity ETF \| August 31, 2025

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| **FOOD, BEVERAGE & TOBACCO — 2.4%** |  |  |
| &nbsp;&nbsp;**Beverages — 1.1%** |  |  |
| &nbsp;&nbsp;Diageo plc Sponsored ADR | 21706 | $2427382 |
| &nbsp;&nbsp;**Food Products — 1.3%** |  |  |
| &nbsp;&nbsp;Danone SA | 34780 | 2897736 |
|  |  | 5325118 |
| **HEALTH CARE EQUIPMENT & SERVICES — 2.5%** |  |  |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.5%** |  |  |
| &nbsp;&nbsp;Alcon AG | 68734 | 5476011 |
|  |  | 5476011 |
| **HOUSEHOLD & PERSONAL PRODUCTS — 2.5%** |  |  |
| &nbsp;&nbsp;**Personal Care Products — 2.5%** |  |  |
| &nbsp;&nbsp;L'Oreal SA | 11976 | 5577724 |
|  |  | 5577724 |
| **INSURANCE — 5.4%** |  |  |
| &nbsp;&nbsp;**Insurance — 5.4%** |  |  |
| &nbsp;&nbsp;Generali | 121967 | 4762551 |
| &nbsp;&nbsp;NN Group NV | 105518 | 7264787 |
|  |  | 12027338 |
| **MATERIALS — 7.4%** |  |  |
| &nbsp;&nbsp;**Chemicals — 3.9%** |  |  |
| &nbsp;&nbsp;Air Liquide SA | 17160 | 3539515 |
| &nbsp;&nbsp;Linde plc | 10360 | 4955084 |
| &nbsp;&nbsp;**Metals & Mining — 3.5%** |  |  |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | 109900 | 4879560 |
| &nbsp;&nbsp;Glencore plc | 730984 | 2885756 |
|  |  | 16259915 |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 6.5%** |  |  |
| &nbsp;&nbsp;**Pharmaceuticals — 6.5%** |  |  |
| &nbsp;&nbsp;AstraZeneca plc Sponsored ADR | 112760 | 9009524 |
| &nbsp;&nbsp;Roche Holding AG | 16419 | 5348684 |
|  |  | 14358208 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%** |  |  |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.3%** |  |  |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 72886 | 2765755 |
|  |  | 2765755 |
| **SOFTWARE & SERVICES — 1.5%** |  |  |
| &nbsp;&nbsp;**Software — 1.5%** |  |  |
| &nbsp;&nbsp;SAP SE | 12415 | 3367007 |
|  |  | 3367007 |
| **TECHNOLOGY HARDWARE & EQUIPMENT — 2.6%** |  |  |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.9%** |  |  |
| &nbsp;&nbsp;Keyence Corp. | 10666 | 4124744 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.7%** |  |  |
| &nbsp;&nbsp;FUJIFILM Holdings Corp. | 69606 | 1664476 |
|  |  | 5789220 |
| **TELECOMMUNICATION SERVICES — 5.2%** |  |  |
| &nbsp;&nbsp;**Diversified Telecommunication Services — 5.2%** |  |  |
| &nbsp;&nbsp;Internet Initiative Japan, Inc. | 144635 | 2737057 |
| &nbsp;&nbsp;Orange SA | 531920 | 8654309 |
|  |  | 11391366 |
| **TRANSPORTATION — 4.2%** |  |  |
| &nbsp;&nbsp;**Air Freight & Logistics — 1.4%** |  |  |
| &nbsp;&nbsp;Deutsche Post AG ADR | 66740 | 3039340 |

---

See notes to financial statements. Annual Financial Statements \| 25

**Schedule of Investments, Continued**

Thornburg International Equity ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| | &nbsp;&nbsp;**Ground Transportation — 2.8%** |  |  |
| | &nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 81239 | $6189599 |
| |  |  | 9228939 |
| | **UTILITIES — 9.4%** |  |  |
| | &nbsp;&nbsp;**Electric Utilities — 6.1%** |  |  |
| | &nbsp;&nbsp;Endesa SA | 72086 | 2197168 |
| | &nbsp;&nbsp;Enel SpA | 608701 | 5617226 |
| | &nbsp;&nbsp;Iberdrola SA | 300564 | 5655347 |
| | &nbsp;&nbsp;**Multi-Utilities — 3.3%** |  |  |
| | &nbsp;&nbsp;E.ON SE | 403408 | 7198520 |
| |  |  | 20668261 |
| | &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $193,062,303) |  | 211896091 |
| | **SHORT-TERM INVESTMENTS — 3.9%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Thornburg Capital Management Fund | 858410 | 8584100 |
| | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $8,584,100) |  | 8584100 |
| | TOTAL INVESTMENTS — 100.0% (Cost $201,646,403) |  | $220480191 |
| | OTHER ASSETS LESS LIABILITIES — 0.0% |  | 77565 |
| | NET ASSETS — 100.0% |  | $220557756 |

---

**Footnote Legend** 

a Non-income producing.

b Investment in Affiliates.

**Portfolio Abbreviations** 

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

ADR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;France | &nbsp;&nbsp;19.2% |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;18.1% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;15.6% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Macao | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;0.4% |

---

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

26 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments**

Thornburg International Growth ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| | **COMMON STOCK — 97.3%** |  |  |
| | **AUTOMOBILES & COMPONENTS — 4.6%** |  |  |
| | &nbsp;&nbsp;**Automobiles — 4.6%** |  |  |
| | &nbsp;&nbsp;Ferrari NV | 491 | $234310 |
| |  |  | 234310 |
| | **BANKS — 2.6%** |  |  |
| | &nbsp;&nbsp;**Banks — 2.6%** |  |  |
| | &nbsp;&nbsp;BNP Paribas SA | 549 | 49371 |
| <sup>a</sup> | &nbsp;&nbsp;NU Holdings Ltd. Class A | 5628 | 83295 |
| |  |  | 132666 |
| | **CAPITAL GOODS — 8.2%** |  |  |
| | &nbsp;&nbsp;**Aerospace & Defense — 2.4%** |  |  |
| | &nbsp;&nbsp;MTU Aero Engines AG ADR | 237 | 52861 |
| | &nbsp;&nbsp;Thales SA ADR | 1321 | 69326 |
| | &nbsp;&nbsp;**Electrical Equipment — 2.1%** |  |  |
| | &nbsp;&nbsp;Schneider Electric SE | 436 | 107196 |
| | &nbsp;&nbsp;**Trading Companies & Distributors — 3.7%** |  |  |
| | &nbsp;&nbsp;AerCap Holdings NV | 435 | 53723 |
| | &nbsp;&nbsp;Diploma plc | 1888 | 137742 |
| |  |  | 420848 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 2.1%** |  |  |
| | &nbsp;&nbsp;**Professional Services — 2.1%** |  |  |
| | &nbsp;&nbsp;Wolters Kluwer NV | 860 | 108313 |
| |  |  | 108313 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 5.2%** |  |  |
| | &nbsp;&nbsp;**Broadline Retail — 5.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;MercadoLibre, Inc. | 107 | 264601 |
| |  |  | 264601 |
| | **CONSUMER DURABLES & APPAREL — 1.5%** |  |  |
| | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.5%** |  |  |
| | &nbsp;&nbsp;Brunello Cucinelli SpA | 682 | 78886 |
| |  |  | 78886 |
| | **CONSUMER SERVICES — 1.9%** |  |  |
| | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Flutter Entertainment plc | 322 | 98909 |
| |  |  | 98909 |
| | **FINANCIAL SERVICES — 9.3%** |  |  |
| | &nbsp;&nbsp;**Capital Markets — 5.9%** |  |  |
| | &nbsp;&nbsp;Deutsche Boerse AG | 448 | 131935 |
| <sup>a,b</sup> | &nbsp;&nbsp;Fairfax India Holdings Corp. | 3211 | 59371 |
| | &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. ADR | 1065 | 62388 |
| | &nbsp;&nbsp;Marex Group plc | 1377 | 48691 |
| | &nbsp;&nbsp;**Financial Services — 3.4%** |  |  |
| | &nbsp;&nbsp;Mastercard, Inc. Class A | 292 | 173825 |
| |  |  | 476210 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 6.1%** |  |  |
| | &nbsp;&nbsp;**Health Care Equipment & Supplies — 6.1%** |  |  |
| | &nbsp;&nbsp;Alcon AG | 1314 | 104686 |
| | &nbsp;&nbsp;Hoya Corp. | 1582 | 207414 |
| |  |  | 312100 |

---

See notes to financial statements. Annual Financial Statements \| 27

**Schedule of Investments, Continued**

Thornburg International Growth ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 4.4%** |  |  |
| | &nbsp;&nbsp;**Personal Care Products — 4.4%** |  |  |
| | &nbsp;&nbsp;Beiersdorf AG | 1101 | $126604 |
| | &nbsp;&nbsp;L'Oreal SA | 216 | 100600 |
| |  |  | 227204 |
| |  |  |  |
| | **MATERIALS — 3.7%** |  |  |
| | &nbsp;&nbsp;**Chemicals — 3.7%** |  |  |
| | &nbsp;&nbsp;Air Liquide SA | 920 | 189764 |
| |  |  | 189764 |
| |  |  |  |
| | **MEDIA & ENTERTAINMENT — 13.2%** |  |  |
| | &nbsp;&nbsp;**Entertainment — 4.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Sea Ltd. ADR | 1348 | 251456 |
| | &nbsp;&nbsp;**Interactive Media & Services — 3.2%** |  |  |
| | &nbsp;&nbsp;Hemnet Group AB | 6267 | 162864 |
| **** | &nbsp;&nbsp;**Media — 5.1%** |  |  |
| | &nbsp;&nbsp;Vend Marketplaces ASA Class A | 6725 | 260635 |
| |  |  | 674955 |
| |  |  |  |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 13.2%** |  |  |
| | &nbsp;&nbsp;**Biotechnology — 1.5%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;BioArctic AB Class B | 609 | 19468 |
| | &nbsp;&nbsp;CSL Ltd. | 416 | 57964 |
| | &nbsp;&nbsp;**Life Sciences Tools & Services — 4.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;ICON plc ADR | 335 | 59610 |
| | &nbsp;&nbsp;Lonza Group AG | 235 | 166754 |
| | &nbsp;&nbsp;**Pharmaceuticals — 7.3%** |  |  |
| | &nbsp;&nbsp;AstraZeneca plc Sponsored ADR | 2656 | 212214 |
| | &nbsp;&nbsp;Novo Nordisk AS Class B | 2822 | 158773 |
| |  |  | 674783 |
| |  |  |  |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 8.9%** |  |  |
| | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 8.9%** |  |  |
| | &nbsp;&nbsp;ASM International NV | 152 | 73070 |
| | &nbsp;&nbsp;ASML Holding NV | 163 | 121458 |
| | &nbsp;&nbsp;BE Semiconductor Industries NV | 616 | 82990 |
| | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 4746 | 180093 |
| |  |  | 457611 |
| |  |  |  |
| | **SOFTWARE & SERVICES — 7.9%** |  |  |
| | &nbsp;&nbsp;**Information Technology Services — 4.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Globant SA | 410 | 27576 |
| | &nbsp;&nbsp;Nomura Research Institute Ltd. | 5132 | 202589 |
| **** | &nbsp;&nbsp;**Software — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Cadence Design Systems, Inc. | 156 | 54667 |
| <sup>a</sup> | &nbsp;&nbsp;Money Forward, Inc. | 1717 | 75638 |
| | &nbsp;&nbsp;WiseTech Global Ltd. | 675 | 44970 |
| |  |  | 405440 |
| |  |  |  |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.8%** |  |  |
| | &nbsp;&nbsp;**Communications Equipment — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Arista Networks, Inc. | 655 | 89440 |
| |  |  | 89440 |
| |  |  |  |
| | **TRANSPORTATION — 1.0%** |  |  |
| | &nbsp;&nbsp;**Ground Transportation — 1.0%** |  |  |
| | &nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 650 | 49524 |
| |  |  | 49524 |

---

28 \| Annual Financial Statements See notes to financial statements.

**Schedule of Investments, Continued**

Thornburg International Growth ETF \| August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **UTILITIES — 1.7%** |  |  |
| | &nbsp;&nbsp;**Multi-Utilities — 1.7%** |  |  |
| | &nbsp;&nbsp;E.ON SE | 4913 | $87669 |
| |  |  | 87669 |
| | &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $4,691,269) |  | 4983233 |
| | **SHORT-TERM INVESTMENTS — 2.7%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;Thornburg Capital Management Fund | 14025 | 140253 |
| | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $140,253) |  | 140253 |
| | TOTAL INVESTMENTS — 100.0% (Cost $4,831,522) |  | $5123486 |
| | OTHER ASSETS LESS LIABILITIES — 0.0% |  | 8 |
| | NET ASSETS — 100.0% |  | $5123494 |

---

**Footnote Legend**

a Non-income producing.

---

| | |
|:---|:---|
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025, the aggregate value of these securities in the Fund's portfolio was $78,839, representing 1.54% of the Fund's net assets. |

---

c Investment in Affiliates.

**Portfolio Abbreviations**

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

ADR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| United States | 13.5% |
| United Kingdom | 10.0% |
| Japan | 9.7% |
| France | 8.2% |
| Germany | 8.0% |
| Netherlands | 7.7% |
| Brazil | 7.0% |
| Italy | 6.3% |
| Norway | 5.2% |
| Singapore | 5.0% |
| Sweden | 3.7% |
| Taiwan | 3.6% |
| Switzerland | 3.4% |
| Denmark | 3.2% |
| Hong Kong | 1.3% |
| India | 1.2% |
| Ireland | 1.1% |
| Canada | 1.0% |
| Australia | 0.9% |

---

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

See notes to financial statements. Annual Financial Statements \| 29

**Statements of Assets and Liabilities**

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> CORE PLUS BOND ETF** | **THORNBURG<br> MULTI SECTOR BOND ETF** | **THORNBURG<br> INTERNATIONAL EQUITY ETF** | **THORNBURG<br> INTERNATIONAL GROWTH ETF** |
| **ASSETS** | | | | |
| Investments at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $18236532 | $74353685 | $193062303 | $4691269 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 267662 | 569032 | 8584100 | 140253 |
| Investments at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 18373357 | 74997435 | 211896091 | 4983233 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 267662 | 569032 | 8584100 | 140253 |
| Foreign currency at value <sup>(a)</sup> | 1 | 5 | 883 | 71 |
| Deposits at broker | 8250 | 28538 |  |  |
| Receivable for investments sold | 155000 | 145000 |  |  |
| Receivable for variation margin on futures contracts | 3708 |  |  |  |
| Receivable for variation margin on centrally cleared swap agreements |  | 6494 |  |  |
| Receivable for fund shares sold |  | 2549622 |  |  |
| Dividends receivable | 839 | 6496 | 158096 | 3187 |
| Tax reclaims receivable |  |  | 67538 | 549 |
| Principal and interest receivable | 169960 | 644592 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 18978777 | 78947214 | 220706708 | 5127293 |
| **LIABILITIES** |  |  |  |  |
| Unrealized depreciation on forward currency contracts |  | 1863 |  |  |
| Payable for investments purchased | 839 | 2423989 | 33852 | 631 |
| Payable to investment advisor and other affiliates | 7247 | 32928 | 115100 | 3028 |
| Accounts payable and accrued expenses |  |  |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 8086 | 2458780 | 148952 | 3799 |
| **NET ASSETS** | $18970691 | $76488434 | $220557756 | $5123494 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $18868628 | $75742654 | $200063620 | $5043273 |
| Distributable earnings | 102063 | 745780 | 20494136 | 80221 |
| **NET ASSETS** | $18970691 | $76488434 | $220557756 | $5123494 |
| **NET ASSET VALUE** |  |  |  |  |
| Net assets applicable to shares outstanding | $18970691 | $76488434 | $220557756 | $5123494 |
| Shares outstanding | 750000 | 3000000 | 7360000 | 200000 |
| Net asset value and redemption price per share | 25.29 | 25.50 | 29.97 | 25.62 |

---

(a) Cost of foreign currency is $1; $5; $884; $71 respectively.

See notes to financial statements.

30 \| Annual Financial Statements

**Statements of Operations**

Period Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG** **<br> CORE PLUS BOND ETF<sup>(a)</sup>** | **THORNBURG** **<br> MULTI SECTOR BOND ETF<sup>(a)</sup>** | **THORNBURG** **<br> INTERNATIONAL EQUITY ETF<sup>(b)</sup>** | **THORNBURG** **<br> INTERNATIONAL GROWTH ETF<sup>(c)</sup>** |
| **INVESTMENT INCOME** | | | | |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $- | $- | $2697905 | $48214 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 12031 | 30428 | 157260 | 4725 |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld |  |  | (336268) | (7903) |
| Interest income | 480464 | 1318092 | 831 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 492495 | 1348520 | 2519728 | 45102 |
| **EXPENSES** |  |  |  |  |
| Investment management fees | 41330 | 131111 | 528635 | 20283 |
| Legal fees | 227 | 571 | 1959 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 41557 | 131682 | 530594 | 20355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $450938 | $1216838 | $1989134 | $24747 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments | (67819) | (17407) | (316210) | (236782) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions |  |  | 960413 |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | 608 |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements |  | (3099) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 95 | 162 | (17219) | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | (67116) | (20344) | 626984 | (236540) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments | 136825 | 643750 | 18833788 | 291964 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | (1863) |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (156) |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements |  | 3178 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (72) | (172) | 4643 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | 136597 | 644893 | 18838431 | 292014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 69481 | 624549 | 19465415 | 55474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $520419 | $1841387 | $21454549 | $80221 |

---

(a) The Fund commenced operations on February 4, 2025.

(b) The Fund commenced operations on January 21, 2025.

(c) The Fund commenced operations on January 22, 2025.

See notes to financial statements.

Annual Financial Statements \| 31

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **THORNBURG CORE PLUS BOND ETF** **<br> PERIOD ENDED<br> AUGUST 31, 2025<sup>(a)</sup>** | **THORNBURG MULTI SECTOR BOND ETF** **<br> PERIOD ENDED<br> AUGUST 31, 2025<sup>(a)</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $450938 | $1216838 |
| Net realized gain (loss) | (67116) | (20344) |
| Net change in unrealized appreciation (depreciation) | 136597 | 644893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 520419 | 1841387 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings | (418356) | (1095607) |
| **FUND SHARE TRANSACTIONS** |  |  |
| Proceeds from shares sold | 18868628 | 76042654 |
| Cost of shares redeemed |  | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 18970691 | 76488434 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $18970691 | $76488434 |

---

(a) The Fund commenced operations on February 4, 2025.

See notes to financial statements.

32 \| Annual Financial Statements

**Statements of Changes in Net Assets, Continued**

---

| | | |
|:---|:---|:---|
|  | **THORNBURG INTERNATIONAL EQUITY ETF** **<br> PERIOD ENDED<br> AUGUST 31, 2025<sup>(a)</sup>** | **THORNBURG INTERNATIONAL GROWTH ETF** **<br> PERIOD ENDED<br> AUGUST 31, 2025<sup>(b)</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $1989134 | $24747 |
| Net realized gain (loss) | 626984 | (236540) |
| Net change in unrealized appreciation (depreciation) | 18838431 | 292014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 21454549 | 80221 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| **FUND SHARE TRANSACTIONS** |  |  |
| Proceeds from shares sold | 201779811 | 5043273 |
| Cost of shares redeemed | (2676604) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 220557756 | 5123494 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $220557756 | $5123494 |

---

(a) The Fund commenced operations on January 21, 2025.

(b) The Fund commenced operations on January 22, 2025.

See notes to financial statements.

Annual Financial Statements \| 33

**Notes to Financial Statements** 

August 31, 2025

**NOTE 1 – ORGANIZATION**

Thornburg Core Plus Bond ETF ("Core Plus Bond ETF"), Thornburg Multi Sector Bond ETF ("Multi Sector Bond ETF"), Thornburg International Equity ETF ("International Equity ETF"), and Thornburg International Growth ETF ("International Growth ETF"), collectively the "Funds", are series of Thornburg ETF Trust (the "Trust"). The Trust was organized as a Massachusetts Business Trust on September 9, 2024 and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. Each Fund is non-diversified within the meaning of the 1940 Act. The shares of each Fund are bought and sold through exchange trading at market prices (not net asset value ("NAV")), and are not individually redeemable with the Funds. Shares may trade at a premium or discount to their NAV in the secondary market. Core Plus Bond ETF and Multi Sector Bond ETF commenced operations on February 4, 2025, International Equity ETF commenced operations on January 21, 2025 and International Growth ETF commenced operations on January 22, 2025. Each Fund is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

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

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

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

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

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

<u>Segment Reporting:</u> Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President of each

34 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

August 31, 2025

Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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

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

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

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

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

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

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

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

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

<u>Repurchase Agreements:</u> The Funds may invest excess cash in repurchase agreements whereby the Funds purchase investments, which serve as collateral, with an agreement to resell such collateral to the seller at an agreed upon price at the maturity date of the repurchase agreement. Investments pledged as collateral for repurchase agreements are held in custody until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the period ended August 31, 2025, the Funds did not enter into repurchase agreements.

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

<u>Use of Estimates:</u> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the

Annual Financial Statements \| 35

**Notes to Financial Statements, Continued**

August 31, 2025

financial statements and the reported amounts of increases (decreases) in net assets from operations during the reporting period. Actual results could differ from those estimates.

<u>When-Issued and Delayed Delivery Transactions:</u> The Funds may engage in when-issued or delayed delivery transactions. To the extent the Funds engage in such transactions, they will do so for the purpose of acquiring portfolio investments consistent with the Funds' investment objectives and not for the purpose of investment leverage or to speculate on interest rate or market changes. At the time the Funds make a commitment to purchase an investment on a when-issued or delayed delivery basis, the Funds will record the transaction and reflect the value in determining its net asset value. Pursuant to current U.S. Securities and Exchange Commission ("SEC") guidance, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Funds intend to settle the transaction physically and the transaction settles within 35 days. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. The values of these securities held at August 31, 2025, if any, are detailed in the Schedule of Investments.

**NOTE 3 – SECURITY VALUATION**

Valuation of the Funds' portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Funds' "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the "Valuation Policy and Procedures").

In its capacity as the Funds' valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the "Committee"), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Funds' investments. The Committee provides reports on its activities to the Trustees' Audit Committee, which is responsible for overseeing the Committee's and the Advisor's work in discharging the functions under the Valuation Policy and Procedures.

In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Funds would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Funds upon a sale of the investment, and the difference could be material to the Funds' financial statements. The Committee's calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.

<u>Valuation of Securities</u>: 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 Funds can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious

36 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

August 31, 2025

question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment.

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

Debt obligations held by the Funds which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Funds, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Funds are likely to obtain if they sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.

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

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

If the market quotation for an investment is expressed in a foreign currency, that market quotation will be converted to U.S. dollars using a foreign exchange quotation from a third-party service at the time of valuation. Foreign investments held by the Funds may be traded on days and at times when the Funds are not open for business. Consequently, the value of Funds' investments may be significantly affected on days when shareholders cannot purchase or sell Funds' shares.

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

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

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

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

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

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

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Funds, the Committee calculates a fair value for the obligation using alternative methods under procedures approved by the Committee. Additionally, in cases when management believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Funds are likely to obtain if they sought a bid for the investment, or is otherwise unreliable, the Committee calculates a fair value for the obligation using an alternative method approved by the Committee.

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

Annual Financial Statements \| 37

**Notes to Financial Statements, Continued**

August 31, 2025

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

The following table displays a summary of the fair value hierarchy measurements of the Funds' investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORE PLUS BOND ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $1761143 | $— | $1761143 | $— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 6534910 |  | 6534910 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 193361 |  | 193361 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 5133602 | 5133602 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 45139 |  | 45139 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 4705202 |  | 4705202 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 267662 | 267662 |  |  |
| Total Investments in Securities | $18641019 | $5401264 | $13239755 | $— |
| **Total Assets** | $**18641019** | $**5401264** | $**13239755** | $**—** |
| **Liabilities** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | $(156) | $— | $(156) | $— |
| Total Other Financial Instruments | $(156) | $— | $(156) | $— |
| **Total Liabilities** | $**(156)** | $**—** | $**(156)** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MULTI SECTOR BOND ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $10334628 | $— | $10334628 | $— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 34138133 |  | 34138133 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 146421 |  | 146421 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 770025 |  | 770025 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 11220563 | 11220563 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 105324 |  | 105324 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 18282341 |  | 18282341 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 569032 | 569032 |  |  |
| Total Investments in Securities | $75566467 | $11789595 | $63776872 | $— |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments<br> Centrally cleared credit default swap agreements | $3178 | $— | $3178 | $— |
| **Total Assets** | $**75569645** | $**11789595** | $**63780050** | $**—** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments<br> Forward Currency Contracts | $(1863) | $— | $(1863) | $— |
| Total Other Financial Instruments | $(1863) | $— | $(1863) | $— |
| **Total Liabilities** | $**(1863)** | $**—** | $**(1863)** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $211896091 | $211896091 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 8584100 | 8584100 |  |  |
| Total Investments in Securities | $220480191 | $220480191 | $— | $— |
| **Total Assets** | $**220480191** | $**220480191** | $**—** | $**—** |

---

38 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL GROWTH ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $4983233 | $4983233 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 140253 | 140253 |  |  |
| Total Investments in Securities | $5123486 | $5123486 | $— | $— |
| **Total Assets** | $**5123486** | $**5123486** | $**—** | $**—** |

---

**NOTE 4 – INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

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

---

| | |
|:---|:---|
|  | **MANAGEMENT FEE** |
| Core Plus Bond ETF | 0.45% |
| Multi Sector Bond ETF | 0.55 |
| International Equity ETF | 0.65 |
| International Growth ETF | 0.70 |

---

Total management fees incurred by the Funds for the period ended August 31, 2025 are set forth in the Statement of Operations.

As of August 31, 2025, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
|  | **PERCENTAGE OF DIRECT INVESTMENTS** |
| Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Multi Sector Bond ETF |  |
| International Equity ETF | 0.14 |
| International Growth ETF |  |

---

The Funds may purchase or sell portfolio securities from or to an affiliated fund provided that all such transactions will comply with Rule 17a-7 under the 1940 Act. For the period ended August 31, 2025, the Funds had no such transactions with affiliated funds.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CORE PLUS BOND ETF** | **OPENING** **<br> MARKET VALUE<sup>\*</sup>** | **PURCHASES <br> AT COST** | **SALES <br> PROCEEDS** | **REALIZED <br> GAIN <br> (LOSS)** | **CHANGE IN UNREALIZED APPR./(DEPR.)** | **MARKET VALUE <br> 8/31/25** | **DIVIDEND <br> INCOME** |
| Thornburg Capital Mgmt. Fund | $— | $8189708 | $(7922046) | $— | $— | $267662 | $12031 |
| \* The Fund commenced operations on February 4, 2025. | \* The Fund commenced operations on February 4, 2025. | \* The Fund commenced operations on February 4, 2025. |  |  |  |  |  |
| **MULTI SECTOR BOND ETF** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $— | $29273740 | $(28704708) | $— | $— | $569032 | $30428 |
| \* The Fund commenced operations on February 4, 2025. | \* The Fund commenced operations on February 4, 2025. | \* The Fund commenced operations on February 4, 2025. |  |  |  |  |  |
| **INTERNATIONAL EQUITY ETF** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $— | $67811568 | $(59227468) | $— | $— | $8584100 | $157260 |
| \* The Fund commenced operations on January 21, 2025. | \* The Fund commenced operations on January 21, 2025. | \* The Fund commenced operations on January 21, 2025. |  |  |  |  |  |
| **INTERNATIONAL GROWTH ETF** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $— | $2261494 | $(2121241) | $— | $— | $140253 | $4725 |
| <sup>\*</sup> The Fund commenced operations on January 22, 2025. | <sup>\*</sup> The Fund commenced operations on January 22, 2025. | <sup>\*</sup> The Fund commenced operations on January 22, 2025. |  |  |  |  |  |

---

Annual Financial Statements \| 39

**Notes to Financial Statements, Continued**

August 31, 2025

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the fiscal year ended August 31, 2025, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

At August 31, 2025, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **COST** | **UNREALIZED<br> APPRECIATION** | **UNREALIZED<br> DEPRECIATION** | **NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** |
| Core Plus Bond ETF | $18502476 | $221509 | $(82966) | $138543 |
| Multi Sector Bond ETF | 74902758 | 752257 | (90934) | 661323 |
| International Equity ETF | 201647178 | 21315114 | (2482101) | 18833013 |
| International Growth ETF | 4834578 | 589665 | (300757) | 288908 |

---

Temporary differences between book and tax basis appreciation (depreciation) on cost of investments is primarily attributed to tax deferral of losses on wash sales, premium amortization accruals, mark-to-market of forward currency contracts, mark-to-market of future contracts and accrued income on swaps.

At August 31, 2025, the Funds had cumulative tax basis capital losses as shown on the following table, which may be carried forward to offset future capital gains. To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations. Such capital loss carryforwards do not expire.

---

| | | |
|:---|:---|:---|
|  | **CUMULATIVE CAPITAL LOSSES** | **CUMULATIVE CAPITAL LOSSES** |
|  | **SHORT-TERM** | **LONG-TERM** |
| Core Plus Bond ETF | $68337 | $— |
| Multi Sector Bond ETF | 25600 | 1118 |
| International Equity ETF | 315435 |  |
| International Growth ETF | 233726 |  |

---

At August 31, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Funds' net assets as follows:

---

| | | |
|:---|:---|:---|
|  | **DISTRIBUTABLE EARNINGS** | **NET CAPITAL PAID** |
| International Equity ETF | $(960413) | $960413 |

---

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

<u>Foreign Withholding Taxes Paid</u>: The Funds are subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction, when material to the Funds' financial statements. The amendments under this ASU are required to be applied prospectively and are effective for annual periods beginning after December 15, 2024. Early adoption of ASU 2023-09 was permitted.

The value of the foreign withholding taxes paid at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of income taxes paid for the period ended August 31, 2025 is not presented. Management expects the significance of the foreign withholding taxes paid in relation to net assets to change in future annual periods.

40 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

August 31, 2025

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

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

At August 31, 2025, the Funds had undistributed tax basis ordinary investment income and undistributed tax basis capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **UNDISTRIBUTED <br> TAX BASIS <br> ORDINARY<br> INVESTMENT INCOME** | **UNDISTRIBUTED TAX BASIS<br> CAPITAL GAINS** |
| Core Plus Bond ETF | $32085 | $— |
| Multi Sector Bond ETF | 111347 |  |
| International Equity ETF | 1971915 |  |
| International Growth ETF | 24989 |  |

---

The tax character of distributions paid for the Funds during the period ended August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **DISTRIBUTIONS FROM:<br> ORDINARY INCOME<br> 2025** |
| Core Plus Bond ETF | $418356 |
| Multi Sector Bond ETF | 1095607 |

---

**NOTE 6 – CREATION AND REDEMPTION TRANSACTIONS**

The Funds are exchange-traded funds or "ETFs." Shares of each Fund may be acquired or redeemed directly from the Fund only in large blocks of shares called "Creation Units" or multiples thereof. A Creation Unit for each of Core Plus Bond ETF, Multi Sector Bond ETF, and International Growth ETF consists of 50,000 shares. As of August 20, 2025, a Creation Unit for International Equity ETF consists of 20,000 shares. The Trust may increase or decrease the number of a Fund's shares that constitute a Creation Unit, including on a per transaction basis if doing so is deemed to be in the best interests of the applicable Fund and its shareholders. Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. An Authorized Participant is either a "participating party" (i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation) or a Depository Trust Company participant, in either case, who has executed an agreement with ALPS Distributors, Inc., the Trust's principal underwriter, and accepted by State Street Bank and Trust Company, the Trust's transfer agent, with respect to creations and redemptions of Creation Units. Once created, shares of each Fund generally trade in the secondary market in amounts less than a Creation Unit.

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

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

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the period ended August 31, 2025, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments and in-kind transactions).

Annual Financial Statements \| 41

**Notes to Financial Statements, Continued**

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Core Plus Bond ETF | $22212696 | $3462166 |
| Multi Sector Bond ETF | 87386603 | 10402303 |
| International Equity ETF | 88843865 | 15653978 |
| International Growth ETF | 3663179 | 1163326 |

---

For the period ended August 31, 2025, the Funds had in-kind transactions associated with Creation Unit purchases and redemptions as listed in the table below.

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| International Equity ETF | $121723218 | $2497666 |
| International Growth ETF | 2428197 |  |

---

**NOTE 8 – DERIVATIVE FINANCIAL INSTRUMENTS**

The Funds may use a variety of derivative financial instruments to hedge or adjust the risks affecting their investment portfolio or to enhance investment returns. Provisions of the FASB Accounting Standards Codification 815-10-50 ("ASC 815") require certain disclosures. The disclosures are intended to provide users of financial statements with an understanding of the use of derivative instruments by the Funds and how these derivatives affect the financial position, financial performance and cash flows of the Funds. During the period ended August 31, 2025, the Funds' principal exposure to derivative financial instruments of the type addressed by ASC 815 were investments in forward currency contracts, futures contracts, and credit default swap agreements.

<u>Forward Currency Contracts</u>: During the period ended August 31, 2025, Multi Sector Bond ETF entered into forward currency contracts in the normal course of pursuing its investment objectives, with the intent of reducing the risk to the value of the Fund's foreign investments from adverse changes in the relationship between the U.S. dollar and foreign currencies. Each of the forward currency contracts entered into by the Funds is an agreement between two parties to exchange different currencies at a specified rate of exchange at an agreed upon future date. Forward currency contracts involve risks to the Funds, including the risk that a contract's counterparty will not meet its obligations to the Funds, the risk that a change in a contract's value may not correlate perfectly with the currency the contract was intended to track, and the risk that the Advisor is unable to correctly implement its strategy in using a contract. In any such instance, the Funds may not achieve the intended benefit of entering into a contract and may experience a loss.

The monthly average values of open forward currency sell contracts for the period ended August 31, 2025 for Multi Sector Bond ETF was $32,059.

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

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

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

<u>Futures Contracts</u>: During the period ended August 31, 2025, Core Plus Bond ETF entered into futures contracts in the normal course of pursuing its investment objectives. A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund's exposure to the underlying instrument.

Upon entering into a futures contract, a Fund is required to pledge collateral to the broker using cash or securities equal to the minimum initial margin requirements of the exchange and the broker. Cash deposits for initial margin are shown as Deposits at broker on the Fund's Statement of Assets and Liabilities. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. These daily cash settlements are referred to as variation margin and are recognized on the

42 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

August 31, 2025

Fund's Statement of Assets and Liabilities as a receivable or payable on variation margin on futures contracts. Futures contracts may involve a risk of loss in excess of the variation margin shown on the Fund's Statement of Assets and Liabilities. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the Fund's Statement of Operations. The maximum potential loss on a long futures contract is generally the U.S. dollar value of the notional amount at the time the contract is opened.

The monthly average values of futures contracts for the period ended August 31, 2025 for Core Plus Bond ETF was $32,143.

<u>Credit Default Swap Agreements</u>: During the period ended August 31, 2025, Multi Sector Bond ETF entered into credit default swap agreements in the normal course of pursuing its investment objectives. Swap agreements may be privately negotiated in the over-the-counter market ("OTC swaps") or may be cleared through a third party, known as a central clearing party or derivatives clearing organization ("centrally cleared swaps").

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

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

The monthly average notional value of centrally cleared credit default swap agreements for the period ended as of August 31, 2025 for Multi Sector Bond ETF was $52,143.

Because exchange traded and centrally cleared derivatives are not subject to master netting or similar arrangements, the Funds do not net their respective outstanding derivative contracts for the purpose of disclosure in the Statement of Assets and Liabilities. Instead, the Funds recognize the unrealized appreciation (depreciation) on those derivative contracts on a gross basis in each Fund's Statement of Assets and Liabilities. The fair value of the Funds' derivative contracts recognized in the Funds' Statement of Assets and Liabilities at August 31, 2025 are disclosed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TYPE OF DERIVATIVE<sup>(a)</sup>** | **PRINCIPAL<br> RISK** | **COUNTER** **<br> PARTY<sup>(b)</sup>** | **ASSET<br> DERIVATIVES** | **LIABILITY<br> DERIVATIVES** | **NET<br> AMOUNT** |
| Core Plus Bond ETF | Futures contracts | Derivatives risk | GS | $— | $(156) | $(156) |
| Multi Sector Bond ETF | Forward currency contracts | Foreign currency risk | SSB |  | (1863) | (1863) |
|  | Centrally cleared credit default swap agreements | Derivatives risk | GS | 3178 |  | 3178 |
|  |  |  |  | $3178 | $(1863) | $1315 |

---

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

(b) Counterparties include State Street Bank and Trust Company ("SSB") and Goldman Sachs ("GS").

Because the Fund did not receive or post cash collateral in connection with its forward currency contracts during the period, the net amount of the Fund's assets and liabilities which is attributable to the contracts at August 31, 2025 can be determined by offsetting the dollar amounts shown in the asset and liability columns in the preceding table, the result of which is reflected in the "Net Amount" column. The Fund's forward currency contracts are valued each day, and the net amount of the Fund's assets and liabilities which are attributable to the contracts are expected to vary over time.

The net realized gain (loss) from forward currency contracts, futures contracts, and credit default swap agreements and net change in unrealized appreciation (depreciation) on outstanding forward currency contracts, futures contracts, and centrally cleared credit default swap agreements recognized in each Fund's Statement of Operations for the period ended August 31, 2025 are disclosed in the following table:

Annual Financial Statements \| 43

**Notes to Financial Statements, Continued**

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TYPE OF DERIVATIVE<sup>(a)</sup>** | **PRINCIPAL RISK** | **NET REALIZED<br> GAIN (LOSS)** | **NET CHANGE IN UNREALIZED<br> APPRECIATION (DEPRECIATION)** |
| Core Plus Bond ETF | Futures contracts | Derivatives risk | $608 | $(156) |
| Multi Sector Bond ETF | Forward currency contracts | Foreign currency risk |  | (1863) |
| Multi Sector Bond ETF | Centrally cleared credit default swap agreements | Derivatives risk | (3099) | 3178 |

---

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

44 \| Annual Financial Statements

Financial Highlights

Core Plus Bond ETF

---

| | |
|:---|:---|
|  | **2025<sup>(a)</sup>** |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(b)</sup>** |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | 25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 0.24 |
| &nbsp;&nbsp;Total from Investment Operations | 0.94 |
| &nbsp;&nbsp;Dividends from Net Investment Income | (0.65) |
| &nbsp;&nbsp;Dividends from Net Realized Gains | 0.00 |
| &nbsp;&nbsp;Total Dividends | (0.65) |
| &nbsp;&nbsp;Net Asset Value, End of Period | 25.29 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;Total Return<sup>(c)</sup> | 3.79% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(c)</sup> | 3.96% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | 4.91%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.45%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.45%<sup>(d)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(c)</sup> | 22.11% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | 18971 |

---

<sup>+</sup> Based on weighted average shares outstanding.

<sup>(a)</sup> The Fund commenced operations on February 4, 2025.

<sup>(b)</sup> Unless otherwise noted, periods are fiscal years ended August 31.

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

<sup>(d)</sup> Annualized.

See notes to financial statements.

Annual Financial Statements \| 45

Financial Highlights

Multi Sector Bond ETF

---

| | |
|:---|:---|
|  | **2025<sup>(a)</sup>** |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(b)</sup>** |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | $0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 0.39 |
| &nbsp;&nbsp;Total from Investment Operations | 1.12 |
| &nbsp;&nbsp;Dividends from Net Investment Income | $(0.62) |
| &nbsp;&nbsp;Dividends from Net Realized Gains | $0.00 |
| &nbsp;&nbsp;Total Dividends | $(0.62) |
| &nbsp;&nbsp;Net Asset Value, End of Period | $25.50 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;Total Return<sup>(c)</sup> | 4.52% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(c)</sup> | 4.72% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | 5.10%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.55%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.55%<sup>(d)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(c)</sup> | 22.80% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | $76488 |

---

<sup>+</sup> Based on weighted average shares outstanding.

<sup>(a)</sup> The Fund commenced operations on February 4, 2025.

<sup>(b)</sup> Unless otherwise noted, periods are fiscal years ended August 31.

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

<sup>(d)</sup> Annualized.

See notes to financial statements.

46 \| Annual Financial Statements

**Financial Highlights**

International Equity ETF

---

| | |
|:---|:---|
|  | **2025<sup>(a)</sup>** |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(b)</sup>** |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | $0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 4.55 |
| &nbsp;&nbsp;Total from Investment Operations | 4.97 |
| &nbsp;&nbsp;Dividends from Net Investment Income | $0.00 |
| &nbsp;&nbsp;Dividends from Net Realized Gains | $0.00 |
| &nbsp;&nbsp;Total Dividends | $0.00 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $29.97 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;Total Return<sup>(c)</sup> | 19.88% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(c)</sup> | 19.92% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | 2.45%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.65%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.65%<sup>(d)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(c)(e)</sup> | 11.62% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | $220558 |

---

<sup>+</sup> Based on weighted average shares outstanding.

<sup>(a)</sup> The Fund commenced operations on January 21, 2025.

<sup>(b)</sup> Unless otherwise noted, periods are fiscal years ended August 31.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See notes to financial statements.

Annual Financial Statements \| 47

**Financial Highlights**

International Growth ETF

---

| | |
|:---|:---|
|  | **2025<sup>(a)</sup>** |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(b)</sup>** |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 0.49 |
| &nbsp;&nbsp;Total from Investment Operations | 0.62 |
| &nbsp;&nbsp;Dividends from Net Investment Income | $0.00 |
| &nbsp;&nbsp;Dividends from Net Realized Gains | $0.00 |
| &nbsp;&nbsp;Total Dividends | $0.00 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $25.62 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;Total Return<sup>(c)</sup> | 2.48% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(c)</sup> | 2.48% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | 0.85%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.70%<sup>(d)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.70%<sup>(d)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(c)(e)</sup> | 24.84% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | $5123 |

---

 

<sup>+</sup> Based on weighted average shares outstanding.

<sup>(a)</sup> The Fund commenced operations on January 22, 2025.

<sup>(b)</sup> Unless otherwise noted, periods are fiscal years ended August 31.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See notes to financial statements.

48 \| Annual Financial Statements

**Report of Independent Registered Public Accounting Firm**

Thornburg ETF Trust

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

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting Thornburg ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;Thornburg Core Plus Bond ETF (1) |
| &nbsp;&nbsp;Thornburg Multi Sector Bond ETF (1) |
| &nbsp;&nbsp;Thornburg International Equity ETF (2) |
| &nbsp;&nbsp;Thornburg International Growth ETF (3) |

---

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

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

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

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

October 22, 2025

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

Annual Financial Statements \| 49

**Tax Information**

August 31, 2025

For the tax year ended August 31, 2025, taxable ordinary income dividends paid by the Funds for federal income tax purposes are as follows:

---

| | |
|:---|:---|
|  | **TAXABLE ORDINARY** |
| Core Plus Bond ETF | $418356 |
| Multi Sector Bond ETF | 1095607 |

---

For the tax year ended August 31, 2025, the dividend ratio (or the maximum allowed) paid from tax basis net ordinary income as qualifying for the reduced rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003 and the ordinary income distributions ratio (or the maximum allowed) paid as qualified for the corporate dividend received deduction are as follows:

---

| | | |
|:---|:---|:---|
| | **QUALIFIED<br> DIVIDEND INCOME** | **DIVIDENDS<br> RECEIVED DEDUCTION** |
| International Equity ETF | 100.00% | 0.93% |
| International Growth ETF | 100.00 | 1.35 |

---

For the year ended August 31, 2025, foreign source income and foreign tax credit to be passed through to shareholders are as follows:

---

| | | |
|:---|:---|:---|
|  | **FOREIGN SOURCE INCOME** | **FOREIGN TAX CREDIT** |
| International Equity ETF | $2676530 | $336268 |
| International Growth ETF | 47770 | 7903 |

---

The information and the distributions reported herein may differ from information and distributions reported to the shareholders for the calendar year ending December 31, 2025. Complete information will be reported in conjunction with your 2025 Form 1099.

50 \| Annual Financial Statements

**Other Information**

August 31, 2025 (Unaudited)

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

Not applicable.

**PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

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

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

Not applicable.

Annual Financial Statements \| 51

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

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

Filed as part of item 7 of this Form.

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

Filed as part of item 7 of this Form.

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

Filed as part of item 7 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a)(1) [Code of Business Conduct and Ethics.](ex99-codeeth.htm)

(a)(2) Not applicable.

(a) (3) [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 70.30a-2(a)) attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 70.30a-2(b)) attached hereto as Exhibit 99.906CERT.](ex99-906cert.htm)

SIGNATURES

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

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

---

| | |
|:---|:---|
| By: | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |
| Date: | October 24, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |
| Date: | October 24, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Curtis Holloway |
|  | Curtis Holloway |
|  | Treasurer and principal financial officer |
| Date: | October 24, 2025 |

---

## Ex-99.Code

**[THORNBURG ETF TRUST N-CSR](thornburgetf-ncsr_083125.htm)**

**Exhibit 99.CODETH**

**THORNBURG INVESTMENT TRUST**<br> **THORNBURG ETF TRUST**

**Code of Business Conduct and Ethics**

**December 2024**

**Introduction**

Honesty and integrity are hallmarks of Thornburg Investment Trust and Thornburg ETF Trust (each, a **"Trust"** and, collectively, the **"Trusts"**). We pride ourselves on maintaining the highest standards of ethics and conduct in all of our business relationships. This Code of Business Conduct and Ethics covers a wide range of business practices and procedures and applies to the officers and Trustees of each Trust in their conduct of the business and affairs of each Trust. It does not cover every issue that may arise, but it sets out basic principles to guide the officers and Trustees of each Trust in discharging their duties for each Trust. This Code has been adopted by the Trustees of each Trust with the objectives of deterring wrongdoing and promoting (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, (2) full, fair, accurate, timely and understandable disclosure in reports and documents which each Trust files with the Securities and Exchange Commission and in other public communications made by each Trust, (3) compliance with applicable governmental laws, rules and regulations, (4) prompt internal reporting of violations of this Code, and (5) accountability for adherence to this Code.

This Code is intended as a code of ethics under Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR under the Investment Company Act of 1940, and is specifically applicable to the principal executive officer, principal financial officer, and principal accounting officer (or persons performing similar functions, whether or not as officers or employees of each Trust) of each Trust (each a **"Covered Officer"**).

All records and reports created or maintained pursuant to this Code are intended solely for the internal use of each Trust, are confidential, and in no event constitute an admission by any person as to any fact, circumstance or legal conclusion.

**Compliance with Laws, Rules and Regulations**

Each Trust expects its officers and Trustees to comply with all laws, rules and regulations applicable to each Trust's operations and business. Officers and Trustees should seek guidance whenever they are in doubt as to the applicability of any law, rule or regulation regarding any contemplated course of action. Each Trust and its investment adviser hold information and training sessions to promote compliance with laws, rules and regulations, including insider-trading laws. Consult the various guidelines and policies which each Trust has prepared in accordance with specific laws and regulations. **A good guideline, if in doubt on a course of action, is to always ask first, act later -- if you are unsure of what to do in any situation, seek guidance before you act.**

As a registered investment company, we are subject to regulation by the Securities and Exchange Commission, and compliance with federal, state and local laws. Each Trust and its Trustees insist on strict compliance with the spirit and the letter of these laws and regulations.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 44

**Conflicts of Interest**

Each officer and Trustee of each Trust should be scrupulous in avoiding any conflict of interest or appearance of such a conflict with regard to each Trust's interests. A conflict of interest occurs when an individual's private interest interferes with the interests of each Trust. The appearance of a conflict occurs for purposes of this Code when an individual enters into a transaction, has a relationship with or receives a benefit from a third party, or engages in any other conduct, which would cause an unrelated observer to reasonably conclude that an actual conflict exists. A conflict may arise when an officer or Trustee pursues interests that prevent the individual from performing his duties to each Trust objectively and effectively. A conflict also may arise when an officer or Trustee or member of the individual's family receives undisclosed, improper benefits as a result of the individual's position with each Trust. The appearance of a conflict may arise when an individual or his family member has a relationship with a person who does business with the Trust or its investment adviser. **Any conflict of interest that arises in a specific situation or transaction must be disclosed by the individual and resolved before taking any action.**

Matters involving a conflict of interest or appearance of a conflict are prohibited as a matter of each Trust policy, except when approved by the Trustees or their committees or each Trust's audit committee for any Covered Officer or Trustee, or except when approved by each Trust's president for any other individual. Conflicts of interest may not always be evident, and individuals should consult with higher levels of management or each Trust's legal counsel if they are uncertain about any situation. In no event, however, shall investment in any security made in accordance with each Trust's Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a conflict of interest with each Trust.

**Corporate Opportunities**

Officers and Trustees shall not take for themselves personally opportunities that are discovered through the use of their position with each Trust, except with the approval of the Trustees or each Trust's audit committee for any Covered Officer or Trustee, or except with the approval by each Trust's president for any other individual. Officers and Trustees owe a duty to each Trust to advance its legitimate interests when the opportunity to do so arises. In no event, however, shall investment in any security made in accordance with each Trust's Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a business opportunity of each Trust.

**Confidentiality**

Officers and Trustees shall exercise care in maintaining the confidentiality of any confidential information respecting each Trust, except where disclosure is authorized, legally mandated or consistent with their duties and responsibilities to each Trust. Officers and Trustees should consult with each Trust's legal counsel if they believe they have a legal obligation to disclose confidential information. Confidential information includes non-public information of each Trust that may be helpful to competitors, or otherwise harmful to each Trust or its shareholders. The obligation to preserve confidentiality of this information continues after association with each Trust ends.

**Fair Dealing**

Officers and Trustees should endeavor to deal fairly with each Trust's shareholders, service providers and competitors, and shall not seek unfair advantage through improper concealment, abuse of improperly acquired confidential information, misrepresentation of material facts when the other party is known by the officer or Trustee to rely justifiably on the individual to disclose those facts truthfully, or improper and unfair dealing.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 45

**Business Gifts and Entertainment**

The purpose of business entertainment and gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage. No gift or entertainment should ever be offered, given, provided or accepted by any officer or Trustee in connection with each Trust's business unless it (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe, payoff or kickback and (5) does not violate any laws or regulations.

**Protection and Proper Use of Trust Assets**

All officers and Trustees should endeavor to protect each Trust's assets and pursue their efficient investment in accordance with each Trust's business purposes and declaration of trust. Any suspected incident of fraud or theft should be immediately reported for investigation.

The obligation of officers and Trustees to protect each Trust's assets includes its proprietary information. Proprietary information includes intellectual property such as trademarks and copyrights, as well as business, marketing and service plans, databases, records, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information violates this Code.

**Insider Trading**

All officers and Trustees should pay particular attention to potential violations of insider trading laws. Insider trading is both unethical and illegal and will be dealt with decisively if it occurs. **Officers and Trustees are expected to familiarize themselves with the Policy Statement on Insider Trading, adopted by each Trust's investment adviser.** If they have questions about these guidelines, they should consult with each Trust's president, the investment adviser's compliance office, or each Trust's legal counsel.

**Certain Political Contributions Proscribed**

Contributions or solicitations for contributions, by any officer or Trustee of each Trust who is an employee, officer or director of each Trust's investment advisor or distributor, to any political campaign in which an independent Trustee is a candidate, are prohibited. This prohibition does not apply to (i) a contribution by an independent Trustee to a political campaign of another independent Trustee, or (ii) a solicitation by an independent Trustee for the political campaign of another independent Trustee if the solicitation is made to an individual with whom the soliciting Trustee has some relationship, or to an individual who either has a relationship with the candidate Trustee or who would be expected to have an interest in the outcome of the campaign.

**Reporting Illegal or Unethical Behavior**

The Trustees encourage each officer to talk to senior officers, the investment adviser's compliance officers, or the Trustees about observed illegal or unethical behavior, or when the officer is in doubt about the best course of action in a particular situation. Officers should report actual and suspected violations of laws, rules, regulations or this Code to appropriate personnel. If an individual does not believe it appropriate or is not comfortable approaching senior officers or the investment adviser's compliance officers about their concerns, then the individual may contact any member of each Trust's audit committee. If the individual's concerns require confidentiality, then this confidentiality will be protected, subject to applicable law, regulation or legal proceedings. Each Trust will not permit retaliation of any kind by or on behalf of each Trust or its officers and Trustees against good faith reports or complaints of violations of this Code or other illegal or unethical conduct.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 46

**Reporting and Disclosure**

As a registered investment company, it is of critical importance that each Trust's filings with the Securities and Exchange Commission contain full, fair, accurate, timely and understandable disclosure. Each officer and Trustee should become familiar with the disclosure laws and regulations applicable to each Trust, consistent with the individual's authority and duties. Depending on each Trust, each officer and Trustee may be called upon to provide necessary information to ensure that each Trust's public reports are complete, fair and understandable. The Trustees expect officers and Trustees to take this responsibility very seriously and to provide prompt and accurate answers to inquiries related to each Trust's public disclosure requirements. Officers may be asked to certify as to the accuracy of all responses and information provided for inclusion in each Trust's public reports and filings.

**Recordkeeping**

Each Trust requires accurate recording and reporting of information in order to make responsible business decisions. The Trustees expect each Trust's officers, consistent with the officer's individual authority and duties, to maintain each Trust's books, records, accounts and financial statements in reasonable detail, and to appropriately reflect each Trust's transactions in conformity with applicable legal requirements and each Trust's system of internal controls.

**Accounting and Financial Reporting Concerns**

Each Trust seeks to comply with all applicable financial reporting and accounting regulations applicable to each Trust. Officers who have concerns or complaints regarding questionable accounting or auditing matters or procedures involving each Trust are encouraged to submit those concerns or complaints to each Trust's audit committee which will, subject to its duties arising under applicable law, regulations and legal proceedings, treat such submissions confidentially. These submissions may be directed to the attention of the audit committee chair, or any Trustee who is a member of the audit committee, at the principal executive offices of each Trust or at the Trustee's residence address.

**Waivers of the Code of Business Conduct and Ethics**

Any waiver of this Code for any Covered Officer or Trustee may be made only by the Trustees or each Trust's audit committee and will be promptly disclosed as required by law or by Securities and Exchange Commission regulations. Waivers of this Code for any other individual may be made by the president only upon the individual's making full disclosure in advance of the transaction in question. This Code may be amended or modified at any time by the Trustees.

*History: Approved and adopted by Trustees of Thornburg Investment Trust on September 10, 2003, effective the same date; amended effective July 20, 2005; amended effective December 6, 2009.*

*Approved and adopted by the Trustees of Thornburg ETF Trust on December 11, 2024.*

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 47

**THORNBURG INVESTMENT MANAGEMENT**

**Code of Business Conduct and Ethics**

**December 2024**

**Policy Objectives**

Honesty and integrity are hallmarks of Thornburg Investment Management, Inc. **("TIM").** TIM has a fiduciary obligation to its Investment Clients and seeks the highest standards of ethics and conduct in all of its business relationships.

This Code has been adopted by TIM pursuant to paragraphs (a)(1), (2), (4) and (5) of Rule 204A-1 under the Investment Advisers Act of 1940 with the objectives of deterring wrongdoing and promoting (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, (2) full, fair, accurate, timely and understandable disclosure in reports and documents which TIM files with the Securities and Exchange Commission and in other public communications made by TIM, (3) compliance with applicable governmental laws, rules and regulations, including the Federal Securities Laws, (4) prompt internal reporting of violations of this Code, and (5) accountability for adherence to this Code.

This Code, together with the separately adopted Personal Securities Transactions Policy, is intended to comprise TIM's code of ethics described in Rule 204A-1 under the Investment Advisers Act of 1940.

All records and reports created or maintained pursuant to this Code are intended solely for the internal use of TIM, are confidential, and in no event constitute an admission by any person as to any fact, circumstance or legal conclusion.

This Code is intended to function and harmonize with each of Thornburg Investment Trust's and Thornburg ETF Trust's Code of Business Conduct and Ethics. Where appropriate or necessary, specific sections of this Code include a coordinating provision referencing the appropriate section of each Trust's Code of Business Conduct and Ethics.

See the Glossary of Terms for definitions of terms used in this Code.

**Compliance with Laws, Rules and Regulations**

As a registered investment adviser, TIM is subject to regulation by the Securities and Exchange Commission, and compliance with federal, state and local laws. TIM insists on strict compliance with the spirit and the letter of these laws and regulations. TIM expects its Supervised Persons to comply with all laws, rules and regulations applicable to its operation and business. Supervised Persons should seek guidance whenever they are in doubt as to the applicability of any law, rule or regulation regarding any contemplated course of action. TIM holds information and training sessions to promote compliance with laws, rules and regulations, including insider trading laws. Consult the various guidelines and policies which TIM has prepared in accordance with specific laws and regulations.

A good guideline, if in doubt on a course of action, is to **always ask first, act later – if you are unsure of what to do in any situation, seek guidance before you act.**

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 48

**Disclosure of Certain Criminal, Regulatory and Civil Actions**

All Supervised Persons are required to promptly report to Compliance any event that could cause TIM to file, under Section 11 of Form ADV, a Criminal Action DRP, a Regulatory Action DRP, or a Civil Judicial Action DRP. Such events include but are not limited to:

● A felony or a misdemeanor charge involving investments or an investment-related business, or any fraud, forgery, counterfeiting, extortion, or similar offense;

● Filed for bankruptcy or subject to a lien, a compromise with creditors, or a judgement;

● An investment related civil action;

● An investigation or finding by the SEC, CFTC, FINRA, any other federal regulatory, any state regulatory agency, or any foreign financial regulatory authority; or

● The revocation of an attorney, accountant, or federal contract authorization.

**Whistleblowing/Reporting Fraudulent, Illegal or Unethical Activity**

All Supervised Persons are required to report suspected fraudulent, illegal, or other unethical activity (including violations of this Code) to his or her supervisor immediately. Supervisors who are notified of any such activity must immediately report it to TIM's Chief Compliance Officer. Anyone who does not feel comfortable reporting this activity to the relevant supervisor may instead contact TIM's Chief Compliance Officer. No TIM employee shall take any disciplinary or retaliatory action against any individual for acting in good faith, reporting, or causing to be reported, violations of this Code or fraudulent, illegal, or unethical activity occurring at TIM, Thornburg Investment Trust, Thornburg ETF Trust, or Thornburg Securities LLC (or for assisting in an authorized investigation of such activity), whether such reporting is internal or involves any federal government agency, as described below. This prohibition against disciplinary action does not extend to disciplinary action for self-reported violations.

TIM has established an anonymous Contact Compliance form on the Thornburg intranet: <u>https://www.gothomburg.com/compliance/contact</u>. An employee may also send a hard copy report anonymously to the Chief Compliance Officer via inter office mail.

Notwithstanding the foregoing, nothing in this Code or any employment agreement with TIM prohibits any Supervised Person from reporting possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice, the SEC at the Office of the Whistleblower, or any agency Inspector General, or making other disclosures protected under the whistleblower provisions of federal law or regulation. Supervised Persons do not need the prior authorization of TIM to make such reports or disclosures and are not required to notify TIM if he or she makes such reports or disclosures.

SEC Office of the Whistleblower Telephone: 202.551.4790

**Conflicts of Interest**

Each Supervised Person shall be scrupulous in avoiding any conflict of interest with regard to TIM's interest. A conflict of interest occurs when an individual's private interest interferes with the interests of TIM or its Investment Clients. A conflict situation can arise when a Supervised Person pursues interests that prevent the individual from performing his or her duties for TIM or an Investment Client objectively and effectively. Conflicts of interest also arise when a Supervised Person or member of the individual's family receives undisclosed, improper benefits as a result of the individual's positions with TIM. **Any conflict of interest that arises in a specific situation or transaction, including Reportable Outside Business Activities as discussed below, must be disclosed by the individual and approved in writing by the Compliance Department before taking any action.**

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 49

Matters involving a conflict of interest are prohibited as a matter of policy, except when approved by TIM's president or Chief Compliance Officer. Conflicts of interest may not always be evident, and individuals should consult with higher levels of management or legal counsel if they are uncertain about any situation. In no event, however, shall investment in any security made in accordance with TIM's Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a conflict of interest with TIM.

*Comment: This section relating to conflicts of interest is substantially similar to the comparable section in the each Trust*'*s Code of Business Conduct and Ethics, but Supervised Persons should recognize that (i) each Trust's Code of Business Conduct and Ethics governs conflicts with interest of each Trust, rather than TIM and its Clients, and (ii) the procedures for reporting and resolving conflict under each Trust's Code of Business Conduct and Ethics is different from the Procedure under this Code. If an interest of the Supervised Person appears to conflict with an interest of a Trust and TIM), the Supervised Person should make a disclosure and seek any approval under each Trust's Code of Business Conduct and Ethics.*

<u>Obtaining Prior Approval for Outside Business Activities</u>. Prior to engaging in any Reportable Outside Business Activity, a Supervised Person must complete and submit an "Outside Business Activity Disclosure Form" (obtained from Compliance or TIM's intranet) to the Compliance Department and receive written approval from the Compliance Department. Failure to obtain such written approval may result in disciplinary action up to and including termination. On an annual basis, all Supervised Persons will be required to certify their Reportable Outside Business Activities.

<u>Family Member Serving as a Director of a Public Company</u>. Supervised Persons must disclose to Compliance any immediate family member (a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships) sharing the same household who serves as a director of a public company. Failure to disclose may result in disciplinary action up to and including termination. On an annual basis, all Supervised Persons will be required to certify the accuracy of their disclosure.

**Corporate Opportunities**

Supervised Persons shall not take for themselves personally opportunities that are discovered through the use of their position with TIM, except with the approval of TIM's President or Chief Compliance Officer. Supervised Persons of TIM owe a duty to TIM to advance its legitimate interests when the opportunity to do so arises. In no event, however, shall investment in any security made in accordance with TIM's Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a business opportunity of TIM.

*Comment: This section relating to corporate opportunities is substantially the same as the comparable section in each Trust*'*s Code of Business Conduct and Ethics, but Supervised Persons should recognize that (i) each Trust*'*s Code of Business Conduct and Ethics governs opportunities of each Trust, rather than TIM, and (ii) the procedures for reporting and obtaining an approval under each Trust's Code of Business Conduct and Ethics is different from the procedure under this Code. If an opportunity appears to relate both to the business of a Trust <u>and</u> TIM, the Supervised Person should make disclosure and seek any approval under each Trust's Code of Business Conduct and Ethics.*

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**Confidentiality**

Supervised Persons shall exercise care in maintaining the confidentiality of any confidential information respecting TIM or its Investment Clients, except when disclosure is authorized or legally mandated. Supervised Persons should consult with TIM's Chief Compliance Officer or legal counsel if they believe that have a legal obligation to disclose confidential information. Confidential information includes nonpublic information of TIM that may be helpful to competitors, or otherwise harmful to TIM, or its Investment Clients. Confidential information also includes information respecting the portfolio holdings of Investment Clients (including particularly Investment Company Clients). The obligation to preserve confidentiality of this information continues after association with TIM ends.

*Comment: Attention is directed to the Internal Confidentiality and Privacy Protections Policy, which appears in TIM*'*s Manual of Policies and Procedures, and which was adopted by TIM to protect the nonpublic personal information of the Investment Clients of TIM and the shareholders of Thornburg Investment Trust. This section respecting confidentiality is substantially the same as the comparable section in each Trust*'*s Code of Business Conduct and Ethics, except that a specific reference is made to information respecting portfolio holdings of Investment Clients.*

**Fair Dealing**

Supervised Persons should endeavor to deal fairly with Investment Clients, service providers and competitors, and shall not seek unfair advantage through improper concealment, abuse of improperly acquired confidential information, misrepresentation of material facts when the other party is known by the Supervised Persons to rely justifiably on the individual to disclose those facts truthfully, or improper and unfair dealing.

**Foreign Corrupt Practices Act**

The Foreign Corrupt Practices Act (the **"FCPA"**) strictly prohibits unauthorized facilitation payments to government officials of foreign countries, including the payment of any money or anything of value to a foreign official for the purposes of:

● Influencing any act or decision of a foreign official in his or her official capacity (including, but not limited to, obtaining approval for government issued permits, licenses or work visas);

● Inducing a foreign official to perform or abstain from performing any act in violation of the foreign official's lawful duty;

● Securing any improper business advantage; or

● Inducing a foreign official to use his or her official influence with a foreign government (or instrumentality thereof) to affect or influence any act or decision of such government in order to assist the inducer in obtaining or retaining business with the government or directing such business to any person.

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In addition, many foreign countries have rules and regulations restricting gifts to people who are employed by the government of that country. TIM intends to fully comply with all of those rules and regulations. If you are at all uncertain about the applicability of the FCPA, or similar laws, to any entertainment, gift or anything of value to any non-U.S. official, consult a Compliance Officer.

**Business Gifts and Entertainment**

The purpose of business entertainment and gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage. Receipt of gifts or entertainment by TIM personnel involved in the purchase or sale of registered investment company property that satisfies the criteria herein will not be deemed to be compensation for the purchase or sale of property as prohibited under Section 17(e)(1) of the Investment Company Act of 1940.

<u>Gifts</u>

No gift should ever be offered, given, provided or accepted by any Supervised Person in connection with TIM's business unless it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is consistent with customary business practices,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is not excessive in value (a gift or multiple gifts in excess of $100/year to or from a person or entity must be pre-approved in writing by Compliance; nominal logo or promotional items are excluded from the $100 limit),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) cannot be construed as a bribe, payoff or kickback, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) does not violate any laws or regulations.

*Comment: See below for additional restrictions that apply to* "*Gifts and Entertainment to Government Affiliated Persons*" *and* "*Gifts and Entertainment in Conjunction with TIM-organized Due Diligence or Sales Meetings.*"

No Supervised Person may give or accept cash or cash equivalent gifts – gift cards that are not exchangeable for cash, are not considered "cash equivalents."

Gifts received that are not in compliance with the restrictions stated herein must be promptly returned to the gifting party. If it is not feasible to return the gift, it may be donated to a charity, or, if the value of the gift is greater than $100, shared with multiple employees so that the value per employee falls below the above limit for each employee. One Supervised Person must report the gift receipt, noting the ultimate disposition of the gift.

Similarly, on occasion, a client or prospective client, or person or entity that does or seeks to do business with or on behalf of TIM may present the firm (rather than any one Supervised Person) with a gift that exceeds the valuation limit detailed above. The Supervised Person accepting the gift on behalf of the firm must report to the Chief Compliance Officer, or their designee, the name of the gifting party, a description of the gift, and an estimated value of the gift. The gift will be reported on that Supervised Person's next quarterly compliance certification as a gift received, noting that it was a gift to the firm.

On a quarterly basis, all Access Persons will be required to report by midnight on the last day of the second month after quarter end, all gifts that were given and received within the previous quarter.

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<u>Entertainment</u>

No entertainment should ever be offered, given, provided or accepted by any Supervised Person in connection with TIM's business unless it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is consistent with customary business practices,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is not excessive in value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) cannot be construed as a bribe, payoff or kickback, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) does not violate any laws or regulations.

*Comment: See below for additional restrictions that apply to* "*Gifts and Entertainment to Government Affiliated Persons*" *and* "*Gifts and Entertainment in Conjunction with TIM-organized Due Diligence or Sales Meetings.*"

Supervised Persons may provide to, or accept from, any client or prospective client, or person or entity that does or seeks to do business with or on behalf of TIM, a business entertainment event such as a dinner, golf outing, theater or sporting event if the person or entity providing the entertainment is present and as long as the event is not extravagant or excessive so as to give the appearance of impropriety. Meals provided in TIM's office, a client's office, or in a similar business setting, shall not be deemed entertainment and TIM does not require Access Persons to report these activities in their quarterly reports, as described below.

On a quarterly basis, all Access Persons will be required to report by midnight on the last day of the second month after quarter end, all entertainment that was given and received within the previous quarter.

<u>Gifts and Entertainment to ERISA Entities and Government Affiliated Persons.</u>

In addition to the restrictions noted above, no gift, entertainment or any other thing of value may be given, directly or indirectly, to any person affiliated with an ERISA entity, or any government affiliated person, unless the giving of such thing of value is pre-approved <u>in writing</u> by Compliance. A "government affiliated person" includes, but is not limited to, any person affiliated with a governmental plan or a governmental entity, at any jurisdictional level. "Anything of value" is very broadly defined and includes, but is not limited to, logo/promotional items, meals (regardless of setting), drinks, business entertainment events, including participation in Thornburg campus seminars/events, and tickets to any type of event.

<u>Gifts and Entertainment in Conjunction with TIM-organized Due Diligence or Sales Meetings.</u>

Due diligence or sales meetings for financial advisors, prospects, or clients which are held at TIM's main campus or at an appropriate business location within a reasonable distance from TIM's main campus shall have an appropriate agenda intended to provide training or education related to TIM products and/or its services or relating to the securities industry. The agenda may include reasonable meals and/or entertainment as is appropriate to the business line and audience. Participant "gift bags" of a nominal value may be presented where appropriate and in conjunction with the limits of this policy. The business line organizing such events shall bear the responsibility for ensuring the reasonableness of the provided gifts and entertainment and shall maintain records of attendees, venues for any activities (including but not limited to meals or entertainment), and the contents of any gift items distributed, including any logo items given in conjunction with the events.

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**Political Contributions and Political Activity**

Several federal and state regulations seek to prevent so-called "pay to play" practices by investment advisors, such as when an investment advisor makes campaign contributions to an elected official in order to influence the award of advisory contracts to manage government investment accounts. Many of these regulations restrict the ability of an investment advisor's directors, officers and employees to make or solicit political contributions.

In order to avoid a violation of these regulations, **all Supervised Persons are prohibited from any of the following activities, whether done individually or in the name of TIM, unless prior approval has been obtained from TIM's Chief Compliance Officer or another person designated by TIM's Chief Compliance Officer.** If, after considering all relevant factors, the Chief Compliance Officer or his designee determines that the proposed activity will not violate applicable regulations, then the Chief Compliance Officer or his designee shall approve the proposed activity. In making these determinations, the Chief Compliance Officer or his designee may consult with other persons, including TIM's president and legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;1. Making
a gift, subscription, loan, advance or deposit of money, or giving anything else of value (each, a **"Contribution"**),
to an incumbent, candidate or successful candidate for elective office of any State of the United States or political subdivision
of a State of the United States.

2. Making
 a Contribution to a political action committee, political party or other entity organized
 to fund the political activities of an incumbent, candidate or successful candidate for
 elective office of any State of the United States or political subdivision of a State
 of the United States.

3. Working
 on behalf of an incumbent, candidate or successful candidate for elective office of any
 State of the United States or political subdivision of a State of the United States (e.g.,
 volunteering on a political campaign), unless such work occurs outside of your normal
 working hours with TIM and involves no use of TIM's resources (e.g., TIM's
 office space or telephones).

4. Coordinating
 or soliciting any person (including a family member) or political action committee to
 make a Contribution to an incumbent, candidate or successful candidate for elective office
 of any State of the United States or political subdivision of a State of the United States,
 or to a state or local political party (e.g., hosting a fundraising event on behalf of
 any such candidate). *Comment: Attention is also directed to TIM's Third-Party Marketer Policy, which places certain restrictions on the ability of TIM to use a third party to solicit clients.* 

5. Doing
 indirectly anything which the preceding four numbered paragraphs would prohibit the Supervised
 Person from doing directly

*Comment: Examples of the types of indirect actions which are prohibited include, but are not limited to, (a) a Supervised Person could not form his own political action committee and make Contributions through that political action committee which the Supervised Person would be prohibited from making in his own name; (b) a Supervised Person could not funnel Contributions through third parties, such as attorneys, family members, friends or affiliated companies; (c) making a contribution to a charitable organization at the request of an incumbent, candidate or successful candidate for elective office of any State of the United States or political subdivision of a State of the United States, if the purpose in making such a contribution is to induce that incumbent, candidate or successful candidate to provide investment advisory business to TIM.*

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If you have any questions about these restrictions on political contributions and political activities, contact TIM's Chief Compliance Officer or, in his/her absence, another member of the Compliance Department, before making the political contribution or participating in the political activity.

**Protection and Proper Use of Firm Assets**

All Supervised Persons should endeavor to protect the assets of TIM and its Investment Clients, and pursue their efficient investment in accordance with TIM's business purposes. Any suspected incident of fraud or theft should be immediately reported for investigation as hereinafter described under the caption "Administration and Enforcement of the Code."

The obligation of Supervised Persons to protect the assets of TIM includes its proprietary information. Proprietary information includes intellectual property such as trademarks and copyrights, as well as business, marketing and service plans, databases, records, salary information, unpublished financial data and reports. Unauthorized use or distribution of this information violates this Code.

**Insider Trading**

All Supervised Persons should pay particular attention to potential violations of insider trading laws. Insider trading (also referred to as "trading on material nonpublic information," and which may include giving inside information to other persons) is both unethical and illegal, and will be dealt with if it occurs. <u>Supervised Persons are expected to familiarize themselves with the Insider Trading Policy, adopted by TIM.</u> If they have questions about these guidelines, they should consult with TIM's president, the Chief Compliance Officer, or TIM's legal counsel before making any trade for TIM or any personal trade, and before giving information to other persons.

*Comment: Attention is directed to TIM*'*s Insider Trading Policy, which appears in Compliance*'*s Manual of Policies and Procedures.*

**Administration and Enforcement of the Code**

<u>Certification.</u>

Each newly hired Supervised Person of TIM will be provided a copy of the Code. Each such individual must certify in writing within 30 days that they have access to and reviewed a copy of the Code, read and understand all provisions of the Code, and agree to comply with the applicable terms of the Code. TIM will provide its Supervised Persons with any significant amendments to the Code and will require all such individuals to certify in writing that they have received, read and understand the amendments. Each year the Chief Compliance Officer, or their designee, will conduct an annual meeting with Supervised Persons to review the Code. Supervised Persons will annually certify that they have read, understood and complied with the Code, that they have made all of the reports required by the Code and have not engaged in any prohibited conduct.

<u>Reporting Violations.</u>

All Supervised Persons are required to report suspected fraudulent, illegal, or other unethical activity (including violations of this Code) to his or her supervisor immediately. Supervisors who are notified of any such activity must immediately report it to TIM's Chief Compliance Officer. Anyone who does not feel comfortable reporting this activity to the relevant supervisor may instead contact TIM's Chief Compliance Officer. All reports will be treated confidentially to the extent permitted by law and investigated promptly.

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<u>Sanctions</u>

Upon discovering a violation of this Policy, TIM may impose such sanctions as it deems appropriate, including, but not limited to, a letter of censure, fine, suspension or termination of the violator's employment.

**Limited Exception for Non-Employee Directors**

Non-Employee Directors by nature of their lack of ongoing access to the Companies' headquarters and information systems, are deemed not to be Access Persons. Notwithstanding the above, due to various state and state agency rules that may differ from the SEC pay-to-play rule (rule 206(4)-5), the prior approval requirement for Non-Employee Director political contributions shall remain in effect.

**Glossary**

**"Access Person"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any director or officer of TIM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Supervised Person of TIM, unless, in the Chief Compliance Officer's sole discretion, a particular Supervised Person does not have ongoing access to the Companies' headquarters or information systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Individuals who are registered with the FINRA as an associated person of Thornburg Securities LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any director, officer, general partner or employee of any company in a Control relationship with TIM who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of Securities by any Investment Client, or whose functions relate to the making of any recommendations with respect to those purchases or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any natural person who is in a Control relationship with TIM and who obtains information concerning recommendations made to any Investment Client with regard to the purchase or sale of Securities by the Investment Client.

**"Chief Compliance Officer"** means, for purposes of this Code, TIM's chief compliance officer.

**"Federal Securities Laws"** means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, and any rules adopted thereunder by the Commission or the Department of the Treasury.

**"Fund"** means any series of Thornburg Investment Trust, Thornburg ETF Trust or any other Investment Company as to which TIM is an investment adviser or sub-adviser.

**"Investment Client"** means any person with whom TIM has a contract to perform discretionary investment management services, including any series of an Investment Company.

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**"Investment Company"** means a company registered as such under the Investment Company Act of 1940.

**"Investment Company Client"** means any Investment Company (or series thereof) as to which TIM is an investment adviser or investment sub-adviser.

**"Non-Employee Director"** means a director of TIM (i) who is not currently, or within in the previous six months, an employee of TIM, (ii) who has no involvement with the day-to-day operations of TIM, and (iii) who has no ongoing access to Thornburg systems that store nonpublic information regarding the portfolio holdings of advisory clients' or their purchases or sales of securities.

**"Policy on Personal Securities Transactions"** means TIM's written policy of that name, as revised from time to time. This Policy can be found in TIM's Manual of Policies and Procedures.

**"Reportable Outside Business Activity"** means any activity wherein a TIM Supervised Person acts as an employee, independent contractor, sole proprietor, officer, director or partner of another person, or is compensated, or has a reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of their relationship with the TIM or TSL.

**"Supervised Person"** means any director, managing director, officer (or other person occupying a similar status or performing functions similar to any of those persons) or employee of TIM, and any other persons who are subject to TIM's supervision and control.

**"Trust"** means each of Thornburg Investment Trust and Thornburg ETF Trust.

**"TSL"** means Thornburg Securities LLC.

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**THORNBURG INVESTMENT MANAGEMENT**

**THORNBURG INVESTMENT TRUST**

**THORNBURG ETF TRUST**

**THORNBURG SECURITIES LLC**

**Personal Securities Transactions Policy**

**January 2025**

**Policy Objectives**

Honesty and integrity are hallmarks of Thornburg Investment Management, Inc. (**"TIM"**), Thornburg Investment Trust (**"TIT"**), Thornburg ETF Trust (**"TET"** and, together with TIT, each a **"Trust"** and, collectively, the **"Trusts"**) and Thornburg Securities LLC (**"TSL"**) (singularly a **"Company"** or together the **"Companies"**). Each of the Companies seeks the highest standards of ethics and conduct from its employees in all their business relationships, and TIM hereby acknowledges its fiduciary obligations to its Investment Clients.

This Policy has been adopted by each of the Companies with the objectives of promoting honesty and integrity and preventing wrongdoing by the Companies' employees. This Policy seeks to prevent an employee of the Company, in connection with the direct or indirect purchase or sale by that employee of Securities held or proposed to be purchased or sold by any Investment Client, from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employing any device, scheme or artifice to defraud any Investment Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. making any untrue statement of material fact to any Investment Client or omitting to state a material fact necessary in order to make the statements made to any Investment Client, considering the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engaging in any act, practice or course of business that operated or would act as a fraud or deceit on any Investment Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engaging in any manipulative practice with respect to any Investment Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. otherwise violating the Federal Securities Laws.

This Policy is intended to constitute the Companies' written code of ethics as required by Rule 17j-1 under the Investment Company Act of 1940. In addition, this Policy together with a separately adopted Investment Adviser Code of Business Conduct and Ethics, is intended to comprise TIM's code of ethics described in Rule 204A-1 under the Investment Advisers Act of 1940. Any report filed under this Policy will be deemed to satisfy both Rule 17j-1 and Rule 204A-1.

See the Glossary of Terms for definitions of terms used in this Policy.

**Prior Authorization for Securities Transactions**

All Access Persons and their Family Members must obtain <u>prior</u> authorization from the Compliance Department for any Securities transactions, other than those Securities transactions described below under "Transactions that Do Not Require Prior Authorization."

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Access Persons must submit each request for authorization through the StarCompliance system and are not permitted to conduct such transaction until approval is received. Certain types of transactions, including those listed below, will be directed to a Designated Compliance Officer for manual review and may require additional time or documents for an authorization decision:

● Purchases of Securities distributed in an Initial Public, Private, or Limited Offering.

● Transactions involving Supervised Persons on the Restricted List or Securities on the Restricted List. See "Restricted List" below.

● Transactions involving Securities on the then-current Holdings List. See "Holdings List" below.

Any transaction for which prior authorization is received <u>must be completed by the end of the following business day,</u> except for purchases of securities distributed in an Initial Public, Private, or Limited offering.

<u>Transactions that Do Not Require Prior Authorization</u>

The following Securities transactions are exempt from the prior authorization requirements described above:

● Purchases or sales of shares of any investment company registered as such under the Investment Company Act, including but not limited to, open-end funds, closed-end funds, unit investment trusts, money market mutual funds, or exchange traded funds ("ETFs"), other than those ETFs that have less than eleven (11) holdings at time of purchase or sale.

● Purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control (fully managed). No direct or indirect influence or control means having no input about or advance knowledge of the particular purchases or sales of securities or the particular allocation of investments in an account.

● Purchases or sales for which the Access Person does not directly or indirectly have Beneficial Ownership or trading authority.

● Purchases or sales of U.S. or foreign government or agency bonds.

● Derivatives based on securities exempt from prior authorization requirement.

● Purchases or sales which are non-volitional on the part of the Access Person.

● Purchases or sales through an Automatic Investment Plan.

● The exercise of rights issued by an issuer *pro rata* to all holders of a class of its Securities.

● Purchases or sales of Securities for any Private Fund managed by TIM.

● Securities issued by TIM.

**Derivative Transactions**

A transaction in any put or call option or any future on a security, will be treated as a Securities Transaction under this Policy. For the purposes of this Policy, derivative transactions will be divided into two categories: "call equivalent positions" and "put equivalent positions." A "call equivalent position" is treated as a purchase of the underlying security. Conversely, a "put equivalent position" is treated as a sale of the underlying security.

**Holdings List**

The Holdings List is a list of all securities held by any TIM client. A Security will remain on the Holdings List for 15 calendar days after it is last held by the Companies and will be considered on the list for the 15-day period prior to it being initially held by TIM. Subject to prior authorization requirements set forth above under "Prior Authorization for Securities Transactions," Access Persons are prohibited from transacting in any Security which is on the then-current Holdings List, or which the Access Person knows is being considered for purchase or sale by TIM. Compliance will review all personal transactions of Securities on the Holdings List and if it determines that an Access Person received a benefit due to a transaction or transactions by TIM, the Access Person may be required to disgorge such benefit, as determined by the Chief Compliance Officer. In determining whether to require disgorgement, Compliance will consider various factors including the length of time between the Access Person's trade and TIM's trade. The receipt of prior authorization from Compliance for a trade of a Security on the Holdings List does not prevent Compliance from subsequently seeking disgorgement.

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**Restricted List**

The Chief Compliance Officer, or a Compliance Officer of his/her designation, will maintain a Restricted List. A Security will be placed on this list when (i) it is known by the Compliance Department that a Supervised Person possesses material nonpublic information about or affecting the Security or its issuer or (ii) the CCO otherwise determines at his/her discretion that the purchase or sale of such security may cause a violation of the Federal Securities Laws or present a conflict of interest with a TIM client.

**Prior Authorization for Brokerage Accounts**

The establishment of any brokerage accounts or investment accounts by any Access Person or a Family Member in which they have any Beneficial Ownership or trading authority, requires prior written consent from the Compliance Department, except for Personal Choice Retirement Accounts (PCRAs) established within the Thornburg 401k. Additionally, it is the responsibility of each FINRA registered employee to notify each firm where they maintain a brokerage account that they are an associated person of a FINRA member firm, Thornburg Securities LLC.

For ongoing monitoring of Access Persons investment activity, the Compliance Department will request Designated Brokers to provide account holdings and trading activity electronically through StarCompliance. For any accounts at non-Designated Brokers, it is the Access Persons responsibility to ensure that duplicate account statements and trade confirmations are mailed to the Compliance Department.

**Reporting Requirements for Access Persons**

<u>Initial Statement of Outside Brokerage. Investment Accounts, and Securities Holdings</u>

This statement must be completed and returned to the Compliance Department no later than 10 days after being hired or designated as an Access Person and shall disclose each brokerage account, investment account, and securities holdings in which they or a Family Member have any Beneficial Ownership or trading authority. Information contained in the report must be current as of a date not more than 45 days prior to the date the individual becomes an Access Person, and include the following information:

● The title and type of each Security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount.

● The name of each broker, dealer, bank, or other financial institution maintaining a brokerage or other account for the Access Person or Family Member and the account number assigned to it.

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● The date the report is filed.

<u>Personal Securities Holdings Report</u>

This report is part of the quarterly compliance certification submitted through the StarCompliance system and is due no later than 30 days after the end of each calendar quarter. The report must include the following information for each Security in which the Access Person or Family Member has any direct or indirect Beneficial Ownership or trading authority:

● The title and type of each Security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount.

● The name of each broker, dealer, bank, or other financial institution maintaining a brokerage or other account for the Access Person or Family Member and the account number assigned to it.

● The date the report is filed.

The Access Person must ensure that all securities held within the designated period appear on the report.

<u>Personal Securities Transactions Report</u>

This report is part of the quarterly compliance certification submitted through the StarCompliance system and is due no later than 30 days after the end of each calendar quarter. The report must include the following information for each Security in which the Access Person or Family Member has any direct or indirect Beneficial Ownership or trading authority:

● The date of each transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, the number of shares, and the principal amount.

● The nature of the transaction that is, a purchase, sale or other type of acquisition or disposition of the Security.

● The price at which the transaction was affected.

● The name of each broker, dealer, bank, or other financial institution maintaining a brokerage or other account for the Access Person or Family Member and the account number assigned to it.

● The date the report is filed.

The Access Person must ensure that all transactions placed within the designated period appear on the report.

<u>Brokerage Accounts Report</u>

This report is part of the quarterly compliance certification submitted through the StarCompliance system and is due no later than 30 days after the end of each calendar quarter. The report must include the following information for each account in which the Access Person or Family Member has any direct or indirect Beneficial Ownership or trading authority:

● Name of the financial institution which holds the account, the account number, the account ownership title, and the account type; i.e. self-directed trading (the Access Person or Family Member has direct or indirect trading control), or fully managed (the Access Person or Family Member has no direct or indirect trading control).

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 61

The Access Person must ensure that the list of all brokerage accounts is complete for the designated period.

**Policy Exemptions**

The following accounts, holdings and transactions are exempt from the quarterly reporting requirements:

● Inherited brokerage accounts are exempt from the reporting requirement for one year as long as no employee-initiated transactions have occurred in the account.

● Holdings and transactions effected in any account over which the Access Person or Family Member has no direct or indirect influence or control (fully managed). No direct or indirect influence or control means having no input about or advance knowledge of the particular purchases or sales of securities or the particular allocation of investments in an account.

● Transactions effected pursuant to an Automatic Investment Plan.

● Holdings and transactions of shares of any registered investment company (including money market mutual funds), <u>except</u> for shares of (i) a Thornburg-advised registered investment company or (ii) a registered investment company for which Thornburg acts as sub-advisor. *NOTE: Shares of all other types of investment companies, including but not limited to closed-end investment companies and unit investment trusts, as well as all exchange-traded funds, <u>are subject to the reporting requirements</u> in this Policy.* 

<u>Employee Extended Leave</u>

The Chief Compliance Officer may waive the requirement to submit or extend the filing deadline of reports under certain circumstances, including but not limited to Access Persons on parental leave or extended medical leave.

<u>Independent Trustees and Non-Emplovee Directors</u>

The reporting and prior approval requirements of this policy do not apply to an Independent Trustee of TIT or TET or a Non-Employee Director of TIM who would be required to obtain a prior approval or file a report solely by reason of being a Trustee or Director. Notwithstanding the above, a Trustee or Non-Employee Director will need to file a quarterly Personal Securities Transactions report if the Trustee or Non-Employee Director knew, or in the ordinary course of their duties as a Trustee or Director should have known that, during the 15-day period immediately before or after the Trustee's or Non-Employee Director's transaction in a Security, the Trust or TIM purchased or sold the Security, or the Trust or TIM considered purchasing or selling the Security.

**Designated Brokerage Accounts**

Brokerage accounts of Access Persons must be held at the following designated broker-dealers (each a **"Designated Broker"**):

● Ameriprise
 Financial ● Merrill
 Lynch ● TDAmeritrade

● Charles Schwab ● Morgan Stanley ● UBS

● E\*Trade ● Raymond James ● Vanguard Brokerage

● Fidelity ● RBC ● Wells Fargo

● Interactive Brokers ● Robinhood

● JP Morgan - Chase ● T. Rowe Price

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 62

Designated Brokers electronically provide information about the accounts and trading activity to the Companies through StarCompliance.

The Compliance Department may waive or modify the above restriction, or grandfather in brokerage accounts held at non-Designated Brokers. Firms may be added or removed as designated broker-dealers at the discretion of the Compliance Department.

**Administration and Enforcement of the Policy**

The Chief Compliance Officer will designate one or more compliance officers to serve as a Filing and Review Officer. The Filing and Review Officer(s) will be responsible for:

● Maintaining current and previous lists of all Access Persons.

● Maintaining a record of the Filing and Review Officers in such a manner that the individuals serving in that capacity can be identified for any period of time.

● Maintaining the initial statements of brokerage, accounts and holdings, and the quarterly reports of personal securities holdings, personal securities transactions and brokerage accounts of all Access Persons, including all backup documentation.

● Maintaining copies of the current and previous Holdings Lists.

● Maintaining evidence of any prior approval requests submitted through the StarCompliance system.

● Maintaining records of waivers, including backup documentation of any waivers issued.

● Monitoring personal Securities transactions and trading patterns through the review of reports generated by the StarCompliance system, and the review of duplicate confirmations and periodic account statements received. The Chief Compliance Officer will review the personal Securities transactions of the Filing and Review Officer(s).

● Reporting apparent violations to the Chief Compliance Officer or the President if the violation involves the Chief Compliance Officer.

● Maintaining a record of any violation, written violation reports, and record of any action taken as a result of the violation.

● Maintaining records of requests for duplicate brokerage confirmations and account statements, and files of duplicate brokerage confirmation and account statements received.

Certain documents may be maintained by the Filing and Review Officer(s) within the StarCompliance system. See "Books and Records," below for the periods of time records are to be retained.

The Filing and Review Officer(s) will seek to protect the confidentiality of those records containing personal information about an Access Person or Family Member, including information about the investment holdings or investment trading activity of an Access Person or Family Member. Such information will only be shared with members of the compliance department, outside counsel, securities regulators and other persons who, in the judgment of the Filing and Review Officer(s) or the Chief Compliance Officer, have a legitimate need to know such information, or with persons to whom the Companies are under a legal obligation to disclose such information.

**Certification**

Each Supervised Person of the Companies will be provided a access to a copy of this Policy and must certify in writing no later than 30 days after receipt of the Policy, that they have reviewed a copy of this Policy, read and understand all provisions of this Policy, and agree to comply with the applicable terms of this Policy. The Companies will provide notice of any significant revisions to the Policy and will require all Supervised Persons to certify that they have received, read and understand the amendments. Each year the Chief Compliance Officer or compliance officer designated by the Chief Compliance Officer will conduct an annual meeting with all Supervised Persons of TIM and TSL to review the Policy and will require all Supervised Persons to certify, no less than once per calendar year, that they have read, understood and complied with the Policy, that they have made all of the reports required by the Policy and have not engaged in any prohibited conduct.

**Reporting Violations**

All Supervised Persons are required to promptly report any actual, apparent or suspected violations of the Policy to the Chief Compliance Officer. If the Chief Compliance Officer or another compliance officer is not available, the individual should report the violation to their immediate supervisor who is then responsible for reporting it to the Chief Compliance Officer. All reports will be treated confidentially to the extent permitted by law and investigated promptly.

**Sanctions**

Upon discovering a violation of this Policy, each Company may impose such sanctions as it deems appropriate, including, but not limited to, a letter of censure, fine, suspension or termination of the violator's employment.

**Reporting to Company Presidents, the Board of Trustees, and Investment Companies**

The Chief Compliance Officer shall provide a written report to the Trustees of each Trust at least annually. The report shall (i) describe any significant issues arising under this Policy since the last report, including but not limited to, any material violations of this Policy and any sanctions imposed, and (ii) certify that the Trusts, TIM, and TSL have each adopted procedures reasonably necessary to prevent violations of this Policy.

The Chief Compliance Officer shall provide a written report to investment companies other than the Trusts for which TIM acts as investment adviser or sub-adviser, as may reasonably be requested. The report shall (i) describe any significant issues arising under this Policy since the last report, including but not limited to, any material violations of this Policy and any sanctions imposed, and (ii) certify that TIM has adopted procedures reasonably necessary to prevent violations of this Policy.

**Annual Review**

Pursuant to the review requirements of Rule 206(4)-7 under the Advisers Act and Rule 38a-1 under the Investment Company Act, the Chief Compliance Officer shall conduct a periodic review, no less than once per calendar year, of the adequacy of the Policy and the effectiveness of its implementation.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 64

**Recordkeeping**

In its books and records (which may include maintenance of records through the StarCompliance system) the Compliance Department will:

● Retain a copy of each version of this Policy that has been in effect at any given time.

● Retain a record of any violations of this Policy, written violation reports, and any action taken as a result of the violation.

● Maintain Holdings and Transaction Reports and Statements of Outside Brokerage Activity that are filed, including backup documentation.

● Maintain copies of duplicate brokerage confirmations and account statements received and requests made.

● Maintain Request for Prior Clearance of Security Transactions, and any backup documentation, and waivers granted.

● Maintain copies of Holdings Lists.

● Maintain copies of Restricted Lists

● Maintain lists of Access Persons and Registered Representatives.

● Maintain schedule of report filing dates and sanctions imposed.

● Maintain copies of reports to the Chief Compliance Officer, the Trust, and the President.

● Maintain a record of persons designated as Filing and Review Officers.

● Maintain sign in sheets and material distributed at the annual meeting at which this Policy is reviewed with all Supervised Persons.

In its books and records, the Human Resources Department will:

● Maintain a record of all employee's initial certification of receipt of this Policy.

All records shall be maintained and preserved pursuant to the separately adopted Document Retention and Destruction Policy for the time period indicated in the current Books and Records Matrix.

**Glossary of Terms** 

**"Access Person"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any Trustee, director, officer or partner of any of the Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Supervised Person of any of the Companies, unless, in the Chief Compliance Officer's sole discretion, a particular Supervised Person does not have ongoing access to the Companies' headquarters or information systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Individuals who are registered with the FINRA as an associated person of Thornburg Securities LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any director, officer, general partner or employee of any company in a Control relationship with any of the Companies who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of Securities by any Investment Client, or whose functions relate to the making of any recommendations with respect to those purchases or sales.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 65

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any natural person who is in a Control relationship with any of the Companies and who obtains information concerning recommendations made to any Investment Client with regard to the purchase or sale of Securities by the Investment Client.

**"Automatic Investment Plan"** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership"** shall be interpreted in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934.

**"Chief Compliance Officer"** means the chief compliance officer for TIM.

**"Compliance Department"** means TIM's compliance department.

**"Control"** shall be interpreted in accordance with Section 2(a)(9) of the Investment Company Act of 1940.

**"Director"** means a director of Thornburg Investment Management, Inc.

**"Family Member"** means the members of an Access Person's immediate family (a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships) sharing the same household; provided, however, that the presumption of such beneficial ownership by a Family Member may be rebutted by an Access Person.

**"Federal Securities Laws"** means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, and any rules adopted thereunder by the Commission or the Department of the Treasury.

**"Non-Employee Director"** means a director of TIM (i) who is not currently, or within in the previous six months, an employee of TIM, (ii) who has no involvement with the day-to-day operations of TIM, and (iii) who has no ongoing access to Thornburg systems that store nonpublic information regarding the portfolio holdings of advisory clients' or their purchases or sales of securities.

**"Independent Trustee"** means a Trustee who is not an "interested person" of a Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

**"Initial Public Offering"** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

**"Private or Limited Offering"** means an offering exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) thereof, or pursuant to Rule 504, Rule 505 or Rule 506 adopted thereunder.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 66

**"Private Fund"** means an investment vehicle the securities of which are not registered under the Securities Act of 1933 and which is excluded from the definition of an "investment company" under Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940.

**"Purchase or sale of a security"** includes, among other things, the writing of an option to purchase or sell a Security.

**"Security"** or **"Securities"** means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe or to purchase, any of the foregoing. The term "Security" or "Securities" shall <u>not</u> include direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), and shares issued by "money market" mutual funds.

**"Supervised Person"** means any director, managing director, officer (or other person occupying a similar status or performing functions similar to any of those persons) or employee of any of the Companies, and any other persons who provide advice on behalf of any of the Companies relating to the purchase or sale of Securities by an Investment Client and who are subject to any of the Companies' supervision and control.

**"Thornburg Fund"** means any series of Thornburg Investment Trust or Thornburg ETF Trust.

**"Trust"** means each of Thornburg Investment Trust and Thornburg ETF Trust.

**"Trustee"** means a Trustee of a Trust.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust<br> Compliance Policies and Procedures Manual 67

## Ex-99.Cert

**[THORNBURG ETF TRUST N-CSR](thornburgetf-ncsr_083125.htm)**

**Exhibit 99.CERT**

CERTIFICATION

I, Nimish Bhatt, certify that:

1. I have reviewed this report on Form N-CSR of Thornburg ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | October 24, 2025 |
| /s/ Nimish Bhatt | /s/ Nimish Bhatt |
| Nimish Bhatt | Nimish Bhatt |
| President and principal executive officer | President and principal executive officer |

---

CERTIFICATION

I, Curtis Holloway, certify that:

1. I have reviewed this report on Form N-CSR of Thornburg ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | October 24, 2025 |
| /s/ Curtis Holloway | /s/ Curtis Holloway |
| Curtis Holloway | Curtis Holloway |
| Treasurer and principal financial officer | Treasurer and principal financial officer |

---

## Exhibit 99.906

**[THORNBURG ETF TRUST N-CSR](thornburgetf-ncsr_083125.htm)**

**Exhibit 99.906 CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 <br>(subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report on Form N-CSR of Thornburg ETF Trust in respect of the following Thornburg Funds: Core Plus Bond ETF, Multi Sector Bond ETF, International Equity ETF, and International Growth ETF (hereafter referred to as the "Funds") to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Thornburg Investment Trust, in respect of the Funds as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| Dated: | October 24, 2025 |
|  | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |
| Dated: | October 24, 2025 |
|  | /s/ Curtis Holloway |
|  | Curtis Holloway |
|  | Treasurer and principal financial officer |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.