# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195828
**Filing Date:** 2025-8
**Character Count:** 57191
**Document Hash:** 49d70f9ad6e3a4c020517922b8a9b98c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195828.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195828

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153

**ORGANIZATION NAME:**
- **EIN:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238608

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361
- **BUSINESS PHONE:** 5059840200

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THORNBURG INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIMITED TERM TRUST
- **DATE OF NAME CHANGE:** 19870816

## Series and Classes Contracts Data

### Thornburg Developing World Fund (Series ID: S000027135)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000081859 | Thornburg Developing World Fund Class A  | THDAX           |
| C000081860 | Thornburg Developing World Fund Class C  | THDCX           |
| C000081861 | Thornburg Developing World Fund Class I  | THDIX           |
| C000123224 | Thornburg Developing World Fund Class R5 | THDRX           |
| C000123225 | Thornburg Developing World Fund Class R6 | TDWRX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Developing World Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 94.8%** |  |  |
|  | &nbsp;&nbsp;**Banks — 15.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 15.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp; 198023 | &nbsp;&nbsp;$4994794 |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk. PT | &nbsp;&nbsp;26370000 | &nbsp;&nbsp;&nbsp;&nbsp; 14090530 |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class H | &nbsp;&nbsp;20977500 | &nbsp;&nbsp;&nbsp;&nbsp; 21164695 |
|  | &nbsp;&nbsp;&nbsp;Credicorp Ltd. | &nbsp;&nbsp; 55505 | &nbsp;&nbsp;&nbsp;&nbsp; 12406478 |
|  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp; 933097 | &nbsp;&nbsp;&nbsp;&nbsp; 15765596 |
|  | &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp; 129498 | &nbsp;&nbsp;&nbsp;&nbsp; 10641174 |
|  | &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | &nbsp;&nbsp; 1799464 | &nbsp;&nbsp;&nbsp;&nbsp; 12467957 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91531224 |
|  | &nbsp;&nbsp;**Capital Goods — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 27934 | &nbsp;&nbsp;&nbsp;&nbsp; 11176912 |
|  | &nbsp;&nbsp;&nbsp;**Electrical Equipment — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp; 185159 | &nbsp;&nbsp;&nbsp;&nbsp; 6517452 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 1010716 | &nbsp;&nbsp;&nbsp;&nbsp; 11111509 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28805873 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 11.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 11.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp; 975500 | &nbsp;&nbsp;&nbsp;&nbsp; 13644660 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp; 3286 | &nbsp;&nbsp;&nbsp;&nbsp; 8588388 |
|  | &nbsp;&nbsp;&nbsp;Naspers Ltd. Class N | &nbsp;&nbsp; 136443 | &nbsp;&nbsp;&nbsp;&nbsp; 42507096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64740144 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 605344 | &nbsp;&nbsp;&nbsp;&nbsp; 8444395 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 1232560 | &nbsp;&nbsp;&nbsp;&nbsp; 7980165 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16424560 |
|  | &nbsp;&nbsp;**Consumer Services — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Eternal Ltd. | &nbsp;&nbsp; 2258632 | &nbsp;&nbsp;&nbsp;&nbsp; 6951561 |
|  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | &nbsp;&nbsp; 129258 | &nbsp;&nbsp;&nbsp;&nbsp; 7579689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14531250 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 4.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BBB Foods, Inc. Class A | &nbsp;&nbsp; 274922 | &nbsp;&nbsp;&nbsp;&nbsp; 7631835 |
|  | &nbsp;&nbsp;&nbsp;Bid Corp. Ltd. | &nbsp;&nbsp; 632952 | &nbsp;&nbsp;&nbsp;&nbsp; 16711756 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24343591 |
|  | &nbsp;&nbsp;**Energy — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 5931099 | &nbsp;&nbsp;&nbsp;&nbsp; 9205267 |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp; 540304 | &nbsp;&nbsp;&nbsp;&nbsp; 9449650 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18654917 |
|  | &nbsp;&nbsp;**Financial Services — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. | &nbsp;&nbsp; 518410 | &nbsp;&nbsp;&nbsp;&nbsp; 7193423 |
|  | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 167600 | &nbsp;&nbsp;&nbsp;&nbsp; 8941570 |
|  | &nbsp;&nbsp;&nbsp;Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 98230 | &nbsp;&nbsp;&nbsp;&nbsp; 4620123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20755116 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 7.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 6.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | &nbsp;&nbsp; 1499600 | &nbsp;&nbsp;&nbsp;&nbsp; 15887473 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp; 43034 | &nbsp;&nbsp;&nbsp;&nbsp; 8465185 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Developing World Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | &nbsp;&nbsp; 2157017 | &nbsp;&nbsp;$11495623 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 3081200 | &nbsp;&nbsp;&nbsp;&nbsp; 6319444 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42167725 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp; 401209 | &nbsp;&nbsp;&nbsp;&nbsp; 5964803 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5964803 |
|  | &nbsp;&nbsp;**Household & Personal Products — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Proya Cosmetics Co. Ltd. Class A | &nbsp;&nbsp; 751604 | &nbsp;&nbsp;&nbsp;&nbsp; 8684013 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8684013 |
|  | &nbsp;&nbsp;**Insurance — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp; 2274000 | &nbsp;&nbsp;&nbsp;&nbsp; 20393709 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PB Fintech Ltd. | &nbsp;&nbsp; 274265 | &nbsp;&nbsp;&nbsp;&nbsp; 5814060 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26207769 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 16.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 16.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 7916267 |
|  | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp; 94402 | &nbsp;&nbsp;&nbsp;&nbsp; 20424855 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 1908625 | &nbsp;&nbsp;&nbsp;&nbsp; 69257240 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97598362 |
|  | &nbsp;&nbsp;**Software & Services — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp; 210337 | &nbsp;&nbsp;&nbsp;&nbsp; 8486078 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8486078 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 1214000 | &nbsp;&nbsp;&nbsp;&nbsp; 6690881 |
|  | &nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | &nbsp;&nbsp; 128300 | &nbsp;&nbsp;&nbsp;&nbsp; 5929241 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 274593 | &nbsp;&nbsp;&nbsp;&nbsp; 12167058 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24787180 |
|  | &nbsp;&nbsp;**Telecommunication Services — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Converge Information & Communications Technology Solutions, Inc. | &nbsp;&nbsp;33120734 | &nbsp;&nbsp;&nbsp;&nbsp; 11442029 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp; 398051 | &nbsp;&nbsp;&nbsp;&nbsp; 9323286 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20765315 |
|  | &nbsp;&nbsp;**Transportation — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV Class B | &nbsp;&nbsp; 384481 | &nbsp;&nbsp;&nbsp;&nbsp; 8801602 |
|  | &nbsp;&nbsp;&nbsp;Salik Co. PJSC | &nbsp;&nbsp; 7794840 | &nbsp;&nbsp;&nbsp;&nbsp; 12840707 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21642309 |
|  | &nbsp;&nbsp;**Utilities — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd. | &nbsp;&nbsp; 3452199 | &nbsp;&nbsp;&nbsp;&nbsp; 11790196 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11790196 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $372,961,212) |  | &nbsp;&nbsp;&nbsp;&nbsp;547880425 |
|  | **Preferred Stock — 3.8%** |  |  |
|  | &nbsp;&nbsp;**Banks — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA 6.772% | &nbsp;&nbsp; 1470966 | &nbsp;&nbsp;&nbsp;&nbsp; 10003901 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Developing World Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10003901 |
|  | &nbsp;&nbsp;**Energy — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA 10.921% | &nbsp;&nbsp; 2038919 | &nbsp;&nbsp;$11776201 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11776201 |
|  | &nbsp;&nbsp;&nbsp;Total Preferred Stock (Cost $19,630,575) |  | &nbsp;&nbsp;&nbsp;&nbsp; 21780102 |
|  | **Short-Term Investments — 2.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp; 1320004 | &nbsp;&nbsp;&nbsp;&nbsp; 13200043 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $13,200,043) |  | &nbsp;&nbsp;&nbsp;&nbsp; 13200043 |
|  | **Total Investments — 100.9% (Cost $405,791,830)** |  | &nbsp;&nbsp;$582860570 |
|  | **Liabilities Net of Other Assets — (0.9)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5282150) |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$577578420 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** |
| **Contract<br> Description** | **Contract<br> Party\*** | &nbsp;&nbsp;**Buy/Sell** | &nbsp;&nbsp;**Contract<br> Amount** | &nbsp;&nbsp;**Contract<br> Value Date** | &nbsp;&nbsp;**Value<br> USD** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| Philippine Peso | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;312951900 | &nbsp;&nbsp;7/16/2025 | &nbsp;&nbsp;5554465 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(250195) |
| Philippine Peso | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;312951900 | &nbsp;&nbsp;7/16/2025 | &nbsp;&nbsp;5554465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74166) |
| Chinese Yuan Renminbi | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;554311700 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;77439733 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1418105) |
| Chinese Yuan Renminbi | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;554311700 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;77439733 | &nbsp;&nbsp;&nbsp; 269252 | &nbsp;&nbsp;&nbsp; — |
| Euro | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;10002200 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;11793753 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1408709) |
| Euro | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;10002200 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;11793753 | &nbsp;&nbsp;&nbsp; 426763 | &nbsp;&nbsp;&nbsp; — |
| Indian Rupee | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;3521223800 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;41032179 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (927124) |
| Indian Rupee | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;3521223800 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;41032179 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170037) |
| South Korean Won | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;11347673100 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;8416095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (560316) |
| South Korean Won | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;11347673100 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;8416095 | &nbsp;&nbsp;&nbsp; 158437 | &nbsp;&nbsp;&nbsp; — |
| Thailand Baht | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;144731100 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;4456923 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (247788) |
| Thailand Baht | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;29338700 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;903471 | &nbsp;&nbsp;&nbsp; 24409 | &nbsp;&nbsp;&nbsp; — |
| Thailand Baht | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;25451700 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;783772 | &nbsp;&nbsp;&nbsp; 32730 | &nbsp;&nbsp;&nbsp; — |
| Thailand Baht | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;89940700 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;2769679 | &nbsp;&nbsp;&nbsp; 49940 | &nbsp;&nbsp;&nbsp; — |
| Taiwan Dollar | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;165163100 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;5660719 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (628327) |
| Taiwan Dollar | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;48550200 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;1663986 | &nbsp;&nbsp;&nbsp; 182894 | &nbsp;&nbsp;&nbsp; — |
| Taiwan Dollar | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;25287100 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;866678 | &nbsp;&nbsp;&nbsp; 97722 | &nbsp;&nbsp;&nbsp; — |
| Taiwan Dollar | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;51702600 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;1772029 | &nbsp;&nbsp;&nbsp; 167604 | &nbsp;&nbsp;&nbsp; — |
| Taiwan Dollar | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;39623200 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;1358026 | &nbsp;&nbsp;&nbsp; 38352 | &nbsp;&nbsp;&nbsp; — |
| South African Rand | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;78745600 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;4442892 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (317277) |
| South African Rand | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;14865000 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;838696 | &nbsp;&nbsp;&nbsp; 31220 | &nbsp;&nbsp;&nbsp; — |
| South African Rand | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;11978000 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;675809 | &nbsp;&nbsp;&nbsp; 25578 | &nbsp;&nbsp;&nbsp; — |
| South African Rand | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;24354300 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;1374090 | &nbsp;&nbsp;&nbsp; 139485 | &nbsp;&nbsp;&nbsp; — |
| South African Rand | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;16121400 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;909583 | &nbsp;&nbsp;&nbsp; 94237 | &nbsp;&nbsp;&nbsp; — |
| South African Rand | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;11426900 | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;644715 | &nbsp;&nbsp;&nbsp; 70911 | &nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1809534 | &nbsp;&nbsp;&nbsp;&nbsp;$(6002044) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(4192510) |

---

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

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Non-income producing. |
| b | Investment in Affiliates. |

---

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

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Developing World Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Developing World Fund (the "Fund") is a diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers five classes of shares of beneficial interest: Class A, Class C, Institutional Class ("Class I") and Retirement Classes ("Class R5" and "Class R6").

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

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

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

<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 Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Developing World Fund** | *June 30, 2025 (Unaudited)* |

---

------

Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.

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

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

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

#### NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund's holding represented 5% or more of the company's voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/24** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 6/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $1108242 | &nbsp;&nbsp;$185291943 | &nbsp;&nbsp;$(173200142) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$13200043 | &nbsp;&nbsp;$376869 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** THORNBURG INVESTMENT TRUST

- **b. Investment Company Act file number:** 811-05201

- **c. CIK number of Registrant:** 0000816153

- **d. LEI of Registrant:** 5493001XM52H8S4WYY82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2300 NORTH RIDGETOP ROAD

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506-8361

  - **Telephone number:** 505-984-0200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Thornburg Developing World Fund

- **b. EDGAR series identifier (if any):** S000027135

- **c. LEI of Series:** 549300SSXKZ1YEWI0209

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $588557955.73

**Total Liabilities:** $10591643.84

**Net Assets:** $577966311.89

**Cash Not Reported:** $2394070.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000081859 | 1.88%                | 5.96%                | 6.11%                |
| Class ID C000081861 | 1.88%                | 6.04%                | 6.13%                |
| Class ID C000123225 | 1.88%                | 6.03%                | 6.15%                |
| Class ID C000081860 | 1.80%                | 5.90%                | 6.04%                |
| Class ID C000123224 | 1.94%                | 6.02%                | 6.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6835131.72             | $17199097.46                               |
| Month 2  | $14305133.75             | $17356317.52                               |
| Month 3  | $9890873.17              | $22349378.70                               |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hong Kong Exchanges & Clearing Ltd                               | Hong Kong Exchanges & Clearing Ltd                               | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    167600 | NS      | $8941570.33   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd                                     | Max Healthcare Institute Ltd                                     | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    401209 | NS      | $5964802.65   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                           | Contemporary Amperex Technology Co Ltd                           | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    185159 | NS      | $6517452.09   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eternal Ltd                                                      | Eternal Ltd                                                      | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |   2258632 | NS      | $6951561.53   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV                       | Grupo Aeroportuario del Pacifico SAB de CV                       | CUSIP: 000000000<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    384481 | NS      | $8801601.87   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd                                              | Varun Beverages Ltd                                              | CUSIP: 000000000<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |   2157017 | NS      | $11495622.90  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd                                           | Kweichow Moutai Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     43034 | NS      | $8465185.08   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED CNY / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CN        |         1 | NC      | $269252.53    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Piraeus Financial Holdings SA                                    | Piraeus Financial Holdings SA                                    | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |   1799464 | NS      | $12467956.50  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED ZAR / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |         1 | NC      | $25577.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BBB Foods Inc                                                    | BBB Foods Inc                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    274922 | NS      | $7631834.72   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD EUR                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1408708.90  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED INR / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | IN        |         1 | NC      | $-170037.02   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Tenaga Nasional Bhd                                              | Tenaga Nasional Bhd                                              | CUSIP: 000000000<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |   3452199 | NS      | $11790196.32  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                                       | Samsung Electronics Co Ltd                                       | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    274593 | NS      | $12167057.94  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| 360 ONE WAM Ltd                                                  | 360 ONE WAM Ltd                                                  | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |    518410 | NS      | $7193422.34   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd                                    | Tata Consultancy Services Ltd                                    | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    210337 | NS      | $8486077.66   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                               | Petroleo Brasileiro SA - Petrobras                               | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   2038919 | NS      | $11776201.10  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                                          | Reliance Industries Ltd                                          | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    540304 | NS      | $9449649.83   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED THB / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | TH        |         1 | NC      | $24408.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED ZAR / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |         1 | NC      | $70910.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd                                                     | Lotes Co Ltd                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    128300 | NS      | $5929241.41   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD ZAR                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-317277.32   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                                     | MediaTek Inc                                                     | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    185000 | NS      | $7916267.29   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                                         | Itau Unibanco Holding SA                                         | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   1470966 | NS      | $10003900.85  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED PHP / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | PH        |         1 | NC      | $-74166.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED TWD / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | TW        |         1 | NC      | $97722.18     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kalyan Jewellers India Ltd                                       | Kalyan Jewellers India Ltd                                       | CUSIP: 000000000<br>LEI: 335800EP35CO1QHM9P33 | Long             | EC               | CORP              | IN        |   1232560 | NS      | $7980164.88   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Thornburg Capital Management Fund                                | Thornburg Capital Management Fund                                | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |   1312238 | NS      | $13122381.19  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD TWD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-628327.06   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED ZAR / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |         1 | NC      | $94236.81     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD THB                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-247787.66   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                                         | Bank Central Asia Tbk PT                                         | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  26370000 | NS      | $14090529.72  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc                                           | KB Financial Group Inc                                           | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |    129498 | NS      | $10641173.83  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental SAB de CV                                       | Arca Continental SAB de CV                                       | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |   1499600 | NS      | $15887472.62  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Proya Cosmetics Co Ltd                                           | Proya Cosmetics Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    751604 | NS      | $8684013.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd                                     | Techtronic Industries Co Ltd                                     | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   1010716 | NS      | $11111509.09  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                                       | China Mengniu Dairy Co Ltd                                       | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |   3081200 | NS      | $6319444.07   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                                                      | Naspers Ltd                                                      | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    136443 | NS      | $42507095.58  | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd                                                | Bharti Airtel Ltd                                                | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    398051 | NS      | $9323286.42   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED ZAR / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |         1 | NC      | $139485.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD INR                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-927124.50   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD KRW                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-560315.57   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD CNY                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1418104.71  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED TWD / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | TW        |         1 | NC      | $182893.56    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                               | Trip.com Group Ltd                                               | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    129258 | NS      | $7579689.12   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED USD / SOLD PHP                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-250195.33   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC Drilling Co PJSC                                           | ADNOC Drilling Co PJSC                                           | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |   5931099 | NS      | $9205267.19   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Converge Information and Communications Technology Solutions Inc | Converge Information and Communications Technology Solutions Inc | CUSIP: 000000000<br>LEI: 254900CGJPNECN6ENN96 | Long             | EC               | CORP              | PH        |  33120734 | NS      | $11442028.82  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nien Made Enterprise Co Ltd                                      | Nien Made Enterprise Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    605344 | NS      | $8444395.45   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED KRW / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | KR        |         1 | NC      | $158437.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED TWD / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | TW        |         1 | NC      | $38352.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PB Fintech Ltd                                                   | PB Fintech Ltd                                                   | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |    274265 | NS      | $5814059.82   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                                        | Alibaba Group Holding Ltd                                        | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    975500 | NS      | $13644660.16  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED THB / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | TH        |         1 | NC      | $49939.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                                     | SK Hynix Inc                                                     | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     94402 | NS      | $20424854.77  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LIG Nex1 Co Ltd                                                  | LIG Nex1 Co Ltd                                                  | CUSIP: 000000000<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |     27934 | NS      | $11176911.68  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Rajhi Bank                                                    | Al Rajhi Bank                                                    | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |    198023 | NS      | $4994794.24   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                        | Taiwan Semiconductor Manufacturing Co Ltd                        | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1908625 | NS      | $69257240.18  | 11.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                                    | Credicorp Ltd                                                    | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     55505 | NS      | $12406477.60  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Salik Co PJSC                                                    | Salik Co PJSC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   7794840 | NS      | $12840707.40  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                                 | MercadoLibre Inc                                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      3286 | NS      | $8588388.18   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                                   | ICICI Bank Ltd                                                   | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    933097 | NS      | $15765596.47  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Tadawul Group Holding Co                                   | Saudi Tadawul Group Holding Co                                   | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |     98230 | NS      | $4620123.18   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED EUR / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $426762.92    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                                    | AIA Group Ltd                                                    | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   2274000 | NS      | $20393709.51  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                                | Hon Hai Precision Industry Co Ltd                                | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   1214000 | NS      | $6690880.46   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED ZAR / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |         1 | NC      | $31220.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bid Corp Ltd                                                     | Bid Corp Ltd                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |    632952 | NS      | $16711756.17  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED THB / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | TH        |         1 | NC      | $32730.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | PURCHASED TWD / SOLD USD                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | TW        |         1 | NC      | $167604.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                                     | China Construction Bank Corp                                     | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  20977500 | NS      | $21164695.32  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin