# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195827
**Filing Date:** 2025-8
**Character Count:** 40063
**Document Hash:** 33d2dd698ba50ad578f6f1a71acd61be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195827.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195827

**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:** 251238607

**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 International Growth Fund (Series ID: S000015648)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000042663 | Thornburg International Growth Fund - Class I  | TINGX           |
| C000042664 | Thornburg International Growth Fund - Class A  | TIGAX           |
| C000042665 | Thornburg International Growth Fund - Class C  | TIGCX           |
| C000058465 | Thornburg International Growth Fund - Class R3 | TIGVX           |
| C000058466 | Thornburg International Growth Fund - Class R4 | TINVX           |
| C000058467 | Thornburg International Growth Fund - Class R5 | TINFX           |
| C000123223 | Thornburg International Growth Fund - Class R6 | THGIX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 97.9%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp; 47074 | &nbsp;&nbsp;$23101095 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23101095 |
|  | &nbsp;&nbsp;**Banks — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp; 85062 | &nbsp;&nbsp;&nbsp;&nbsp; 7647175 |
|  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp; 434971 | &nbsp;&nbsp;&nbsp;&nbsp; 7349265 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | &nbsp;&nbsp; 819880 | &nbsp;&nbsp;&nbsp;&nbsp; 11248754 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26245194 |
|  | &nbsp;&nbsp;**Capital Goods — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp; 28128 | &nbsp;&nbsp;&nbsp;&nbsp; 8270095 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Diploma plc | &nbsp;&nbsp; 274503 | &nbsp;&nbsp;&nbsp;&nbsp; 18417811 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26687906 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp; 80204 | &nbsp;&nbsp;&nbsp;&nbsp; 13410918 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13410918 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 3.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 3.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp; 11079 | &nbsp;&nbsp;&nbsp;&nbsp; 28956407 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28956407 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp; 69500 | &nbsp;&nbsp;&nbsp;&nbsp; 8448733 |
|  | &nbsp;&nbsp;&nbsp;Kalyan Jewellers India Ltd. | &nbsp;&nbsp;1218176 | &nbsp;&nbsp;&nbsp;&nbsp; 7887036 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16335769 |
|  | &nbsp;&nbsp;**Consumer Services — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp; 43716 | &nbsp;&nbsp;&nbsp;&nbsp; 12492284 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12492284 |
|  | &nbsp;&nbsp;**Financial Services — 11.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 6.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp; 73787 | &nbsp;&nbsp;&nbsp;&nbsp; 24067440 |
|  | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 299674 | &nbsp;&nbsp;&nbsp;&nbsp; 15987805 |
|  | &nbsp;&nbsp;&nbsp;Marex Group plc | &nbsp;&nbsp; 158635 | &nbsp;&nbsp;&nbsp;&nbsp; 6261324 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | &nbsp;&nbsp; 61297 | &nbsp;&nbsp;&nbsp;&nbsp; 34445236 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80761805 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp; 217855 | &nbsp;&nbsp;&nbsp;&nbsp; 19274587 |
|  | &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp; 148500 | &nbsp;&nbsp;&nbsp;&nbsp; 17690479 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36965066 |
|  | &nbsp;&nbsp;**Household & Personal Products — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp; 161267 | &nbsp;&nbsp;&nbsp;&nbsp; 20250223 |
|  | &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp; 28143 | &nbsp;&nbsp;&nbsp;&nbsp; 12037152 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32287375 |
|  | &nbsp;&nbsp;**Insurance — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 1.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PB Fintech Ltd. | &nbsp;&nbsp; 521892 | &nbsp;&nbsp;&nbsp;&nbsp; 11063429 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11063429 |
|  | &nbsp;&nbsp;**Materials — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp; 116838 | &nbsp;&nbsp;$24104413 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24104413 |
|  | &nbsp;&nbsp;**Media & Entertainment — 13.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Entertainment — 3.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp; 157001 | &nbsp;&nbsp;&nbsp;&nbsp; 25110740 |
|  | &nbsp;&nbsp;&nbsp;**Interactive Media & Services — 7.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hemnet Group AB | &nbsp;&nbsp; 455210 | &nbsp;&nbsp;&nbsp;&nbsp; 13308574 |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp; 646400 | &nbsp;&nbsp;&nbsp;&nbsp; 41419270 |
|  | &nbsp;&nbsp;&nbsp;**Media — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Vend Marketplaces ASA Class A | &nbsp;&nbsp; 518070 | &nbsp;&nbsp;&nbsp;&nbsp; 18246607 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 98085191 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 13.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 1.6%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;BioArctic AB Class B | &nbsp;&nbsp; 87528 | &nbsp;&nbsp;&nbsp;&nbsp; 1653252 |
|  | &nbsp;&nbsp;&nbsp;CSL Ltd. | &nbsp;&nbsp; 62947 | &nbsp;&nbsp;&nbsp;&nbsp; 9921317 |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 3.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ICON plc ADR | &nbsp;&nbsp; 35599 | &nbsp;&nbsp;&nbsp;&nbsp; 5177874 |
|  | &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp; 33393 | &nbsp;&nbsp;&nbsp;&nbsp; 23778493 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 7.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp; 216794 | &nbsp;&nbsp;&nbsp;&nbsp; 30115320 |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk AS Sponsored ADR | &nbsp;&nbsp; 380771 | &nbsp;&nbsp;&nbsp;&nbsp; 26280815 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 96927071 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 14.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 14.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp; 65203 | &nbsp;&nbsp;&nbsp;&nbsp; 9252306 |
|  | &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp; 19807 | &nbsp;&nbsp;&nbsp;&nbsp; 12678429 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 19362 | &nbsp;&nbsp;&nbsp;&nbsp; 15454349 |
|  | &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp; 67044 | &nbsp;&nbsp;&nbsp;&nbsp; 10033713 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;1601131 | &nbsp;&nbsp;&nbsp;&nbsp; 58099372 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;105518169 |
|  | &nbsp;&nbsp;**Software & Services — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 4.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Globant SA | &nbsp;&nbsp; 56857 | &nbsp;&nbsp;&nbsp;&nbsp; 5164890 |
|  | &nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | &nbsp;&nbsp; 388300 | &nbsp;&nbsp;&nbsp;&nbsp; 15593478 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Shopify, Inc. Class A | &nbsp;&nbsp; 79685 | &nbsp;&nbsp;&nbsp;&nbsp; 9191665 |
|  | &nbsp;&nbsp;&nbsp;**Software — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Money Forward, Inc. | &nbsp;&nbsp; 193300 | &nbsp;&nbsp;&nbsp;&nbsp; 6584053 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36534086 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 1.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp; 85675 | &nbsp;&nbsp;&nbsp;&nbsp; 8765409 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 13919 | &nbsp;&nbsp;&nbsp;&nbsp; 5590604 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14356013 |
|  | &nbsp;&nbsp;**Transportation — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 111230 | &nbsp;&nbsp;&nbsp;&nbsp; 8817202 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8817202 |
|  | &nbsp;&nbsp;**Utilities — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;1472674 | &nbsp;&nbsp;&nbsp;&nbsp; 27105270 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27105270 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $442,338,875) |  | &nbsp;&nbsp;&nbsp;&nbsp;719754663 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  | **Short-Term Investments — 1.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;1409716 | &nbsp;&nbsp;$14097161 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $14,097,161) |  | &nbsp;&nbsp;&nbsp;&nbsp; 14097161 |
|  | **Total Investments — 99.8% (Cost $456,436,036)** |  | &nbsp;&nbsp;$733851824 |
|  | **Other Assets Less Liabilities — 0.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251638 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$735103462 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **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 June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $1,653,252, representing 0.22% of the Fund's net assets. |
| c | 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 International Growth Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg International Growth 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 seven classes of shares of beneficial interest: Class A, Class C, Institutional Class ("Class I"), and Retirement Classes ("Class R3", "Class R4", "Class R5", and "Class R6").

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

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

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

<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 International Growth 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 | $21464529 | &nbsp;&nbsp;$211883413 | &nbsp;&nbsp;$(219250781) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$14097161 | &nbsp;&nbsp;$653874 |

---

## 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 International Growth Fund

- **b. EDGAR series identifier (if any):** S000015648

- **c. LEI of Series:** 5493001STPJ13DESVZ34

**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:** $736718390.19

**Total Liabilities:** $1172023.42

**Net Assets:** $735546366.77

**Cash Not Reported:** $36.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000042663 | 4.18%                | 4.43%                | 2.47%                |
| Class ID C000058465 | 4.13%                | 4.36%                | 2.46%                |
| Class ID C000058466 | 4.18%                | 4.36%                | 2.44%                |
| Class ID C000123223 | 4.19%                | 4.39%                | 2.49%                |
| Class ID C000042665 | 4.09%                | 4.28%                | 2.36%                |
| Class ID C000042664 | 4.18%                | 4.36%                | 2.45%                |
| Class ID C000058467 | 4.17%                | 4.41%                | 2.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2552310.54             | $30057134.06                               |
| Month 2  | $673263.54               | $27619329.77                               |
| Month 3  | $6717628.02              | $11534992.82                               |

### 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        |    299674 | NS      | $15987805.17  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                | L'Oreal SA                                | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     28143 | NS      | $12037151.74  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                             | Beiersdorf AG                             | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |    161267 | NS      | $20250222.87  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     19362 | NS      | $15454348.76  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Marex Group PLC                           | Marex Group PLC                           | CUSIP: 000000000<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |    158635 | NS      | $6261323.45   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                            | BNP Paribas SA                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     85062 | NS      | $7647175.32   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                        | Deutsche Boerse AG                        | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     73787 | NS      | $24067440.38  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                   | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |    157001 | NS      | $25110739.94  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vend Marketplaces ASA                     | Vend Marketplaces ASA                     | CUSIP: 000000000<br>LEI: 5967007LIEEXZXHT0O36 | Long             | EC               | CORP              | NO        |    518070 | NS      | $18246606.94  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV                      | ASM International NV                      | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |     19807 | NS      | $12678428.66  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                                | Globant SA                                | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     56857 | NS      | $5164889.88   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                | Advanced Micro Devices Inc                | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     65203 | NS      | $9252305.70   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BioArctic AB                              | BioArctic AB                              | CUSIP: 000000000<br>LEI: 549300Y0OI2WVUNHLC33 | Long             | EC               | CORP              | SE        |     87528 | NS      | $1653252.19   | 0.22%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Thales SA                                 | Thales SA                                 | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     28128 | NS      | $8270095.60   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalyan Jewellers India Ltd                | Kalyan Jewellers India Ltd                | CUSIP: 000000000<br>LEI: 335800EP35CO1QHM9P33 | Long             | EC               | CORP              | IN        |   1218176 | NS      | $7887036.19   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Thornburg Capital Management Fund         | Thornburg Capital Management Fund         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |   1405156 | NS      | $14051560.42  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                          | Novo Nordisk A/S                          | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    380771 | NS      | $26280814.42  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                            | Air Liquide SA                            | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |    116838 | NS      | $24104412.74  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                              | Keyence Corp                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     13919 | NS      | $5590604.22   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer NV                         | Wolters Kluwer NV                         | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     80204 | NS      | $13410918.42  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV            | BE Semiconductor Industries NV            | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     67044 | NS      | $10033713.18  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Research Institute Ltd             | Nomura Research Institute Ltd             | CUSIP: 000000000<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |    388300 | NS      | $15593478.70  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                           | AstraZeneca PLC                           | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    216794 | NS      | $30115320.14  | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                            | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     61297 | NS      | $34445236.18  | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                  | ICON PLC                                  | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     35599 | NS      | $5177874.55   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                  | Alcon AG                                  | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    217855 | NS      | $19274586.93  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd          | Canadian Pacific Kansas City Ltd          | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    111230 | NS      | $8817202.10   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                       | Arista Networks Inc                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     85675 | NS      | $8765409.25   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                            | Lonza Group AG                            | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |     33393 | NS      | $23778492.66  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                | Ferrari NV                                | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     47074 | NS      | $23101094.76  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL Ltd                                   | CSL Ltd                                   | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     62947 | NS      | $9921316.54   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Forward Inc                         | Money Forward Inc                         | CUSIP: 000000000<br>LEI: 35380017JS3GIGP6WN95 | Long             | EC               | CORP              | JP        |    193300 | NS      | $6584052.64   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                 | Hoya Corp                                 | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |    148500 | NS      | $17690479.50  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                   | E.ON SE                                   | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |   1472674 | NS      | $27105270.21  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Diploma PLC                               | Diploma PLC                               | CUSIP: 000000000<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |    274503 | NS      | $18417810.73  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemnet Group AB                           | Hemnet Group AB                           | CUSIP: 000000000<br>LEI: 5493008VIU67J3HUAR07 | Long             | EC               | CORP              | SE        |    455210 | NS      | $13308573.81  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd                            | PB Fintech Ltd                            | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |    521892 | NS      | $11063428.82  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                               | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     79685 | NS      | $9191664.75   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands            | NU Holdings Ltd/Cayman Islands            | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    819880 | NS      | $11248753.60  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                    | Brunello Cucinelli SpA                    | CUSIP: 000000000<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |     69500 | NS      | $8448733.23   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1601131 | NS      | $58099372.18  | 7.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     11079 | NS      | $28956406.77  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                            | ICICI Bank Ltd                            | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    434971 | NS      | $7349265.15   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                      | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    646400 | NS      | $41419270.19  | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                 | Flutter Entertainment PLC                 | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |     43716 | NS      | $12492284.16  | 1.70%             |  |  |  | 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