# EDGAR Filing Document

**Accession Number:** 0002038383
**File Stem:** 0001999371-26-008608
**Filing Date:** 2026-4
**Character Count:** 231536
**Document Hash:** 260cb22e97f80784d4b4c49f340d9061
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-008608.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001999371-26-008608

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**EFFECTIVENESS DATE**: 20260421

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24005
- **FILM NUMBER:** 26877481

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** **N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**Thornburg ETF Trust**

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: **August 31, 2026**

Date of reporting period: **February 28, 2026**

Item 1. Reports to Stockholders

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

Thornburg Core Plus Bond ETF Tailored Shareholder Report

---

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

---

*This semi-annual shareholder report contains important information about the Thornburg Core Plus Bond ETF for the period from September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.*

**How did the Fund perform for the past six months and what affected its performance?**

The Fund outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 6-month period ended February 28, 2026.

The Federal Open Market Committee (FOMC) delivered three interest rate cuts across the trailing 6-month period at each of the last remaining Federal Reserve (the "Fed") meetings in 2025 (September, October, and December), alongside a $40 billion per month United States Treasury bill purchase program. Short term interest rates broadly followed the Fed's trajectory, falling by roughly 70 basis points, while longer term rates fell by 30 to 35 basis points. Political developments significantly impacted markets including a trade truce that lowered tariffs on Chinese imports to 45%. Domestic political risks escalated with the nomination of Governor Kevin Warsh to succeed Jerome Powell as chair of the Fed, raising concerns by some about the Fed's independence.

Active positioning and security selection based on shorter duration contributed to performance relative to the Index.

**How did the Fund perform since inception?**

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

**Cumulative Performance**

![line](qes18e3up1mngc4shn.jpg)

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg Core Plus Bond ETF** | $23.00 | 0.45% |

---

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** Tailored Shareholder Report<br>| 2/28/26<br> TH6463<br>|

---

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond ETF** | 6.17% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 6.26% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $19.4M |
| **Number of Holdings** | 300 |
| **Portfolio Turnover** | 9.44% |
| **Total Advisory Fee** | $42841 |

---

**What did the Fund invest in?**

(as of February 28, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings** | **(%)** |
| **U.S. Government** | 45.7 |
| **AAA** | 9.5 |
| **AA** | 2.8 |
| **A** | 12.0 |
| **BBB** | 20.0 |
| **Below Invest. Grade** | 7.0 |
| **NR** | 2.3 |
| **Cash Equivalents & Other** | 0.7 |

---

![doughnut](qesijfh1mn9brgv0.jpg)

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

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

**How has the Fund changed?**

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by December 30, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

No changes and/or disagreements occurred in the current reporting period.

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

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qes18e3up1mngc7tmm.jpg)

Thornburg Multi Sector Bond ETF Tailored Shareholder Report

---

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

---

*This semi-annual shareholder report contains important information about the Thornburg Multi Sector Bond ETF for the period from September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.*

**How did the Fund perform for the past six months and what affected its performance?**

The Fund underperformed the Bloomberg U.S. Universal Total Return Index Value Unhedged (the "Index") during the 6-month period ended February 28, 2026.

The Federal Open Market Committee (FOMC) delivered three interest rate cuts across the trailing 6-month period at each of the last remaining Federal Reserve (the "Fed") meetings in 2025 (September, October, and December), alongside a $40 billion per month United States Treasury bill purchase program. Short term interest rates broadly followed the Fed's trajectory, falling by roughly 70 basis points, while longer term rates fell by 30 to 35 basis points. Political developments significantly impacted markets including a trade truce that lowered tariffs on Chinese imports to 45%. Domestic political risks escalated with the nomination of Governor Kevin Warsh to succeed Jerome Powell as chair of the Fed, raising concerns by some about the Fed's independence.

Tactical positioning in yield curve segments and security selection contributed to performance relative to the Index. However, the Fund's security selection based on shorter duration positioning versus the Index hampered performance relative to the Index.

**How did the Fund perform since inception?**

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

**Cumulative Performance**

![line](qesqi2x1mngcrzbx.jpg)

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg Multi Sector Bond ETF** | $28.00 | 0.55% |

---

Thornburg Multi Sector Bond ETF Tailored Shareholder Report 2/28/26 TH6464

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Multi Sector Bond ETF** | 6.49% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 6.26% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 6.53% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $89.0M |
| **Number of Holdings** | 401 |
| **Portfolio Turnover** | 8.52% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of February 28, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality** | **(%)** |
| **U.S. Government** | 28.5 |
| **AAA** | 12.4 |
| **AA** | 3.0 |
| **A** | 10.6 |
| **BBB** | 22.9 |
| **Below Invest. Grade** | 16.8 |
| **NR** | 2.0 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesijfh1mn9brjkv.jpg)

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

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

**How has the Fund changed?**

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by December 30, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

No changes and/or disagreements occurred in the current reporting period.

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

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qes18e3up1mngcvrt2.jpg)

**Thornburg International Equity ETF** Tailored Shareholder Report

---

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

---

*This semi-annual shareholder report contains important information about the Thornburg International Equity ETF for the period from September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.*

**How did the Fund perform for the past six months and what affected its performance?**

The Fund outperformed the MSCI EAFE Net Total Return USD Index (the "Index") during the 6-month period ended February 28, 2026.

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

The Fund's sector allocations in communications services, health care, and financials led to performance relative to the Index, while allocations to information technology, consumer staples, and cash were detriments to relative performance.

By geography, stock selection in the United Kingdom and France contributed most to performance relative to the Index, while selection effects in Japan and the Netherlands were the leading detractors to relative performance.

**How did the Fund perform since inception?**

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

**Cumulative Performance**

![line](qes18e3up1mnrm5g84.jpg)

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg International Equity ETF** | $35.00 | 0.65% |

---

Thornburg International Equity ETF Tailored Shareholder Report 2/28/26 TH6461

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **International Equity ETF** | 37.43% |
| **MSCI EAFE Net Total Return USD Index** | 34.63% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $444.0M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 9.50% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of February 28, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 0.0 |
| **Large Cap (>$12 B)** | 100.0 |

---

![doughnut](qesijfh1mn9brmas.jpg)

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

**How has the Fund changed?**

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by December 30, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

No changes and/or disagreements occurred in the current reporting period.

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

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qesqi2x1mngdhb6g.jpg)

**Thornburg International Growth ETF** Tailored Shareholder Report

---

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

---

*This semi-annual shareholder report contains important information about the Thornburg International Growth ETF for the period from September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.*

**How did the Fund perform for the past six months and what affected its performance?**

The Fund underperformed the MSCI EAFE Growth Net Total Return USD Index (the "Index") during the 6-month period ended February 28, 2026.

Attractive valuations, supportive government policies, and earnings growth helped draw investor interest into international stocks.

The Fund's overweight allocations to the consumer discretionary and communication services sectors, along with an underweight allocation to the industrials sector, and selection effects in all three aforementioned sectors hampered performance relative to the Index. Selection effect in the health care sector and allocation effects in the utilities sector contributed to performance relative to the Index.

On a geographic basis, the Netherlands, United Kingdom, and Taiwan were the top contributors to performance relative to the Index, while allocations to the United States, Singapore, and Brazil were the main detractors to relative performance.

**How did the Fund perform since inception?**

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

**Cumulative Performance**

![line](qes18e3up1mnrm26mw.jpg)

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Thornburg International Growth ETF** | $35.00 | 0.70% |

---

---

| | |
|:---|:---|
| **Thornburg International Growth ETF** Tailored Shareholder Report<br>| 2/28/26<br> TH6462<br>|

---

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **International Growth ETF** | 3.42% |
| **MSCI EAFE Growth Net Total Return USD Index** | 23.65% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5.1M |
| **Number of Holdings** | 44 |
| **Portfolio Turnover** | 21.25% |
| **Total Advisory Fee** | $17406 |

---

**What did the Fund invest in?**

(as of February 28, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.0 |
| **Mid Cap ($2.5-12 B)** | 10.5 |
| **Large Cap (>$12 B)** | 87.5 |

---

![doughnut](qesijfh1mn9brp97.jpg)

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

**How has the Fund changed?**

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information,

you may review the Fund's next prospectus, which we expect to be available by December 30, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

No changes and/or disagreements occurred in the current reporting period.

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

Thornburg ETFs are distributed by ALPS Distributors, Inc.

![qr_code](qesqi2x1mngd9888.jpg)

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

(b) Not applicable.

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

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

Thornburg Core Plus Bond ETF

Thornburg Multi Sector Bond ETF

Thornburg International Equity ETF

Thornburg International Growth ETF

![](tetncsrs001.jpg)

**<u>SEMI-ANNUAL FINANCIAL STATEMENTS \| FEBRUARY 28, 2026</u>**

THORNBURG ETF TRUST

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

Thornburg Core Plus Bond ETF

Thornburg Multi Sector Bond ETF

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

Thornburg International Equity ETF

Thornburg International Growth ETF

Semi-Annual Financial Statements \| February 28, 2026

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tetncsrsa001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Core Plus Bond ETF](#tetncsrsa002) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Multi Sector Bond ETF](#tetncsrsa003) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Equity ETF](#tetncsrsa004) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Growth ETF](#tetncsrsa005) | 28 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tetncsrsa006) | 31 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tetncsrsa007) | 32 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tetncsrsa008) | 33 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tetncsrsa009) | 35 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tetncsrsa010) | 45 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#tetncsrsa011) | 49 |
| [Proxy Disclosures for Open-End Management Investment Companies](#tetncsrsa012) | 49 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#tetncsrsa013) | 49 |

---

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

Semi-Annual Financial Statements \| 3

Schedule of Investments

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/** **<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **ASSET BACKED SECURITIES — 8.3%** |  |  |
|  | **AUTO RECEIVABLES — 3.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2023-2A Class B, 9.85% due 6/20/2030 | $42525 | $42865 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class B, 6.632% due 7/26/2032 | 24234 | 24581 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class C, 1.53% due 3/10/2027 | 96695 | 96635 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | 29569 | 29650 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2025-2A Class A2, 5.75% due 5/15/2030 | 50000 | 50587 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class C, 3.13% due 5/15/2028 | 14441 | 14428 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-1 Class C, 3.06% due 3/15/2028 | 26046 | 25972 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | 19433 | 19427 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | 27389 | 27588 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | 12779 | 12785 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-5A Class A2, 4.575% due 6/26/2034 | 48000 | 48051 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class A3, 4.85% due 1/16/2029 | 58283 | 58413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A2, 4.04% due 3/15/2029 | 49000 | 49002 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | 37983 | 38110 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2023-2A Class A, 6.46% due 8/18/2038 | 34897 | 35280 |
|  |  |  | 573374 |
|  | **CREDIT CARD — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BA Credit Card Trust, Series 2023-A1 Class A1, 4.79% due 5/15/2028 | 105000 | 105204 |
|  |  |  | 105204 |
|  | **OTHER ASSET BACKED — 4.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034 | 73652 | 73821 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | 100000 | 100749 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 50000 | 50108 |
|  | &nbsp;&nbsp;&nbsp;Goodgreen Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 2.63% due 4/15/2055 | 65342 | 56552 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 2.66% due 10/15/2056 | 49322 | 42676 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 78072 | 74850 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 86474 | 72670 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2021-3A Class D, 2.53% due 12/15/2031 | 39237 | 39158 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A, 4.01% due 6/22/2043 | 80517 | 77093 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | 70177 | 55945 |
|  | &nbsp;&nbsp;&nbsp;Oportun Funding Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A, 5.26% due 8/15/2029 | 1056 | 1057 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 4.96% due 8/16/2032 | 17658 | 17661 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-2A Class A2, 5.05% due 9/15/2048 | 50000 | 49743 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | 67124 | 68219 |
|  |  |  | 780302 |
|  | **STUDENT LOAN — 0.8%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2019-A Class A1, 5.188% (TSFR1M + 1.51%) due 12/28/2048 | 67656 | 68396 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-1 Class A3, 4.732% (SOFR30A + 1.06%) due 9/25/2028 | 37539 | 37612 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class D, 5.482% (TSFR1M + 1.81%) due 11/20/2061 | 50000 | 49243 |
|  |  |  | 155251 |
|  | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $1,603,143) |  | 1614131 |
|  | **CORPORATE BONDS — 37.2%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 0.5%** |  |  |
|  | **Automobiles — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.319% (SOFR + 0.62%) due 12/11/2026 | 38000 | 38051 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 9/24/2027 | 25000 | 25109 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | 25000 | 25842 |
|  |  |  | 89002 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **BANKS — 1.0%** | | |
|  | &nbsp;&nbsp;&nbsp;**Banks — 1.0%** | | |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.975% (SOFR + 1.09%) due 3/14/2030 | $25000 | $25728 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 39000 | 38560 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 5.741% (SOFR + 1.88%) due 3/20/2031 | 25000 | 25998 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030 | 25000 | 25844 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.574% (SOFR + 1.74%) due 7/25/2029 | 25000 | 25872 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 3.90% (5-Yr. CMT + 3.45%) due 3/15/2026 | 55000 | 54955 |
|  |  |  | 196957 |
|  | **CAPITAL GOODS — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 4/15/2029 | 25000 | 24468 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.375% due 3/1/2029 | 25000 | 25704 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | 25000 | 24287 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | 25000 | 22684 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.30% due 2/15/2030 | 25000 | 26705 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 25000 | 26498 |
|  |  |  | 150346 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | 50000 | 50003 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 25000 | 25959 |
|  | &nbsp;&nbsp;&nbsp;Equifax, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 6/1/2026 | 31000 | 30916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% due 12/15/2027 | 25000 | 25460 |
|  | &nbsp;&nbsp;&nbsp;Global Payments, Inc., 4.50% due 11/15/2028 | 48000 | 48166 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 25000 | 24923 |
|  |  |  | 205427 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | 50000 | 50138 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | 25000 | 25323 |
|  |  |  | 75461 |
|  | **CONSUMER DURABLES & APPAREL — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mattel, Inc., 5.00% due 11/17/2030 | 19000 | 19281 |
|  | &nbsp;&nbsp;&nbsp;Polaris, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% due 3/1/2031 | 38000 | 38666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% due 3/15/2029 | 25000 | 26511 |
|  |  |  | 84458 |
|  | **CONSUMER SERVICES — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | 50000 | 50983 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 25000 | 23705 |
|  |  |  | 74688 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 25000 | 26228 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | 25000 | 24870 |
|  |  |  | 51098 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **ENERGY — 2.1%** | | |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.402% due 1/15/2038 | $45000 | $40057 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 48000 | 49327 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | 10000 | 10674 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 8.375% due 1/19/2036 | 20000 | 20549 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | 25000 | 26410 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 27000 | 28064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% due 12/1/2026 | 23000 | 23313 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 50000 | 50215 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | 25000 | 26711 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69% due 1/23/2050 | 20000 | 18200 |
|  | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | 25000 | 25551 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | 25000 | 25006 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | 25000 | 26407 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | 35000 | 36739 |
|  |  |  | 407223 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., 4.90% due 3/15/2030 | 30000 | 30828 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American Tower Trust, 3.652% due 3/15/2048 | 50000 | 49793 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | 10000 | 10195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/1/2034 | 25000 | 26500 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% due 7/1/2026 | 25000 | 24946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% due 4/1/2029 | 33000 | 32815 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | 20000 | 19365 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SBA Tower Trust, 1.631% due 5/15/2051 | 70000 | 68804 |
|  |  |  | 263246 |
|  | **FINANCIAL SERVICES — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 6.60% due 9/15/2029 | 25000 | 25257 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10% due 3/15/2028 | 25000 | 24891 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | 46000 | 47759 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | 74000 | 72928 |
|  | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 3/15/2029 | 35000 | 34526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 6/15/2030 | 30000 | 30609 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 8/15/2028 | 50000 | 50229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | 25000 | 25414 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | 25000 | 26340 |
|  | &nbsp;&nbsp;&nbsp;TPG Operating Group II LP, 4.875% due 5/15/2031 | 29000 | 29125 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital One Financial Corp., 7.149% (SOFR + 2.44%) due 10/29/2027 | 25000 | 25495 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 6.875% due 3/1/2032 | 25000 | 25825 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.162% (SOFR + 1.00%) due 1/24/2031 | 43000 | 44623 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.785% (SOFR + 1.94%) due 3/17/2033 | 33000 | 31692 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.542% (SOFR + 1.34%) due 9/19/2030 | 26000 | 26302 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.14% (SOFR + 1.01%) due 1/24/2031 | 69000 | 71592 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.23% (SOFR + 1.11%) due 1/15/2031 | 43000 | 44519 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034 | 25000 | 26747 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/** | |
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | $18000 | $18354 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | 50000 | 51709 |
|  |  |  | 733936 |
|  | **FOOD, BEVERAGE & TOBACCO — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.5%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 25000 | 24745 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | 45000 | 45247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | 21000 | 21205 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands, Inc., 4.85% due 11/1/2028 | 29000 | 29407 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 48000 | 47507 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | 25000 | 25720 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 3/15/2036 | 10000 | 10160 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 3/22/2033 | 19000 | 19071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 10/19/2032 | 25000 | 29453 |
|  |  |  | 252515 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Hologic, Inc., 3.25% due 2/15/2029 | 25000 | 24868 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;VSP Optical Group, Inc., 5.45% due 12/1/2035 | 29000 | 29454 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 3.00% due 10/15/2030 | 25000 | 22527 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 4.25% due 5/1/2028 | 50000 | 49254 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 73000 | 72546 |
|  | &nbsp;&nbsp;&nbsp;Humana, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 3/15/2027 | 25000 | 24966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 5/1/2035 | 16000 | 16294 |
|  | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 4/1/2030 | 25000 | 25207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/1/2032 | 25000 | 25193 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75% due 5/15/2031 | 25000 | 25961 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., 4.625% due 10/15/2029 | 72000 | 72823 |
|  |  |  | 389093 |
|  | **INSURANCE — 5.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 5.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American National Global Funding, 5.55% due 1/28/2030 | 75000 | 76991 |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | 70000 | 73073 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 5.55% due 4/9/2027 | 38000 | 38442 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.70% due 6/23/2028 | 19000 | 19203 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp., 5.125% due 2/15/2034 | 71000 | 72160 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | 35000 | 36532 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Constellation Global Funding, 4.85% due 10/22/2030 | 48000 | 47866 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 25000 | 25568 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.95% due 6/9/2030 | 35000 | 35776 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 5.00% due 3/27/2030 | 35000 | 35950 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., 5.625% due 8/16/2032 | 25000 | 26187 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 65000 | 67541 |
|  | &nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | 25000 | 26268 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 10/1/2030 | 58000 | 58274 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 9/15/2028 | 25000 | 26768 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | 25000 | 26234 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding, 4.625% due 5/28/2028 | 52000 | 52438 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | 25000 | 25831 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | 69000 | 71585 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Protective Life Corp., 4.70% due 1/15/2031 | 29000 | 29261 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | $25000 | $26358 |
| | &nbsp;&nbsp;&nbsp;RGA Global Funding, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% due 1/18/2029 | 30000 | 28770 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 11/25/2030 | 29000 | 29207 |
| | &nbsp;&nbsp;&nbsp;RLI Corp., 5.375% due 6/1/2036 | 40000 | 39924 |
| | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 25000 | 22603 |
| | &nbsp;&nbsp;&nbsp;Unum Group, 5.25% due 12/15/2035 | 48000 | 47582 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | 40000 | 41076 |
| | &nbsp;&nbsp;&nbsp;Willis North America, Inc., 4.55% due 3/15/2031 | 38000 | 38035 |
| |  |  | 1145503 |
| | **MATERIALS — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | 34000 | 35769 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | 25000 | 26013 |
| | &nbsp;&nbsp;&nbsp;AptarGroup, Inc., 4.75% due 3/30/2031 | 20000 | 20297 |
| | &nbsp;&nbsp;&nbsp;Ball Corp., 2.875% due 8/15/2030 | 50000 | 46506 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | 25000 | 23773 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | 75000 | 71592 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 73000 | 72823 |
| |  |  | 296773 |
| | **MEDIA & ENTERTAINMENT — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Media — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034 | 70000 | 61101 |
| | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/1/2026 | 25000 | 24865 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2029 | 25000 | 25015 |
| |  |  | 110981 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | 25000 | 25056 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 12/13/2027 | 16000 | 16462 |
| |  |  | 41518 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;Broadcom, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.187% due 11/15/2036 | 25000 | 21558 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% due 11/15/2030 | 38000 | 38131 |
| | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., 5.80% due 1/15/2035 | 21000 | 22486 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 50000 | 46076 |
| |  |  | 128251 |
| | &nbsp;&nbsp;&nbsp;**SOFTWARE & SERVICES — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | 40000 | 39382 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | 17000 | 17251 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Genpact UK Finco plc / Genpact USA, Inc., 4.95% due 11/18/2030 | 49000 | 48418 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 25000 | 25065 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 50000 | 49776 |
| | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Alphabet, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% due 2/15/2029 | 25000 | 25019 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 2/15/2031 | 24000 | 24165 |
| | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | 32000 | 32713 |
| | &nbsp;&nbsp;&nbsp;**Software — 1.6%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 25000 | 25393 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | 70000 | 68533 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MSCI, Inc., 3.625% due 9/1/2030 - 11/1/2031 | 76000 | 72218 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 2/15/2028 - 12/1/2029 | $50000 | $46350 |
| | &nbsp;&nbsp;&nbsp;Oracle Corp., 5.25% due 2/3/2032 | 41000 | 41150 |
| | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | 25000 | 24978 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | 25000 | 25453 |
| |  |  | 565864 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 4.85% due 8/15/2030 | 66000 | 67763 |
| | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 25000 | 24145 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.276% due 12/1/2028 | 34000 | 33167 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd., 4.875% due 5/12/2030 | 38000 | 38696 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 40000 | 40543 |
| | &nbsp;&nbsp;&nbsp;Trimble, Inc., 4.90% due 6/15/2028 | 30000 | 30309 |
| | &nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | 25000 | 24143 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 - 3/15/2033 | 100000 | 103961 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 25000 | 25633 |
| | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 4.15% due 9/15/2028 | 48000 | 48108 |
| | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | 70000 | 72957 |
| |  |  | 509425 |
| | **TELECOMMUNICATION SERVICES — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | 65000 | 65175 |
| | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.125% due 5/15/2032 | 70000 | 72651 |
| |  |  | 137826 |
| | **TRANSPORTATION — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.30% due 3/15/2027 | 25000 | 25328 |
| |  |  | 25328 |
| | **UTILITIES — 6.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electric Utilities — 6.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., Series I, 2.10% due 7/1/2030 | 25000 | 23063 |
| | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | 26000 | 26851 |
| | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 2.30% due 3/1/2030 | 50000 | 46645 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | 25000 | 24041 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cleco Power LLC, 5.30% due 1/15/2036 | 29000 | 29547 |
| | &nbsp;&nbsp;&nbsp;Connecticut Light & Power Co., 4.95% due 8/15/2034 | 48000 | 48930 |
| | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 20000 | 20753 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% due 6/1/2034 | 30000 | 32260 |
| | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.95% due 9/15/2035 | 50000 | 50116 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Electricite de France SA, 6.95% due 1/26/2039 | 45000 | 51359 |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (SOFR 3 Month + 5.44%) due 6/15/2076 | 55000 | 55345 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 3.75% due 3/15/2032 | 25000 | 23532 |
| | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | 74000 | 77109 |
| | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55% due 1/15/2030 | 10000 | 10145 |
| | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.30% due 7/1/2043 | 25000 | 24150 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | 35000 | 38415 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 53000 | 48581 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Monongahela Power Co., 3.55% due 5/15/2027 | 40000 | 39812 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | 30000 | 30963 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 5.35% due 4/1/2035 | 32000 | 33297 |
| | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp., 4.90% due 5/15/2028 | 70000 | 71304 |
| | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | 25000 | 25812 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 44000 | 45405 |
| | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | 25000 | 22404 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 4.90% due 3/15/2030 | $32000 | $32924 |
| | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | 25000 | 24322 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | 26000 | 26888 |
| | &nbsp;&nbsp;&nbsp;Southern Co., Series A, 3.70% due 4/30/2030 | 25000 | 24615 |
| | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co., 6.00% due 6/1/2054 | 25000 | 25925 |
| | &nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | 30000 | 30943 |
| | &nbsp;&nbsp;&nbsp;Union Electric Co., 2.95% due 3/15/2030 | 25000 | 24028 |
| | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | 48000 | 48962 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co., 5.375% due 3/30/2034 | 25000 | 26060 |
| | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.5%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | 73000 | 74436 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 25000 | 26706 |
| |  |  | 1265648 |
| | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $7,065,705) |  | 7200567 |
| |  |  |  |
| | **CONVERTIBLE BONDS — 0.4%** |  |  |
| |  |  |  |
| | **SOFTWARE & SERVICES — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Block, Inc., Zero Coupon due 5/1/2026 | 73000 | 72363 |
| |  |  | 72363 |
| | &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $72,382) |  | 72363 |
| |  |  |  |
| | **OTHER GOVERNMENT — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), 3.00% due 11/21/2033 | 100000 | 64404 |
| | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 46000 | 26679 |
| | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 3.25% due 1/31/2033 | 60000 | 77253 |
| | &nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $152,412) |  | 168336 |
| |  |  |  |
| | **U.S. TREASURY SECURITIES — 27.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.125%, 8/15/2044 | 1025000 | 839699 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 2/15/2051 | 392077 | 222519 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2045 | 1850000 | 1473063 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/31/2030 | 160000 | 161600 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/2032 - 11/15/2035 | 430000 | 431850 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 650000 | 667875 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/2044 | 1000000 | 1009531 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 7.60%, 11/15/2041 | 1120000 | 540883 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $5,135,955) |  | 5347020 |
| |  |  |  |
| | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | 45000 | 45217 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $45,139) |  | 45217 |
| |  |  |  |
| | **MORTGAGE BACKED — 23.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B Class A1, 1.698% due 5/25/2059 | 122650 | 117012 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 6.115% due 1/25/2061 | 28578 | 28605 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 3.881% due 12/25/2066 | 74842 | 72412 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 30000 | 31639 |
| | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR1 Class A3, 3.606% due 11/25/2043 | 69657 | 65987 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH1 Class A1A, 3.87% due 1/25/2067 | 95029 | 93299 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 5.169% due 5/25/2067 | 97316 | 97141 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841733, 2.09% (2.19% - SOFR30A) due 6/1/2052 | 96723 | 92201 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, Series 4165 Class BE, 1.50% due 2/15/2028 | 19496 | 19165 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031 | 90000 | 92755 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0094, 5.00% due 2/1/2056 | $28903 | $29038 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD2278, 3.00% due 8/1/2052 | 104619 | 94897 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD2601, 2.50% due 2/1/2053 | 172464 | 150191 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8194, 2.50% due 2/1/2052 | 234989 | 204762 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8218, 2.00% due 6/1/2052 | 111873 | 93201 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 544326 | 493617 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AM5836, 4.05% due 4/1/2032 | 78874 | 79382 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BL2763, 3.99% due 6/1/2049 | 89654 | 83651 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056, 3.85% due 8/1/2032 | 43000 | 42633 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS7738, 4.20% due 3/1/2033 | 17000 | 17140 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-155 Class D, 4.00% due 1/25/2031 | 35475 | 35310 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-46 Class LB, 3.50% due 12/25/2052 | 24305 | 24131 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-6 Class GJ, 3.00% due 2/25/2049 | 37929 | 37152 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-7 Class CD, 4.00% due 4/25/2053 | 49719 | 49264 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS4713, 2.50% due 5/1/2053 | 107817 | 93909 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS8579, 2.00% due 8/1/2042 | 241486 | 215982 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS9660, 5.50% due 10/1/2054 | 161793 | 164748 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS9716, 2.00% due 8/1/2042 | 200642 | 179452 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5107, 5.50% due 8/1/2053 | 172780 | 175902 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5611, 4.00% due 2/1/2055 | 251224 | 244237 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5671, 4.50% due 4/1/2055 | 253307 | 250503 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5972, 5.50% due 2/1/2056 | 29886 | 30393 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 63280 | 60430 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., Pool MA7706, 3.00% due 11/20/2051 | 340984 | 312940 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-110 Class AC, 1.75% due 10/16/2062 | 27076 | 21296 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-75 Class AC, 1.60% due 4/16/2062 | 34697 | 26917 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H01 Class FA, 4.697% (TSFR1M + 1.01%) due 1/20/2066 | 23687 | 23809 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-15 Class DL, 3.00% due 9/20/2049 | 29396 | 28600 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | 59665 | 47736 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | 57817 | 57730 |
| | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM1 Class A1, 2.479% due 3/25/2065 | 26324 | 25550 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 6.579% due 3/25/2069 | 54145 | 54857 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-1A Class A1, 4.00% due 2/25/2057 | 66179 | 65265 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 34000 | 31863 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 76219 | 74332 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 69710 | 70678 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-10 Class A2, 5.00% due 11/25/2055 | 88197 | 88017 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.925% (TSFR1M + 1.26%) due 5/15/2038 | 50000 | 49854 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2015-1 Class A5, 4.554% due 10/25/2053 | 15256 | 15240 |
| | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $4,406,321) |  | 4554825 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 1.4%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 26554 | 265541 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $265,541) |  | 265541 |
| |  |  |  |
| | TOTAL INVESTMENTS — 99.5% (Cost $18,746,598) |  | $19268000 |
| | OTHER ASSETS LESS LIABILITIES — 0.5% |  | 103580 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $19371580 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OUTSTANDING FUTURES CONTRACTS AT FEBRUARY 28, 2026** | **OUTSTANDING FUTURES CONTRACTS AT FEBRUARY 28, 2026** | **OUTSTANDING FUTURES CONTRACTS AT FEBRUARY 28, 2026** | **OUTSTANDING FUTURES CONTRACTS AT FEBRUARY 28, 2026** | **OUTSTANDING FUTURES CONTRACTS AT FEBRUARY 28, 2026** |
| **CONTRACT**<br> **DESCRIPTION** | **CONTRACT**<br> **AMOUNT** | **EXPIRATION**<br> **DATE** | **NOTIONAL**<br> **AMOUNT** | **VALUE AND**<br> **UNREALIZED**<br> **APPRECIATION/**<br> **(DEPRECIATION)** |
| **LONG CONTRACTS** |  |  |  |  |
| U.S. Treasury 10 Year Note Futures | 2 | 6/18/2026 | $200000 | $&nbsp;&nbsp;&nbsp;&nbsp; 1156 |

---

**Footnote Legend**

---

| | |
|:---|:---|
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026, the aggregate value of these securities in the Fund's portfolio was $5,350,442, representing 27.62% of the Fund's net assets. |

---

b Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on February 28, 2026.

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

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

e Investment in Affiliates.

**Portfolio Abbreviations**

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

---

| | | | |
|:---|:---|:---|:---|
| ACB | Agricultural Credit Bank | NZD | Denominated in New Zealand Dollar |
| AUD | Denominated in Australian Dollar | REMIC | Real Estate Mortgage Investment Conduit |
| CMBS | Commercial Mortgage-Backed Securities | SOFR | Secured Overnight Financing Rate |
| CMO | Collateralized Mortgage Obligation | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| CMT | Constant Maturity Rate | TSFR1M | Term SOFR 1 Month |
| GBP | Denominated in Pound Sterling | TSFR3M | Term SOFR 3 Month |
| Mtg | Mortgage | UMBS | Uniform Mortgage-Backed Securities |

---

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 94.1% |
| &nbsp;&nbsp;Canada | 1.4% |
| &nbsp;&nbsp;United Kingdom | 0.8% |
| &nbsp;&nbsp;Australia | 0.7% |
| &nbsp;&nbsp;Bermuda | 0.3% |
| &nbsp;&nbsp;France | 0.3% |
| &nbsp;&nbsp;New Zealand | 0.1% |
| &nbsp;&nbsp;Israel | 0.1% |
| &nbsp;&nbsp;Guatemala | 0.1% |
| &nbsp;&nbsp;Colombia | 0.1% |
| &nbsp;&nbsp;Mexico | 0.1% |
| &nbsp;&nbsp;Other Assets Less Liabilities | 1.9% |

---

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

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

Schedule of Investments

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| |  | **SHARES/** |  |
| | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
|  | **PREFERRED STOCK — 0.1%** |  |  |
| | **INSURANCE — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Insurance — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. 5.75% (SOFR 3 Month + 4.04%), 6/15/2056 | 1775 | $44428 |
| |  |  | 44428 |
| | &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $44,748) |  | 44428 |
| |  |  |  |
|  | **ASSET BACKED SECURITIES — 10.3%** |  |  |
| | **AUTO RECEIVABLES — 3.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2023-2A Class B, 9.85% due 6/20/2030 | $78671 | 79300 |
| | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P3 Class A3, 4.61% due 11/10/2027 | 45922 | 45948 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | 59138 | 59300 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2024-B Class B, 6.04% due 10/16/2028 | 173077 | 173740 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-2A Class C, 5.79% due 2/15/2029 | 95717 | 95996 |
| | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | 251638 | 251888 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class C, 6.32% due 5/15/2028 | 38616 | 38679 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.75% due 7/17/2028 | 54295 | 54464 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2025-2A Class A2, 5.75% due 5/15/2030 | 200000 | 202346 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028 | 195892 | 196804 |
| | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | 64112 | 63932 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | 23837 | 23869 |
| | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | 66074 | 66053 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | 73037 | 73569 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 6.42% due 6/15/2028 | 160673 | 162290 |
| | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | 90025 | 91112 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 6.19% due 8/15/2029 | 108023 | 108761 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-1 Class C, 8.31% due 10/16/2028 | 5368 | 5371 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2023-1A Class A, 5.41% due 11/14/2029 | 245000 | 247055 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-6A Class A2, 4.705% due 8/25/2034 | 204000 | 204334 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | 104952 | 105523 |
| | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2026-1 Class A2, 4.04% due 3/15/2029 | 236000 | 236009 |
| | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 225240 | 210126 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 74512 | 68991 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | 94958 | 95274 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2022-2A Class D, 5.48% due 9/15/2027 | 124418 | 124738 |
| |  |  | 3085472 |
| | **OTHER ASSET BACKED — 5.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034 | 147305 | 147642 |
| | &nbsp;&nbsp;&nbsp;ACHV ABS Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4CP Class E, 10.50% due 11/25/2030 | 74736 | 75001 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3AL Class B, 5.45% due 12/26/2031 | 188872 | 190270 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2023-X1 Class D, 9.55% due 11/15/2028 | 58490 | 58490 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | 114527 | 114953 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2024-1A Class A2, 5.84% due 3/15/2027 | 3956 | 3958 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-A Class B, 6.35% due 4/17/2036 | 198456 | 200190 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class D, 8.53% due 6/26/2028 | 200000 | 202513 |
| | &nbsp;&nbsp;&nbsp;Goodgreen Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 2.63% due 4/15/2055 | 261368 | 226209 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 2.66% due 10/15/2056 | 133169 | 115226 |
| | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 6.48% due 1/21/2031 | 142635 | 142899 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C, 5.33% due 5/20/2031 | 305000 | 306410 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 257637 | 247004 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Lending Funding Trust, Series 2020-2A Class A, 2.32% due 4/21/2031 | 139692 | 138284 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | $217421 | $182715 |
| | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.53% due 12/15/2031 | 56894 | 56779 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 7.20% due 4/15/2033 | 21116 | 21116 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | 59742 | 59849 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | 70250 | 70878 |
| | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A, 4.01% due 6/22/2043 | 193240 | 185023 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | 157898 | 125876 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031 | 48063 | 48873 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | 243325 | 244453 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-C Class A, 2.18% due 10/8/2031 | 140544 | 138453 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10 Class ABC, 5.637% due 6/15/2032 | 175765 | 176440 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3 Class A, 6.258% due 10/15/2031 | 119053 | 119119 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2022-1 Class C, 6.01% due 7/17/2028 | 260000 | 261230 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | 52592 | 52803 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | 184590 | 187602 |
| | &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | 123616 | 124411 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 173256 | 173455 |
| | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class C, 3.19% due 9/20/2031 | 67917 | 67787 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 66959 | 67134 |
| |  |  | 4533045 |
| | **STUDENT LOAN — 1.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS Class A1, 2.68% due 9/25/2042 | 231329 | 220901 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | 161566 | 159204 |
| | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.42% due 1/15/2043 | 26283 | 26222 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-FA Class A2, 2.60% due 8/15/2068 | 160359 | 155649 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GA Class A, 2.40% due 10/15/2068 | 69291 | 67490 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A, 1.31% due 1/15/2069 | 29465 | 28055 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A Class APT1, 1.36% due 4/20/2062 | 308368 | 295054 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-1 Class A3, 4.732% (SOFR30A + 1.06%) due 9/25/2028 | 101495 | 101691 |
| | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 4.524% (TSFR1M + 0.86%) due 10/15/2035 | 40025 | 40013 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PTB Class A2A, 1.60% due 9/15/2054 | 109353 | 104126 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2020-C Class AFX, 1.95% due 2/15/2046 | 89437 | 84976 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class D, 5.482% (TSFR1M + 1.81%) due 11/20/2061 | 285000 | 280686 |
| |  |  | 1564067 |
| | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $9,156,799) |  | 9182584 |
| |  |  |  |
|  | **CORPORATE BONDS — 46.3%** |  |  |
| | **AUTOMOBILES & COMPONENTS — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Automobiles — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.319% (SOFR + 0.62%) due 12/11/2026 | 144000 | 144192 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.00% due 10/12/2032 | 300000 | 307329 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 3.05% due 2/14/2027 | 50000 | 49424 |
| | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | 190000 | 196399 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | 50000 | 50187 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.45% due 9/11/2027 | 200000 | 201056 |
| |  |  | 948587 |
| | **BANKS — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Banks — 0.9%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 237000 | 234324 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 1.23%) due 5/31/2027 | 76000 | 76324 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030 | 141000 | 145762 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series BB, 3.90% (5-Yr. CMT + 3.45%) due 3/15/2026 | 310000 | 309746 |
| |  |  | 766156 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | **CAPITAL GOODS — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | $265000 | $262006 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | 205000 | 208626 |
| | &nbsp;&nbsp;&nbsp;**Machinery — 0.9%** |  |  |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | 265000 | 258969 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | 220000 | 225821 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;John Deere Capital Corp., 4.312% (SOFR + 0.60%) due 6/11/2027 | 71000 | 71264 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | 237000 | 215039 |
| | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 233000 | 246959 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 147000 | 154200 |
| |  |  | 1642884 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 2.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | 285000 | 262075 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | 262000 | 262018 |
| | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 240000 | 249211 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | 142000 | 142711 |
| | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | 250000 | 260403 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | 410000 | 419828 |
| | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 156000 | 165079 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | 88000 | 87488 |
| | &nbsp;&nbsp;&nbsp;**Professional Services — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | 200000 | 189822 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 305000 | 304057 |
| |  |  | 2342692 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | 248000 | 248684 |
| | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | 126000 | 127627 |
| |  |  | 376311 |
| | **CONSUMER DURABLES & APPAREL — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | 55000 | 45258 |
| | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Mattel, Inc., 5.00% due 11/17/2030 | 213000 | 216154 |
| | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | 240000 | 256186 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Levi Strauss & Co. (EUR), 4.00% due 8/15/2030 | 200000 | 240413 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 7.25% due 7/15/2030 | 200000 | 207262 |
| |  |  | 965273 |
| | **CONSUMER SERVICES — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | 215000 | 219225 |
| | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 270000 | 256014 |
| |  |  | 475239 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 6.25% due 3/15/2033 | 115000 | 118183 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 80000 | 83930 |
| | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 2/15/2029 | 105000 | 104453 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 4/15/2033 | 112000 | 114385 |
| |  |  | 420951 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | **ENERGY — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.402% due 1/15/2038 | $175000 | $155776 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 277000 | 284656 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | 242000 | 252830 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | 170000 | 173497 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | 125000 | 132050 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 200000 | 200860 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | 250000 | 258298 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 100000 | 98993 |
| | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | 100000 | 106846 |
| | &nbsp;&nbsp;&nbsp;MPLX LP, 4.95% due 9/1/2032 | 157000 | 159961 |
| | &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | 150000 | 150021 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | 160000 | 156651 |
| | &nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | 150000 | 150036 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | 111000 | 115169 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.40% due 9/30/2029 | 259000 | 269026 |
| |  |  | 2664670 |
| | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;American Tower Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | 109000 | 112007 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 11/15/2028 | 100000 | 104416 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American Tower Trust, 3.652% due 3/15/2048 | 80000 | 79669 |
| | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, 5.70% due 4/1/2028 | 186000 | 192023 |
| | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, 4.25% due 12/15/2028 | 160000 | 160717 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 7.00% due 2/15/2029 | 215000 | 220683 |
| | &nbsp;&nbsp;&nbsp;Realty Income Corp., 4.70% due 12/15/2028 | 132000 | 134640 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SBA Tower Trust, 1.631% due 5/15/2051 | 150000 | 147436 |
| | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | 78000 | 77351 |
| |  |  | 1228942 |
| | **FINANCIAL SERVICES — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | 149000 | 151959 |
| | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10% due 3/15/2028 | 207000 | 206102 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | 251000 | 260596 |
| | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | 214000 | 210899 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | 250000 | 262075 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | 227000 | 227039 |
| | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., 6.50% due 6/4/2027 | 276000 | 280571 |
| | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | 155000 | 163309 |
| | &nbsp;&nbsp;&nbsp;TPG Operating Group II LP, 4.875% due 5/15/2031 | 118000 | 118507 |
| | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;FirstCash, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | 190000 | 190004 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% due 3/1/2032 | 123000 | 127062 |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 1.6%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 6.35% due 10/23/2029 | 250000 | 255990 |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;Barclays plc, 4.476% (SOFR + 1.08%) due 11/11/2029 | 200000 | 201518 |
| | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | 50000 | 49652 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.952% (SOFR + 1.46%) due 5/7/2031 | 210000 | 215676 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | 200000 | 214508 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.52% (SOFR + 0.82%) due 9/10/2027 | 50000 | 50083 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.455% (SOFR + 0.77%) due 9/22/2027 | 71000 | 71126 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030 | 210000 | 224087 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;Western Union Co., 4.75% due 6/15/2029 | 178000 | 178361 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | $280000 | $285513 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | 182000 | 188221 |
| |  |  | 4132858 |
| | **FOOD, BEVERAGE & TOBACCO — 2.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Beverages — 0.6%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 215000 | 212809 |
| | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | 59000 | 59324 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | 220000 | 222150 |
| | &nbsp;&nbsp;&nbsp;**Food Products — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Conagra Brands, Inc., 4.85% due 11/1/2028 | 134000 | 135880 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25% due 4/15/2027 | 214000 | 213991 |
| | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 223000 | 220710 |
| | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2033 | 111000 | 113071 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 3/15/2036 | 50000 | 50800 |
| | &nbsp;&nbsp;&nbsp;**Tobacco — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 2.45% due 2/4/2032 | 192000 | 172278 |
| | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.625% due 3/22/2033 | 193000 | 193714 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 6.125% due 7/27/2027 | 210000 | 215823 |
| |  |  | 1810550 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Baxter International, Inc., 4.90% due 12/15/2030 | 259000 | 260502 |
| | &nbsp;&nbsp;&nbsp;Hologic, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 121000 | 120361 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 2/1/2028 | 139000 | 138893 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029 | 165000 | 170280 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;VSP Optical Group, Inc., 5.45% due 12/1/2035 | 258000 | 262038 |
| | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Centene Corp., 4.625% due 12/15/2029 | 240000 | 234127 |
| | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 3/15/2029 | 147000 | 141639 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/1/2028 | 125000 | 123136 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 50000 | 49689 |
| | &nbsp;&nbsp;&nbsp;IQVIA, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2027 | 200000 | 199576 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 5/15/2028 | 210000 | 216122 |
| | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | 165000 | 168338 |
| | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., 4.625% due 10/15/2029 | 101000 | 102154 |
| |  |  | 2186855 |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Household Products — 0.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | 303000 | 300509 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 3.75% due 4/1/2031 | 223000 | 208692 |
| | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | 92000 | 87442 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/15/2026 | 95000 | 94913 |
| | &nbsp;&nbsp;&nbsp;**Personal Care Products — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | 305000 | 304366 |
| |  |  | 995922 |
| | **INSURANCE — 6.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Insurance — 6.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;American National Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/3/2030 | 194000 | 197779 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 1/28/2030 | 129000 | 132424 |
| | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | 247000 | 257843 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 2.00% due 6/28/2028 | 274000 | 258056 |
| | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 5.65% due 6/11/2034 | 200000 | 205542 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | $315000 | $328784 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;CNO Global Funding, 4.95% due 9/9/2029 | 100000 | 102031 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Constellation Global Funding, 4.85% due 10/22/2030 | 200000 | 199442 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | 65000 | 65379 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 259000 | 264885 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | 278000 | 250161 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 5.00% due 3/27/2030 | 249000 | 255758 |
| | &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 7.40% due 1/13/2028 | 187000 | 194059 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., 4.625% due 4/29/2030 | 278000 | 281205 |
| | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 2.45% due 3/15/2031 | 242000 | 216873 |
| | &nbsp;&nbsp;&nbsp;First American Financial Corp., 2.40% due 8/15/2031 | 244000 | 215088 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 251000 | 260812 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 4.50% due 9/18/2030 | 266000 | 262646 |
| | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 4.70% due 10/1/2030 | 240000 | 241135 |
| | &nbsp;&nbsp;&nbsp;Lincoln National Corp., 5.35% due 11/15/2035 | 199000 | 194260 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | 50000 | 50388 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Protective Life Corp., 4.70% due 1/15/2031 | 259000 | 261331 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 2.75% due 1/21/2027 | 200000 | 197362 |
| | &nbsp;&nbsp;&nbsp;RLI Corp., 5.375% due 6/1/2036 | 180000 | 179656 |
| | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 312000 | 282082 |
| | &nbsp;&nbsp;&nbsp;Willis North America, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 3/15/2031 | 160000 | 160147 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% due 5/15/2033 | 65000 | 66957 |
| |  |  | 5582085 |
| | **MATERIALS — 2.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Chemicals — 0.5%** |  |  |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 5.25% due 6/1/2027 | 255000 | 256367 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 235000 | 215406 |
| | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.7%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | 112000 | 116539 |
| | &nbsp;&nbsp;&nbsp;AptarGroup, Inc., 4.75% due 3/30/2031 | 80000 | 81186 |
| | &nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/15/2033 | 105000 | 108026 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2029 | 79000 | 81435 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | 300000 | 308262 |
| | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.512% due 4/15/2026 | 131000 | 130404 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% due 3/1/2029 | 236000 | 225276 |
| | &nbsp;&nbsp;&nbsp;Sealed Air Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2029 | 136000 | 137134 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 7/15/2032 | 116000 | 119673 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 177000 | 176572 |
| | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | 290000 | 265550 |
| |  |  | 2221830 |
| | **MEDIA & ENTERTAINMENT — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Media — 1.2%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | 330000 | 307504 |
| | &nbsp;&nbsp;&nbsp;Lamar Media Corp., 3.75% due 2/15/2028 | 310000 | 304941 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;News Corp., 3.875% due 5/15/2029 | 267000 | 260354 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.00% due 8/1/2027 | 191000 | 190968 |
| |  |  | 1063767 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.6%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc., 5.50% due 2/15/2034 | 250000 | 252180 |
| | &nbsp;&nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | 306000 | 306679 |
| | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | 265000 | 262491 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | $270000 | $263277 |
| |  |  | 1084627 |
| | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 260000 | 260918 |
| |  |  | 260918 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., 5.65% due 11/1/2032 | 114000 | 121522 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 253000 | 233145 |
| | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 109000 | 108315 |
| |  |  | 462982 |
| | **SOFTWARE & SERVICES — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | 273000 | 268782 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Genpact UK Finco plc / Genpact USA, Inc., 4.95% due 11/18/2030 | 199000 | 196636 |
| | &nbsp;&nbsp;&nbsp;Global Payments, Inc., 5.30% due 8/15/2029 | 307000 | 315559 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 188000 | 188487 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 206000 | 205077 |
| | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Alphabet, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% due 2/15/2029 | 100000 | 100078 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 2/15/2031 | 95000 | 95653 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 55000 | 53948 |
| | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | 207000 | 211610 |
| | &nbsp;&nbsp;&nbsp;**Software — 1.3%** |  |  |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 115000 | 116808 |
| | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | 150000 | 146857 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2026 | 68000 | 68003 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | 232000 | 227722 |
| | &nbsp;&nbsp;&nbsp;Open Text Corp., |  |  |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2028 | 170000 | 162176 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | 50000 | 51374 |
| | &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.445% (SOFR + 0.76%) due 8/3/2028 | 71000 | 70247 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 2/3/2032 | 61000 | 61223 |
| | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | 105000 | 104910 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | 115000 | 117082 |
| |  |  | 2762232 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 4.25% due 4/1/2028 | 275000 | 273914 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd., 6.00% due 1/15/2028 | 185000 | 191111 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 163000 | 165212 |
| | &nbsp;&nbsp;&nbsp;Trimble, Inc., 4.90% due 6/15/2028 | 135000 | 136389 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | 212000 | 218029 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 213000 | 218391 |
| | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 4.15% due 9/15/2028 | 192000 | 192430 |
| | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | 262000 | 273067 |
| |  |  | 1668543 |
| | **TELECOMMUNICATION SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;Orange SA, 4.75% due 1/13/2033 | 227000 | 229454 |
| |  |  | 229454 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | **TRANSPORTATION — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.65% due 3/1/2028 | $50000 | $51529 |
| |  |  | 51529 |
| | **UTILITIES — 5.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electric Utilities — 4.9%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 5.95% due 3/30/2029 | 125000 | 131420 |
| | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | 184000 | 190022 |
| | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | 262000 | 277689 |
| | &nbsp;&nbsp;&nbsp;Black Hills Corp., 2.50% due 6/15/2030 | 168000 | 156413 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Cleco Power LLC, 5.30% due 1/15/2036 | 119000 | 121244 |
| | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | 20000 | 20282 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2030 | 167000 | 172083 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;Series C, 4.35% (5-Yr. CMT + 3.20%) due 1/15/2027 | 220000 | 219041 |
| | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | 50000 | 50966 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 10/1/2035 | 121000 | 122053 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 131000 | 135930 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;Electricite de France SA, 5.75% due 1/13/2035 | 102000 | 108606 |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (SOFR 3 Month + 5.44%) due 6/15/2076 | 175000 | 176099 |
| | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC, 5.45% due 6/1/2034 | 187000 | 197833 |
| | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 5.25% due 3/15/2035 | 155000 | 159084 |
| | &nbsp;&nbsp;&nbsp;Eversource Energy, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% due 3/15/2031 | 130000 | 119276 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 3/1/2028 | 126000 | 129316 |
| | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | 186000 | 193814 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | 148000 | 155813 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.647% due 10/3/2030 | 208000 | 211343 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | 186000 | 191972 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Ohio Edison Co., 4.95% due 12/15/2029 | 107000 | 110020 |
| | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | 279000 | 288067 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 210000 | 216705 |
| | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | 280000 | 290136 |
| | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co., 5.20% due 8/1/2033 | 73000 | 76292 |
| | &nbsp;&nbsp;&nbsp;Southern Co., 3.25% due 7/1/2026 | 50000 | 49883 |
| | &nbsp;&nbsp;&nbsp;Union Electric Co., 2.95% due 3/15/2030 | 123000 | 118217 |
| | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.6%** |  |  |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | 95000 | 96869 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | 52000 | 51991 |
| | &nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | 134000 | 140839 |
| | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 179000 | 185550 |
| |  |  | 4864868 |
| | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $40,840,515) |  | 41210725 |
| |  |  |  |
| **** | **CONVERTIBLE BONDS — 0.3%** |  |  |
| | **SOFTWARE & SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Block, Inc., Zero Coupon due 5/1/2026 | 288000 | 285486 |
| |  |  | 285486 |
| | &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $285,561) |  | 285486 |
| |  |  |  |
| **** | **OTHER GOVERNMENT — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), 3.00% due 11/21/2033 | 325000 | 209312 |
| | &nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), 10.00% due 1/1/2029 | 495000 | 92445 |
| | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 129000 | 74817 |
| | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 3.25% due 1/31/2033 | 262000 | 337340 |
| | &nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $647,843) |  | 713914 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| **** |  |  |  |
| **** | **U.S. TREASURY SECURITIES — 16.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, 2/15/2051 | $267608 | $151878 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 10/15/2027 | 722001 | 733818 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | 258284 | 263026 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/2051 | 533000 | 307641 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/15/2045 | 313000 | 229713 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2045 | 2500000 | 1990625 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/2032 - 11/15/2035 | 2869000 | 2881519 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 2/15/2036 | 2650000 | 2685195 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 597000 | 613418 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 2/15/2035 | 2939000 | 3100645 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2045 | 1055000 | 1081540 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.264%, 11/15/2036 | 260000 | 166521 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 5/15/2037 | 325000 | 202593 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $14,001,049) |  | 14408132 |
| |  |  |  |
| **** | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | 205000 | 205988 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $205,740) |  | 205988 |
| |  |  |  |
| **** | **MORTGAGE BACKED — 22.0%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059 | 467603 | 446109 |
| | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5 Class M1, 2.97% due 5/25/2065 | 220000 | 210873 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.881% due 12/25/2066 | 150318 | 145437 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | 16720 | 16451 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;ATLX Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | 308013 | 302437 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 5.757% due 1/25/2063 | 149041 | 148573 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class M1, 3.269% due 11/25/2059 | 275000 | 272521 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047 | 100000 | 103568 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 260000 | 243116 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-8 Class A2, 6.00% due 6/25/2056 | 403994 | 409486 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-2 Class A1, 4.757% due 3/25/2067 | 92559 | 93034 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 369000 | 389163 |
| | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 384209 | 382979 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 5.169% due 5/25/2067 | 263114 | 262639 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 6.463% due 5/25/2065 | 175000 | 177623 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841733, 2.09% (2.19% - SOFR30A) due 6/1/2052 | 79901 | 76166 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, Series 4204 Class AD, 1.50% due 8/15/2042 | 116373 | 111664 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031 | 180000 | 185509 |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2024-1 Class MT, 3.00% due 11/25/2063 | 89224 | 76885 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0014, 6.00% due 6/1/2055 | 551088 | 565110 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0094, 5.00% due 2/1/2056 | 181390 | 182240 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD2601, 2.50% due 2/1/2053 | 521600 | 454237 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8218, 2.00% due 6/1/2052 | 145020 | 120816 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8255, 3.50% due 10/1/2052 | 352051 | 332503 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8491, 5.00% due 12/1/2054 | 996657 | 1001813 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM7605, 1.984% (2.28% - SOFR30A) due 7/1/2052 | 113775 | 108601 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS3483, 2.26% due 10/1/2041 | 160000 | 120047 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-134 Class MX, 3.50% due 5/25/2042 | 386324 | 384146 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-7 Class CD, 4.00% due 4/25/2053 | 198876 | 197054 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB4555, 4.50% due 9/1/2052 | 132063 | 131132 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FA1110, 4.50% due 9/1/2054 | 512598 | 508864 |

---

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

**Schedule of Investments, Continued** 

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS4713, 2.50% due 5/1/2053 | $721543 | $628470 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS8875, 3.00% due 7/1/2053 | 1384999 | 1255975 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS9660, 5.50% due 10/1/2054 | 1116788 | 1137185 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS9716, 2.00% due 8/1/2042 | 343321 | 307062 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5611, 4.00% due 2/1/2055 | 137462 | 133639 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5972, 5.50% due 2/1/2056 | 179317 | 182358 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA6283, 3.00% due 11/20/2049 | 334421 | 307637 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | 559479 | 513465 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 1152668 | 1057273 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-83 Class AE, 3.50% due 11/20/2044 | 235074 | 234320 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | 219909 | 175942 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 207142 | 208775 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2019-PJ2 Class B4, 4.355% due 11/25/2049 | 88597 | 84901 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 363369 | 360448 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.182% due 1/25/2068 | 95116 | 94916 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041 | 85000 | 80882 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | 121416 | 121233 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class A, 5.353% (TSFR1M + 1.69%) due 3/15/2040 | 24138 | 24143 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO, Series 2021-GS4 Class A1, 5.65% due 11/25/2060 | 276388 | 288589 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 225000 | 217531 |
| | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV3 Class A1, 6.00% due 10/25/2057 | 210264 | 209809 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 133505 | 133732 |
| | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A1, 4.00% due 2/25/2057 | 168692 | 166361 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4 Class A1, 2.492% due 9/25/2059 | 208042 | 199184 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | 88885 | 77523 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 390000 | 390970 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 286000 | 268028 |
| | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 142601 | 121917 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 142450 | 144428 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 5.993% due 4/25/2030 | 81868 | 81704 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | 100000 | 103373 |
| | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2D, 2.00% due 7/25/2030 | 65000 | 59821 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-10 Class A2, 5.00% due 11/25/2055 | 264591 | 264050 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.925% (TSFR1M + 1.26%) due 5/15/2038 | 80000 | 79767 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.248% (TSFR1M + 2.59%) due 4/15/2042 | 41199 | 41406 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 150000 | 136475 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | 242031 | 242336 |
| | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | 108880 | 107297 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 54065 | 53710 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2A, 3.10% due 1/25/2060 | 100000 | 93456 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1A, 1.636% due 4/25/2060 | 189143 | 175161 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 93309 | 85488 |
| | &nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A15, 2.50% due 8/25/2051 | 265854 | 223022 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV5 Class A14, 3.00% due 1/25/2052 | 160690 | 142811 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class M1, 3.26% due 11/25/2054 | 160000 | 157031 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;VOLT CII LLC, Whole Loan Securities Trust CMO, Series 2021-NP11 Class A1, 5.868% due 8/25/2051 | 44393 | 44403 |
| | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, CMBS, Series 2017-C40 Class A2, 2.495% due 10/15/2050 | 73482 | 71764 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B3, 3.778% due 1/20/2046 | 127764 | 124316 |
| | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $19,189,537) |  | 19574883 |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **SHORT-TERM INVESTMENTS — 3.5%** |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 314063 | $3140632 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $3,140,632) |  | 3140632 |
|  | TOTAL INVESTMENTS — 99.7% (Cost $87,512,424) |  | $88766772 |
|  | OTHER ASSETS LESS LIABILITIES — 0.3% |  | 275126 |
|  | NET ASSETS — 100.0% |  | $89041898 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT FEBRUARY 28, 2026** |
| **CONTRACT**<br>**DESCRIPTION** | **CONTRACT**<br>**PARTY\*** | <br>**BUY/SELL** | **CONTRACT**<br>**AMOUNT** | **CONTRACT**<br>**VALUE DATE** | **VALUE**<br>**USD** | **UNREALIZED**<br>**APPRECIATION** | **UNREALIZED**<br>**DEPRECIATION** |
| Euro | SSB | Sell | 194200 | 3/25/2026 | 229816 | $1628 | $— |
| Net unrealized appreciation (depreciation) |  |  |  |  |  | $1628 |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT FEBRUARY 28, 2026** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT FEBRUARY 28, 2026** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT FEBRUARY 28, 2026** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT FEBRUARY 28, 2026** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT FEBRUARY 28, 2026** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT FEBRUARY 28, 2026** | **OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT FEBRUARY 28, 2026** |
| <br>**REFERENCE**<br>**ENTITY** | **FIXED**<br>**RATE**<br>**(PAY)/**<br>**RECEIVE** | <br>**PAYMENT**<br>**FREQUENCY** | <br>**EXPIRATION**<br>**DATE** | <br>**NOTIONAL**<br>**AMOUNT** | **UPFRONT**<br>**PREMIUMS**<br>**(RECEIVED)/**<br>**PAID** | **VALUE AND**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)** |
| **PROTECTION SOLD CONTRACTS** |  |  |  |  |  |  |
| CDX North America High Yield Index Series 45 ICE | 5.00% | Quarterly | 12/20/2030 | $361350 | $25257 | $2619 |

---

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

**Footnote Legend**

a Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on February 28, 2026.

---

| | |
|:---|:---|
| 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 February 28, 2026, the aggregate value of these securities in the Fund's portfolio was $38,365,542, representing 43.09% of the Fund's net assets. |

---

c Bond in default.

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

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

f When-issued security.

g Investment in Affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** |  |  |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| ABS | &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mtg | &nbsp;&nbsp;&nbsp;Mortgage |
| ACB | &nbsp;&nbsp;&nbsp;&nbsp;Agricultural Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;Denominated in New Zealand Dollar |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;Denominated in Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REMIC | &nbsp;&nbsp;&nbsp;Real Estate Mortgage Investment Conduit |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;Denominated in Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR | &nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |
| CMBS | &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR30A | &nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate 30-Day Average |
| CMO | &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR1M | &nbsp;&nbsp;&nbsp;Term SOFR 1 Month |
| CMT | &nbsp;&nbsp;&nbsp;&nbsp;Constant Maturity Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M | &nbsp;&nbsp;&nbsp;Term SOFR 3 Month |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;Denominated in Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMBS | &nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;Denominated in Pound Sterling |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Multi Sector Bond ETF \| February 28, 2026 (Unaudited)

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 89.6% |
| &nbsp;&nbsp;Canada | 2.2% |
| &nbsp;&nbsp;United Kingdom | 1.3% |
| &nbsp;&nbsp;Australia | 0.6% |
| &nbsp;&nbsp;Germany | 0.6% |
| &nbsp;&nbsp;France | 0.4% |
| &nbsp;&nbsp;Bermuda | 0.3% |
| &nbsp;&nbsp;Japan | 0.3% |
| &nbsp;&nbsp;Guatemala | 0.2% |
| &nbsp;&nbsp;Colombia | 0.2% |
| &nbsp;&nbsp;Mexico | 0.2% |
| &nbsp;&nbsp;Israel | 0.1% |
| &nbsp;&nbsp;Brazil | 0.1% |
| &nbsp;&nbsp;New Zealand | 0.1% |
| &nbsp;&nbsp;Other Assets Less Liabilities | 3.8% |

---

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

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

**Schedule of Investments**

Thornburg International Equity ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **COMMON STOCK — 91.7%** | **COMMON STOCK — 91.7%** | **COMMON STOCK — 91.7%** |
|  | **AUTOMOBILES & COMPONENTS — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobile Components — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 151699 | $6161420 |
|  |  |  | 6161420 |
|  | **BANKS — 9.7%** | | |
|  | &nbsp;&nbsp;&nbsp;**Banks — 9.7%** | | |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | 147613 | 16644381 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 443487 | 12896889 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 716088 | 13615419 |
|  |  |  | 43156689 |
|  | **CAPITAL GOODS — 19.6%** | | |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 3.5%** | | |
|  | &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 20116 | 8678603 |
|  | &nbsp;&nbsp;&nbsp;Rheinmetall AG | 887 | 1742152 |
|  | &nbsp;&nbsp;&nbsp;Safran SA | 12186 | 4891925 |
|  | &nbsp;&nbsp;&nbsp;**Building Products — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | 70676 | 7196484 |
|  | &nbsp;&nbsp;&nbsp;**Construction & Engineering — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ferrovial SE | 141905 | 10582286 |
|  | &nbsp;&nbsp;&nbsp;**Electrical Equipment — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ABB Ltd. | 114965 | 10736345 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 286175 | 10981422 |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | 30579 | 9990152 |
|  | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hitachi Ltd. | 329275 | 11021881 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG | 37823 | 11048296 |
|  |  |  | 86869546 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 1.0%** | | |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 1.0%** | | |
|  | &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | 101749 | 4474675 |
|  |  |  | 4474675 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.2%** | | |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.2%** | | |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | 9383 | 1017586 |
|  |  |  | 1017586 |
|  | **CONSUMER DURABLES & APPAREL — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | 427486 | 9974902 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Amer Sports, Inc. | 19669 | 747028 |
|  | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 6875 | 4416631 |
|  |  |  | 15138561 |
|  | **CONSUMER SERVICES — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Compass Group plc | 61757 | 1891404 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. ADR | 281154 | 7473073 |
|  |  |  | 9364477 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 133428 | 8098522 |
|  |  |  | 8098522 |
|  | **ENERGY — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Shell plc | 134107 | 5541906 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | 141956 | $11276632 |
|  |  |  | 16818538 |

---

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

**Schedule of Investments, Continued**

Thornburg International Equity ETF \| February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| **FINANCIAL SERVICES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Capital Markets — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 426812 | 5837995 |
|  |  | 5837995 |
| **FOOD, BEVERAGE & TOBACCO — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Diageo plc Sponsored ADR | 33521 | 3000130 |
|  |  | 3000130 |
| **HEALTH CARE EQUIPMENT & SERVICES — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcon AG | 116197 | 10101985 |
|  |  | 10101985 |
| **HOUSEHOLD & PERSONAL PRODUCTS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Personal Care Products — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | 19001 | 8915465 |
|  |  | 8915465 |
| **INSURANCE — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Insurance — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Generali | 192903 | 8235824 |
| &nbsp;&nbsp;&nbsp;NN Group NV | 166913 | 13657244 |
|  |  | 21893068 |
| **MATERIALS — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | 27181 | 5720188 |
| &nbsp;&nbsp;&nbsp;Linde plc | 16392 | 8328447 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 66330 | 4515746 |
| &nbsp;&nbsp;&nbsp;Glencore plc | 1156226 | 8300962 |
|  |  | 26865343 |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc | 59968 | 12500330 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 28514 | 13607227 |
|  |  | 26107557 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 135407 | 8655185 |
|  |  | 8655185 |
| **SOFTWARE & SERVICES — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Software — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;SAP SE | 38785 | 7828850 |
|  |  | 7828850 |
| **TECHNOLOGY HARDWARE & EQUIPMENT — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | 18106 | 7661056 |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 263573 | 5476578 |
|  |  | 13137634 |
| **TELECOMMUNICATION SERVICES — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Orange SA | 841341 | $18069428 |
|  |  | 18069428 |

---

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

**Schedule of Investments, Continued**

Thornburg International Equity ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **TRANSPORTATION — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Deutsche Post AG ADR | 105549 | 6218947 |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 118490 | 10378539 |
|  |  |  | 16597486 |
|  | **UTILITIES — 11.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 7.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Endesa SA | 274524 | 11205193 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | 962845 | 11588859 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA | 475417 | 11254566 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | 638102 | 14827054 |
|  |  |  | 48875672 |
|  | &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $335,818,947) |  | 406985812 |
|  | **SHORT-TERM INVESTMENTS — 8.4%** | **SHORT-TERM INVESTMENTS — 8.4%** | **SHORT-TERM INVESTMENTS — 8.4%** |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 3756463 | 37564631 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $37,564,631) |  | 37564631 |
|  | TOTAL INVESTMENTS — 100.1% (Cost $373,383,578) |  | $444550443 |
|  | LIABILITIES NET OF OTHER ASSETS — (0.1)% |  | (552583) |
|  | NET ASSETS — 100.0% |  | $443997860 |

---

---

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

---

---

| | |
|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| ADR | American Depositary Receipt |

---

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;France | 20.5% |
| &nbsp;&nbsp;Japan | 17.0% |
| &nbsp;&nbsp;United States | 15.4% |
| &nbsp;&nbsp;Germany | 12.4% |
| &nbsp;&nbsp;Netherlands | 6.5% |
| &nbsp;&nbsp;Spain | 5.5% |
| &nbsp;&nbsp;Italy | 4.9% |
| &nbsp;&nbsp;Canada | 4.5% |
| &nbsp;&nbsp;United Kingdom | 4.3% |
| &nbsp;&nbsp;Switzerland | 2.6% |
| &nbsp;&nbsp;Taiwan | 2.1% |
| &nbsp;&nbsp;Australia | 2.0% |
| &nbsp;&nbsp;Macao | 1.8% |
| &nbsp;&nbsp;Singapore | 0.3% |
| &nbsp;&nbsp;Finland | 0.2% |

---

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

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

**Schedule of Investments**

Thornburg International Growth ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 99.5%** | **COMMON STOCK — 99.5%** | **COMMON STOCK — 99.5%** |
| |  |  |  |
| | **AUTOMOBILES & COMPONENTS — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Automobiles — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ferrari NV | 491 | $186541 |
| |  |  | 186541 |
| | **BANKS — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Banks — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;BNP Paribas SA | 835 | 94152 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 4660 | 69807 |
| |  |  | 163959 |
| | **CAPITAL GOODS — 14.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 6.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;MTU Aero Engines AG ADR | 354 | 76067 |
| | &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings plc | 9299 | 166715 |
| | &nbsp;&nbsp;&nbsp;Thales SA ADR | 1097 | 66884 |
| | &nbsp;&nbsp;&nbsp;**Building Products — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Nitto Boseki Co. Ltd. | 421 | 67953 |
| | &nbsp;&nbsp;&nbsp;**Electrical Equipment — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Schneider Electric SE | 453 | 147995 |
| | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 4.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;AerCap Holdings NV | 568 | 84882 |
| | &nbsp;&nbsp;&nbsp;Diploma plc | 1730 | 131995 |
| |  |  | 742491 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 7.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Broadline Retail — 7.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 313 | 65730 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 91 | 159940 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | 1357 | 147166 |
| |  |  | 372836 |
| | **CONSUMER DURABLES & APPAREL — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | 867 | 84289 |
| |  |  | 84289 |
| | **CONSUMER SERVICES — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | 352 | 37361 |
| |  |  | 37361 |
| | **FINANCIAL SERVICES — 9.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Capital Markets — 6.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 449 | 123203 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Fairfax India Holdings Corp. | 3659 | 64582 |
| | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. ADR | 596 | 32142 |
| | &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 8702 | 119027 |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 292 | 151025 |
| |  |  | 489979 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 7.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 7.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Alcon AG | 1314 | 114237 |
| | &nbsp;&nbsp;&nbsp;Hoya Corp. | 1582 | 286407 |
| |  |  | 400644 |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Personal Care Products — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Beiersdorf AG | 946 | 120239 |
| |  |  | 120239 |

---

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

**Schedule of Investments, Continued**

Thornburg International Growth ETF \| February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **MATERIALS — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Chemicals — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Air Liquide SA | 920 | $193612 |
| |  |  | 193612 |
| | **MEDIA & ENTERTAINMENT — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Interactive Media & Services — 3.4%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;SMG Swiss Marketplace Group AG | 2086 | 82458 |
| | &nbsp;&nbsp;&nbsp;Vend Marketplaces ASA | 3741 | 93747 |
| |  |  | 176205 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 8.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.3%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;BioArctic AB Class B | 476 | 16291 |
| | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Lonza Group AG | 235 | 163848 |
| | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 5.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 1269 | 264523 |
| |  |  | 444662 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 20.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 20.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | 390 | 78082 |
| | &nbsp;&nbsp;&nbsp;ASM International NV | 174 | 146727 |
| | &nbsp;&nbsp;&nbsp;ASML Holding NV | 230 | 334943 |
| | &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | 616 | 137753 |
| | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 408 | 72293 |
| | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 4746 | 303364 |
| |  |  | 1073162 |
| | **SOFTWARE & SERVICES — 7.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Information Technology Services — 5.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | 5132 | 143548 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Shopify, Inc. Class A | 948 | 114452 |
| | &nbsp;&nbsp;&nbsp;**Software — 2.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | 156 | 47019 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cellebrite DI Ltd. | 2251 | 30028 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Money Forward, Inc. | 1917 | 39169 |
| | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | 828 | 28052 |
| |  |  | 402268 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Communications Equipment — 1.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Arista Networks, Inc. | 725 | 96788 |
| |  |  | 96788 |
| | **UTILITIES — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;E.ON SE | 4913 | 114159 |
| |  |  | 114159 |
| | &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $4,519,504) |  | 5099195 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 2697 | 26965 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $26,965) |  | 26965 |
| | TOTAL INVESTMENTS — 100.0% (Cost $4,546,469) |  | $5126160 |
| | OTHER ASSETS LESS LIABILITIES — 0.0% |  | 946 |
| | NET ASSETS — 100.0% |  | $5127106 |

---

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

**Schedule of Investments, Continued**

Thornburg International Growth ETF \| February 28, 2026 (Unaudited)

**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 February 28, 2026, the aggregate value of these securities in the Fund's portfolio was $163,331, representing 3.19% of the Fund's net assets. |

---

c Investment in Affiliates.

---

| | |
|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| ADR | American Depositary Receipt |

---

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 15.9% |
| &nbsp;&nbsp;Japan | 12.9% |
| &nbsp;&nbsp;Netherlands | 12.1% |
| &nbsp;&nbsp;United Kingdom | 11.0% |
| &nbsp;&nbsp;Germany | 8.5% |
| &nbsp;&nbsp;France | 7.0% |
| &nbsp;&nbsp;Taiwan | 6.0% |
| &nbsp;&nbsp;Italy | 5.3% |
| &nbsp;&nbsp;Switzerland | 4.8% |
| &nbsp;&nbsp;Brazil | 4.5% |
| &nbsp;&nbsp;Singapore | 2.9% |
| &nbsp;&nbsp;Canada | 2.2% |
| &nbsp;&nbsp;Norway | 1.8% |
| &nbsp;&nbsp;Ireland | 1.7% |
| &nbsp;&nbsp;India | 1.3% |
| &nbsp;&nbsp;Hong Kong | 0.6% |
| &nbsp;&nbsp;Israel | 0.6% |
| &nbsp;&nbsp;Australia | 0.6% |
| &nbsp;&nbsp;Sweden | 0.3% |

---

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

30 \| Semi-Annual Financial Statements See notes to financial statements.

**Statements of Assets and Liabilities**

February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG**<br>**CORE PLUS BOND ETF** | **THORNBURG**<br>**MULTI SECTOR BOND ETF** | **THORNBURG**<br>**INTERNATIONAL EQUITY ETF** | **THORNBURG**<br>**INTERNATIONAL GROWTH ETF** |
| **ASSETS** |  |  |  |  |
| Investments at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $18481057 | $84371792 | $335818947 | $4519504 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 265541 | 3140632 | 37564631 | 26965 |
| Investments at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 19002459 | 85626140 | 406985812 | 5099195 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 265541 | 3140632 | 37564631 | 26965 |
| Foreign currency at value <sup>(a)</sup> | 1 | 5 | 399358 | 66 |
| Deposits at broker | 8250 | 27889 |  |  |
| Unrealized appreciation on forward currency contracts |  | 1628 |  |  |
| Receivable for investments sold |  |  | 1470431 |  |
| Receivable for variation margin on futures contracts | 6748 |  |  |  |
| Receivable for variation margin on centrally cleared swap agreements |  | 12775 |  |  |
| Receivable for fund shares sold |  |  | 4902185 |  |
| Dividends receivable | 794 | 6486 | 249100 | 3123 |
| Tax reclaims receivable | 139 | 564 | 91245 | 549 |
| Principal and interest receivable | 165663 | 761024 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 19449595 | 89577143 | 451662762 | 5129898 |
| **LIABILITIES** |  |  |  |  |
| Payable for investments purchased | 71370 | 501328 | 7484730 | 92 |
| Payable to investment advisor and other affiliates | 6645 | 33917 | 180172 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 78015 | 535245 | 7664902 | 2792 |
| **NET ASSETS** | $19371580 | $89041898 | $443997860 | $5127106 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $18868628 | $87344196 | $373295270 | $5043273 |
| Distributable earnings | 502952 | 1697702 | 70702590 | 83833 |
| **NET ASSETS** | $19371580 | $89041898 | $443997860 | $5127106 |
| **NET ASSET VALUE** |  |  |  |  |
| Net assets applicable to shares outstanding | $19371580 | $89041898 | $443997860 | $5127106 |
| Shares outstanding | 750000 | 3450000 | 12680000 | 200000 |
| Net asset value and redemption price per share | 25.83 | 25.81 | 35.02 | 25.64 |

---

(a) Cost of foreign currency is $1; $5; $399,357; $66 respectively.

See notes to financial statements.

Semi-Annual Financial Statements \| 31

**Statements of Operations**

Six Months Ended February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG**<br>**CORE PLUS BOND ETF** | **THORNBURG**<br>**MULTI SECTOR BOND ETF** | **THORNBURG**<br>**INTERNATIONAL EQUITY ETF** | **THORNBURG**<br>**INTERNATIONAL GROWTH ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $- | $638 | $2641152 | $14395 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 8854 | 16197 | 246301 | 1458 |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld |  |  | (253890) | (1147) |
| Interest income | 475977 | 2023593 | 122 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 484831 | 2040428 | 2633685 | 14706 |
| **EXPENSES** |  |  |  |  |
| Investment management fees | 42841 | 213891 | 918339 | 17406 |
| Legal fees | 286 | 1169 | 3868 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 43127 | 215060 | 922207 | 17481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $441704 | $1825368 | $1711478 | $(2775) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments | $(21544) | $54318 | $(1505478) | $(256376) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions |  | 131585 | 954094 |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1515 |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements |  | 7420 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (7) | (3529) | (10970) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | (20036) | 189794 | (562354) | (256351) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments | 384577 | 610598 | 52333077 | 287727 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | 3491 |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1312 |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements |  | (559) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 110 | 334 | 2643 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | 385999 | 613864 | 52335720 | 287728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 365963 | 803658 | 51773366 | 31377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $807667 | $2629026 | $53484844 | $28602 |

---

See notes to financial statements.

32 \| Semi-Annual Financial Statements

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG CORE PLUS BOND ETF** | **THORNBURG CORE PLUS BOND ETF** | **THORNBURG MULTI SECTOR BOND ETF** | **THORNBURG MULTI SECTOR BOND ETF** |
|  | **SIX MONTHS ENDED** | **PERIOD ENDED** | **SIX MONTHS ENDED** | **PERIOD ENDED** |
| | **FEBRUARY 28, 2026<sup>\*</sup>** | **AUGUST 31, 2025<sup>(a)</sup>** | **FEBRUARY 28, 2026<sup>\*</sup>** | **AUGUST 31, 2025<sup>(a)</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $441704 | $450938 | $1825368 | $1216838 |
| Net realized gain (loss) | (20036) | (67116) | 189794 | (20344) |
| Net change in unrealized appreciation (depreciation) | 385999 | 136597 | 613864 | 644893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 807667 | 520419 | 2629026 | 1841387 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings | (406778) | (418356) | (1677104) | (1095607) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| Proceeds from shares sold |  | 18868628 | 16735737 | 76042654 |
| Cost of shares redeemed | - | - | (5134195) | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 400889 | 18970691 | 12553464 | 76488434 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 18970691 | - | 76488434 | - |
| &nbsp;&nbsp;&nbsp;End of Period | $19371580 | $18970691 | $89041898 | $76488434 |

---

\* Unaudited.

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

See notes to financial statements.

Semi-Annual Financial Statements \| 33

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG INTERNATIONAL EQUITY ETF** | **THORNBURG INTERNATIONAL EQUITY ETF** | **THORNBURG INTERNATIONAL GROWTH ETF** | **THORNBURG INTERNATIONAL GROWTH ETF** |
|  | **SIX MONTHS ENDED** | **PERIOD ENDED** | **SIX MONTHS ENDED** | **PERIOD ENDED** |
| | **FEBRUARY 28, 2026<sup>\*</sup>** | **AUGUST 31, 2025<sup>(a)</sup>** | **FEBRUARY 28, 2026<sup>\*</sup>** | **AUGUST 31, 2025<sup>(b)</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $1711478 | $1989134 | $(2775) | $24747 |
| Net realized gain (loss) | (562354) | 626984 | (256351) | (236540) |
| Net change in unrealized appreciation (depreciation) | 52335720 | 18838431 | 287728 | 292014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 53484844 | 21454549 | 28602 | 80221 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings | (3276390) |  | (24990) |  |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| Proceeds from shares sold | 177185880 | 201779811 |  | 5043273 |
| Cost of shares redeemed | (3954230) | (2676604) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 223440104 | 220557756 | 3612 | 5123494 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 220557756 | - | 5123494 | - |
| &nbsp;&nbsp;&nbsp;End of Period | $443997860 | $220557756 | $5127106 | $5123494 |

---

\* Unaudited.

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

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

See notes to financial statements.

34 \| Semi-Annual Financial Statements

Notes to Financial Statements

February 28, 2026 (Unaudited)

**NOTE 1 – ORGANIZATION**

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

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

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

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

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

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

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

Semi-Annual Financial Statements \| 35

**Notes to Financial Statements, Continued** 

February 28, 2026 (Unaudited)

operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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

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

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

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

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

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

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

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

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

<u>Repurchase Agreements:</u> The Funds may invest excess cash in repurchase agreements whereby the Funds purchase investments, which serve as collateral, with an agreement to resell such collateral to the seller at an agreed upon price at the maturity date of the repurchase agreement. Investments pledged as collateral for repurchase agreements are held in custody until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the six months ended February 28, 2026, the Funds did not enter into repurchase agreements.

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

<u>Use of Estimates:</u> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases (decreases) in net assets from operations during the reporting period. Actual results could differ from those estimates.

36 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

February 28, 2026 (Unaudited)

<u>When-Issued and Delayed Delivery Transactions:</u> The Funds may engage in when-issued or delayed delivery transactions. To the extent the Funds engage in such transactions, they will do so for the purpose of acquiring portfolio investments consistent with the Funds' investment objectives and not for the purpose of investment leverage or to speculate on interest rate or market changes. At the time the Funds make a commitment to purchase an investment on a when-issued or delayed delivery basis, the Funds will record the transaction and reflect the value in determining its net asset value. Pursuant to current U.S. Securities and Exchange Commission ("SEC") guidance, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Funds intend to settle the transaction physically and the transaction settles within 35 days. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. The values of these securities held at February 28, 2026, if any, are detailed in the Schedule of Investments.

**NOTE 3 – SECURITY VALUATION**

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

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

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

<u>Valuation of Securities</u>: Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and ask prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment's value in accordance with the first sentence of this paragraph will be the close of that investment's primary exchange preceding the Fund's valuation time.

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Funds can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious 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.

Semi-Annual Financial Statements \| 37

**Notes to Financial Statements, Continued** 

February 28, 2026 (Unaudited)

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

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

Forward currency contracts are valued by a third-party pricing service provider.

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

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

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

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

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

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

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

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

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

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

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

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

38 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

February 28, 2026 (Unaudited)

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

The following table displays a summary of the fair value hierarchy measurements of the Funds' investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORE PLUS BOND ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $1614131 | $— | $1614131 | $— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 7200567 |  | 7200567 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 72363 |  | 72363 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 168336 |  | 168336 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 5347020 | 5347020 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 45217 |  | 45217 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 4554825 |  | 4554825 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 265541 | 265541 |  |  |
| Total Investments in Securities | $19268000 | $5612561 | $13655439 | $— |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | $1156 | $— | $1156 | $— |
| **Total Assets** | $**19269156** | $**5612561** | $**13656595** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MULTI SECTOR BOND ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | $44428 | $44428 | $— | $— |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 9182584 |  | 9182584 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 41210725 |  | 41210725 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 285486 |  | 285486 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 713914 |  | 713914 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 14408132 | 14408132 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 205988 |  | 205988 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 19574883 |  | 19574883 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3140632 | 3140632 |  |  |
| Total Investments in Securities | $88766772 | $17593192 | $71173580 | $— |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $1628 | $— | $1628 | $— |
| &nbsp;&nbsp;&nbsp;Centrally cleared credit default swap agreements | 2619 |  | 2619 |  |
| Total Other Financial Instruments | $4247 | $— | $4247 | $— |
| **Total Assets** | $**88771019** | $**17593192** | $**71177827** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** <br>Investments in Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $406985812 | $406985812 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 37564631 | 37564631 |  |  |
| Total Investments in Securities | $444550443 | $444550443 | $— | $— |
| **Total Assets** | $**444550443** | $**444550443** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL GROWTH ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** <br>Investments in Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $5099195 | $5099195 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 26965 | 26965 |  |  |
| Total Investments in Securities | $5126160 | $5126160 | $— | $— |
| **Total Assets** | $**5126160** | $**5126160** | $**—** | $**—** |

---

Semi-Annual Financial Statements \| 39

**Notes to Financial Statements, Continued** 

February 28, 2026 (Unaudited)

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

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

---

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

---

Total management fees incurred by the Funds for the six months ended February 28, 2026 are set forth in the Statement of Operations.

As of February 28, 2026, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
| | PERCENTAGE OF DIRECT INVESTMENTS |
| Core Plus Bond ETF | 0.53% |
| Multi Sector Bond ETF |  |
| International Equity ETF | 0.08 |
| International Growth ETF | 0.01 |

---

The Funds may purchase or sell portfolio securities from or to an affiliated fund provided that all such transactions will comply with Rule 17a-7 under the 1940 Act. For the six months ended February 28, 2026, the Funds had no such transactions with affiliated funds.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**CORE PLUS BOND ETF** |<br>**MARKET VALUE**<br>**8/31/25** |<br>**PURCHASES**<br>**AT COST** |<br>**SALES**<br>**PROCEEDS** | **REALIZED**<br>**GAIN**<br>**(LOSS)** | **CHANGE IN**<br>**UNREALIZED**<br>**APPR./(DEPR.)** |<br>**MARKET VALUE**<br>**2/28/26** |<br>**DIVIDEND**<br>**INCOME** |
| Thornburg Capital Mgmt. Fund | $267662 | $1936150 | $(1938271) | $- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $265541 | $8854 |
| MULTI SECTOR BOND ETF |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $569032 | $14124766 | $(11553166) | $- | $- | $3140632 | $16197 |
| INTERNATIONAL EQUITY ETF |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $8584100 | $72157244 | $(43176713) | $- | $- | $37564631 | $246301 |
| INTERNATIONAL GROWTH ETF |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $140253 | $297719 | $(411007) | $- | $- | $26965 | $1458 |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the six-month period ended February 28, 2026, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical

40 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

February 28, 2026 (Unaudited)

merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

At February 28, 2026, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**COST** |<br>**UNREALIZED**<br>**APPRECIATION** |<br>**UNREALIZED**<br>**DEPRECIATION** | **NET UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)** |
| Core Plus Bond ETF | $18746598 | $540803 | $(19401) | $521402 |
| Multi Sector Bond ETF | 87512424 | 1428692 | (174344) | 1254348 |
| International Equity ETF | 373383578 | 74942323 | (3775458) | 71166865 |
| International Growth ETF | 4546469 | 891843 | (312152) | 579691 |

---

At February 28, 2026, the Funds had cumulative tax basis capital losses from prior fiscal years as shown on the following table, which may be carried forward to offset future capital gains. To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations. Such capital loss carryforwards do not expire.

---

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

---

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

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund's net assets was not significant and accordingly, a reconciliation of income taxes paid for the six months ended February 28, 2026 is not presented. Management expects the significance of the foreign withholding taxes paid in relation to net assets to change in future annual periods.

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

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

**NOTE 6 – CREATION AND REDEMPTION TRANSACTIONS**

The Funds are exchange-traded funds or "ETFs." Shares of each Fund may be acquired or redeemed directly from the Fund only in large blocks of shares called "Creation Units" or multiples thereof. A Creation Unit for each of Core Plus Bond ETF and Multi Sector Bond ETF consists of 50,000 shares. A Creation Unit for International Equity ETF consists of 20,000 shares. As of January 29, 2026, a Creation Unit for International Growth ETF consists of 20,000 shares. The Trust may increase or decrease the number of a Fund's shares that constitute a Creation Unit, including on a per transaction basis if doing so is deemed to be in the best interests of the applicable Fund and its shareholders. Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. An Authorized Participant is either a "participating party" (i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation) or a Depository Trust Company participant, in either case, who has executed an agreement with ALPS Distributors, Inc., the Trust's principal underwriter, and accepted by State Street Bank and Trust Company, the Trust's transfer agent, with respect to creations and redemptions of Creation Units. Once created, shares of each Fund generally trade in the secondary market in amounts less than a Creation Unit.

Semi-Annual Financial Statements \| 41

**Notes to Financial Statements, Continued**

February 28, 2026 (Unaudited)

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

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

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the six months ended February 28, 2026, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments and in-kind transactions).

---

| | | |
|:---|:---|:---|
| | **PURCHASES** | **SALES** |
| Core Plus Bond ETF | $3091072 | $1740811 |
| Multi Sector Bond ETF | 18659561 | 6554808 |
| International Equity ETF | 66183380 | 26849286 |
| International Growth ETF | 1150664 | 1054081 |

---

For the six months ended February 28, 2026, the Funds had in-kind transactions associated with Creation Unit acquisitions and redemptions as listed in the table below.

---

| | | |
|:---|:---|:---|
| | **PURCHASES** | **SALES** |
| Multi Sector Bond ETF | $9397779 | $5051711 |
| International Equity ETF | 107610194 | 3637058 |

---

**NOTE 8 – DERIVATIVE FINANCIAL INSTRUMENTS**

The Funds may use a variety of derivative financial instruments to hedge or adjust the risks affecting their investment portfolio or to enhance investment returns. Provisions of the FASB Accounting Standards Codification 815-10-50 ("ASC 815") require certain disclosures. The disclosures are intended to provide users of financial statements with an understanding of the use of derivative instruments by the Funds and how these derivatives affect the financial position, financial performance and cash flows of the Funds. During the six months ended February 28, 2026, the Funds' principal exposure to derivative financial instruments of the type addressed by ASC 815 were investments in forward currency contracts, futures contracts, and credit default swap agreements.

<u>Forward Currency Contracts</u>: During the six months ended February 28, 2026, Multi Sector Bond ETF entered into forward currency contracts in the normal course of pursuing its investment objectives, with the intent of reducing the risk to the value of the Fund's foreign investments from adverse changes in the relationship between the U.S. dollar and foreign currencies. Each of the forward currency contracts entered into by the Funds is an agreement between two parties to exchange different currencies at a specified rate of exchange at an agreed upon future date. Forward currency contracts involve risks to the Funds, including the risk that a contract's counterparty will not meet its obligations to the Funds, the risk that a change in a contract's value may not correlate perfectly with the currency the contract was intended to track, and the risk that the Advisor is unable to correctly implement its strategy in using a contract. In any such instance, the Funds may not achieve the intended benefit of entering into a contract and may experience a loss.

The monthly average values of open forward currency sell contracts for the six months ended February 28, 2026 for Multi Sector Bond ETF was $230,439.

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

These outstanding forward currency contracts in the table located in the Schedule of Investments which were entered into with State Street Bank and Trust Company ("SSB") were entered into pursuant to International Swaps and Derivatives Association ("ISDA") Master Agreements. In the event of a default or termination under the ISDA Master Agreement with SSB, the non-defaulting party has the right to

42 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

February 28, 2026 (Unaudited)

close out all outstanding forward currency contracts between the parties and to net any payment amounts under those contracts, resulting in a single net amount payable by one party to the other.

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

<u>Futures Contracts</u>: During the six months ended February 28, 2026, Core Plus Bond ETF entered into futures contracts in the normal course of pursuing its investment objectives. A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund's exposure to the underlying instrument.

Upon entering into a futures contract, a Fund is required to pledge collateral to the broker using cash or securities equal to the minimum initial margin requirements of the exchange and the broker. Cash deposits for initial margin are shown as Deposits at broker on the Fund's Statement of Assets and Liabilities. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. These daily cash settlements are referred to as variation margin and are recognized on the Fund's Statement of Assets and Liabilities as a receivable or payable on variation margin on futures contracts. Futures contracts may involve a risk of loss in excess of the variation margin shown on the Fund's Statement of Assets and Liabilities. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the Fund's Statement of Operations. The maximum potential loss on a long futures contract is generally the U.S. dollar value of the notional amount at the time the contract is opened.

The monthly average values of futures contracts for the six months ended February 28, 2026 for Core Plus Bond ETF was $225,455.

<u>Credit Default Swap Agreements</u>: During the six months ended February 28, 2026, Multi Sector Bond ETF entered into credit default swap agreements in the normal course of pursuing its investment objectives. Swap agreements may be privately negotiated in the over-the-counter market ("OTC swaps") or may be cleared through a third party, known as a central clearing party or derivatives clearing organization ("centrally cleared swaps").

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

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

The monthly average notional value of centrally cleared credit default swap agreements for the six months ended February 28, 2026 for Multi Sector Bond ETF was $363,957.

Because exchange traded and centrally cleared derivatives are not subject to master netting or similar arrangements, the Funds do not net their respective outstanding derivative contracts for the purpose of disclosure in the Statement of Assets and Liabilities. Instead, the Funds recognize the unrealized appreciation (depreciation) on those derivative contracts on a gross basis in each Fund's Statement of Assets and Liabilities. The fair value of the Funds' derivative contracts recognized in the Funds' Statement of Assets and Liabilities at February 28, 2026 are disclosed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TYPE OF** | **PRINCIPAL** | **COUNTER** | **ASSET** | **LIABILITY** | **NET** |
|  | **DERIVATIVE<sup>(a)</sup>** | **RISK** | **PARTY<sup>(b)</sup>** | **DERIVATIVES** | **DERIVATIVES** | **AMOUNT** |
| Core Plus Bond ETF | &nbsp;&nbsp;Futures contracts | Derivatives risk | GS | $1156 | $— | $1156 |
| Multi Sector Bond ETF | &nbsp;&nbsp;Forward currency contracts | Foreign currency risk | SSB | 1628 |  | 1628 |
|  | &nbsp;&nbsp;Centrally cleared credit default swap agreements | Derivatives risk | GS | 2619 |  | 2619 |
|  |  |  |  | $4247 | $— | $4247 |

---

Semi-Annual Financial Statements \| 43

**Notes to Financial Statements, Continued** 

February 28, 2026 (Unaudited)

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

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

Because the Fund did not receive or post cash collateral in connection with its forward currency contracts during the period, the net amount of the Fund's assets and liabilities which is attributable to the contracts at February 28, 2026 can be determined by offsetting the dollar amounts shown in the asset and liability columns in the preceding table, the result of which is reflected in the "Net Amount" column. The Fund's forward currency contracts are valued each day, and the net amount of the Fund's assets and liabilities which are attributable to the contracts are expected to vary over time.

The net realized gain (loss) from forward currency contracts, futures contracts, and credit default swap agreements and net change in unrealized appreciation (depreciation) on outstanding forward currency contracts, futures contracts, and centrally cleared credit default swap agreements recognized in each Fund's Statement of Operations for the six months ended February 28, 2026 are disclosed in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TYPE OF DERIVATIVE<sup>(a)</sup>** | **PRINCIPAL RISK** | **NET REALIZED<br> GAIN (LOSS)** | **NET CHANGE IN UNREALIZED<br> APPRECIATION (DEPRECIATION)** |
| Core Plus Bond ETF | Futures contracts | Derivatives risk | $1515 | $1312 |
| Multi Sector Bond ETF | Forward currency contracts | Foreign currency risk |  | 3491 |
| Multi Sector Bond ETF | Centrally cleared credit default swap agreements | Derivatives risk | 7420 | (559) |

---

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

44 \| Semi-Annual Financial Statements

Financial Highlights

Core Plus Bond ETF

---

| | | |
|:---|:---|:---|
|  | 2026<sup>(a)</sup> | 2025<sup>(b)</sup> |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.29 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | $0.59 | $0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 0.49 | 0.24 |
| &nbsp;&nbsp;Total from Investment Operations | 1.08 | 0.94 |
| &nbsp;&nbsp;Dividends from Net Investment Income | $(0.54) | $(0.65) |
| &nbsp;&nbsp;Dividends from Net Realized Gains | $0.00 | $0.00 |
| &nbsp;&nbsp;Total Dividends | $(0.54) | $(0.65) |
| &nbsp;&nbsp;Net Asset Value, End of Period | $25.83 | $25.29 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;Total Return<sup>(d)</sup> | 4.32% | 3.79% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(d)</sup> | 4.35% | 3.96% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | 4.64 %<sup>(e)</sup> | 4.91 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.45 %<sup>(e)</sup> | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.45 %<sup>(e)</sup> | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)(f)</sup> | 9.44% | 22.11% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | $19372 | $18971 |

---

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

<sup>(a)</sup> Unaudited six-month period ended February 28.

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

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

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

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

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

See notes to financial statements.

Semi-Annual Financial Statements \| 45

Financial Highlights

Multi Sector Bond ETF

---

| | | |
|:---|:---|:---|
|  | 2026<sup>(a)</sup> | 2025<sup>(b)</sup> |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.50 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | $0.60 | $0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 0.25 | 0.39 |
| &nbsp;&nbsp;Total from Investment Operations | 0.85 | 1.12 |
| &nbsp;&nbsp;Dividends from Net Investment Income | $(0.54) | $(0.62) |
| &nbsp;&nbsp;Dividends from Net Realized Gains | $0.00 | $0.00 |
| &nbsp;&nbsp;Total Dividends | $(0.54) | $(0.62) |
| &nbsp;&nbsp;Net Asset Value, End of Period | $25.81 | $25.50 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;Total Return<sup>(d)</sup> | 3.37% | 4.52% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(d)</sup> | 3.45% | 4.72% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | 4.69 %<sup>(e)</sup> | 5.10 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.55 %<sup>(e)</sup> | 0.55 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.55 %<sup>(e)</sup> | 0.55 %<sup>(e)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)(f)</sup> | 8.52% | 22.80% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | $89042 | $76488 |

---

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

<sup>(a)</sup> Unaudited six-month period ended February 28.

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

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

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

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

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

See notes to financial statements.

46 \| Semi-Annual Financial Statements

Financial Highlights

International Equity ETF

---

| | | |
|:---|:---|:---|
|  | 2026<sup>(a)</sup> | 2025<sup>(b)</sup> |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $29.97 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | $0.19 | $0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 5.20 | 4.55 |
| &nbsp;&nbsp;Total from Investment Operations | 5.39 | 4.97 |
| &nbsp;&nbsp;Dividends from Net Investment Income | $(0.34) | $0.00 |
| &nbsp;&nbsp;Dividends from Net Realized Gains | $0.00 | $0.00 |
| &nbsp;&nbsp;Total Dividends | $(0.34) | $0.00 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $35.02 | $29.97 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;Total Return<sup>(d)</sup> | 18.13% | 19.88% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(d)</sup> | 17.75% | 19.92% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | 1.21 %<sup>(e)</sup> | 2.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.65 %<sup>(e)</sup> | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.65 %<sup>(e)</sup> | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)(f)</sup> | 9.50% | 11.62% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | $443998 | $220558 |

---

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

<sup>(a)</sup> Unaudited six-month period ended February 28.

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

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

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

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

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

See notes to financial statements.

Semi-Annual Financial Statements \| 47

Financial Highlights

International Growth ETF

---

| | | |
|:---|:---|:---|
|  | 2026<sup>(a)</sup> | 2025<sup>(b)</sup> |
| &nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)<sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $25.62 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>+</sup> | $(0.01) | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized & Unrealized Gain (Loss) on Investments | 0.15 | 0.49 |
| &nbsp;&nbsp;Total from Investment Operations | 0.14 | 0.62 |
| &nbsp;&nbsp;Dividends from Net Investment Income | $(0.12) | $0.00 |
| &nbsp;&nbsp;Dividends from Net Realized Gains | $0.00 | $0.00 |
| &nbsp;&nbsp;Total Dividends | $(0.12) | $0.00 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $25.64 | $25.62 |
| &nbsp;&nbsp;**TOTAL RETURN APPLICABLE TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;Total Return<sup>(d)</sup> | 0.60% | 2.48% |
| &nbsp;&nbsp;Total Return, Market Value<sup>(d)</sup> | 0.44% | 2.48% |
| &nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;Net Investment Income (Loss) Ratio | (0.11 %)<sup>(e)</sup> | 0.85 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, After Expense Reductions Ratio | 0.70 %<sup>(e)</sup> | 0.70 %<sup>(e)</sup> |
| &nbsp;&nbsp;Expenses, Before Expense Reductions Ratio | 0.70 %<sup>(e)</sup> | 0.70 %<sup>(e)</sup> |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA** |  |  |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>(d)(f)</sup> | 21.25% | 24.84% |
| &nbsp;&nbsp;Net Assets at End of Period (Thousands) | $5127 | $5123 |

---

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

<sup>(a)</sup> Unaudited six-month period ended February 28.

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

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

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

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

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

See notes to financial statements.

48 \| Semi-Annual Financial Statements

Other Information

February 28, 2026 (Unaudited)

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

Not applicable.

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

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

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

Not applicable.

Semi-Annual Financial Statements \| 49

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50 \| Semi-Annual Financial Statements

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Semi-Annual Financial Statements \| 51

To receive shareholder reports, prospectuses, and proxy statements electronically, go to www.thornburg.com/edelivery. TH6460

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

Filed as part of item 7 of this Form.

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

Filed as part of item 7 of this Form.

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

Filed as part of item 7 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a) (1) Not applicable.

(a) (2) Not applicable.

[(a) (3)](ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 70.30a-2(a)) attached hereto as Exhibit 99.CERT.](ex99-cert.htm)

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

SIGNATURES

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

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

---

| | |
|:---|:---|
| By: | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |

---

Date: 4/21/2026

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

---

| | |
|:---|:---|
| By: | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |

---

Date: 4/21/2026

---

| | |
|:---|:---|
| By: | /s/ Curtis Holloway |
|  | Curtis Holloway |
|  | Treasurer and principal financial officer |

---

Date: 4/21/2026

## Ex-99.Cert

[Thornburg ETF Trust N-CSRS](tet_ncsrs-022826.htm)

**Exhibit 99.CERT**

CERTIFICATION

I, Nimish Bhatt, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: 4/21/2026

/s/ Nimish Bhatt

Nimish Bhatt

President and principal executive officer

CERTIFICATION

I, Curtis Holloway, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: 4/21/2026

/s/ Curtis Holloway

Curtis Holloway

Treasurer and principal financial officer

## Exhibit 99.906

[Thornburg ETF Trust N-CSRS](tet_ncsrs-022826.htm)

**Exhibit 99.906 CERT**

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

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

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

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

Dated: 4/21/2026

/s/ Nimish Bhatt

Nimish Bhatt

President and principal executive officer

Dated: 4/21/2026

/s/ Curtis Holloway

Curtis Holloway

Treasurer and principal financial officer

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

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