# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001999371-25-019191
**Filing Date:** 2025-12
**Character Count:** 2249206
**Document Hash:** 98f890b47f0ff83c2b7fde5a5debd9fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019191.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001999371-25-019191

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 248

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251542591

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

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

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

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

## Series and Classes Contracts Data

### Thornburg Limited Term Municipal Fund (Series ID: S000000540)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000001427 | Thornburg Limited Term Municipal Fund - Class A  | LTMFX           |
| C000001438 | Thornburg Limited Term Municipal Fund - Class C  | LTMCX           |
| C000001449 | Thornburg Limited Term Municipal Fund - Class I  | LTMIX           |
| C000222321 | Thornburg Limited Term Municipal Fund - Class C2 | LTMQX           |

### Thornburg California Limited Term Municipal Fund (Series ID: S000011841)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000032344 | Thornburg California Limited Term Municipal Fund - Class A  | LTCAX           |
| C000032345 | Thornburg California Limited Term Municipal Fund - Class C  | LTCCX           |
| C000032346 | Thornburg California Limited Term Municipal Fund - Class I  | LTCIX           |
| C000222322 | Thornburg California Limited Term Municipal Fund - Class C2 | LTCQX           |

### Thornburg Limited Term U.S. Government Fund (Series ID: S000011842)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000032347 | Thornburg Limited Term U.S. Government Fund - Class A  | LTUSX           |
| C000032348 | Thornburg Limited Term U.S. Government Fund - Class B  | LTUBX           |
| C000032349 | Thornburg Limited Term U.S. Government Fund - Class C  | LTUCX           |
| C000032350 | Thornburg Limited Term U.S. Government Fund - Class I  | LTUIX           |
| C000042666 | Thornburg Limited Term U.S. Government Fund - Class R3 | LTURX           |
| C000113847 | Thornburg Limited Term U.S. Government Fund - Class R5 | LTGRX           |
| C000136848 | Thornburg Limited Term U.S. Government Fund - Class R4 | LTUGX           |
| C000222323 | Thornburg Limited Term U.S. Government Fund - Class C2 | LTUQX           |

### Thornburg New Mexico Intermediate Municipal Fund (Series ID: S000011843)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000032352 | Thornburg New Mexico Intermediate Municipal Fund - Class A | THNMX           |
| C000032353 | Thornburg New Mexico Intermediate Municipal Fund - Class D | THNDX           |
| C000042667 | Thornburg New Mexico Intermediate Municipal Fund - Class I | THNIX           |

### Thornburg Intermediate Municipal Fund (Series ID: S000011844)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000032354 | Thornburg Intermediate Municipal Fund - Class A  | THIMX           |
| C000032355 | Thornburg Intermediate Municipal Fund - Class C  | THMCX           |
| C000032356 | Thornburg Intermediate Municipal Fund - Class I  | THMIX           |
| C000222324 | Thornburg Intermediate Municipal Fund - Class C2 | THMQX           |

### Thornburg Limited Term Income Fund (Series ID: S000011845)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000032357 | Thornburg Limited Term Income Fund - Class A  | THIFX           |
| C000032358 | Thornburg Limited Term Income Fund - Class C  | THICX           |
| C000032359 | Thornburg Limited Term Income Fund - Class I  | THIIX           |
| C000042668 | Thornburg Limited Term Income Fund - Class R3 | THIRX           |
| C000113848 | Thornburg Limited Term Income Fund - Class R5 | THRRX           |
| C000136849 | Thornburg Limited Term Income Fund - Class R4 | THRIX           |
| C000177478 | Thornburg Limited Term Income Fund - Class R6 | THRLX           |
| C000222325 | Thornburg Limited Term Income Fund - Class C2 | THIQX           |

### Thornburg Small/Mid Cap Core Fund (Series ID: S000011846)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000032361 | Thornburg Small/Mid Cap Core Fund - Class A  | TVAFX           |
| C000032363 | Thornburg Small/Mid Cap Core Fund - Class C  | TVCFX           |
| C000032364 | Thornburg Small/Mid Cap Core Fund - Class I  | TVIFX           |
| C000032366 | Thornburg Small/Mid Cap Core Fund - Class R5 | TVRRX           |
| C000042669 | Thornburg Small/Mid Cap Core Fund - Class R4 | TVIRX           |
| C000042670 | Thornburg Small/Mid Cap Core Fund - Class R3 | TVRFX           |

### Thornburg New York Intermediate Municipal Fund (Series ID: S000011848)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000032368 | Thornburg New York Intermediate Municipal Fund - Class A | THNYX           |
| C000083544 | Thornburg New York Intermediate Municipal Fund - Class I | TNYIX           |

### Thornburg International Equity Fund (Series ID: S000011849)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000032369 | Thornburg International Equity Fund - Class A  | TGVAX           |
| C000032371 | Thornburg International Equity Fund - Class C  | THGCX           |
| C000032372 | Thornburg International Equity Fund - Class I  | TGVIX           |
| C000032374 | Thornburg International Equity Fund - Class R5 | TIVRX           |
| C000042671 | Thornburg International Equity Fund - Class R4 | THVRX           |
| C000042672 | Thornburg International Equity Fund - Class R3 | TGVRX           |
| C000113849 | Thornburg International Equity Fund - Class R6 | TGIRX           |

### Thornburg Small/Mid Cap Growth Fund (Series ID: S000011850)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000032375 | Thornburg Small/Mid Cap Growth Fund - Class A  | THCGX           |
| C000032376 | Thornburg Small/Mid Cap Growth Fund - Class C  | TCGCX           |
| C000032377 | Thornburg Small/Mid Cap Growth Fund - Class I  | THIGX           |
| C000032379 | Thornburg Small/Mid Cap Growth Fund - Class R5 | THGRX           |
| C000042673 | Thornburg Small/Mid Cap Growth Fund - Class R4 | TCGRX           |
| C000042674 | Thornburg Small/Mid Cap Growth Fund - Class R3 | THCRX           |

### Thornburg Investment Income Builder Fund (Series ID: S000011851)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000032380 | Thornburg Investment Income Builder Fund - Class A  | TIBAX           |
| C000032381 | Thornburg Investment Income Builder Fund - Class C  | TIBCX           |
| C000032382 | Thornburg Investment Income Builder Fund - Class I  | TIBIX           |
| C000042675 | Thornburg Investment Income Builder Fund - Class R3 | TIBRX           |
| C000047041 | Thornburg Investment Income Builder Fund - Class R5 | TIBMX           |
| C000058461 | Thornburg Investment Income Builder Fund - Class R4 | TIBGX           |
| C000177479 | Thornburg Investment Income Builder Fund - Class R6 | TIBOX           |

### Thornburg Global Opportunities Fund (Series ID: S000012859)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034775 | Thornburg Global Opportunities Fund - Class A  | THOAX           |
| C000034776 | Thornburg Global Opportunities Fund - Class C  | THOCX           |
| C000034777 | Thornburg Global Opportunities Fund - Class I  | THOIX           |
| C000058462 | Thornburg Global Opportunities Fund - Class R3 | THORX           |
| C000058463 | Thornburg Global Opportunities Fund - Class R4 | THOVX           |
| C000058464 | Thornburg Global Opportunities Fund - Class R5 | THOFX           |
| C000177480 | Thornburg Global Opportunities Fund - Class R6 | THOGX           |

### Thornburg International Growth Fund (Series ID: S000015648)

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

### Thornburg Strategic Income Fund (Series ID: S000020097)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000056389 | Thornburg Strategic Income Fund - Class A  | TSIAX           |
| C000056390 | Thornburg Strategic Income Fund - Class C  | TSICX           |
| C000056391 | Thornburg Strategic Income Fund - Class I  | TSIIX           |
| C000113850 | Thornburg Strategic Income Fund - Class R3 | TSIRX           |
| C000113851 | Thornburg Strategic Income Fund - Class R5 | TSRRX           |
| C000136850 | Thornburg Strategic Income Fund - Class R4 | TSRIX           |
| C000177481 | Thornburg Strategic Income Fund - Class R6 | TSRSX           |

### Thornburg Strategic Municipal Income Fund (Series ID: S000025152)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000075018 | Thornburg Strategic Municipal Income Fund Class A | TSSAX           |
| C000075019 | Thornburg Strategic Municipal Income Fund Class C | TSSCX           |
| C000075020 | Thornburg Strategic Municipal Income Fund Class I | TSSIX           |

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

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

### Thornburg Short Duration Municipal Fund (Series ID: S000043669)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000135383 | Thornburg Short Duration Municipal Fund Class A | TLMAX           |
| C000135384 | Thornburg Short Duration Municipal Fund Class I | TLMIX           |

### Thornburg Ultra Short Income Fund (Series ID: S000043670)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000135385 | Thornburg Ultra Short Income Fund Class A | TLDAX           |
| C000135386 | Thornburg Ultra Short Income Fund Class I | TLDIX           |

### Thornburg Better World International Fund (Series ID: S000050704)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000160136 | Thornburg Better World International Fund - Class A | TBWAX           |
| C000160137 | Thornburg Better World International Fund - Class C | TBWCX           |
| C000160138 | Thornburg Better World International Fund - Class I | TBWIX           |

### Thornburg Capital Management Fund (Series ID: S000051223)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000161463 | Thornburg Capital Management Fund - Class I |  |

### Thornburg Summit Fund (Series ID: S000064930)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000210187 | Thornburg Summit Fund - Class A | TSAMX           |
| C000210188 | Thornburg Summit Fund - Class I | TSUMX           |

### Thornburg Emerging Markets Managed Account Fund (Series ID: S000079975)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241472 | Class SMA    | THMGX           |

### Thornburg Municipal Managed Account Fund (Series ID: S000079976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241473 | Class SMA    | THMMX           |

### Thornburg Core Plus Bond Fund (Series ID: S000082059)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000245315 | Class R6     | THCSX           |
| C000245318 | Class A      | THCAX           |
| C000245319 | Class I      | THCIX           |
| C000245320 | Class C      | THCCX           |

### Thornburg High Income Bond Managed Account Fund (Series ID: S000091427)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259092 | Class SMA    | THIBX           |

### Thornburg Investment Grade Bond Managed Account Fund (Series ID: S000091428)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259093 | Class SMA    | TIGMX           |

?xml version='1.0' encoding='ASCII'? Annual Report

**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 **811-05201**

**Thornburg Investment 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: **September 30, 2025**

Date of reporting period: **September 30, 2025**

**Item 1. Reports to Stockholders**

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

Thornburg Global Opportunities Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Global Opportunities Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THOAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the MSCI All Country World Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.

Stock selection was a positive contributor to performance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector and geographic allocations detracted from performance relative to the Index. The Fund's cash and currency forwards allocations also negatively impacted performance relative to the Index.

During the period, stock selection in communication services and financials sectors and securities in the U.S. contributed to performance relative to the Index. The Fund's underweight positioning allocation to information technology and weaker security selection in materials sectors hampered performance relative to the Index. Both an overweight positioning in and an adverse selection of securities in Turkey detracted from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fgo/THOAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmf1i3m.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $146.00 | 1.29% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 9/30/25 TH6192

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class A (with sales charge)** | 20.79% | 15.23% | 10.71% |
| **Global Opportunities Fund Class A (without sales charge)** | 26.48% | 16.29% | 11.22% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% | 11.91% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,520.6M |
| **Number of Holdings** | 40 |
| **Annual Portfolio Turnover** | 15.07% |
| **Total Advisory Fee** | $10.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.5 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 8.4 <br>|
| **Large Cap (>$12 B)** <br>| 89.1 <br>|

---

![doughnut](qes7z5f1mhjjewi3.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7y8n8.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Global Opportunities Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THOCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the MSCI All Country World Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.

Stock selection was a positive contributor to performance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector and geographic allocations detracted from performance relative to the Index. The Fund's cash and currency forwards allocations also negatively impacted performance relative to the Index.

During the period, stock selection in communication services and financials sectors and securities in the U.S. contributed to performance relative to the Index. The Fund's underweight positioning allocation to information technology and weaker security selection in materials sectors hampered performance relative to the Index. Both an overweight positioning in and an adverse selection of securities in Turkey detracted from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmf0uhx.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $240.00 | 2.13% |

---

---

| | |
|:---|:---|
| **Thornburg Global Opportunities Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6193<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class C (with sales charge)** | 24.47% | 15.36% | 10.37% |
| **Global Opportunities Fund Class C (without sales charge)** | 25.47% | 15.36% | 10.37% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% | 11.91% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,520.6M |
| **Number of Holdings** | 40 |
| **Annual Portfolio Turnover** | 15.07% |
| **Total Advisory Fee** | $10.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.5 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 8.4 <br>|
| **Large Cap (>$12 B)** <br>| 89.1 <br>|

---

![doughnut](qes7z5f1mhjjewi3.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7xka6.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Global Opportunities Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THOIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the MSCI All Country World Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.

Stock selection was a positive contributor to performance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector and geographic allocations detracted from performance relative to the Index. The Fund's cash and currency forwards allocations also negatively impacted performance relative to the Index.

During the period, stock selection in communication services and financials sectors and securities in the U.S. contributed to performance relative to the Index. The Fund's underweight positioning allocation to information technology and weaker security selection in materials sectors hampered performance relative to the Index. Both an overweight positioning in and an adverse selection of securities in Turkey detracted from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmeykzm.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $112.00 | 0.99% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 9/30/25 TH6194

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class I** | 26.89% | 16.64% | 11.57% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% | 11.91% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,520.6M |
| **Number of Holdings** | 40 |
| **Annual Portfolio Turnover** | 15.07% |
| **Total Advisory Fee** | $10.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.5 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 8.4 <br>|
| **Large Cap (>$12 B)** <br>| 89.1 <br>|

---

![doughnut](qes7z5f1mhjjewi3.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7x53z.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Global Opportunities Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THORX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the MSCI All Country World Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.

Stock selection was a positive contributor to performance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector and geographic allocations detracted from performance relative to the Index. The Fund's cash and currency forwards allocations also negatively impacted performance relative to the Index.

During the period, stock selection in communication services and financials sectors and securities in the U.S. contributed to performance relative to the Index. The Fund's underweight positioning allocation to information technology and weaker security selection in materials sectors hampered performance relative to the Index. Both an overweight positioning in and an adverse selection of securities in Turkey detracted from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmey2ls.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $170.00 | 1.50% |

---

---

| | |
|:---|:---|
| **Thornburg Global Opportunities Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6195<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class R3** | 26.29% | 16.08% | 11.01% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% | 11.91% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,520.6M |
| **Number of Holdings** | 40 |
| **Annual Portfolio Turnover** | 15.07% |
| **Total Advisory Fee** | $10.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.5 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 8.4 <br>|
| **Large Cap (>$12 B)** <br>| 89.1 <br>|

---

![doughnut](qes7z5f1mhjjewi3.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7yhtv.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Global Opportunities Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THOVX <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the MSCI All Country World Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.

Stock selection was a positive contributor to performance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector and geographic allocations detracted from performance relative to the Index. The Fund's cash and currency forwards allocations also negatively impacted performance relative to the Index.

During the period, stock selection in communication services and financials sectors and securities in the U.S. contributed to performance relative to the Index. The Fund's underweight positioning allocation to information technology and weaker security selection in materials sectors hampered performance relative to the Index. Both an overweight positioning in and an adverse selection of securities in Turkey detracted from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmex92b.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $158.00 | 1.40% |

---

---

| | |
|:---|:---|
| **Thornburg Global Opportunities Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6196<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class R4** | 26.38% | 16.17% | 11.11% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% | 11.91% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,520.6M |
| **Number of Holdings** | 40 |
| **Annual Portfolio Turnover** | 15.07% |
| **Total Advisory Fee** | $10.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.5 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 8.4 <br>|
| **Large Cap (>$12 B)** <br>| 89.1 <br>|

---

![doughnut](qes7z5f1mhjjewi3.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7sv6p.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Global Opportunities Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THOFX <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the MSCI All Country World Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.

Stock selection was a positive contributor to performance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector and geographic allocations detracted from performance relative to the Index. The Fund's cash and currency forwards allocations also negatively impacted performance relative to the Index.

During the period, stock selection in communication services and financials sectors and securities in the U.S. contributed to performance relative to the Index. The Fund's underweight positioning allocation to information technology and weaker security selection in materials sectors hampered performance relative to the Index. Both an overweight positioning in and an adverse selection of securities in Turkey detracted from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmevtgz.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $112.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg Global Opportunities Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6197<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class R5** | 26.88% | 16.64% | 11.56% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% | 11.91% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,520.6M |
| **Number of Holdings** | 40 |
| **Annual Portfolio Turnover** | 15.07% |
| **Total Advisory Fee** | $10.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.5 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 8.4 <br>|
| **Large Cap (>$12 B)** <br>| 89.1 <br>|

---

![doughnut](qes7z5f1mhjjewi3.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7sfsa.jpg)

Thornburg Global Opportunities Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Global Opportunities Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THOGX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the MSCI All Country World Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.

Stock selection was a positive contributor to performance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector and geographic allocations detracted from performance relative to the Index. The Fund's cash and currency forwards allocations also negatively impacted performance relative to the Index.

During the period, stock selection in communication services and financials sectors and securities in the U.S. contributed to performance relative to the Index. The Fund's underweight positioning allocation to information technology and weaker security selection in materials sectors hampered performance relative to the Index. Both an overweight positioning in and an adverse selection of securities in Turkey detracted from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmem0xb.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $96.00 | 0.85% |

---

---

| | |
|:---|:---|
| **Thornburg Global Opportunities Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6198<br>|

---

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Global Opportunities Fund Class R6** | 27.06% | 16.80% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,520.6M |
| **Number of Holdings** | 40 |
| **Annual Portfolio Turnover** | 15.07% |
| **Total Advisory Fee** | $10.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.5 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 8.4 <br>|
| **Large Cap (>$12 B)** <br>| 89.1 <br>|

---

![doughnut](qes7z5f1mhjjewi3.jpg)

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7ryuq.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TGVAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Equity Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector allocation detracted from performance relative to the Index, but selection and currency effects together produced the outperformance relative to the Index. Geographic allocation and the Fund's allocation to cash also detracted from performance relative to the Index.Within consumer discretionary and financials sectors, stock selection bolstered performance relative to the Index. Additionally, stock selection in Korea and Japan, as well as a zero-weight allocation in India, also drove positive performance relative to the Index. Stock selection within the materials sector hampered performance relative to the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fiv/TGVAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmgcaa9.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $126.00 | 1.16% |

---

Thornburg International Equity Fund Tailored Shareholder Report 9/30/25 TH6179

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class A (with sales charge)** | 12.64% | 10.05% | 8.27% |
| **International Equity Fund Class A (without sales charge)** | 17.96% | 11.07% | 8.77% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $4,397.0M |
| **Number of Holdings** | 53 |
| **Annual Portfolio Turnover** | 28.49% |
| **Total Advisory Fee** | $22.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 4.1 <br>|
| **Large Cap (>$12 B)** <br>| 95.9 <br>|

---

![doughnut](qes9thsuvvy1mhjjdcbn.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn92tyj.jpg)

Thornburg International Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THGCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Equity Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector allocation detracted from performance relative to the Index, but selection and currency effects together produced the outperformance relative to the Index. Geographic allocation and the Fund's allocation to cash also detracted from performance relative to the Index.Within consumer discretionary and financials sectors, stock selection bolstered performance relative to the Index. Additionally, stock selection in Korea and Japan, as well as a zero-weight allocation in India, also drove positive performance relative to the Index. Stock selection within the materials sector hampered performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmgbjla.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $223.00 | 2.05% |

---

Thornburg International Equity Fund Tailored Shareholder Report 9/30/25 TH6180

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class C (with sales charge)** | 15.94% | 10.17% | 7.93% |
| **International Equity Fund Class C (without sales charge)** | 16.94% | 10.17% | 7.93% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $4,397.0M |
| **Number of Holdings** | 53 |
| **Annual Portfolio Turnover** | 28.49% |
| **Total Advisory Fee** | $22.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 4.1 <br>|
| **Large Cap (>$12 B)** <br>| 95.9 <br>|

---

![doughnut](qes9thsuvvy1mhjjdcbn.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn92e6u.jpg)

Thornburg International Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TGVIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Equity Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector allocation detracted from performance relative to the Index, but selection and currency effects together produced the outperformance relative to the Index. Geographic allocation and the Fund's allocation to cash also detracted from performance relative to the Index.Within consumer discretionary and financials sectors, stock selection bolstered performance relative to the Index. Additionally, stock selection in Korea and Japan, as well as a zero-weight allocation in India, also drove positive performance relative to the Index. Stock selection within the materials sector hampered performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmgatp3.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $95.00 | 0.87% |

---

Thornburg International Equity Fund Tailored Shareholder Report 9/30/25 TH6181

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class I** | 18.32% | 11.40% | 9.12% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $4,397.0M |
| **Number of Holdings** | 53 |
| **Annual Portfolio Turnover** | 28.49% |
| **Total Advisory Fee** | $22.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 4.1 <br>|
| **Large Cap (>$12 B)** <br>| 95.9 <br>|

---

![doughnut](qes9thsuvvy1mhjjdcbn.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn91x6m.jpg)

Thornburg International Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TGVRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Equity Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector allocation detracted from performance relative to the Index, but selection and currency effects together produced the outperformance relative to the Index. Geographic allocation and the Fund's allocation to cash also detracted from performance relative to the Index.Within consumer discretionary and financials sectors, stock selection bolstered performance relative to the Index. Additionally, stock selection in Korea and Japan, as well as a zero-weight allocation in India, also drove positive performance relative to the Index. Stock selection within the materials sector hampered performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmg9ia6.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $148.00 | 1.36% |

---

Thornburg International Equity Fund Tailored Shareholder Report 9/30/25 TH6182

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R3** | 17.74% | 10.86% | 8.57% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $4,397.0M |
| **Number of Holdings** | 53 |
| **Annual Portfolio Turnover** | 28.49% |
| **Total Advisory Fee** | $22.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 4.1 <br>|
| **Large Cap (>$12 B)** <br>| 95.9 <br>|

---

![doughnut](qes9thsuvvy1mhjjdcbn.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn916xo.jpg)

Thornburg International Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THVRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Equity Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector allocation detracted from performance relative to the Index, but selection and currency effects together produced the outperformance relative to the Index. Geographic allocation and the Fund's allocation to cash also detracted from performance relative to the Index.Within consumer discretionary and financials sectors, stock selection bolstered performance relative to the Index. Additionally, stock selection in Korea and Japan, as well as a zero-weight allocation in India, also drove positive performance relative to the Index. Stock selection within the materials sector hampered performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmg8tud.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $126.00 | 1.16% |

---

Thornburg International Equity Fund Tailored Shareholder Report 9/30/25 TH6183

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R4** | 17.95% | 11.07% | 8.78% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $4,397.0M |
| **Number of Holdings** | 53 |
| **Annual Portfolio Turnover** | 28.49% |
| **Total Advisory Fee** | $22.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 4.1 <br>|
| **Large Cap (>$12 B)** <br>| 95.9 <br>|

---

![doughnut](qes9thsuvvy1mhjjdcbn.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn90lzx.jpg)

Thornburg International Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIVRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Equity Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector allocation detracted from performance relative to the Index, but selection and currency effects together produced the outperformance relative to the Index. Geographic allocation and the Fund's allocation to cash also detracted from performance relative to the Index.Within consumer discretionary and financials sectors, stock selection bolstered performance relative to the Index. Additionally, stock selection in Korea and Japan, as well as a zero-weight allocation in India, also drove positive performance relative to the Index. Stock selection within the materials sector hampered performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmg8akp.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $98.00 | 0.90% |

---

Thornburg International Equity Fund Tailored Shareholder Report 9/30/25 TH6184

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R5** | 18.29% | 11.36% | 9.07% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $4,397.0M |
| **Number of Holdings** | 53 |
| **Annual Portfolio Turnover** | 28.49% |
| **Total Advisory Fee** | $22.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 4.1 <br>|
| **Large Cap (>$12 B)** <br>| 95.9 <br>|

---

![doughnut](qes9thsuvvy1mhjjdcbn.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn900rv.jpg)

Thornburg International Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Equity Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TGIRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Equity Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach. Sector allocation detracted from performance relative to the Index, but selection and currency effects together produced the outperformance relative to the Index. Geographic allocation and the Fund's allocation to cash also detracted from performance relative to the Index.Within consumer discretionary and financials sectors, stock selection bolstered performance relative to the Index. Additionally, stock selection in Korea and Japan, as well as a zero-weight allocation in India, also drove positive performance relative to the Index. Stock selection within the materials sector hampered performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmg7mdj.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $76.00 | 0.70% |

---

Thornburg International Equity Fund Tailored Shareholder Report 9/30/25 TH6185

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R6** | 18.52% | 11.59% | 9.29% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $4,397.0M |
| **Number of Holdings** | 53 |
| **Annual Portfolio Turnover** | 28.49% |
| **Total Advisory Fee** | $22.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 4.1 <br>|
| **Large Cap (>$12 B)** <br>| 95.9 <br>|

---

![doughnut](qes9thsuvvy1mhjjdcbn.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn8zjy7.jpg)

**Thornburg Better World International Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Better World International Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TBWAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Better World International Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong returns, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's strong stock selection in consumer staples and selection and currency effects in information technology sectors contributed positively to performance relative to the Index. A lack of allocation to the energy sector was also additive to performance relative to the Index. The main detriments to performance relative to the Index came from stock selection in consumer discretionary, materials and financials sectors.From a geographic perspective, strong stock selection in Korea and a zero-weighting allocation to India, where security valuations were deemed to be too high, were the key drivers of performance relative to the Index. The biggest detractors came from an underweight positioning allocation to securities in China and selection effects for securities in the United Kingdom and Canada.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fbwi/TBWAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhme0kjl.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $149.00 | 1.41% |

---

Thornburg Better World International Fund Tailored Shareholder Report 9/30/25 TH6211

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Better World International Fund Class A (with sales charge)** | 5.54% | 8.65% | 9.15% |
| **Better World International Fund Class A (without sales charge)** | 10.51% | 9.66% | 9.65% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $507.8M |
| **Number of Holdings** | 54 |
| **Annual Portfolio Turnover** | 39.30% |
| **Total Advisory Fee** | $4.2M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.4 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 12.0 <br>|
| **Large Cap (>$12 B)** <br>| 85.6 <br>|

---

![doughnut](qes9thsuvvy1mhjj3mxj.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7jmjc.jpg)

**Thornburg Better World International Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Better World International Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TBWCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Better World International Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong returns, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's strong stock selection in consumer staples and selection and currency effects in information technology sectors contributed positively to performance relative to the Index. A lack of allocation to the energy sector was also additive to performance relative to the Index. The main detriments to performance relative to the Index came from stock selection in consumer discretionary, materials and financials sectors.From a geographic perspective, strong stock selection in Korea and a zero-weighting allocation to India, where security valuations were deemed to be too high, were the key drivers of performance relative to the Index. The biggest detractors came from an underweight positioning allocation to securities in China and selection effects for securities in the United Kingdom and Canada.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhme02cf.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $230.00 | 2.19% |

---

---

| | |
|:---|:---|
| **Thornburg Better World International Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6212<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Better World International Fund Class C (with sales charge)** | 8.64% | 8.83% | 8.93% |
| **Better World International Fund Class C (without sales charge)** | 9.64% | 8.83% | 8.93% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $507.8M |
| **Number of Holdings** | 54 |
| **Annual Portfolio Turnover** | 39.30% |
| **Total Advisory Fee** | $4.2M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.4 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 12.0 <br>|
| **Large Cap (>$12 B)** <br>| 85.6 <br>|

---

![doughnut](qes9thsuvvy1mhjj3mxj.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7j5ty.jpg)

**Thornburg Better World International Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Better World International Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TBWIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Better World International Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong returns, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's strong stock selection in consumer staples and selection and currency effects in information technology sectors contributed positively to performance relative to the Index. A lack of allocation to the energy sector was also additive to performance relative to the Index. The main detriments to performance relative to the Index came from stock selection in consumer discretionary, materials and financials sectors.From a geographic perspective, strong stock selection in Korea and a zero-weighting allocation to India, where security valuations were deemed to be too high, were the key drivers of performance relative to the Index. The biggest detractors came from an underweight positioning allocation to securities in China and selection effects for securities in the United Kingdom and Canada.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmdzco7.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $95.00 | 0.90% |

---

Thornburg Better World International Fund Tailored Shareholder Report 9/30/25 TH6213

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Better World International Fund Class I** | 11.09% | 10.24% | 10.36% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $507.8M |
| **Number of Holdings** | 54 |
| **Annual Portfolio Turnover** | 39.30% |
| **Total Advisory Fee** | $4.2M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 2.4 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 12.0 <br>|
| **Large Cap (>$12 B)** <br>| 85.6 <br>|

---

![doughnut](qes9thsuvvy1mhjj3mxj.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7ildz.jpg)

Thornburg International Growth Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIGAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Growth Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the MSCI All Country World ex USA Growth Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's underperformance relative to the Index was primarily driven by portfolio allocations across sectors and countries. The Fund's allocation to cash was a detriment to performance relative to the Index.Stock selection and allocation effects in communication services and information technology sectors contributed to performance relative to the Index, while stock picking in consumer discretionary and health care were the main detractors to performance relative to the Index. Security selection within Japan and China contributed significantly to performance relative to the Index, whereas allocation and selection effects to securities in Germany were the primary detractors from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fig/TIGAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmeg7gy.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $137.00 | 1.36% |

---

Thornburg International Growth Fund Tailored Shareholder Report 9/30/25 TH6199

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class A (with sales charge)** | -2.64% | 0.22% | 5.73% |
| **International Growth Fund Class A (without sales charge)** | 1.96% | 1.15% | 6.22% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 12.86% | 6.22% | 8.17% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $724.8M |
| **Number of Holdings** | 46 |
| **Annual Portfolio Turnover** | 28.90% |
| **Total Advisory Fee** | $6.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 3.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 11.6 <br>|
| **Large Cap (>$12 B)** <br>| 84.5 <br>|

---

![doughnut](qesfiki1mhjjfml9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7qwix.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIGCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Growth Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the MSCI All Country World ex USA Growth Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's underperformance relative to the Index was primarily driven by portfolio allocations across sectors and countries. The Fund's allocation to cash was a detriment to performance relative to the Index.Stock selection and allocation effects in communication services and information technology sectors contributed to performance relative to the Index, while stock picking in consumer discretionary and health care were the main detractors to performance relative to the Index. Security selection within Japan and China contributed significantly to performance relative to the Index, whereas allocation and selection effects to securities in Germany were the primary detractors from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmegbta.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $239.00 | 2.38% |

---

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6200<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class C (with sales charge)** | -0.02% | 0.22% | 5.32% |
| **International Growth Fund Class C (without sales charge)** | 0.90% | 0.22% | 5.32% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 12.86% | 6.22% | 8.17% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $724.8M |
| **Number of Holdings** | 46 |
| **Annual Portfolio Turnover** | 28.90% |
| **Total Advisory Fee** | $6.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 3.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 11.6 <br>|
| **Large Cap (>$12 B)** <br>| 84.5 <br>|

---

![doughnut](qesfiki1mhjjfml9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7qd9o.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TINGX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Growth Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the MSCI All Country World ex USA Growth Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's underperformance relative to the Index was primarily driven by portfolio allocations across sectors and countries. The Fund's allocation to cash was a detriment to performance relative to the Index.Stock selection and allocation effects in communication services and information technology sectors contributed to performance relative to the Index, while stock picking in consumer discretionary and health care were the main detractors to performance relative to the Index. Security selection within Japan and China contributed significantly to performance relative to the Index, whereas allocation and selection effects to securities in Germany were the primary detractors from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmedvfz.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $100.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6201<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class I** | 2.36% | 1.51% | 6.60% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 12.86% | 6.22% | 8.17% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $724.8M |
| **Number of Holdings** | 46 |
| **Annual Portfolio Turnover** | 28.90% |
| **Total Advisory Fee** | $6.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 3.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 11.6 <br>|
| **Large Cap (>$12 B)** <br>| 84.5 <br>|

---

![doughnut](qesfiki1mhjjfml9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7pw56.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIGVX <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Growth Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares underperformed the MSCI All Country World ex USA Growth Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's underperformance relative to the Index was primarily driven by portfolio allocations across sectors and countries. The Fund's allocation to cash was a detriment to performance relative to the Index.Stock selection and allocation effects in communication services and information technology sectors contributed to performance relative to the Index, while stock picking in consumer discretionary and health care were the main detractors to performance relative to the Index. Security selection within Japan and China contributed significantly to performance relative to the Index, whereas allocation and selection effects to securities in Germany were the primary detractors from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmed4aa.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $151.00 | 1.50% |

---

Thornburg International Growth Fund Tailored Shareholder Report 9/30/25 TH6202

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R3** | 1.85% | 1.00% | 6.06% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 12.86% | 6.22% | 8.17% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $724.8M |
| **Number of Holdings** | 46 |
| **Annual Portfolio Turnover** | 28.90% |
| **Total Advisory Fee** | $6.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 3.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 11.6 <br>|
| **Large Cap (>$12 B)** <br>| 84.5 <br>|

---

![doughnut](qesfiki1mhjjfml9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7p4v8.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TINVX <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Growth Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares underperformed the MSCI All Country World ex USA Growth Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.

During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.

The Fund's underperformance relative to the Index was primarily driven by portfolio allocations across sectors and countries. The Fund's allocation to cash was a detriment to performance relative to the Index.

Stock selection and allocation effects in communication services and information technology sectors contributed to performance relative to the Index, while stock picking in consumer discretionary and health care were the main detractors to performance relative to the Index. Security selection within Japan and China contributed significantly to performance relative to the Index, whereas allocation and selection effects to securities in Germany were the primary detractors from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmecaxl.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $141.00 | 1.40% |

---

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6203<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R4** | 1.89% | 1.09% | 6.16% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 12.86% | 6.22% | 8.17% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $724.8M |
| **Number of Holdings** | 46 |
| **Annual Portfolio Turnover** | 28.90% |
| **Total Advisory Fee** | $6.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 3.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 11.6 <br>|
| **Large Cap (>$12 B)** <br>| 84.5 <br>|

---

![doughnut](qesfiki1mhjjfml9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7oki3.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TINFX <br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Growth Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares underperformed the MSCI All Country World ex USA Growth Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's underperformance relative to the Index was primarily driven by portfolio allocations across sectors and countries. The Fund's allocation to cash was a detriment to performance relative to the Index.Stock selection and allocation effects in communication services and information technology sectors contributed to performance relative to the Index, while stock picking in consumer discretionary and health care were the main detractors to performance relative to the Index. Security selection within Japan and China contributed significantly to performance relative to the Index, whereas allocation and selection effects to securities in Germany were the primary detractors from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmebker.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $100.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6204<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R5** | 2.34% | 1.50% | 6.59% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 12.86% | 6.22% | 8.17% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $724.8M |
| **Number of Holdings** | 46 |
| **Annual Portfolio Turnover** | 28.90% |
| **Total Advisory Fee** | $6.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 3.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 11.6 <br>|
| **Large Cap (>$12 B)** <br>| 84.5 <br>|

---

![doughnut](qesfiki1mhjjfml9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7o47i.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg International Growth Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THGIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg International Growth Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares underperformed the MSCI All Country World ex USA Growth Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, non-U.S. equity securities posted strong return, nearly matching their U.S. counterparts, even as U.S. mega-cap and artificial intelligence beneficiaries have continued to lead the market.The Fund's underperformance relative to the Index was primarily driven by portfolio allocations across sectors and countries. The Fund's allocation to cash was a detriment to performance relative to the Index.Stock selection and allocation effects in communication services and information technology sectors contributed to performance relative to the Index, while stock picking in consumer discretionary and health care were the main detractors to performance relative to the Index. Security selection within Japan and China contributed significantly to performance relative to the Index, whereas allocation and selection effects to securities in Germany were the primary detractors from performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhme9f30.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $90.00 | 0.89% |

---

---

| | |
|:---|:---|
| **Thornburg International Growth Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6205<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R6** | 2.45% | 1.61% | 6.70% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 12.86% | 6.22% | 8.17% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 16.45% | 10.26% | 8.23% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $724.8M |
| **Number of Holdings** | 46 |
| **Annual Portfolio Turnover** | 28.90% |
| **Total Advisory Fee** | $6.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 3.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 11.6 <br>|
| **Large Cap (>$12 B)** <br>| 84.5 <br>|

---

![doughnut](qesfiki1mhjjfml9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7njyv.jpg)

Thornburg Developing World Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Developing World Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THDAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Developing World Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, emerging market equity securities posted solid returns, largely producing results in line with their developed world counterparts. On a sector basis, security selection and an overweight positioning allocation to consumer staples, as well as security selection and underweight positioning allocation to communication services, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within the consumer discretionary and industrials sectors.On a geographic basis, stock selection in Korea as well as stock selection and an underweight positioning allocation to India, bolstered performance relative to the Index, while weaker stock selection in China and Mexico negatively contributed to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fdw/THDAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa4p5j1mhme819u.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $156.00 | 1.45% |

---

Thornburg Developing World Fund Tailored Shareholder Report 9/30/25 TH6206

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class A (with sales charge)** | 10.75% | 2.67% | 5.97% |
| **Developing World Fund Class A (without sales charge)** | 15.97% | 3.62% | 6.46% |
| **MSCI Emerging Markets Net Total Return USD Index** | 17.32% | 7.02% | 7.99% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $584.3M |
| **Number of Holdings** | 42 |
| **Annual Portfolio Turnover** | 46.93% |
| **Total Advisory Fee** | $4.7M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 17.9 <br>|
| **Large Cap (>$12 B)** <br>| 82.1 <br>|

---

![doughnut](qes7z5f1mhjj2wh2.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7mot6.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Developing World Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THDCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Developing World Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, emerging market equity securities posted solid returns, largely producing results in line with their developed world counterparts. On a sector basis, security selection and an overweight positioning allocation to consumer staples, as well as security selection and underweight positioning allocation to communication services, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within the consumer discretionary and industrials sectors.On a geographic basis, stock selection in Korea as well as stock selection and an underweight positioning allocation to India, bolstered performance relative to the Index, while weaker stock selection in China and Mexico negatively contributed to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, visit or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhme5v8g.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $250.00 | 2.33% |

---

Thornburg Developing World Fund Tailored Shareholder Report 9/30/25 TH6207

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class C (with sales charge)** | 13.94% | 2.77% | 5.61% |
| **Developing World Fund Class C (without sales charge)** | 14.94% | 2.77% | 5.61% |
| **MSCI Emerging Markets Net Total Return USD Index** | 17.32% | 7.02% | 7.99% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $584.3M |
| **Number of Holdings** | 42 |
| **Annual Portfolio Turnover** | 46.93% |
| **Total Advisory Fee** | $4.7M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 17.9 <br>|
| **Large Cap (>$12 B)** <br>| 82.1 <br>|

---

![doughnut](qes7z5f1mhjj2wh2.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7m9np.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Developing World Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THDIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Developing World Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, emerging market equity securities posted solid returns, largely producing results in line with their developed world counterparts. On a sector basis, security selection and an overweight positioning allocation to consumer staples, as well as security selection and underweight positioning allocation to communication services, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within the consumer discretionary and industrials sectors.On a geographic basis, stock selection in Korea as well as stock selection and an underweight positioning allocation to India, bolstered performance relative to the Index, while weaker stock selection in China and Mexico negatively contributed to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhme4t5n.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $113.00 | 1.04% |

---

Thornburg Developing World Fund Tailored Shareholder Report 9/30/25 TH6208

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class I** | 16.43% | 4.04% | 6.88% |
| **MSCI Emerging Markets Net Total Return USD Index** | 17.32% | 7.02% | 7.99% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $584.3M |
| **Number of Holdings** | 42 |
| **Annual Portfolio Turnover** | 46.93% |
| **Total Advisory Fee** | $4.7M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 17.9 <br>|
| **Large Cap (>$12 B)** <br>| 82.1 <br>|

---

![doughnut](qes7z5f1mhjj2wh2.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7lj3k.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Developing World Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THDRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Developing World Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares underperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, emerging market equity securities posted solid returns, largely producing results in line with their developed world counterparts. On a sector basis, security selection and an overweight positioning allocation to consumer staples, as well as security selection and underweight positioning allocation to communication services, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within the consumer discretionary and industrials sectors.On a geographic basis, stock selection in Korea as well as stock selection and an underweight positioning allocation to India, bolstered performance relative to the Index, while weaker stock selection in China and Mexico negatively contributed to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhme5aqf.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $113.00 | 1.04% |

---

---

| | |
|:---|:---|
| **Thornburg Developing World Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6209<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class R5** | 16.42% | 4.03% | 6.88% |
| **MSCI Emerging Markets Net Total Return USD Index** | 17.32% | 7.02% | 7.99% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $584.3M |
| **Number of Holdings** | 42 |
| **Annual Portfolio Turnover** | 46.93% |
| **Total Advisory Fee** | $4.7M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 17.9 <br>|
| **Large Cap (>$12 B)** <br>| 82.1 <br>|

---

![doughnut](qes7z5f1mhjj2wh2.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7l3qz.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Developing World Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TDWRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Developing World Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares underperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.During the period, emerging market equity securities posted solid returns, largely producing results in line with their developed world counterparts. On a sector basis, security selection and an overweight positioning allocation to consumer staples, as well as security selection and underweight positioning allocation to communication services, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within the consumer discretionary and industrials sectors.On a geographic basis, stock selection in Korea as well as stock selection and an underweight positioning allocation to India, bolstered performance relative to the Index, while weaker stock selection in China and Mexico negatively contributed to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhme1zen.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $102.00 | 0.94% |

---

Thornburg Developing World Fund Tailored Shareholder Report 9/30/25 TH6210

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class R6** | 16.54% | 4.14% | 6.99% |
| **MSCI Emerging Markets Net Total Return USD Index** | 17.32% | 7.02% | 7.99% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $584.3M |
| **Number of Holdings** | 42 |
| **Annual Portfolio Turnover** | 46.93% |
| **Total Advisory Fee** | $4.7M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 17.9 <br>|
| **Large Cap (>$12 B)** <br>| 82.1 <br>|

---

![doughnut](qes7z5f1mhjj2wh2.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7kjit.jpg)

**Thornburg Small/Mid Cap Core Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Core Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TVAFX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Core Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the Russell 2500 Index – Total Return (the "Index") during the 12-month period ended September 30, 2025.Stock selection was the primary driver of relative underperformance. The Fund's stock selection in the financials and information technology sectors hampered performance relative to the Index during the period. Stock selection in and an overweight positioning allocation to the utilities sector contributed positively to performance relative to the Index.Returns of larger mid-cap stocks outpaced smaller-cap stocks within the Index during the period. Stock selection negatively contributed to performance within the mid-cap (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) and large-cap portions (those with a market capitalization exceeding $12 billion) of the Fund. However, an overweight positioning to larger stocks within the Index's universe positively impacted the Fund's performance relative to the Index. Stock selection within the smaller-cap segment of the universe contributed positively to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fv/TVAFX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa4p5j1mhmgkobw.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $139.00 | 1.37% |

---

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report 9/30/25 TH6173

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Core Fund Class A (with sales charge)** | -1.37% | 6.64% | 7.86% |
| **Small/Mid Cap Core Fund Class A (without sales charge)** | 3.28% | 7.62% | 8.36% |
| **Russell 2500 Index - Total Return** | 10.16% | 12.09% | 10.52% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $484.4M |
| **Number of Holdings** | 47 |
| **Annual Portfolio Turnover** | 23.05% |
| **Total Advisory Fee** | $4.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 8.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 52.4 <br>|
| **Large Cap (>$12 B)** <br>| 38.7 <br>|

---

![doughnut](qes9thsuvvy1mhjjceg9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn972g0.jpg)

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Core Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TVCFX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Core Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the Russell 2500 Index – Total Return (the "Index") during the 12-month period ended September 30, 2025.Stock selection was the primary driver of relative underperformance. The Fund's stock selection in the financials and information technology sectors hampered performance relative to the Index during the period. Stock selection in and an overweight positioning allocation to the utilities sector contributed positively to performance relative to the Index.Returns of larger mid-cap stocks outpaced smaller-cap stocks within the Index during the period. Stock selection negatively contributed to performance within the mid-cap (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) and large-cap portions (those with a market capitalization exceeding $12 billion) of the Fund. However, an overweight positioning to larger stocks within the Index's universe positively impacted the Fund's performance relative to the Index. Stock selection within the smaller-cap segment of the universe contributed positively to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmgjgo3.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $237.00 | 2.34% |

---

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report 9/30/25 TH6174

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Core Fund Class C (with sales charge)** | 1.30% | 6.63% | 7.43% |
| **Small/Mid Cap Core Fund Class C (without sales charge)** | 2.30% | 6.63% | 7.43% |
| **Russell 2500 Index - Total Return** | 10.16% | 12.09% | 10.52% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $484.4M |
| **Number of Holdings** | 47 |
| **Annual Portfolio Turnover** | 23.05% |
| **Total Advisory Fee** | $4.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 8.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 52.4 <br>|
| **Large Cap (>$12 B)** <br>| 38.7 <br>|

---

![doughnut](qes9thsuvvy1mhjjceg9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn96nfe.jpg)

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Core Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TVIFX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Core Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the Russell 2500 Index – Total Return (the "Index") during the 12-month period ended September 30, 2025.Stock selection was the primary driver of relative underperformance. The Fund's stock selection in the financials and information technology sectors hampered performance relative to the Index during the period. Stock selection in and an overweight positioning allocation to the utilities sector contributed positively to performance relative to the Index.Returns of larger mid-cap stocks outpaced smaller-cap stocks within the Index during the period. Stock selection negatively contributed to performance within the mid-cap (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) and large-cap portions (those with a market capitalization exceeding $12 billion) of the Fund. However, an overweight positioning to larger stocks within the Index's universe positively impacted the Fund's performance relative to the Index. Stock selection within the smaller-cap segment of the universe contributed positively to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmgim0w.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $97.00 | 0.95% |

---

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report 9/30/25 TH6175

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Core Fund Class I** | 3.72% | 8.06% | 8.78% |
| **Russell 2500 Index - Total Return** | 10.16% | 12.09% | 10.52% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $484.4M |
| **Number of Holdings** | 47 |
| **Annual Portfolio Turnover** | 23.05% |
| **Total Advisory Fee** | $4.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 8.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 52.4 <br>|
| **Large Cap (>$12 B)** <br>| 38.7 <br>|

---

![doughnut](qes9thsuvvy1mhjjceg9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn967ye.jpg)

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Core Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TVRFX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Core Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares underperformed the Russell 2500 Index – Total Return (the "Index") during the 12-month period ended September 30, 2025.Stock selection was the primary driver of relative underperformance. The Fund's stock selection in the financials and information technology sectors hampered performance relative to the Index during the period. Stock selection in and an overweight positioning allocation to the utilities sector contributed positively to performance relative to the Index.Returns of larger mid-cap stocks outpaced smaller-cap stocks within the Index during the period. Stock selection negatively contributed to performance within the mid-cap (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) and large-cap portions (those with a market capitalization exceeding $12 billion) of the Fund. However, an overweight positioning to larger stocks within the Index's universe positively impacted the Fund's performance relative to the Index. Stock selection within the smaller-cap segment of the universe contributed positively to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmgh6i6.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $133.00 | 1.31% |

---

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report 9/30/25 TH6176

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Core Fund Class R3** | 3.35% | 7.66% | 8.39% |
| **Russell 2500 Index - Total Return** | 10.16% | 12.09% | 10.52% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $484.4M |
| **Number of Holdings** | 47 |
| **Annual Portfolio Turnover** | 23.05% |
| **Total Advisory Fee** | $4.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 8.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 52.4 <br>|
| **Large Cap (>$12 B)** <br>| 38.7 <br>|

---

![doughnut](qes9thsuvvy1mhjjceg9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn95q3o.jpg)

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Core Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TVIRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Core Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares underperformed the Russell 2500 Index – Total Return (the "Index") during the 12-month period ended September 30, 2025.

Stock selection was the primary driver of relative underperformance. The Fund's stock selection in the financials and information technology sectors hampered performance relative to the Index during the period. Stock selection in and an overweight positioning allocation to the utilities sector contributed positively to performance relative to the Index.

Returns of larger mid-cap stocks outpaced smaller-cap stocks within the Index during the period. Stock selection negatively contributed to performance within the mid-cap (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) and large-cap portions (those with a market capitalization exceeding $12 billion) of the Fund. However, an overweight positioning to larger stocks within the Index's universe positively impacted the Fund's performance relative to the Index. Stock selection within the smaller-cap segment of the universe contributed positively to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmgfgur.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $123.00 | 1.21% |

---

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report 9/30/25 TH6177

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Core Fund Class R4** | 3.44% | 7.77% | 8.49% |
| **Russell 2500 Index - Total Return** | 10.16% | 12.09% | 10.52% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $484.4M |
| **Number of Holdings** | 47 |
| **Annual Portfolio Turnover** | 23.05% |
| **Total Advisory Fee** | $4.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 8.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 52.4 <br>|
| **Large Cap (>$12 B)** <br>| 38.7 <br>|

---

![doughnut](qes9thsuvvy1mhjjceg9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn95a1f.jpg)

**Thornburg Small/Mid Cap Core Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Core Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TVRRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Core Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares underperformed the Russell 2500 Index – Total Return (the "Index") during the 12-month period ended September 30, 2025.Stock selection was the primary driver of relative underperformance. The Fund's stock selection in the financials and information technology sectors hampered performance relative to the Index during the period. Stock selection in and an overweight positioning allocation to the utilities sector contributed positively to performance relative to the Index.Returns of larger mid-cap stocks outpaced smaller-cap stocks within the Index during the period. Stock selection negatively contributed to performance within the mid-cap (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) and large-cap portions (those with a market capitalization exceeding $12 billion) of the Fund. However, an overweight positioning to larger stocks within the Index's universe positively impacted the Fund's performance relative to the Index. Stock selection within the smaller-cap segment of the universe contributed positively to performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmgelmi.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $97.00 | 0.95% |

---

Thornburg Small/Mid Cap Core Fund Tailored Shareholder Report 9/30/25 TH6178

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Core Fund Class R5** | 3.73% | 8.06% | 8.78% |
| **Russell 2500 Index - Total Return** | 10.16% | 12.09% | 10.52% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $484.4M |
| **Number of Holdings** | 47 |
| **Annual Portfolio Turnover** | 23.05% |
| **Total Advisory Fee** | $4.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 8.9 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 52.4 <br>|
| **Large Cap (>$12 B)** <br>| 38.7 <br>|

---

![doughnut](qes9thsuvvy1mhjjceg9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn94py0.jpg)

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Growth Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THCGX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Growth Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the Russell 2500 Growth Index - Total Return (the "Index") during the 12-month period ended September 30, 2025.The Fund's stock selection in the industrials and consumer staples sectors had a negative impact on performance relative to the Index during the period. Stock selection and underweight positioning allocations in information technology and energy sectors contributed positively to performance relative to the Index.Returns of mid-cap stocks outpaced small-cap stocks within the Index during the period. Stock selection was the primary detractor from performance relative to the Index within the mid-cap portion (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) of the Fund. However, stock selection from smaller stocks (those with a market capitalization of under approximately $2.5 billion) and an overweighting positioning of larger stocks (those with a market capitalization of over approximately $12 billion) positively impacted the Fund's performance relative to the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fcg/THCGX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa4p5j1mhmg6boz.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $147.00 | 1.43% |

---

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report 9/30/25 TH6186

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Growth Fund Class A (with sales charge)** | 0.44% | 0.12% | 7.39% |
| **Small/Mid Cap Growth Fund Class A (without sales charge)** | 5.16% | 1.05% | 7.88% |
| **Russell 2500 Growth Index - Total Return** | 12.62% | 7.76% | 10.93% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $219.8M |
| **Number of Holdings** | 45 |
| **Annual Portfolio Turnover** | 34.06% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 5.3 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 55.5 <br>|
| **Large Cap (>$12 B)** <br>| 39.2 <br>|

---

![doughnut](qes7z5f1mhjje3rh.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes1kzoc1mhxpyfop.jpg)

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Growth Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TCGCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Growth Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the Russell 2500 Growth Index - Total Return (the "Index") during the 12-month period ended September 30, 2025.The Fund's stock selection in the industrials and consumer staples sectors had a negative impact on performance relative to the Index during the period. Stock selection and underweight positioning allocations in information technology and energy sectors contributed positively to performance relative to the Index.Returns of mid-cap stocks outpaced small-cap stocks within the Index during the period. Stock selection was the primary detractor from performance relative to the Index within the mid-cap portion (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) of the Fund. However, stock selection from smaller stocks (those with a market capitalization of under approximately $2.5 billion) and an overweighting positioning of larger stocks (those with a market capitalization of over approximately $12 billion) positively impacted the Fund's performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmg58u9.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $239.00 | 2.34% |

---

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report 9/30/25 TH6187

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Growth Fund Class C (with sales charge)** | 3.25% | 0.16% | 6.99% |
| **Small/Mid Cap Growth Fund Class C (without sales charge)** | 4.25% | 0.16% | 6.99% |
| **Russell 2500 Growth Index - Total Return** | 12.62% | 7.76% | 10.93% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $219.8M |
| **Number of Holdings** | 45 |
| **Annual Portfolio Turnover** | 34.06% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 5.3 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 55.5 <br>|
| **Large Cap (>$12 B)** <br>| 39.2 <br>|

---

![doughnut](qes7z5f1mhjje3rh.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn8273p.jpg)

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Growth Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THIGX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Growth Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the Russell 2500 Growth Index - Total Return (the "Index") during the 12-month period ended September 30, 2025.The Fund's stock selection in the industrials and consumer staples sectors had a negative impact on performance relative to the Index during the period. Stock selection and underweight positioning allocations in information technology and energy sectors contributed positively to performance relative to the Index.Returns of mid-cap stocks outpaced small-cap stocks within the Index during the period. Stock selection was the primary detractor from performance relative to the Index within the mid-cap portion (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) of the Fund. However, stock selection from smaller stocks (those with a market capitalization of under approximately $2.5 billion) and an overweighting positioning of larger stocks (those with a market capitalization of over approximately $12 billion) positively impacted the Fund's performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmg4nvh.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $98.00 | 0.95% |

---

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report 9/30/25 TH6188

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Growth Fund Class I** | 5.70% | 1.50% | 8.33% |
| **Russell 2500 Growth Index - Total Return** | 12.62% | 7.76% | 10.93% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $219.8M |
| **Number of Holdings** | 45 |
| **Annual Portfolio Turnover** | 34.06% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 5.3 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 55.5 <br>|
| **Large Cap (>$12 B)** <br>| 39.2 <br>|

---

![doughnut](qes7z5f1mhjje3rh.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn81sr3.jpg)

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Growth Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THCRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Growth Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares underperformed the Russell 2500 Growth Index - Total Return (the "Index") during the 12-month period ended September 30, 2025.The Fund's stock selection in the industrials and consumer staples sectors had a negative impact on performance relative to the Index during the period. Stock selection and underweight positioning allocations in information technology and energy sectors contributed positively to performance relative to the Index.Returns of mid-cap stocks outpaced small-cap stocks within the Index during the period. Stock selection was the primary detractor from performance relative to the Index within the mid-cap portion (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) of the Fund. However, stock selection from smaller stocks (those with a market capitalization of under approximately $2.5 billion) and an overweighting positioning of larger stocks (those with a market capitalization of over approximately $12 billion) positively impacted the Fund's performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmg406i.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $150.00 | 1.46% |

---

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report 9/30/25 TH6189

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Growth Fund Class R3** | 5.17% | 0.98% | 7.78% |
| **Russell 2500 Growth Index - Total Return** | 12.62% | 7.76% | 10.93% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $219.8M |
| **Number of Holdings** | 45 |
| **Annual Portfolio Turnover** | 34.06% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 5.3 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 55.5 <br>|
| **Large Cap (>$12 B)** <br>| 39.2 <br>|

---

![doughnut](qes7z5f1mhjje3rh.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn816p3.jpg)

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Growth Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TCGRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Growth Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares underperformed the Russell 2500 Growth Index - Total Return (the "Index") during the 12-month period ended September 30, 2025.The Fund's stock selection in the industrials and consumer staples sectors had a negative impact on performance relative to the Index during the period. Stock selection and underweight positioning allocations in information technology and energy sectors contributed positively to performance relative to the Index.Returns of mid-cap stocks outpaced small-cap stocks within the Index during the period. Stock selection was the primary detractor from performance relative to the Index within the mid-cap portion (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) of the Fund. However, stock selection from smaller stocks (those with a market capitalization of under approximately $2.5 billion) and an overweighting positioning of larger stocks (those with a market capitalization of over approximately $12 billion) positively impacted the Fund's performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmf4hri.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $140.00 | 1.36% |

---

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report 9/30/25 TH6190

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Growth Fund Class R4** | 5.27% | 1.08% | 7.89% |
| **Russell 2500 Growth Index - Total Return** | 12.62% | 7.76% | 10.93% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $219.8M |
| **Number of Holdings** | 45 |
| **Annual Portfolio Turnover** | 34.06% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 5.3 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 55.5 <br>|
| **Large Cap (>$12 B)** <br>| 39.2 <br>|

---

![doughnut](qes7z5f1mhjje3rh.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn80r68.jpg)

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Small/Mid Cap Growth Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THGRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Small/Mid Cap Growth Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares underperformed the Russell 2500 Growth Index - Total Return (the "Index") during the 12-month period ended September 30, 2025.The Fund's stock selection in the industrials and consumer staples sectors had a negative impact on performance relative to the Index during the period. Stock selection and underweight positioning allocations in information technology and energy sectors contributed positively to performance relative to the Index.Returns of mid-cap stocks outpaced small-cap stocks within the Index during the period. Stock selection was the primary detractor from performance relative to the Index within the mid-cap portion (those with a market capitalization ranging from approximately $2.5 billion to $12 billion) of the Fund. However, stock selection from smaller stocks (those with a market capitalization of under approximately $2.5 billion) and an overweighting positioning of larger stocks (those with a market capitalization of over approximately $12 billion) positively impacted the Fund's performance relative to the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmf2ez0.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $98.00 | 0.95% |

---

Thornburg Small/Mid Cap Growth Fund Tailored Shareholder Report 9/30/25 TH6191

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Small/Mid Cap Growth Fund Class R5** | 5.68% | 1.49% | 8.33% |
| **Russell 2500 Growth Index - Total Return** | 12.62% | 7.76% | 10.93% |
| **Russell 3000 Index - Total Return** | 17.41% | 15.74% | 14.71% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $219.8M |
| **Number of Holdings** | 45 |
| **Annual Portfolio Turnover** | 34.06% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 5.3 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 55.5 <br>|
| **Large Cap (>$12 B)** <br>| 39.2 <br>|

---

![doughnut](qes7z5f1mhjje3rh.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7zpbd.jpg)

Thornburg Investment Income Builder Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIBAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the benchmark composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index (the "Blended Index") during the 12-month period ended September 30, 2025.During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.A general overweight positioning to equity securities and underweight positioning to fixed income securities boosted the Fund's performance relative to the Blended Index. Within equities, the Fund's focus on higher-dividend-paying markets abroad aided the Fund's outperformance versus the MSCI World Net Total Return USD Index. Security selection within the communication services and financials sectors, along with an overweight positioning in Europe, also boosted performance relative to the Blended Index.The Fund's selection effect within fixed income, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fib/TIBAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmidcnv.jpg)

The Blended Index is composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $126.00 | 1.12% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 9/30/25 TH6159

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class A (with sales charge)** | 20.03% | 15.80% | 9.74% |
| **Investment Income Builder Fund Class A (without sales charge)** | 25.70% | 16.87% | 10.25% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **MSCI World Net Total Return USD Index** | 17.25% | 14.41% | 12.43% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 13.59% | 10.67% | 9.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $17,737.9M |
| **Number of Holdings** | 329 |
| **Annual Portfolio Turnover** | 27.78% |
| **Total Advisory Fee** | $103.8M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Foreign Equity** <br>| 56.8 <br>|
| **Domestic Equity** <br>| 22.9 <br>|
| **Domestic Other Bonds** <br>| 3.1 <br>|
| **Domestic Corporate Bonds** <br>| 2.8 <br>|
| **Foreign Bonds** <br>| 1.9 <br>|
| **Other Assets Less Liabilities** <br>| 12.5 <br>|

---

![doughnut](qesfiki1mhjjggi5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn9jjt9.jpg)

**Thornburg Investment Income Builder Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIBCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the benchmark composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index (the "Blended Index") during the 12-month period ended September 30, 2025.During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.A general overweight positioning to equity securities and underweight positioning to fixed income securities boosted the Fund's performance relative to the Blended Index. Within equities, the Fund's focus on higher-dividend-paying markets abroad aided the Fund's outperformance versus the MSCI World Net Total Return USD Index. Security selection within the communication services and financials sectors, along with an overweight positioning in Europe, also boosted performance relative to the Blended Index.The Fund's selection effect within fixed income, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmiczcx.jpg)

The Blended Index is composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $210.00 | 1.87% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 9/30/25 TH6160

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class C (with sales charge)** | 23.84% | 16.01% | 9.44% |
| **Investment Income Builder Fund Class C (without sales charge)** | 24.84% | 16.01% | 9.44% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **MSCI World Net Total Return USD Index** | 17.25% | 14.41% | 12.43% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 13.59% | 10.67% | 9.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $17,737.9M |
| **Number of Holdings** | 329 |
| **Annual Portfolio Turnover** | 27.78% |
| **Total Advisory Fee** | $103.8M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Foreign Equity** <br>| 56.8 <br>|
| **Domestic Equity** <br>| 22.9 <br>|
| **Domestic Other Bonds** <br>| 3.1 <br>|
| **Domestic Corporate Bonds** <br>| 2.8 <br>|
| **Foreign Bonds** <br>| 1.9 <br>|
| **Other Assets Less Liabilities** <br>| 12.5 <br>|

---

![doughnut](qesfiki1mhjjggi5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn9ixck.jpg)

Thornburg Investment Income Builder Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIBIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the benchmark composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index (the "Blended Index") during the 12-month period ended September 30, 2025.During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.A general overweight positioning to equity securities and underweight positioning to fixed income securities boosted the Fund's performance relative to the Blended Index. Within equities, the Fund's focus on higher-dividend-paying markets abroad aided the Fund's outperformance versus the MSCI World Net Total Return USD Index. Security selection within the communication services and financials sectors, along with an overweight positioning in Europe, also boosted performance relative to the Blended Index.The Fund's selection effect within fixed income, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmicnk2.jpg)

The Blended Index is composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $100.00 | 0.88% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 9/30/25 TH6161

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class I** | 25.98% | 17.14% | 10.53% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **MSCI World Net Total Return USD Index** | 17.25% | 14.41% | 12.43% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 13.59% | 10.67% | 9.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $17,737.9M |
| **Number of Holdings** | 329 |
| **Annual Portfolio Turnover** | 27.78% |
| **Total Advisory Fee** | $103.8M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Foreign Equity** <br>| 56.8 <br>|
| **Domestic Equity** <br>| 22.9 <br>|
| **Domestic Other Bonds** <br>| 3.1 <br>|
| **Domestic Corporate Bonds** <br>| 2.8 <br>|
| **Foreign Bonds** <br>| 1.9 <br>|
| **Other Assets Less Liabilities** <br>| 12.5 <br>|

---

![doughnut](qesfiki1mhjjggi5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn9idgj.jpg)

Thornburg Investment Income Builder Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIBRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the benchmark composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index (the "Blended Index") during the 12-month period ended September 30, 2025.During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.A general overweight positioning to equity securities and underweight positioning to fixed income securities boosted the Fund's performance relative to the Blended Index. Within equities, the Fund's focus on higher-dividend-paying markets abroad aided the Fund's outperformance versus the MSCI World Net Total Return USD Index. Security selection within the communication services and financials sectors, along with an overweight positioning in Europe, also boosted performance relative to the Blended Index.The Fund's selection effect within fixed income, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmibwxa.jpg)

The Blended Index is composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $169.00 | 1.50% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 9/30/25 TH6162

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class R3** | 25.26% | 16.44% | 9.86% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **MSCI World Net Total Return USD Index** | 17.25% | 14.41% | 12.43% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 13.59% | 10.67% | 9.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $17,737.9M |
| **Number of Holdings** | 329 |
| **Annual Portfolio Turnover** | 27.78% |
| **Total Advisory Fee** | $103.8M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Foreign Equity** <br>| 56.8 <br>|
| **Domestic Equity** <br>| 22.9 <br>|
| **Domestic Other Bonds** <br>| 3.1 <br>|
| **Domestic Corporate Bonds** <br>| 2.8 <br>|
| **Foreign Bonds** <br>| 1.9 <br>|
| **Other Assets Less Liabilities** <br>| 12.5 <br>|

---

![doughnut](qesfiki1mhjjggi5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes9hxx01mhxr584z.jpg)

Thornburg Investment Income Builder Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIBGX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the benchmark composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index (the "Blended Index") during the 12-month period ended September 30, 2025.During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.A general overweight positioning to equity securities and underweight positioning to fixed income securities boosted the Fund's performance relative to the Blended Index. Within equities, the Fund's focus on higher-dividend-paying markets abroad aided the Fund's outperformance versus the MSCI World Net Total Return USD Index. Security selection within the communication services and financials sectors, along with an overweight positioning in Europe, also boosted performance relative to the Blended Index.The Fund's selection effect within fixed income, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmibjej.jpg)

The Blended Index is composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $156.00 | 1.39% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 9/30/25 TH6163

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class R4** | 25.39% | 16.56% | 9.97% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **MSCI World Net Total Return USD Index** | 17.25% | 14.41% | 12.43% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 13.59% | 10.67% | 9.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $17,737.9M |
| **Number of Holdings** | 329 |
| **Annual Portfolio Turnover** | 27.78% |
| **Total Advisory Fee** | $103.8M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Foreign Equity** <br>| 56.8 <br>|
| **Domestic Equity** <br>| 22.9 <br>|
| **Domestic Other Bonds** <br>| 3.1 <br>|
| **Domestic Corporate Bonds** <br>| 2.8 <br>|
| **Foreign Bonds** <br>| 1.9 <br>|
| **Other Assets Less Liabilities** <br>| 12.5 <br>|

---

![doughnut](qesfiki1mhjjggi5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn9g1b6.jpg)

Thornburg Investment Income Builder Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIBMX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the benchmark composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index (the "Blended Index") during the 12-month period ended September 30, 2025.During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.A general overweight positioning to equity securities and underweight positioning to fixed income securities boosted the Fund's performance relative to the Blended Index. Within equities, the Fund's focus on higher-dividend-paying markets abroad aided the Fund's outperformance versus the MSCI World Net Total Return USD Index. Security selection within the communication services and financials sectors, along with an overweight positioning in Europe, also boosted performance relative to the Blended Index.The Fund's selection effect within fixed income, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmhi1f9.jpg)

The Blended Index is composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $112.00 | 0.99% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 9/30/25 TH6164

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class R5** | 25.86% | 17.02% | 10.41% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **MSCI World Net Total Return USD Index** | 17.25% | 14.41% | 12.43% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 13.59% | 10.67% | 9.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $17,737.9M |
| **Number of Holdings** | 329 |
| **Annual Portfolio Turnover** | 27.78% |
| **Total Advisory Fee** | $103.8M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Foreign Equity** <br>| 56.8 <br>|
| **Domestic Equity** <br>| 22.9 <br>|
| **Domestic Other Bonds** <br>| 3.1 <br>|
| **Domestic Corporate Bonds** <br>| 2.8 <br>|
| **Foreign Bonds** <br>| 1.9 <br>|
| **Other Assets Less Liabilities** <br>| 12.5 <br>|

---

![doughnut](qesfiki1mhjjggi5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn9fk7v.jpg)

Thornburg Investment Income Builder Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIBOX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the benchmark composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index (the "Blended Index") during the 12-month period ended September 30, 2025.During the period, major world events included the ongoing Russian/Ukraine conflict, moderating inflation figures in the U.S., Mideast tensions, and significant government policy changes in the U.S. and elsewhere that are altering global trade and financial flows. Most equity indices worldwide delivered positive returns over the period.A general overweight positioning to equity securities and underweight positioning to fixed income securities boosted the Fund's performance relative to the Blended Index. Within equities, the Fund's focus on higher-dividend-paying markets abroad aided the Fund's outperformance versus the MSCI World Net Total Return USD Index. Security selection within the communication services and financials sectors, along with an overweight positioning in Europe, also boosted performance relative to the Blended Index.The Fund's selection effect within fixed income, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmh2u5i.jpg)

The Blended Index is composed of 25% Bloomberg U.S. Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $90.00 | 0.80% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 9/30/25 TH6165

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Investment Income Builder Fund Class R6** | 26.06% | 17.24% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% |
| **MSCI World Net Total Return USD Index** | 17.25% | 14.41% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 13.59% | 10.67% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $17,737.9M |
| **Number of Holdings** | 329 |
| **Annual Portfolio Turnover** | 27.78% |
| **Total Advisory Fee** | $103.8M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Foreign Equity** <br>| 56.8 <br>|
| **Domestic Equity** <br>| 22.9 <br>|
| **Domestic Other Bonds** <br>| 3.1 <br>|
| **Domestic Corporate Bonds** <br>| 2.8 <br>|
| **Foreign Bonds** <br>| 1.9 <br>|
| **Other Assets Less Liabilities** <br>| 12.5 <br>|

---

![doughnut](qesfiki1mhjjggi5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn9f4ys.jpg)

Thornburg Summit Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Summit Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSAMX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Summit Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the benchmark composed of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Bond Index (the "Blended Index") during the 12-month period ended September 30, 2025.

The Fund's security selection within equity securities contributed positively to performance relative to the Blended Index.

Within the Fund's equity holdings, selection effect from communication services, information technology, and financials sectors contributed positively to performance relative to the Blended Index. Security selection within energy and health care sectors hampered results relative to the Blended Index.

The Fund's selection effect within fixed income securities, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fs/TSAMX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmdxzse.jpg)

The Blended Index is composed of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Bond Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $100.00 | 0.94% |

---

---

| | |
|:---|:---|
| **Thornburg Summit Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6214<br>|

---

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Summit Fund Class A (with sales charge)** | 8.62% |
| **Summit Fund Class A (without sales charge)** | 13.70% |
| **Bloomberg Global-Aggregate Total Return Index Value Unhedged USD** | 2.40% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% |
| **Thornburg Summit Fund's Blended Index** | 11.22% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $96.4M |
| **Number of Holdings** | 181 |
| **Annual Portfolio Turnover** | 32.68% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Domestic Equity** <br>| 34.0 <br>|
| **Foreign Equity** <br>| 30.1 <br>|
| **Domestic Other Bonds** <br>| 24.2 <br>|
| **Foreign Bonds** <br>| 4.8 <br>|
| **Domestic Corporate Bonds** <br>| 4.3 <br>|
| **Other Assets Less Liabilities** <br>| 2.6 <br>|

---

![doughnut](qesfiki1mhjj3xq1.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7htxr.jpg)

**Thornburg Summit Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Summit Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSUMX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Summit Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the benchmark composed of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Bond Index (the "Blended Index") during the 12-month period ended September 30, 2025.

The Fund's security selection within equity securities contributed positively to performance relative to the Blended Index.

Within the Fund's equity holdings, selection effect from communication services, information technology, and financials sectors contributed positively to performance relative to the Blended Index. Security selection within energy and health care sectors hampered results relative to the Blended Index.

The Fund's selection effect within fixed income securities, especially within corporate bonds and securitized segments, contributed positively to performance relative to the Blended Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmdxctb.jpg)

The Blended Index is composed of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Bond Index, rebalanced monthly.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $74.00 | 0.69% |

---

Thornburg Summit Fund Tailored Shareholder Report 9/30/25 TH6215

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Summit Fund Class I** | 13.97% | 11.13% |
| **Bloomberg Global-Aggregate Total Return Index Value Unhedged USD** | 2.40% | -1.56% |
| **MSCI All Country World Net Total Return USD Index** | 17.27% | 13.54% |
| **Thornburg Summit Fund's Blended Index** | 11.22% | 7.41% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $96.4M |
| **Number of Holdings** | 181 |
| **Annual Portfolio Turnover** | 32.68% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Portfolio Composition**  | **(%)** <br>|
| **Domestic Equity** <br>| 34.0 <br>|
| **Foreign Equity** <br>| 30.1 <br>|
| **Domestic Other Bonds** <br>| 24.2 <br>|
| **Foreign Bonds** <br>| 4.8 <br>|
| **Domestic Corporate Bonds** <br>| 4.3 <br>|
| **Other Assets Less Liabilities** <br>| 2.6 <br>|

---

![doughnut](qesfiki1mhjj3xq1.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn7h1jq.jpg)

**Thornburg Ultra Short Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Ultra Short Income Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TLDAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Ultra Short Income Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fldi/TLDAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmif9u2.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $51.00 | 0.50% |

---

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6155<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Ultra Short Income Fund Class A (with sales charge)** | 2.37% | 2.53% | 2.39% |
| **Ultra Short Income Fund Class A (without sales charge)** | 4.71% | 3.00% | 2.55% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **ICE BofA U.S. Treasury Bill Index** | 4.45% | 2.99% | 2.10% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $267.7M |
| **Number of Holdings** | 306 |
| **Annual Portfolio Turnover** | 58.28% |
| **Total Advisory Fee** | $0.6M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 5.0 <br>|
| **AAA** <br>| 19.0 <br>|
| **AA** <br>| 10.2 <br>|
| **A** <br>| 16.3 <br>|
| **BBB** <br>| 28.7 <br>|
| **NR** <br>| 3.7 <br>|
| **Below Invest. Grade** <br>| 4.3 <br>|
| **Cash Equivalents & Other** <br>| 12.8 <br>|

---

![doughnut](qesa1tl41mhxpra2w.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhnaw5rp.jpg)

Thornburg Ultra Short Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Ultra Short Income Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TLDIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Ultra Short Income Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmievug.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $31.00 | 0.30% |

---

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6156<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Ultra Short Income Fund Class I** | 4.92% | 3.21% | 2.75% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **ICE BofA U.S. Treasury Bill Index** | 4.45% | 2.99% | 2.10% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $267.7M |
| **Number of Holdings** | 306 |
| **Annual Portfolio Turnover** | 58.28% |
| **Total Advisory Fee** | $0.6M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 5.0 <br>|
| **AAA** <br>| 19.0 <br>|
| **AA** <br>| 10.2 <br>|
| **A** <br>| 16.3 <br>|
| **BBB** <br>| 28.7 <br>|
| **NR** <br>| 3.7 <br>|
| **Below Invest. Grade** <br>| 4.3 <br>|
| **Cash Equivalents & Other** <br>| 12.8 <br>|

---

![doughnut](qesa1tl41mhxpra2w.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhnauzql.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTUSX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fgov/LTUSX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa4p5j1mhmi4p3q.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $101.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6130<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class A (with sales charge)** | 0.83% | -0.21% | 0.86% |
| **Limited Term U.S. Government Fund Class A (without sales charge)** | 3.14% | 0.25% | 1.01% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.51% | 0.36% | 1.55% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $95.4M |
| **Number of Holdings** | 140 |
| **Annual Portfolio Turnover** | 22.17% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **U.S. Treasury Securities** <br>| 14.8 <br>|
| **U.S. Government Agencies** <br>| 7.4 <br>|
| **Mortgage Backed** <br>| 67.1 <br>|
| **Corporate Bonds** <br>| 2.8 <br>|
| **Cash Equivalents & Other** <br>| 7.9 <br>|

---

![doughnut](qes9thsuvvy1mhjj02e6.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhncdamg.jpg)

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTUCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares performed in line with the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. The Fund's performance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmitfyg.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $126.00 | 1.24% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6131<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class C (with sales charge)** | 2.38% | -0.05% | 0.70% |
| **Limited Term U.S. Government Fund Class C (without sales charge)** | 2.88% | -0.05% | 0.70% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.51% | 0.36% | 1.55% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $95.4M |
| **Number of Holdings** | 140 |
| **Annual Portfolio Turnover** | 22.17% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **U.S. Treasury Securities** <br>| 14.8 <br>|
| **U.S. Government Agencies** <br>| 7.4 <br>|
| **Mortgage Backed** <br>| 67.1 <br>|
| **Corporate Bonds** <br>| 2.8 <br>|
| **Cash Equivalents & Other** <br>| 7.9 <br>|

---

![doughnut](qes9thsuvvy1mhjj02e6.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhncc6qd.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: C2&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTUQX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class C2 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares performed in line with the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. The Fund's performance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmi5i20.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C2** | $126.00 | 1.24% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 9/30/25 TH6136

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term U.S. Government Fund Class C2 (with sales charge)** | 2.23% | -0.03% |
| **Limited Term U.S. Government Fund Class C2 (without sales charge)** | 2.88% | -0.03% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.51% | 0.36% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $95.4M |
| **Number of Holdings** | 140 |
| **Annual Portfolio Turnover** | 22.17% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **U.S. Treasury Securities** <br>| 14.8 <br>|
| **U.S. Government Agencies** <br>| 7.4 <br>|
| **Mortgage Backed** <br>| 67.1 <br>|
| **Corporate Bonds** <br>| 2.8 <br>|
| **Cash Equivalents & Other** <br>| 7.9 <br>|

---

![doughnut](qes9thsuvvy1mhjj02e6.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTUIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmit4an.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $68.00 | 0.67% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6132<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class I** | 3.47% | 0.55% | 1.31% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.51% | 0.36% | 1.55% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $95.4M |
| **Number of Holdings** | 140 |
| **Annual Portfolio Turnover** | 22.17% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **U.S. Treasury Securities** <br>| 14.8 <br>|
| **U.S. Government Agencies** <br>| 7.4 <br>|
| **Mortgage Backed** <br>| 67.1 <br>|
| **Corporate Bonds** <br>| 2.8 <br>|
| **Cash Equivalents & Other** <br>| 7.9 <br>|

---

![doughnut](qes9thsuvvy1mhjj02e6.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhncb7hh.jpg)

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTURX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmispz3.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $101.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6133<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class R3** | 3.14% | 0.21% | 0.95% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.51% | 0.36% | 1.55% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $95.4M |
| **Number of Holdings** | 140 |
| **Annual Portfolio Turnover** | 22.17% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **U.S. Treasury Securities** <br>| 14.8 <br>|
| **U.S. Government Agencies** <br>| 7.4 <br>|
| **Mortgage Backed** <br>| 67.1 <br>|
| **Corporate Bonds** <br>| 2.8 <br>|
| **Cash Equivalents & Other** <br>| 7.9 <br>|

---

![doughnut](qes9thsuvvy1mhjj02e6.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnc9ro6.jpg)

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTUGX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmirjkh.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $101.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6134<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class R4** | 3.14% | 0.20% | 0.93% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.51% | 0.36% | 1.55% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $95.4M |
| **Number of Holdings** | 140 |
| **Annual Portfolio Turnover** | 22.17% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **U.S. Treasury Securities** <br>| 14.8 <br>|
| **U.S. Government Agencies** <br>| 7.4 <br>|
| **Mortgage Backed** <br>| 67.1 <br>|
| **Corporate Bonds** <br>| 2.8 <br>|
| **Cash Equivalents & Other** <br>| 7.9 <br>|

---

![doughnut](qes9thsuvvy1mhjj02e6.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnc8q93.jpg)

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTGRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmir8gt.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $68.00 | 0.67% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6135<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class R5** | 3.39% | 0.51% | 1.27% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.51% | 0.36% | 1.55% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $95.4M |
| **Number of Holdings** | 140 |
| **Annual Portfolio Turnover** | 22.17% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **U.S. Treasury Securities** <br>| 14.8 <br>|
| **U.S. Government Agencies** <br>| 7.4 <br>|
| **Mortgage Backed** <br>| 67.1 <br>|
| **Corporate Bonds** <br>| 2.8 <br>|
| **Cash Equivalents & Other** <br>| 7.9 <br>|

---

![doughnut](qes9thsuvvy1mhjj02e6.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnc7nwz.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THIFX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fli/THIFX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmijvs5.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $79.00 | 0.77% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6147<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class A (with sales charge)** | 2.11% | 1.14% | 2.39% |
| **Limited Term Income Fund Class A (without sales charge)** | 4.44% | 1.61% | 2.54% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% | 2.10% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes1kzoc1mhxtwel9.jpg)

Thornburg Limited Term Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THICX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmijjs9.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $103.00 | 1.01% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 9/30/25 TH6148

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class C (with sales charge)** | 3.69% | 1.37% | 2.31% |
| **Limited Term Income Fund Class C (without sales charge)** | 4.19% | 1.37% | 2.31% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% | 2.10% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes9hxx01mhxtyyj5.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: C2&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THIQX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class C2 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa1tl41mi4rn26k.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C2** | $126.00 | 1.24% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 9/30/25 TH6154

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term Income Fund Class C2 (with sales charge)** | 3.31% | 1.13% |
| **Limited Term Income Fund Class C2 (without sales charge)** | 3.96% | 1.13% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

Thornburg Limited Term Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THIIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmihn2p.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $50.00 | 0.49% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6149<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class I** | 4.74% | 1.88% | 2.84% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% | 2.10% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnbj6ih.jpg)

Thornburg Limited Term Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THIRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmigu8f.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $101.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6150<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class R3** | 4.22% | 1.39% | 2.35% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% | 2.10% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnbib84.jpg)

Thornburg Limited Term Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THRIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmigjqf.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $101.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6151<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class R4** | 4.14% | 1.37% | 2.34% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% | 2.10% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnbgtig.jpg)

Thornburg Limited Term Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THRRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmig2ce.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $50.00 | 0.49% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6152<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class R5** | 4.73% | 1.89% | 2.80% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% | 2.10% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnbfiyd.jpg)

Thornburg Limited Term Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THRLX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmb8zxc.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $43.00 | 0.42% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6153<br>|

---

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term Income Fund Class R6** | 4.73% | 1.95% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.01% | 0.81% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $6,108.4M |
| **Number of Holdings** | 731 |
| **Annual Portfolio Turnover** | 32.96% |
| **Total Advisory Fee** | $20.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 28.0 <br>|
| **AAA** <br>| 20.3 <br>|
| **AA** <br>| 7.5 <br>|
| **A** <br>| 15.9 <br>|
| **BBB** <br>| 22.1 <br>|
| **NR** <br>| 0.7 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash Equivalents & Other** <br>| 5.3 <br>|

---

![doughnut](qes9hxx01mhxpq6n0.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnbdrsu.jpg)

Thornburg Core Plus Bond Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THCAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fcb/THCAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmdvb02.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $76.00 | 0.75% |

---

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6217<br>|

---

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class A (with sales charge)** | -1.63% |
| **Core Plus Bond Fund Class A (without sales charge)** | 3.05% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $147.4M |
| **Number of Holdings** | 398 |
| **Annual Portfolio Turnover** | 32.74% |
| **Total Advisory Fee** | $0.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 40.8 <br>|
| **AAA** <br>| 11.7 <br>|
| **AA** <br>| 3.3 <br>|
| **A** <br>| 9.5 <br>|
| **BBB** <br>| 19.8 <br>|
| **NR** <br>| 3.7 <br>|
| **Below Invest. Grade** <br>| 8.7 <br>|
| **Cash Equivalents & Other** <br>| 2.5 <br>|

---

![doughnut](qesa1tl41mhxq3adw.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhmk2f6o.jpg)

**Thornburg Core Plus Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THCCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. The Fund's performance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmdg5kt.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $152.00 | 1.50% |

---

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6218<br>|

---

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class C (with sales charge)** | 1.23% |
| **Core Plus Bond Fund Class C (without sales charge)** | 2.21% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $147.4M |
| **Number of Holdings** | 398 |
| **Annual Portfolio Turnover** | 32.74% |
| **Total Advisory Fee** | $0.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 40.8 <br>|
| **AAA** <br>| 11.7 <br>|
| **AA** <br>| 3.3 <br>|
| **A** <br>| 9.5 <br>|
| **BBB** <br>| 19.8 <br>|
| **NR** <br>| 3.7 <br>|
| **Below Invest. Grade** <br>| 8.7 <br>|
| **Cash Equivalents & Other** <br>| 2.5 <br>|

---

![doughnut](qesa1tl41mhxq3adw.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhmkh7nf.jpg)

**Thornburg Core Plus Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THCIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmde4gy.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $51.00 | 0.50% |

---

Thornburg Core Plus Bond Fund Tailored Shareholder Report 9/30/25 TH6219

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class I** | 3.35% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $147.4M |
| **Number of Holdings** | 398 |
| **Annual Portfolio Turnover** | 32.74% |
| **Total Advisory Fee** | $0.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 40.8 <br>|
| **AAA** <br>| 11.7 <br>|
| **AA** <br>| 3.3 <br>|
| **A** <br>| 9.5 <br>|
| **BBB** <br>| 19.8 <br>|
| **NR** <br>| 3.7 <br>|
| **Below Invest. Grade** <br>| 8.7 <br>|
| **Cash Equivalents & Other** <br>| 2.5 <br>|

---

![doughnut](qesa1tl41mhxq3adw.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn7c977.jpg)

**Thornburg Core Plus Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THCSX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmcjqq4.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $50.00 | 0.49% |

---

Thornburg Core Plus Bond Fund Tailored Shareholder Report 9/30/25 TH6223

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class R6** | 3.32% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $147.4M |
| **Number of Holdings** | 398 |
| **Annual Portfolio Turnover** | 32.74% |
| **Total Advisory Fee** | $0.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 40.8 <br>|
| **AAA** <br>| 11.7 <br>|
| **AA** <br>| 3.3 <br>|
| **A** <br>| 9.5 <br>|
| **BBB** <br>| 19.8 <br>|
| **NR** <br>| 3.7 <br>|
| **Below Invest. Grade** <br>| 8.7 <br>|
| **Cash Equivalents & Other** <br>| 2.5 <br>|

---

![doughnut](qesa1tl41mhxq3adw.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn7963l.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSIAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Income Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fsi/TSIAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa4p5j1mhmh0rrm.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $101.00 | 0.99% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 9/30/25 TH6166

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class A (with sales charge)** | -0.12% | 2.19% | 3.63% |
| **Strategic Income Fund Class A (without sales charge)** | 4.59% | 3.14% | 4.11% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 3.40% | 0.08% | 2.26% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $10,171.1M |
| **Number of Holdings** | 1195 |
| **Annual Portfolio Turnover** | 30.03% |
| **Total Advisory Fee** | $48.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\***  | **(%)** <br>|
| **U.S. Government** <br>| 24.4 <br>|
| **AAA** <br>| 11.0 <br>|
| **AA** <br>| 3.7 <br>|
| **A** <br>| 10.1 <br>|
| **BBB** <br>| 22.8 <br>|
| **BB** <br>| 14.2 <br>|
| **B** <br>| 4.0 <br>|
| **CC** <br>| 0.1 <br>|
| **CCC** <br>| 0.1 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 5.3 <br>|
| **Cash Equivalents & Other** <br>| 4.3 <br>|

---

![doughnut](qesa1tl41mhxpu757.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes1kzoc1mhxu0n7y.jpg)

Thornburg Strategic Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSICX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Income Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmgwl8l.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $174.00 | 1.71% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 9/30/25 TH6167

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class C (with sales charge)** | 2.74% | 2.37% | 3.37% |
| **Strategic Income Fund Class C (without sales charge)** | 3.74% | 2.37% | 3.37% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 3.40% | 0.08% | 2.26% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $10,171.1M |
| **Number of Holdings** | 1195 |
| **Annual Portfolio Turnover** | 30.03% |
| **Total Advisory Fee** | $48.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\***  | **(%)** <br>|
| **U.S. Government** <br>| 24.4 <br>|
| **AAA** <br>| 11.0 <br>|
| **AA** <br>| 3.7 <br>|
| **A** <br>| 10.1 <br>|
| **BBB** <br>| 22.8 <br>|
| **BB** <br>| 14.2 <br>|
| **B** <br>| 4.0 <br>|
| **CC** <br>| 0.1 <br>|
| **CCC** <br>| 0.1 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 5.3 <br>|
| **Cash Equivalents & Other** <br>| 4.3 <br>|

---

![doughnut](qesa1tl41mhxpu757.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes9hxx01mhxu0vhl.jpg)

Thornburg Strategic Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSIIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Income Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmgvy2j.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $61.00 | 0.60% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 9/30/25 TH6168

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class I** | 4.89% | 3.54% | 4.50% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 3.40% | 0.08% | 2.26% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $10,171.1M |
| **Number of Holdings** | 1195 |
| **Annual Portfolio Turnover** | 30.03% |
| **Total Advisory Fee** | $48.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\***  | **(%)** <br>|
| **U.S. Government** <br>| 24.4 <br>|
| **AAA** <br>| 11.0 <br>|
| **AA** <br>| 3.7 <br>|
| **A** <br>| 10.1 <br>|
| **BBB** <br>| 22.8 <br>|
| **BB** <br>| 14.2 <br>|
| **B** <br>| 4.0 <br>|
| **CC** <br>| 0.1 <br>|
| **CCC** <br>| 0.1 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 5.3 <br>|
| **Cash Equivalents & Other** <br>| 4.3 <br>|

---

![doughnut](qesa1tl41mhxpu757.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn9aizp.jpg)

Thornburg Strategic Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R3&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSIRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R3 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmgv8tj.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R3** | $128.00 | 1.25% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 9/30/25 TH6169

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class R3** | 4.21% | 2.86% | 3.89% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 3.40% | 0.08% | 2.26% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $10,171.1M |
| **Number of Holdings** | 1195 |
| **Annual Portfolio Turnover** | 30.03% |
| **Total Advisory Fee** | $48.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\***  | **(%)** <br>|
| **U.S. Government** <br>| 24.4 <br>|
| **AAA** <br>| 11.0 <br>|
| **AA** <br>| 3.7 <br>|
| **A** <br>| 10.1 <br>|
| **BBB** <br>| 22.8 <br>|
| **BB** <br>| 14.2 <br>|
| **B** <br>| 4.0 <br>|
| **CC** <br>| 0.1 <br>|
| **CCC** <br>| 0.1 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 5.3 <br>|
| **Cash Equivalents & Other** <br>| 4.3 <br>|

---

![doughnut](qesa1tl41mhxpu757.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn99xqo.jpg)

Thornburg Strategic Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R4&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSRIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R4 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmgtzs4.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R4** | $128.00 | 1.25% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 9/30/25 TH6170

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class R4** | 4.21% | 2.86% | 3.89% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 3.40% | 0.08% | 2.26% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $10,171.1M |
| **Number of Holdings** | 1195 |
| **Annual Portfolio Turnover** | 30.03% |
| **Total Advisory Fee** | $48.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\***  | **(%)** <br>|
| **U.S. Government** <br>| 24.4 <br>|
| **AAA** <br>| 11.0 <br>|
| **AA** <br>| 3.7 <br>|
| **A** <br>| 10.1 <br>|
| **BBB** <br>| 22.8 <br>|
| **BB** <br>| 14.2 <br>|
| **B** <br>| 4.0 <br>|
| **CC** <br>| 0.1 <br>|
| **CCC** <br>| 0.1 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 5.3 <br>|
| **Cash Equivalents & Other** <br>| 4.3 <br>|

---

![doughnut](qesa1tl41mhxpu757.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhn9970n.jpg)

Thornburg Strategic Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R5&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSRRX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R5 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmgstxk.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R5** | $61.00 | 0.60% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 9/30/25 TH6171

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class R5** | 4.89% | 3.52% | 4.49% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% | 1.84% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 3.40% | 0.08% | 2.26% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $10,171.1M |
| **Number of Holdings** | 1195 |
| **Annual Portfolio Turnover** | 30.03% |
| **Total Advisory Fee** | $48.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\***  | **(%)** <br>|
| **U.S. Government** <br>| 24.4 <br>|
| **AAA** <br>| 11.0 <br>|
| **AA** <br>| 3.7 <br>|
| **A** <br>| 10.1 <br>|
| **BBB** <br>| 22.8 <br>|
| **BB** <br>| 14.2 <br>|
| **B** <br>| 4.0 <br>|
| **CC** <br>| 0.1 <br>|
| **CCC** <br>| 0.1 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 5.3 <br>|
| **Cash Equivalents & Other** <br>| 4.3 <br>|

---

![doughnut](qesa1tl41mhxpu757.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn98oaj.jpg)

Thornburg Strategic Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R6&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSRSX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R6 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmgqy3k.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class R6** | $54.00 | 0.53% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 9/30/25 TH6172

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Strategic Income Fund Class R6** | 4.97% | 3.60% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 2.88% | -0.45% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 3.40% | 0.08% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $10,171.1M |
| **Number of Holdings** | 1195 |
| **Annual Portfolio Turnover** | 30.03% |
| **Total Advisory Fee** | $48.3M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\***  | **(%)** <br>|
| **U.S. Government** <br>| 24.4 <br>|
| **AAA** <br>| 11.0 <br>|
| **AA** <br>| 3.7 <br>|
| **A** <br>| 10.1 <br>|
| **BBB** <br>| 22.8 <br>|
| **BB** <br>| 14.2 <br>|
| **B** <br>| 4.0 <br>|
| **CC** <br>| 0.1 <br>|
| **CCC** <br>| 0.1 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 5.3 <br>|
| **Cash Equivalents & Other** <br>| 4.3 <br>|

---

![doughnut](qesa1tl41mhxpu757.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhn9855m.jpg)

**Thornburg Short Duration Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Short Duration Municipal Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TLMAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Short Duration Municipal Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fldm/TLMAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmixeeo.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $71.00 | 0.70% |

---

---

| | |
|:---|:---|
| **Thornburg Short Duration Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6124<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Short Duration Municipal Fund Class A (with sales charge)** | 0.60% | 0.79% | 0.89% |
| **Short Duration Municipal Fund Class A (without sales charge)** | 2.95% | 1.24% | 1.05% |
| **ICE BofA 1-3 Year U.S. Municipal Securities Index** | 3.15% | 1.52% | 1.54% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $113.7M |
| **Number of Holdings** | 132 |
| **Annual Portfolio Turnover** | 54.60% |
| **Total Advisory Fee** | $0.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 5.0 <br>|
| **AA** <br>| 38.9 <br>|
| **A** <br>| 42.6 <br>|
| **BBB** <br>| 8.8 <br>|
| **NR** <br>| 5.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| -0.3% <br>|

---

![doughnut](qes1kzoc1mhxpi5jz.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnhf0nh.jpg)

Thornburg Short Duration Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Short Duration Municipal Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TLMIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Short Duration Municipal Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmiwzwr.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $51.00 | 0.50% |

---

---

| | |
|:---|:---|
| **Thornburg Short Duration Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6125<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Short Duration Municipal Fund Class I** | 3.24% | 1.46% | 1.25% |
| **ICE BofA 1-3 Year U.S. Municipal Securities Index** | 3.15% | 1.52% | 1.54% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $113.7M |
| **Number of Holdings** | 132 |
| **Annual Portfolio Turnover** | 54.60% |
| **Total Advisory Fee** | $0.5M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 5.0 <br>|
| **AA** <br>| 38.9 <br>|
| **A** <br>| 42.6 <br>|
| **BBB** <br>| 8.8 <br>|
| **NR** <br>| 5.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| -0.3% <br>|

---

![doughnut](qes1kzoc1mhxpi5jz.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnhdp6j.jpg)

**Thornburg Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Municipal Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTMFX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/flm/LTMFX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes1kzoc1mi4rfglb.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $79.00 | 0.78% |

---

Thornburg Limited Term Municipal Fund Tailored Shareholder Report 9/30/25 TH6120

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Municipal Fund Class A (with sales charge)** | 0.61% | 0.43% | 1.21% |
| **Limited Term Municipal Fund Class A (without sales charge)** | 2.96% | 0.89% | 1.36% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 3.37% | 1.31% | 1.98% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $2,157.1M |
| **Number of Holdings** | 764 |
| **Annual Portfolio Turnover** | 31.04% |
| **Total Advisory Fee** | $7.9M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 5.3 <br>|
| **AA** <br>| 39.6 <br>|
| **A** <br>| 46.4 <br>|
| **BBB** <br>| 4.4 <br>|
| **NR** <br>| 1.6 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 2.7 <br>|

---

![doughnut](qesa1tl41mhxp8mcx.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnhlx7t.jpg)

Thornburg Limited Term Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Municipal Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTMCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmj0ggw.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $109.00 | 1.08% |

---

Thornburg Limited Term Municipal Fund Tailored Shareholder Report 9/30/25 TH6121

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Municipal Fund Class C (with sales charge)** | 2.16% | 0.64% | 1.10% |
| **Limited Term Municipal Fund Class C (without sales charge)** | 2.66% | 0.64% | 1.10% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 3.37% | 1.31% | 1.98% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $2,157.1M |
| **Number of Holdings** | 764 |
| **Annual Portfolio Turnover** | 31.04% |
| **Total Advisory Fee** | $7.9M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 5.3 <br>|
| **AA** <br>| 39.6 <br>|
| **A** <br>| 46.4 <br>|
| **BBB** <br>| 4.4 <br>|
| **NR** <br>| 1.6 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 2.7 <br>|

---

![doughnut](qesa1tl41mhxp8mcx.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnhk7lq.jpg)

**Thornburg Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Municipal Fund<br> CLASS: C2&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTMQX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class C2 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmiyhdn.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C2** | $126.00 | 1.24% |

---

---

| | |
|:---|:---|
| **Thornburg Limited Term Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6123<br>|

---

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term Municipal Fund Class C2 (with sales charge)** | 1.85% | 0.40% |
| **Limited Term Municipal Fund Class C2 (without sales charge)** | 2.49% | 0.40% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 3.37% | 1.31% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $2,157.1M |
| **Number of Holdings** | 764 |
| **Annual Portfolio Turnover** | 31.04% |
| **Total Advisory Fee** | $7.9M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 5.3 <br>|
| **AA** <br>| 39.6 <br>|
| **A** <br>| 46.4 <br>|
| **BBB** <br>| 4.4 <br>|
| **NR** <br>| 1.6 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 2.7 <br>|

---

![doughnut](qesa1tl41mhxp8mcx.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

Thornburg Limited Term Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Municipal Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTMIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmiytfp.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $54.00 | 0.53% |

---

Thornburg Limited Term Municipal Fund Tailored Shareholder Report 9/30/25 TH6122

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Municipal Fund Class I** | 3.22% | 1.13% | 1.61% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 3.37% | 1.31% | 1.98% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $2,157.1M |
| **Number of Holdings** | 764 |
| **Annual Portfolio Turnover** | 31.04% |
| **Total Advisory Fee** | $7.9M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 5.3 <br>|
| **AA** <br>| 39.6 <br>|
| **A** <br>| 46.4 <br>|
| **BBB** <br>| 4.4 <br>|
| **NR** <br>| 1.6 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 2.7 <br>|

---

![doughnut](qesa1tl41mhxp8mcx.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhnhig1t.jpg)

**Thornburg Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Intermediate Municipal Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THIMX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fim/THIMX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmiowub.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $73.00 | 0.72% |

---

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6140<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Intermediate Municipal Fund Class A (with sales charge)** | 0.13% | 0.83% | 1.69% |
| **Intermediate Municipal Fund Class A (without sales charge)** | 2.15% | 1.23% | 1.90% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 2.90% | 1.18% | 2.35% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,097.4M |
| **Number of Holdings** | 531 |
| **Annual Portfolio Turnover** | 53.42% |
| **Total Advisory Fee** | $4.6M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 4.3 <br>|
| **AA** <br>| 39.8 <br>|
| **A** <br>| 39.8 <br>|
| **BBB** <br>| 6.7 <br>|
| **NR** <br>| 5.5 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash & Cash Equivalent** <br>| 3.7 <br>|

---

![doughnut](qes9hxx01mhxpmcnm.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnby8dd.jpg)

Thornburg Intermediate Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Intermediate Municipal Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THMCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmin34f.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $110.00 | 1.09% |

---

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6141<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Intermediate Municipal Fund Class C (with sales charge)** | 1.18% | 0.86% | 1.54% |
| **Intermediate Municipal Fund Class C (without sales charge)** | 1.77% | 0.86% | 1.54% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 2.90% | 1.18% | 2.35% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,097.4M |
| **Number of Holdings** | 531 |
| **Annual Portfolio Turnover** | 53.42% |
| **Total Advisory Fee** | $4.6M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 4.3 <br>|
| **AA** <br>| 39.8 <br>|
| **A** <br>| 39.8 <br>|
| **BBB** <br>| 6.7 <br>|
| **NR** <br>| 5.5 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash & Cash Equivalent** <br>| 3.7 <br>|

---

![doughnut](qes9hxx01mhxpmcnm.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhnbwpwq.jpg)

**Thornburg Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Intermediate Municipal Fund<br> CLASS: C2&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THMQX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class C2 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmimam2.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C2** | $110.00 | 1.09% |

---

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6143<br>|

---

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Intermediate Municipal Fund Class C2 (with sales charge)** | 1.13% | 0.85% |
| **Intermediate Municipal Fund Class C2 (without sales charge)** | 1.77% | 0.85% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 2.90% | 1.18% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,097.4M |
| **Number of Holdings** | 531 |
| **Annual Portfolio Turnover** | 53.42% |
| **Total Advisory Fee** | $4.6M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 4.3 <br>|
| **AA** <br>| 39.8 <br>|
| **A** <br>| 39.8 <br>|
| **BBB** <br>| 6.7 <br>|
| **NR** <br>| 5.5 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash & Cash Equivalent** <br>| 3.7 <br>|

---

![doughnut](qes9hxx01mhxpmcnm.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

Thornburg Intermediate Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Intermediate Municipal Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THMIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes9hxx01mi6ixd87.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $49.00 | 0.48% |

---

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6142<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Intermediate Municipal Fund Class I** | 2.39% | 1.47% | 2.16% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 2.90% | 1.18% | 2.35% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1,097.4M |
| **Number of Holdings** | 531 |
| **Annual Portfolio Turnover** | 53.42% |
| **Total Advisory Fee** | $4.6M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 4.3 <br>|
| **AA** <br>| 39.8 <br>|
| **A** <br>| 39.8 <br>|
| **BBB** <br>| 6.7 <br>|
| **NR** <br>| 5.5 <br>|
| **Below Invest. Grade** <br>| 0.2 <br>|
| **Cash & Cash Equivalent** <br>| 3.7 <br>|

---

![doughnut](qes9hxx01mhxpmcnm.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnbvese.jpg)

**Thornburg Strategic Municipal Income** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Municipal Income<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSSAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Municipal Income Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fsm/TSSAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmiljut.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $82.00 | 0.81% |

---

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income** Tailored Shareholder Report<br>| 9/30/25<br> TH6144<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Municipal Income Fund Class A (with sales charge)** | 0.08% | 0.75% | 1.70% |
| **Strategic Municipal Income Fund Class A (without sales charge)** | 2.12% | 1.15% | 1.90% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $380.4M |
| **Number of Holdings** | 295 |
| **Annual Portfolio Turnover** | 59.01% |
| **Total Advisory Fee** | $1.9M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.8 <br>|
| **AA** <br>| 26.0 <br>|
| **A** <br>| 32.0 <br>|
| **BBB** <br>| 15.3 <br>|
| **NR** <br>| 18.0 <br>|
| **Below Invest. Grade** <br>| 2.1 <br>|
| **Cash & Cash Equivalent** <br>| 4.8 <br>|

---

![doughnut](qes9hxx01mhxpo6au.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnbrtfn.jpg)

Thornburg Strategic Municipal Income Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Municipal Income<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSSCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Municipal Income Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmil5wl.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $129.00 | 1.28% |

---

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income** Tailored Shareholder Report<br>| 9/30/25<br> TH6145<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Municipal Income Fund Class C (with sales charge)** | 0.98% | 0.68% | 1.44% |
| **Strategic Municipal Income Fund Class C (without sales charge)** | 1.57% | 0.68% | 1.44% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $380.4M |
| **Number of Holdings** | 295 |
| **Annual Portfolio Turnover** | 59.01% |
| **Total Advisory Fee** | $1.9M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.8 <br>|
| **AA** <br>| 26.0 <br>|
| **A** <br>| 32.0 <br>|
| **BBB** <br>| 15.3 <br>|
| **NR** <br>| 18.0 <br>|
| **Below Invest. Grade** <br>| 2.1 <br>|
| **Cash & Cash Equivalent** <br>| 4.8 <br>|

---

![doughnut](qes9hxx01mhxpo6au.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qesa4p5j1mhnbqlc1.jpg)

Thornburg Strategic Municipal Income Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Municipal Income<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TSSIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Strategic Municipal Income Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa1tl41mi6iydp7.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $60.00 | 0.59% |

---

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income** Tailored Shareholder Report<br>| 9/30/25<br> TH6146<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Municipal Income Fund Class I** | 2.27% | 1.38% | 2.14% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $380.4M |
| **Number of Holdings** | 295 |
| **Annual Portfolio Turnover** | 59.01% |
| **Total Advisory Fee** | $1.9M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.8 <br>|
| **AA** <br>| 26.0 <br>|
| **A** <br>| 32.0 <br>|
| **BBB** <br>| 15.3 <br>|
| **NR** <br>| 18.0 <br>|
| **Below Invest. Grade** <br>| 2.1 <br>|
| **Cash & Cash Equivalent** <br>| 4.8 <br>|

---

![doughnut](qes9hxx01mhxpo6au.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhnbpkp5.jpg)

Thornburg California Limited Term Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTCAX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fca/LTCAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa4p5j1mhmiw8sl.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $75.00 | 0.74% |

---

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6126<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **California Limited Term Municipal Fund Class A (with sales charge)** | 0.64% | 0.49% | 1.00% |
| **California Limited Term Municipal Fund Class A (without sales charge)** | 2.96% | 0.95% | 1.15% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $287.4M |
| **Number of Holdings** | 173 |
| **Annual Portfolio Turnover** | 43.53% |
| **Total Advisory Fee** | $1.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.7 <br>|
| **AA** <br>| 57.5 <br>|
| **A** <br>| 25.4 <br>|
| **BBB** <br>| 5.4 <br>|
| **NR** <br>| 1.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 9.0 <br>|

---

![doughnut](qesa1tl41mhxpjgal.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhnhbxkk.jpg)

**Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: C&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTCCX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class C Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmivwbd.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C** | $103.00 | 1.02% |

---

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6127<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **California Limited Term Municipal Fund Class C (with sales charge)** | 2.25% | 0.68% | 0.88% |
| **California Limited Term Municipal Fund Class C (without sales charge)** | 2.75% | 0.68% | 0.88% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $287.4M |
| **Number of Holdings** | 173 |
| **Annual Portfolio Turnover** | 43.53% |
| **Total Advisory Fee** | $1.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.7 <br>|
| **AA** <br>| 57.5 <br>|
| **A** <br>| 25.4 <br>|
| **BBB** <br>| 5.4 <br>|
| **NR** <br>| 1.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 9.0 <br>|

---

![doughnut](qesa1tl41mhxpjgal.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnhaeud.jpg)

Thornburg California Limited Term Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: C2&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTCQX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class C2 Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmiur2c.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class C2** | $103.00 | 1.02% |

---

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6129<br>|

---

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **California Limited Term Municipal Fund Class C2 (with sales charge)** | 2.10% | 0.68% |
| **California Limited Term Municipal Fund Class C2 (without sales charge)** | 2.75% | 0.68% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $287.4M |
| **Number of Holdings** | 173 |
| **Annual Portfolio Turnover** | 43.53% |
| **Total Advisory Fee** | $1.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.7 <br>|
| **AA** <br>| 57.5 <br>|
| **A** <br>| 25.4 <br>|
| **BBB** <br>| 5.4 <br>|
| **NR** <br>| 1.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 9.0 <br>|

---

![doughnut](qesa1tl41mhxpjgal.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

**Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: LTCIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa4p5j1mhmiveny.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $50.00 | 0.49% |

---

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6128<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **California Limited Term Municipal Fund Class I** | 3.21% | 1.20% | 1.43% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $287.4M |
| **Number of Holdings** | 173 |
| **Annual Portfolio Turnover** | 43.53% |
| **Total Advisory Fee** | $1.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.7 <br>|
| **AA** <br>| 57.5 <br>|
| **A** <br>| 25.4 <br>|
| **BBB** <br>| 5.4 <br>|
| **NR** <br>| 1.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 9.0 <br>|

---

![doughnut](qesa1tl41mhxpjgal.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnh8g1w.jpg)

Thornburg New Mexico Intermediate Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg New Mexico Intermediate Municipal Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THNMX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg New Mexico Intermediate Municipal Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fnm/THNMX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes3g82yv1mhmiqhdy.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $100.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg New Mexico Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6137<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New Mexico Intermediate Municipal Fund Class A (with sales charge)** | -0.13% | -0.03% | 1.07% |
| **New Mexico Intermediate Municipal Fund Class A (without sales charge)** | 1.95% | 0.38% | 1.27% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $89.2M |
| **Number of Holdings** | 98 |
| **Annual Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 25.6 <br>|
| **AA** <br>| 56.5 <br>|
| **A** <br>| 8.3 <br>|
| **BBB** <br>| 8.4 <br>|
| **NR** <br>| 0.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 1.2 <br>|

---

![doughnut](qes9hxx01mhxpkxg5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnc3eey.jpg)

**Thornburg New Mexico Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg New Mexico Intermediate Municipal Fund<br> CLASS: D&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THNDX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg New Mexico Intermediate Municipal Fund Class D Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class D shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmiq5rn.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class D** | $125.00 | 1.24% |

---

---

| | |
|:---|:---|
| **Thornburg New Mexico Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6138<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New Mexico Intermediate Municipal Fund Class D** | 1.70% | 0.12% | 1.02% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $89.2M |
| **Number of Holdings** | 98 |
| **Annual Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 25.6 <br>|
| **AA** <br>| 56.5 <br>|
| **A** <br>| 8.3 <br>|
| **BBB** <br>| 8.4 <br>|
| **NR** <br>| 0.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 1.2 <br>|

---

![doughnut](qes9hxx01mhxpkxg5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnc2h74.jpg)

**Thornburg New Mexico Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg New Mexico Intermediate Municipal Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THNIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg New Mexico Intermediate Municipal Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmipoj7.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $68.00 | 0.67% |

---

---

| | |
|:---|:---|
| **Thornburg New Mexico Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6139<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New Mexico Intermediate Municipal Fund Class I** | 2.28% | 0.70% | 1.59% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $89.2M |
| **Number of Holdings** | 98 |
| **Annual Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $0.4M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 25.6 <br>|
| **AA** <br>| 56.5 <br>|
| **A** <br>| 8.3 <br>|
| **BBB** <br>| 8.4 <br>|
| **NR** <br>| 0.0 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 1.2 <br>|

---

![doughnut](qes9hxx01mhxpkxg5.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes13329b1mhnc1bkn.jpg)

**Thornburg New York Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg New York Intermediate Municipal Fund<br> CLASS: A&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THNYX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg New York Intermediate Municipal Fund Class A Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment and assumes the deduction of the maximum sales charge associated with that 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/mutual-funds/fny/THNYX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes13329b1mhmie40m.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class A** | $100.00 | 0.99% |

---

---

| | |
|:---|:---|
| **Thornburg New York Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6157<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New York Intermediate Municipal Fund Class A (with sales charge)** | -0.55% | 0.32% | 1.14% |
| **New York Intermediate Municipal Fund Class A (without sales charge)** | 1.50% | 0.72% | 1.34% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $24.4M |
| **Number of Holdings** | 67 |
| **Annual Portfolio Turnover** | 40.75% |
| **Total Advisory Fee** | $0.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 8.2 <br>|
| **AA** <br>| 61.6 <br>|
| **A** <br>| 19.7 <br>|
| **BBB** <br>| 6.7 <br>|
| **NR** <br>| 2.4 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 1.4 <br>|

---

![doughnut](qes9hxx01mhxpsqcp.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhnat7iq.jpg)

**Thornburg New York Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg New York Intermediate Municipal Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TNYIX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg New York Intermediate Municipal Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qesa1tl41mi6iw0yi.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $68.00 | 0.67% |

---

---

| | |
|:---|:---|
| **Thornburg New York Intermediate Municipal Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6158<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New York Intermediate Municipal Fund Class I** | 1.83% | 1.04% | 1.67% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% | 0.95% | 2.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $24.4M |
| **Number of Holdings** | 67 |
| **Annual Portfolio Turnover** | 40.75% |
| **Total Advisory Fee** | $0.1M |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 8.2 <br>|
| **AA** <br>| 61.6 <br>|
| **A** <br>| 19.7 <br>|
| **BBB** <br>| 6.7 <br>|
| **NR** <br>| 2.4 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash & Cash Equivalent** <br>| 1.4 <br>|

---

![doughnut](qes9hxx01mhxpsqcp.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

![qr_code](qes3g82yv1mhn9mwiy.jpg)

Thornburg Emerging Markets Managed Account Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Emerging Markets Managed Account Fund<br> CLASS: SMA&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THMGX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Emerging Markets Managed Account Fund Class SMA Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class SMA shares underperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 12-month period ended September 30, 2025.The Fund's underperformance relative to the Index during the period was primarily driven by weaker stock selection, followed by sector and country allocation decisions.During the period, the Fund's overweight positioning allocation and stock selection within the consumer staples sector detracted from performance relative to the Index. Stock selection in the industrial sector contributed positively to performance relative to the Index. On a geographic basis, stock selection within the United Arab Emirates aided performance relative to the Index, while stock selection within China and Taiwan hampered performance relative to the Index.The Fund is a "completion fund," meaning that it is intended to be used as part of a broader investment program by certain separately managed account ("SMA") clients. As it is only a part of an SMA investment program, it is an incomplete representation of the total portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmcitpy.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class SMA** | $0.00 | 0.00% |

---

Thornburg Emerging Markets Managed Account Fund Tailored Shareholder Report 9/30/25 TH6224

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Emerging Markets Managed Account Fund Class SMA** | 3.55% |
| **MSCI Emerging Markets Net Total Return USD Index** | 17.32% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $1.1M |
| **Number of Holdings** | 22 |
| **Annual Portfolio Turnover** | 78.50% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure**  | **(%)** <br>|
| **Small Cap (<$2.5 B)** <br>| 0.0 <br>|
| **Mid Cap ($2.5-12 B)** <br>| 30.5 <br>|
| **Large Cap (>$12 B)** <br>| 69.5 <br>|

---

![doughnut](qes7z5f1mhjj418x.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

**Thornburg High Income Bond Managed Account Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg High Income Bond Managed Account Fund<br> CLASS: SMA&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THIBX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg High Income Bond Managed Account Fund Class SMA Shares for the period from March 26, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class SMA shares outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") for the period from the Fund's inception on March 26, 2025 through September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end interest rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.The Fund is a "completion fund," meaning that it is intended to be used as part of a broader investment program by certain separately managed account ("SMA") clients. As it is only a part of an SMA investment program, it is an incomplete representation of the total portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmcecnw.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class SMA** | $0.00 | 0.00% |

---

Fund costs may be higher for a full one year period.

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6537<br>|

---

---

| | |
|:---|:---|
| **Annual Performance** | **Since Inception**<br> **(03/26/2025)** |
| **High Income Bond Managed Account Fund Class SMA** | 4.57% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 3.99% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $5.4M |
| **Number of Holdings** | 156 |
| **Annual Portfolio Turnover** | 4.74% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 0.2 <br>|
| **AAA** <br>| 17.9 <br>|
| **AA** <br>| 6.6 <br>|
| **A** <br>| 4.3 <br>|
| **BBB** <br>| 14.5 <br>|
| **BB** <br>| 40.2 <br>|
| **B** <br>| 7.7 <br>|
| **CCC** <br>| 0.0 <br>|
| **D** <br>| 0.0 <br>|
| **NR** <br>| 7.0 <br>|
| **Cash Equivalents & Other** <br>| 1.6 <br>|

---

![doughnut](qes9hxx01mhxqalv1.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 March 26, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

**Thornburg Investment Grade Bond Managed Account Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Investment Grade Bond Managed Account Fund<br> CLASS: SMA&nbsp;&nbsp;&nbsp;&nbsp;TICKER: TIGMX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Investment Grade Bond Managed Account Fund Class SMA Shares for the period from March 26, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class SMA shares underperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the "Index") for the period from the Fund's inception on March 26, 2025 through September 30, 2025.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower as long end rates rose, pressuring longer duration bond prices and reducing absolute returns during much of the period. The Fund's performance relative to the Index during the period was driven by its shorter duration and its focus on opportunistic higher yielding sectors.The Fund's performance relative to the Index benefitted from tactical positioning in yield curve segments and security selection, and the Fund's relative performance was positively influenced by its short duration bias versus the Index.The Fund is a "completion fund," meaning that it is intended to be used as part of a broader investment program by certain separately managed account ("SMA") clients. As it is only a part of an SMA investment program, it is an incomplete representation of the total portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes13329b1mhmcdeck.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class SMA** | $0.00 | 0.00% |

---

Fund costs may be higher for a full one year period.

Thornburg Investment Grade Bond Managed Account Fund Tailored Shareholder Report 9/30/25 TH6538

---

| | |
|:---|:---|
| **Annual Performance** | **Since Inception**<br> **(03/26/2025)** |
| **Investment Grade Bond Managed Account Fund Class SMA** | 3.40% |
| **Bloomberg U.S. Aggregate Total Return Value Index USD** | 3.99% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $2.2M |
| **Number of Holdings** | 164 |
| **Annual Portfolio Turnover** | 9.45% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **U.S. Government** <br>| 4.0 <br>|
| **AAA** <br>| 42.8 <br>|
| **AA** <br>| 8.1 <br>|
| **A** <br>| 17.1 <br>|
| **BBB** <br>| 20.1 <br>|
| **NR** <br>| 1.7 <br>|
| **Below Invest. Grade** <br>| 0.0 <br>|
| **Cash Equivalents & Other** <br>| 6.2 <br>|

---

![doughnut](qes9hxx01mhxqcn6q.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 March 26, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

**Thornburg Municipal Managed Account Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Municipal Managed Account Fund<br> CLASS: SMA&nbsp;&nbsp;&nbsp;&nbsp;TICKER: THMMX<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Municipal Managed Account Fund Class SMA Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class SMA shares outperformed the ICE BofA U.S. Municipal Securities Index (the "Index") during the 12-month period ended September 30, 2025.Against a backdrop of elevated issuance and curve-steepening pressures, municipal yields generally moved higher, pressuring bond prices and reducing absolute returns during much of the period. However, the Fund's outperformance relative to the Index during the period was driven by a combination of its shorter duration and its structural overweight allocation to revenue bonds.Driven by its bottom-up fundamental credit research, the Fund's performance relative to the Index benefitted from security selection. The Fund maintained broad diversification across municipal bond sectors with an emphasis on sub-sectors demonstrating resilience and offering compelling risk/reward profiles.The Fund is a "completion fund," meaning that it is intended to be used as part of a broader investment program by certain separately managed account ("SMA") clients. As it is only a part of an SMA investment program, it is an incomplete representation of the total portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

**How did the Fund perform over the past 10 years?**

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, visit or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesa4p5j1mhmdwaw7.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class SMA** | $0.00 | 0.00% |

---

Thornburg Municipal Managed Account Fund Tailored Shareholder Report 9/30/25 TH6216

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Municipal Managed Account Fund Class SMA** | 2.18% |
| **ICE BofA U.S. Municipal Securities Index** | 1.40% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $12.0M |
| **Number of Holdings** | 72 |
| **Annual Portfolio Turnover** | 50.81% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\***  | **(%)** <br>|
| **AAA** <br>| 1.3 <br>|
| **AA** <br>| 35.3 <br>|
| **A** <br>| 21.7 <br>|
| **BBB** <br>| 21.2 <br>|
| **NR** <br>| 17.7 <br>|
| **Below Invest. Grade** <br>| 0.9 <br>|
| **Cash & Cash Equivalent** <br>| 1.9 <br>|

---

![doughnut](qes9hxx01mhxq87k9.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

Thornburg Capital Management Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Capital Management Fund<br> CLASS: I&nbsp;&nbsp;&nbsp;&nbsp;TICKER: N/A<br> Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This annual shareholder report contains important information about the Thornburg Capital Management Fund Class I Shares for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA U.S. 1-Month Treasury Bill Index (the "Index") during the 12-month period ended September 30, 2025.Over the reporting period, the Fund accomplished its goal of 'safety of capital' by providing a share price of $10.00 that has not fluctuated since inception.The Fund has matched or beat the Index for all standard time periods since inception.As of September 30, 2025, throughout the life of the strategy, the Fund has never suffered a default on any cash equivalent investment.

**How did the Fund perform over the past 10 years?**

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

**Cumulative Performance**

![line](qes3g82yv1mhmcfhxm.jpg)

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Class I** | $1.00 | 0.01% |

---

---

| | |
|:---|:---|
| **Thornburg Capital Management Fund** Tailored Shareholder Report<br>| 9/30/25<br> TH6342<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Capital Management Fund Class I** | 4.78% | 3.28% | 2.30% |
| **ICE BofA U.S. 1-Month Treasury Bill Index** | 4.41% | 2.97% | 2.01% |

---

**Key Fund Statistics**

(as of September 30, 2025)

---

| | |
|:---|:---|
| | |
| **Fund Size (Millions)** | $3,451.8M |
| **Number of Holdings** | 184 |
| **Annual Portfolio Turnover** | 0.00% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of September 30, 2025)

---

| | |
|:---|:---|
|  **Types of Holdings**  | **(%)** <br>|
| **Commercial Paper** <br>| 91.6 <br>|
| **Repurchase Agreement** <br>| 2.2 <br>|
| **U.S. Treasury Securities** <br>| 3.9 <br>|
| **Mutual Fund** <br>| 0.0 <br>|
| **Other Assets Less Liabilities** <br>| 2.3 <br>|

---

![doughnut](qes13329b1mhn5seyv.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 October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/download or upon request by calling 1-800-847-0200.

**Changes In and Disagreements with Accountants**

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

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

(b) Not
applicable.

**Item 2. Code of Ethics**

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

**Item 3. Audit Committee Financial Expert**

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

**Item 4. Principal Accountant Fees and Services**

(a) Audit
 Fees

The aggregate fees billed to the Trust in each of the last two fiscal years for the audit of the Trust's financial statements and for services that are normally provided by PricewaterhouseCoopers LLP, registered independent public accounting firm ("PWC"), in connection with statutory and regulatory filings or requirements for those fiscal years are set out below.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
| &nbsp;&nbsp;Thornburg Investment Trust | &nbsp;&nbsp;$901610 | &nbsp;&nbsp;$1004462 |

---

(b) Audit-Related
 Fees

The fees billed to the Trust by PWC in each of the last two fiscal years for assurance and related services that are reasonably related to the audit or review of the Trust's financial statements (and that are not reflected in "Audit Fees," above) are set out below.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
| &nbsp;&nbsp;Thornburg Investment Trust | &nbsp;&nbsp;$9584 | &nbsp;&nbsp;$18750 |

---

(c) Tax
 Fees

The fees billed to the Trust by PWC in each of the last two fiscal years for professional services rendered by PWC for tax compliance, tax advice or tax planning, including amounts paid in connection with filing foreign tax reclaims, are set out below.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
| &nbsp;&nbsp;Thornburg Investment Trust | &nbsp;&nbsp;$636076 | &nbsp;&nbsp;$506266 |

---

The amount under Tax Fees for the year ended September 30, 2024 includes amounts for tax compliance of $356,301; tax advice of $0; tax planning of $0; and tax reclaims of $279,775. For Tax Fees for the year ended September 30, 2025, the amount includes tax fees for tax compliance of $194,206; tax advice of $0; tax planning of $0; and tax reclaims of $312,060.

(d) All
 Other Fees

The fees billed to the Trust by PWC in each of the last two fiscal years for all other services rendered by PWC to the Trust are set out below.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
| &nbsp;&nbsp;Thornburg Investment Trust | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$9600 |

---

The figure shown under All Other Fees for the year ended September 30, 2024 includes amounts from out of pocket expenses during the 2023 annual audit. The figure shown under All Other Fees for the year ended September 30, 2025 includes amounts from out of pocket expenses during the 2024 annual audit.

(e) Audit
 Committee Pre-Approval Policies and Procedures

As of September 30, 2025, the Trust's Audit Committee has not adopted pre-approval policies and procedures.

(f) Not
 applicable.

(g) The
 aggregate non-audit fees billed by PwC to the Trust for the fiscal years ended September
 30, 2025 and September 20, 2024 were $515,866 and $636,076, respectively. PWC performs
 no services for the investment advisor, the Funds' principal underwriter or any
 other person controlling, controlled by, or under common control with the investment
 advisor which provides ongoing services to the Funds, and accordingly PwC did not bill
 any non-audit fees to those persons in either of the Trust's last two fiscal years.

(h) Not
 applicable

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Schedule of Investments**

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

(b) Not
 applicable.

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

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

Thornburg Global Opportunities Fund

Thornburg International Equity Fund

Thornburg Better World International Fund

Thornburg International Growth Fund

Thornburg Developing World Fund

Thornburg Small/Mid Cap Core Fund

Thornburg Small/Mid Cap Growth Fund

Thornburg Investment Income Builder Fund

Thornburg Summit Fund

Thornburg Ultra Short Income Fund

Thornburg Limited Term U.S. Government Fund

Thornburg Limited Term Income Fund

Thornburg Core Plus Bond Fund

Thornburg Strategic Income Fund

Thornburg Short Duration Municipal Fund

Thornburg Limited Term Municipal Fund

Thornburg Intermediate Municipal Fund

Thornburg Strategic Municipal Income Fund

Thornburg California Limited Term Municipal Fund

Thornburg New Mexico Intermediate Municipal Fund

Thornburg New York Intermediate Municipal Fund

Thornburg Emerging Markets Managed Account Fund

Thornburg High Income Bond Managed Account Fund

Thornburg Investment Grade Bond Managed Account Fund

Thornburg Municipal Managed Account Fund

Thornburg Capital Management Fund

![](tbitncsr001.jpg)

**ANNUAL FINANCIAL STATEMENTS \| SEPTEMBER 30, 2025**

THORNBURG FUNDS - ALL CLASSES

Annual Financial Statements \| September 30, 2025

**Table of Contents**

Equity Funds

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsra001) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Global Opportunities Fund](#tbitncsra002) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Equity Fund](#tbitncsra003) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Better World International Fund](#tbitncsra004) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Growth Fund](#tbitncsra005) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Developing World Fund](#tbitncsra006) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Small/Mid Cap Core Fund](#tbitncsra007) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Small/Mid Cap Growth Fund](#tbitncsra008) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Investment Income Builder Fund](#tbitncsra009) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Summit Fund](#tbitncsra010) | 40 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsra011) | 48 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsra012) | 52 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsra013) | 56 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsra014) | 61 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsra015) | 84 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#tbitncsra016) | 102 |
| &nbsp;&nbsp;&nbsp;[Tax Information](#tbitncsra017) | 103 |
| Taxable Fixed Income Funds |  |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsra018) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Ultra Short Income Fund](#tbitncsra019) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Limited Term U.S. Government Fund](#tbitncsra020) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Limited Term Income Fund](#tbitncsra021) | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Core Plus Bond Fund](#tbitncsra022) | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Strategic Income Fund](#tbitncsra023) | 146 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsra024) | 176 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsra025) | 178 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsra026) | 180 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsra027) | 183 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsra028) | 200 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#tbitncsra029) | 210 |
| &nbsp;&nbsp;&nbsp;[Tax Information](#tbitncsra030) | 211 |
| Municipal Funds |  |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsra031) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Short Duration Municipal Fund](#tbitncsra032) | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Limited Term Municipal Fund](#tbitncsra033) | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Intermediate Municipal Fund](#tbitncsra034) | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Strategic Municipal Income Fund](#tbitncsra035) | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg California Limited Term Municipal Fund](#tbitncsra036) | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg New Mexico Intermediate Municipal Fund](#tbitncsra037) | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg New York Intermediate Municipal Fund](#tbitncsra038) | 254 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsra039) | 256 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsra040) | 260 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsra041) | 262 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsra042) | 266 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsra043) | 280 |

---

Annual Financial Statements \| 3

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#tbitncsra044) | 294 |
| &nbsp;&nbsp;&nbsp;[Tax Information](#tbitncsra045) | 295 |
| Managed Account Funds |  |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsra046) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Emerging Markets Managed Account Fund](#tbitncsra047) | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg High Income Bond Managed Account Fund](#tbitncsra048) | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Investment Grade Bond Managed Account Fund](#tbitncsra049) | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Municipal Managed Account Fund](#tbitncsra050) | 309 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsra051) | 312 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsra052) | 313 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsra053) | 314 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsra054) | 316 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsra055) | 326 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#tbitncsra056) | 334 |
| &nbsp;&nbsp;&nbsp;[Tax Information](#tbitncsra057) | 335 |
| Capital Management Fund |  |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsra058) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Capital Management Fund](#tbitncsra059) | 336 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsra060) | 340 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsra061) | 341 |
| &nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#tbitncsra062) | 342 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsra063) | 343 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsra064) | 348 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#tbitncsra065) | 350 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#tbitncsra066) | 351 |
| [Proxy Disclosures for Open-End Management Investment Companies](#tbitncsra067) | 351 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#tbitncsra068) | 351 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#tbitncsra069) | 351 |

---

Investments carry risks, including possible loss of principal. 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. 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.

4 \| Annual Financial Statements

Schedule of Investments

Thornburg Global Opportunities Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 97.3%** |  |  |
| |  |  |  |
| | **AUTOMOBILES & COMPONENTS — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 216703 | $13603854 |
| |  |  | 13603854 |
| | **BANKS — 12.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 12.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 3672393 | 60426730 |
| | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 624194 | 56670160 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 650431 | 66018746 |
| |  |  | 183115636 |
| | **CAPITAL GOODS — 6.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 72951 | 22279965 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | 927712 | 52390650 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 1697669 | 21717301 |
| |  |  | 96387916 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 3.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 3.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. Class A | 67141 | 33488588 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Teleperformance SE | 268423 | 19961107 |
| |  |  | 53449695 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 5.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 4.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. Sponsored ADR | 345069 | 61674182 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 1.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 180031 | 26021681 |
| |  |  | 87695863 |
| | **CONSUMER DURABLES & APPAREL — 2.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 2.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Barratt Redrow plc | 5182544 | 27176033 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | 742379 | 10339913 |
| |  |  | 37515946 |
| | **CONSUMER SERVICES — 5.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 5.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 2760 | 14901985 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 7439957 | 40995554 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Round One Corp. | 2757050 | 24366666 |
| |  |  | 80264205 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 4556682 | 27301484 |
| |  |  | 27301484 |
| | **ENERGY — 6.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 2732266 | 41973908 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | 838998 | 30008822 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 454257 | 27588681 |
| |  |  | 99571411 |
| | **FINANCIAL SERVICES — 4.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 496507 | 47401523 |

---

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

Schedule of Investments, Continued

Thornburg Global Opportunities Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 113246 | $24073835 |
| |  |  | 71475358 |
| | **FOOD, BEVERAGE & TOBACCO — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Icecek AS | 15021297 | 16619177 |
| |  |  | 16619177 |
| | **INSURANCE — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;NN Group NV | 567692 | 39923300 |
| |  |  | 39923300 |
| | **MATERIALS — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 896058 | 35143395 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources Ltd. | 598705 | 16298148 |
| |  |  | 51441543 |
| | **MEDIA & ENTERTAINMENT — 12.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 12.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 342226 | 83195141 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 82149 | 60328583 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 547313 | 46629510 |
| |  |  | 190153234 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Class B | 655795 | 35548595 |
| |  |  | 35548595 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 1405853 | 60195491 |
| |  |  | 60195491 |
| | **SOFTWARE & SERVICES — 3.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 3.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 40209 | 14183725 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 134389 | 35957947 |
| |  |  | 50141672 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 4.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 4.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 1037334 | 62030806 |
| |  |  | 62030806 |
| | **TELECOMMUNICATION SERVICES — 14.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 14.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 1817830 | 51335519 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Converge Information & Communications Technology Solutions, Inc. | 62512505 | 13447707 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 550510 | 18749936 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 3788462 | 61424758 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zegona Communications plc | 4695622 | 77676216 |
| |  |  | 222634136 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $777,146,917) |  | 1479069322 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 2.8%** |  |  |
| |  |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 4254826 | 42548257 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $42,548,257) |  | 42548257 |
| |  |  |  |
| | **TOTAL INVESTMENTS — 100.1% (Cost $819,695,174)** |  | $1521617579 |

---

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

**Schedule of Investments, Continued**

Thornburg Global Opportunities Fund \| September 30, 2025

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| LIABILITIES NET OF OTHER ASSETS — (0.1)% |  | (977644) |
| NET ASSETS — 100.0% |  | $1520639935 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** |
| **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 | BBH | Sell | 186306200 | 12/22/2025 | 219753484 | $724999 | $— |
| Great Britain Pound | SSB | Sell | 19643800 | 12/22/2025 | 26421094 | 219258 |  |
| Total |  |  |  |  |  | $944257 |  |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | $944257 |  |

---

\* Counterparties include State Street Bank and Trust Company ("SSB") and Brown Brothers Harriman & Co. ("BBH").

**Footnote Legend**

a Non-income producing.

b Investment in Affiliates.

**Portfolio Abbreviations**

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

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

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 34.4% |
| &nbsp;&nbsp;France | 11.2% |
| &nbsp;&nbsp;China | 10.9% |
| &nbsp;&nbsp;United Kingdom | 8.9% |
| &nbsp;&nbsp;Taiwan | 4.8% |
| &nbsp;&nbsp;Germany | 4.6% |
| &nbsp;&nbsp;South Korea | 4.2% |
| &nbsp;&nbsp;Ireland | 4.1% |
| &nbsp;&nbsp;India | 2.8% |
| &nbsp;&nbsp;Macao | 2.8% |
| &nbsp;&nbsp;Netherlands | 2.7% |
| &nbsp;&nbsp;Denmark | 2.4% |
| &nbsp;&nbsp;Japan | 1.6% |
| &nbsp;&nbsp;Hong Kong | 1.5% |
| &nbsp;&nbsp;Turkey | 1.1% |
| &nbsp;&nbsp;Australia | 1.1% |
| &nbsp;&nbsp;Philippines | 0.9% |

---

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

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

Schedule of Investments

Thornburg International Equity Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 91.7%** |  |  |
| |  |  |  |
| | **BANKS — 8.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 8.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 1366546 | $124067806 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV Series N | 3589281 | 93024000 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 8650639 | 140038745 |
| |  |  | 357130551 |
| | **CAPITAL GOODS — 16.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 5.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 216980 | 99580021 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 4659 | 10855021 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 315867 | 111290242 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ferrovial SE | 1460460 | 83640824 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 6.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 1162499 | 83706353 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 3294238 | 84714387 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 435994 | 121622461 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 4000000 | 106298813 |
| |  |  | 701708122 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kanzhun Ltd. ADR | 3113133 | 72722787 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | 1438584 | 77461841 |
| |  |  | 150184628 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 5379335 | 122352662 |
| |  |  | 122352662 |
| | **CONSUMER DURABLES & APPAREL — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 4229175 | 121797724 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 17622 | 10768687 |
| |  |  | 132566411 |
| | **CONSUMER SERVICES — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 7319448 | 40331528 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B | 6261420 | 84081546 |
| |  |  | 124413074 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 2151498 | 114786755 |
| |  |  | 114786755 |
| | **ENERGY — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | 1088361 | 38927901 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 1987862 | 120730097 |
| |  |  | 159657998 |
| | **FINANCIAL SERVICES — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 16962952 | 42708170 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 6215944 | 69458346 |
| |  |  | 112166516 |

---

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

**Schedule of Investments, Continued**

Thornburg International Equity Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **FOOD, BEVERAGE & TOBACCO — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Diageo plc | 452626 | $10808116 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | 404284 | 35200036 |
| |  |  | 46008152 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alcon AG | 819701 | 61075921 |
| |  |  | 61075921 |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 2.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 2.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | 269611 | 116643875 |
| |  |  | 116643875 |
| | **INSURANCE — 4.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 4.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Generali | 1835423 | 71994527 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NN Group NV | 1632267 | 114790213 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. | 4071175 | 4514810 |
| |  |  | 191299550 |
| | **MATERIALS — 5.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 267677 | 55581148 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 210745 | 100652615 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 302163 | 11850833 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Glencore plc | 18964115 | 87124493 |
| |  |  | 255209089 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 4.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 4.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 803910 | 120897339 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Class B | 252760 | 13701329 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 242955 | 79321656 |
| |  |  | 213920324 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 2.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 320600 | 89540374 |
| |  |  | 89540374 |
| | **SOFTWARE & SERVICES — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 7284 | 19773519 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 184736 | 49429099 |
| |  |  | 69202618 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 6.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 170138 | 63483212 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 5.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 2596287 | 64624083 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2716398 | 162435973 |
| |  |  | 290543268 |
| | **TELECOMMUNICATION SERVICES — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Internet Initiative Japan, Inc. | 1109518 | 19645487 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 6364670 | 103194466 |
| |  |  | 122839953 |

---

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

**Schedule of Investments, Continued**

Thornburg International Equity Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| | **TRANSPORTATION — 4.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG | 1685507 | $75078351 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 1674793 | 124755331 |
| |  |  | 199833682 |
| | **UTILITIES — 9.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 6.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Endesa SA | 3107127 | 99260026 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 10399193 | 98479241 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Iberdrola SA | 5214347 | 98593321 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 5613432 | 105546114 |
| |  |  | 401878702 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $2,776,056,619) |  | 4032962225 |
| |  |  |  |
| | **WARRANT — 0.0%** |  |  |
| |  |  |  |
| | **SOFTWARE & SERVICES — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.0%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc., 3/31/2040 | 16647 | 1 |
| |  |  | 1 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL WARRANTS (Cost $0) |  | 1 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 8.8%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 38746200 | 387461999 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $387,461,999) |  | 387461999 |
| |  |  |  |
| | **TOTAL INVESTMENTS — 100.5% (Cost $3,163,518,618)** |  | $4420424225 |
| |  |  |  |
| | **LIABILITIES NET OF OTHER ASSETS — (0.5)%** |  | (23428931) |
| |  |  |  |
| | **NET ASSETS — 100.0%** |  | $4396995294 |

---

**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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $84,081,546, representing 1.91% of the Fund's net assets. |
| c | Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee. |
| d | Investment in Affiliates. |

---

**Portfolio Abbreviations**

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

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

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

**Schedule of Investments, Continued**

Thornburg International Equity Fund \| September 30, 2025

COUNTRY EXPOSURE \*

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;18.7% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;16.8% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Macao | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;0.3% |

---

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

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

Schedule of Investments

Thornburg Better World International Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 96.3%** |  |  |
| |  |  |  |
| | **AUTOMOBILES & COMPONENTS — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 103091 | $3696380 |
| |  |  | 3696380 |
| | **BANKS — 6.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 6.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 190641 | 17308170 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 965677 | 15632625 |
| |  |  | 32940795 |
| | **CAPITAL GOODS — 15.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 9.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 218654 | 15744296 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 584800 | 15038675 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pfisterer Holding SE | 30916 | 2609751 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 52969 | 14775937 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 545700 | 14501816 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;FANUC Corp. | 332400 | 9579665 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bunzl plc | 177764 | 5608693 |
| |  |  | 77858833 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 7.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Elis SA | 470667 | 13527328 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 26549 | 4667314 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kanzhun Ltd. ADR | 313281 | 7318244 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | 181600 | 9778414 |
| |  |  | 35291300 |
| | **CONSUMER DURABLES & APPAREL — 6.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Barratt Redrow plc | 1432638 | 7512414 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 547717 | 15773924 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 2.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Amer Sports, Inc. | 66478 | 2310110 |
| | &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 13770 | 8414756 |
| |  |  | 34011204 |
| | **CONSUMER SERVICES — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Compass Group plc | 228917 | 7786041 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B | 573300 | 7698566 |
| |  |  | 15484607 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 214996 | 11470469 |
| |  |  | 11470469 |
| | **FINANCIAL SERVICES — 5.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 5.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 993583 | 2501576 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 30110 | 8063487 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 818700 | 9148336 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marex Group plc | 277766 | 9338493 |
| |  |  | 29051892 |

---

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

**Schedule of Investments, Continued**

Thornburg Better World International Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| | **FOOD, BEVERAGE & TOBACCO — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | 171235 | $14909020 |
| |  |  | 14909020 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alcon AG | 161044 | 11988528 |
| | &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 8252 | 2673961 |
| |  |  | 14662489 |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | 39476 | 17078805 |
| |  |  | 17078805 |
| | **INSURANCE — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AXA SA | 284418 | 13570555 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. | 547717 | 607402 |
| |  |  | 14177957 |
| | **MATERIALS — 5.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 4.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 33032 | 15776209 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Novonesis Novozymes B Class B | 79108 | 4841252 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Holcim AG | 63382 | 5361653 |
| |  |  | 25979114 |
| | **MEDIA & ENTERTAINMENT — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | 50312 | 4926341 |
| |  |  | 4926341 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 5.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 3549 | 2350396 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 4.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 90466 | 13604879 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Sponsored ADR | 69393 | 3850618 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 23549 | 7688443 |
| |  |  | 27494336 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5863 | 5700192 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 26655 | 7444475 |
| |  |  | 13144667 |
| | **SOFTWARE & SERVICES — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 5070 | 1356561 |
| | &nbsp;&nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | 74127 | 4426747 |
| |  |  | 5783308 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 5.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 19700 | 7350617 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 4.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 370464 | 22153116 |
| |  |  | 29503733 |

---

**TELECOMMUNICATION SERVICES — 3.0%**

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

**Schedule of Investments, Continued**

Thornburg Better World International Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Internet Initiative Japan, Inc. | 555200 | $9830552 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 332666 | 5393727 |
| |  |  | 15224279 |
| | **TRANSPORTATION — 4.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG | 181877 | 8101435 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 193409 | 14407036 |
| |  |  | 22508471 |
| | **UTILITIES — 8.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 8.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Endesa SA | 446019 | 14248487 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 1719906 | 16287325 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Iberdrola SA | 696748 | 13174171 |
| |  |  | 43709983 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $384,122,852) |  | 488907983 |
| |  |  |  |
| | **WARRANT — 0.0%** |  |  |
| |  |  |  |
| | **SOFTWARE & SERVICES — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.0%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc., 3/31/2040 | 6276 | 1 |
| |  |  | 1 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL WARRANTS (Cost $0) |  | 1 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 3.6%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 1824590 | 18245901 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $18,245,901) |  | 18245901 |
| |  |  |  |
| | TOTAL INVESTMENTS — 99.9% (Cost $402,368,753) |  | $507153885 |
| |  |  |  |
| | OTHER ASSETS LESS LIABILITIES — 0.1% |  | 679878 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $507833763 |

---

**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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $7,698,566, representing 1.52% of the Fund's net assets. |

---

c Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

d Investment in Affiliates.

**Portfolio Abbreviations**

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

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

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

**Schedule of Investments, Continued**

Thornburg Better World International Fund \| September 30, 2025

COUNTRY EXPOSURE \*

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;21.9% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;0.5% |

---

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

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

Schedule of Investments

Thornburg International Growth Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 98.5%** |  |  |
| |  |  |  |
| | **AUTOMOBILES & COMPONENTS — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ferrari NV | 46909 | $22761185 |
| |  |  | 22761185 |
| | **BANKS — 3.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 3.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 96493 | 8760535 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 474957 | 7215661 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 684962 | 10966242 |
| |  |  | 26942438 |
| | **CAPITAL GOODS — 4.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Thales SA | 22807 | 7138635 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | 29361 | 3552681 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Diploma plc | 273827 | 19536712 |
| |  |  | 30228028 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 80775 | 11014962 |
| |  |  | 11014962 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 7.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 7.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 11051 | 25825524 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. ADR | 146329 | 26153382 |
| |  |  | 51978906 |
| | **CONSUMER DURABLES & APPAREL — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | 78608 | 8582949 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kalyan Jewellers India Ltd. | 315961 | 1620217 |
| |  |  | 10203166 |
| **** | **CONSUMER SERVICES — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment plc | 43342 | 11008868 |
| |  |  | 11008868 |
| | **FINANCIAL SERVICES — 12.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 7.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 76333 | 20442050 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fairfax India Holdings Corp. | 290989 | 5019560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 298074 | 16930038 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 653900 | 7306825 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marex Group plc | 155735 | 5235811 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 4.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 60484 | 34403904 |
| |  |  | 89338188 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alcon AG | 172795 | 12863302 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | 148000 | 20490922 |
| |  |  | 33354224 |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Beiersdorf AG | 123646 | 12919833 |

---

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

**Schedule of Investments, Continued**

Thornburg International Growth Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| |  |  | 12919833 |
| **** | **INSURANCE — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 1.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PB Fintech Ltd. | 548790 | $10514245 |
| |  |  | 10514245 |
| **** | **MATERIALS — 3.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 3.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 116062 | 24099415 |
| |  |  | 24099415 |
| **** | **MEDIA & ENTERTAINMENT — 14.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 14.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hemnet Group AB | 423418 | 10650215 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SMG Swiss Marketplace Group AG | 248899 | 14170093 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 682175 | 58119369 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vend Marketplaces ASA Class A | 515650 | 18332753 |
| |  |  | 101272430 |
| **** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 10.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.9%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BioArctic AB Class B | 85386 | 2702778 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CSL Ltd. | 31774 | 4167126 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 3.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ICON plc ADR | 19426 | 3399550 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 32923 | 21803914 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 6.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 215755 | 32446673 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Sponsored ADR | 265206 | 14716281 |
| |  |  | 79236322 |
| **** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 16.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | 67624 | 10940887 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ASM International NV | 20339 | 12197402 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 19285 | 18749482 |
| | &nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | 64507 | 9606919 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 1591131 | 68128681 |
| |  |  | 119623371 |
| **** | **SOFTWARE & SERVICES — 4.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 3.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | 419500 | 16092393 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. Class A | 62894 | 9346677 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Money Forward, Inc. | 174200 | 7052341 |
| |  |  | 32491411 |
| **** | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | 91526 | 13336253 |
| |  |  | 13336253 |
| **** | **TRANSPORTATION — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 109853 | 8182950 |
| |  |  | 8182950 |
| **** | **UTILITIES — 3.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 3.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 1361521 | 25599892 |
| |  |  | 25599892 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $415,991,192) |  | 714106087 |

---

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

**Schedule of Investments, Continued**

Thornburg International Growth Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 0.8%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 558429 | $5584294 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $5,584,294) |  | 5584294 |
| |  |  |  |
| | TOTAL INVESTMENTS — 99.3% (Cost $421,575,486) |  | $719690381 |
| |  |  |  |
| | OTHER ASSETS LESS LIABILITIES — 0.7% |  | 5080567 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $724770948 |

---

**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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $21,892,431, representing 3.02% of the Fund's net assets. |

---

c Investment in Affiliates.

**Portfolio Abbreviations**

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

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

COUNTRY EXPOSURE \*

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;0.5% |

---

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

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

Schedule of Investments

Thornburg Developing World Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 93.0%** |  |  |
| |  |  |  |
| | **BANKS — 14.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 14.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk. PT | 32276900 | $14768159 |
| | &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class H | 17269500 | 16599420 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. | 50043 | 13325450 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 1109097 | 16849668 |
| | &nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 112120 | 9229792 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | 1799464 | 15240743 |
| |  |  | 86013232 |
| | **CAPITAL GOODS — 5.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | 27934 | 10213565 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | 185159 | 10456478 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Machinery — 1.9% |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 888216 | 11362435 |
| |  |  | 32032478 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 14.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 14.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 975500 | 22187691 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3286 | 7679185 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. Class N | 130443 | 47242572 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. ADR | 38849 | 6943482 |
| |  |  | 84052930 |
| | **CONSUMER DURABLES & APPAREL — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | 605344 | 8431279 |
| |  |  | 8431279 |
| | **CONSUMER SERVICES — 3.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Eternal Ltd. | 2258632 | 8287788 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 176758 | 13292201 |
| |  |  | 21579989 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 4.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BBB Foods, Inc. Class A | 274922 | 7411897 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bid Corp. Ltd. | 691046 | 17296157 |
| |  |  | 24708054 |
| | **ENERGY — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;ADNOC Drilling Co. PJSC | 5931099 | 9091106 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 540304 | 8300316 |
| |  |  | 17391422 |
| | **FINANCIAL SERVICES — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. | 518410 | 5989328 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 90800 | 5157268 |
| |  |  | 11146596 |
| | **FOOD, BEVERAGE & TOBACCO — 7.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 5.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | 1685800 | 17706262 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | 43034 | 8729522 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | 1250451 | 6251639 |

---

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

**Schedule of Investments, Continued**

Thornburg Developing World Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;China Mengniu Dairy Co. Ltd. | 4229200 | $8151941 |
| |  |  | 40839364 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL Class F | 8780500 | 5554706 |
| |  |  | 5554706 |
| | **HOUSEHOLD & PERSONAL PRODUCTS — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Proya Cosmetics Co. Ltd. Class A | 751604 | 8530240 |
| |  |  | 8530240 |
| | **INSURANCE — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2274000 | 21813825 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PB Fintech Ltd. | 274265 | 5254632 |
| |  |  | 27068457 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 19.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 19.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 263000 | 11347365 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 74488 | 18448794 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 1908625 | 81723067 |
| |  |  | 111519226 |
| | **SOFTWARE & SERVICES — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 210337 | 6848664 |
| |  |  | 6848664 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 274593 | 16420194 |
| |  |  | 16420194 |
| | **TELECOMMUNICATION SERVICES — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 398051 | 8441723 |
| |  |  | 8441723 |
| | **TRANSPORTATION — 3.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 3.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV Class B | 384481 | 9055306 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Salik Co. PJSC | 7794840 | 12754247 |
| |  |  | 21809553 |
| | **UTILITIES — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd. | 3452199 | 10844261 |
| |  |  | 10844261 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $349,602,906) |  | 543232368 |
| |  |  |  |
| | **PREFERRED STOCK — 3.9%** |  |  |
| |  |  |  |
| | **BANKS — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA 6.712% | 1470966 | 10798186 |
| |  |  | 10798186 |
| | **ENERGY — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA 9.585% | 2038919 | 12052119 |

---

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

**Schedule of Investments, Continued**

Thornburg Developing World Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  | 12052119 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $19,630,575) |  | 22850305 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 3.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 2176864 | $21768635 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $21,768,635) |  | 21768635 |
| |  |  |  |
| | TOTAL INVESTMENTS — 100.6% (Cost $391,002,116) |  | $587851308 |
| |  |  |  |
| | LIABILITIES NET OF OTHER ASSETS — (0.6)% |  | (3563909) |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $584287399 |

---

**Footnote Legend**

a Non-income producing.

b Investment in Affiliates.

**Portfolio Abbreviations**

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

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

COUNTRY EXPOSURE \*

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;17.9% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;15.5% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;11.7% |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;11.4% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;9.6% |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Greece | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Peru | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;1.0% |

---

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

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

Schedule of Investments

Thornburg Small/Mid Cap Core Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 99.6%** |  |  |
| |  |  |  |
| | **BANKS — 5.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 5.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 138594 | $12998731 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 157662 | 13672449 |
| |  |  | 26671180 |
| | **CAPITAL GOODS — 17.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ducommun, Inc. | 129861 | 12483538 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 1.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | 61365 | 7440506 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 4.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc. | 105067 | 9845829 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. | 63451 | 13199711 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 2.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | 85654 | 12921763 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 2.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 73025 | 13053949 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 53468 | 13957821 |
| |  |  | 82903117 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 9.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 5.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. Class A | 157294 | 14924055 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | 58240 | 13524493 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 3.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 126800 | 10623304 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corp. Class A | 294350 | 7270445 |
| |  |  | 46342297 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 23109 | 10110419 |
| |  |  | 10110419 |
| | **CONSUMER DURABLES & APPAREL — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 2.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 99598 | 10273534 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | 52699 | 5342097 |
| |  |  | 15615631 |
| | **CONSUMER SERVICES — 4.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. | 81925 | 12653316 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 112016 | 8950079 |
| |  |  | 21603395 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 3.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 117096 | 10919202 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 8857 | 5007039 |
| |  |  | 15926241 |
| | **ENERGY — 5.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC plc | 322317 | 12715406 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 96751 | 10938668 |

---

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

**Schedule of Investments, Continued**

Thornburg Small/Mid Cap Core Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | 112680 | $5062712 |
| |  |  | 28716786 |
| | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Retail REITs — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 337843 | 7533899 |
| |  |  | 7533899 |
| | **FINANCIAL SERVICES — 9.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 6.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 28070 | 9338608 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marex Group plc | 389810 | 13105412 |
| | &nbsp;&nbsp;&nbsp;&nbsp;PJT Partners, Inc. Class A | 39230 | 6972348 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 3.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Repay Holdings Corp. Class A | 1043772 | 5458928 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 153862 | 12865940 |
| |  |  | 47741236 |
| | **FOOD, BEVERAGE & TOBACCO — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SunOpta, Inc. | 1997688 | 11706452 |
| |  |  | 11706452 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 61448 | 12476402 |
| |  |  | 12476402 |
| | **INSURANCE — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 50792 | 11001547 |
| |  |  | 11001547 |
| | **MATERIALS — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 125693 | 11796288 |
| |  |  | 11796288 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | 73145 | 3961533 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc. | 426961 | 5328474 |
| |  |  | 9290007 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 2.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 84278 | 10491768 |
| |  |  | 10491768 |
| | **SOFTWARE & SERVICES — 8.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 8.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc. | 111876 | 11774949 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. | 903811 | 8233718 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. Class A | 165360 | 12301130 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan, Inc. Class A | 80168 | 8083340 |
| |  |  | 40393137 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 7.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 122827 | 13230925 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Co. | 142960 | 9588327 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 2.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. Class A | 131571 | 11026965 |

---

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

**Schedule of Investments, Continued**

Thornburg Small/Mid Cap Core Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  | 33846217 |
| | **TRANSPORTATION — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 2.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. | 81415 | $10524517 |
| |  |  | 10524517 |
| | **UTILITIES — 5.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 207615 | 11740628 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 3.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp. | 37603 | 15995564 |
| |  |  | 27736192 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $349,238,772) |  | 482426728 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 324706 | 3247058 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $3,247,058) |  | 3247058 |
| |  |  |  |
| | TOTAL INVESTMENTS — 100.3% (Cost $352,485,830) |  | $485673786 |
| |  |  |  |
| | LIABILITIES NET OF OTHER ASSETS — (0.3)% |  | (1277678) |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $484396108 |

---

**Footnote Legend**

a Non-income producing.

b Investment in Affiliates.

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

Schedule of Investments

Thornburg Small/Mid Cap Growth Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 99.5%** |  |  |
| |  |  |  |
| | **CAPITAL GOODS — 17.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;StandardAero, Inc. | 211789 | $5779722 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | 23170 | 2809363 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 5.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | 29249 | 7898693 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. | 19245 | 4003537 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | 52592 | 7934029 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 2.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 24519 | 4383016 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 21665 | 5655648 |
| |  |  | 38464008 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 6.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 3.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. Class A | 82918 | 7867260 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 68496 | 5738595 |
| |  |  | 13605855 |
| | **CONSUMER DURABLES & APPAREL — 4.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 3.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 63166 | 6515573 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;On Holding AG Class A | 90916 | 3850292 |
| |  |  | 10365865 |
| | **CONSUMER SERVICES — 7.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 2.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. | 39264 | 6064325 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 4.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 29140 | 2826871 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros, Inc. Class A | 77711 | 4067394 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 34226 | 2734657 |
| |  |  | 15693247 |
| | **ENERGY — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC plc | 134459 | 5304407 |
| |  |  | 5304407 |
| | **FINANCIAL SERVICES — 7.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 5.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marex Group plc | 132958 | 4470048 |
| | &nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc. Class A | 73141 | 4776839 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. Class A | 28653 | 3179910 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 2.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. Class A | 58481 | 4526429 |
| |  |  | 16953226 |
| | **FOOD, BEVERAGE & TOBACCO — 4.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. | 99131 | 5699041 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freshpet, Inc. | 64667 | 3563799 |
| |  |  | 9262840 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 7.1%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Small/Mid Cap Growth Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 7.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. | 132672 | $5617333 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. | 49069 | 4001577 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. | 20364 | 1511009 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. | 14643 | 4520733 |
| |  |  | 15650652 |
| | **MEDIA & ENTERTAINMENT — 2.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 2.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | 51555 | 5384920 |
| |  |  | 5384920 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 8.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 6.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cytokinetics, Inc. | 84719 | 4656156 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | 44048 | 6343352 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc. | 69248 | 2082980 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 2.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp. | 47797 | 6389025 |
| |  |  | 19471513 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 9.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 53049 | 7724465 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. | 68591 | 7147182 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | 21037 | 6338659 |
| |  |  | 21210306 |
| | **SOFTWARE & SERVICES — 16.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 16.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc. | 63386 | 6671376 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. | 514429 | 4686448 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. Class A | 181830 | 3276577 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | 11465 | 5539315 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JFrog Ltd. | 120173 | 5687788 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Monday.com Ltd. | 21300 | 4125597 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Netskope, Inc. Class A | 157059 | 3569951 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Samsara, Inc. Class A | 87174 | 3247232 |
| |  |  | 36804284 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. Class A | 89356 | 7488926 |
| |  |  | 7488926 |
| | **TRANSPORTATION — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. | 10368 | 3103764 |
| |  |  | 3103764 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $158,814,653) |  | 218763813 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 157037 | 1570370 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $1,570,370) |  | 1570370 |
| |  |  |  |
| | TOTAL INVESTMENTS — 100.2% (Cost $160,385,023) |  | $220334183 |
| |  |  |  |
| | LIABILITIES NET OF OTHER ASSETS — (0.2)% |  | (516776) |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $219817407 |

---

**Footnote Legend** 

a Non-income producing.

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

**Schedule of Investments, Continued**

Thornburg Small/Mid Cap Growth Fund \| September 30, 2025

b Investment in Affiliates.

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

**Schedule of Investments**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | **COMMON STOCK — 79.4%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**AUTOMOBILES & COMPONENTS — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 1241000 | $77905623 |
| |  |  | 77905623 |
| | &nbsp;&nbsp;&nbsp;**BANKS — 10.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 10.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 19129250 | 314758802 |
| | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 7431300 | 674682806 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 6986967 | 709177150 |
| | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 89331 | 28177677 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 4391438 | 115802220 |
| |  |  | 1842598655 |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**CAPITAL GOODS — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems plc | 11749400 | 325358276 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 43381 | 57177025 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 19897000 | 131036726 |
| |  |  | 513572027 |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 505482 | 204816252 |
| |  |  | 204816252 |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar AS | 5157800 | 67112899 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 83026330 | 497454509 |
| |  |  | 564567408 |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**ENERGY — 6.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 3309521 | 166962326 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Eni SpA | 4369900 | 76269775 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA | 147823 | 4685989 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LUKOIL PJSC | 314000 | 0 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Malamute Energy, Inc. | 12439 | 12439 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | 2735600 | 97367566 |
| | &nbsp;&nbsp;&nbsp;&nbsp;South Bow Corp. | 1939747 | 54887718 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | 3869221 | 210378640 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 8285200 | 503190361 |
| |  |  | 1113754814 |
| | &nbsp;&nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Residential REITs — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Elme Communities | 1599492 | 26967435 |
| |  |  | 26967435 |
| | &nbsp;&nbsp;&nbsp;**FINANCIAL SERVICES — 3.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 1029423 | 278139800 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MidCap Financial Investment Corp. | 3137783 | 37622018 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SLR Investment Corp. | 4307900 | 65867791 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 4814078 | 244458881 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chimera Investment Corp. | 4947862 | 65410736 |
| |  |  | 691499226 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 1829695 | $174260152 |
| |  |  | 174260152 |
| | &nbsp;&nbsp;&nbsp;**INSURANCE — 5.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 5.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;ASR Nederland NV | 1051300 | 71316667 |
| | &nbsp;&nbsp;&nbsp;&nbsp;AXA SA | 2359200 | 112565498 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Generali | 4133547 | 162138516 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NN Group NV | 9581916 | 673854324 |
| |  |  | 1019875005 |
| | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | 894177 | 43850440 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 1.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | 6902000 | 194236766 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Glencore plc | 21342700 | 98052133 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO | 35140000 | 0 |
| |  |  | 336139339 |
| | &nbsp;&nbsp;&nbsp;**PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 4.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 374958 | 86817775 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 4.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 1649800 | 248107909 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 3351900 | 281324967 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 641308 | 80657945 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 796223 | 20287762 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 464300 | 151587928 |
| |  |  | 868784286 |
| | &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 8.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 8.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2176809 | 718151057 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 17649261 | 755702002 |
| |  |  | 1473853059 |
| | &nbsp;&nbsp;&nbsp;**SOFTWARE & SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies Ltd. | 2092600 | 32663309 |
| |  |  | 32663309 |
| | &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 3.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2372335 | 162315161 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 6955559 | 415930580 |
| |  |  | 578245741 |
| | &nbsp;&nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 17.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 15.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 24683451 | 697060656 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 4269800 | 145426014 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Digicel Holdings Ltd. | 220592 | 200066 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 40858000 | 196050782 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 69866380 | 1132788309 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 56926000 | 182258522 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zegona Communications plc | 28443000 | 470511600 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 1.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group plc | 259065524 | 300196161 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  | 3124492110 |
| | &nbsp;&nbsp;&nbsp;**TRANSPORTATION — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG | 4817600 | $214592679 |
| |  |  | 214592679 |
| | &nbsp;&nbsp;&nbsp;**UTILITIES — 7.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 5.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Endesa SA | 11805557 | 377139362 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 62118731 | 588257714 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Gas Utilities — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Snam SpA | 15827000 | 95101140 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 8053300 | 151421540 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Engie SA | 1047372 | 22447585 |
| |  |  | 1234367341 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $8,227,700,209) |  | 14092954461 |
| |  |  |  |
| | **PREFERRED STOCK — 0.2%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**BANKS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.1%** |  |  |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;First Horizon Bank 5.44% (TSFR3M + 1.11%), 10/29/2025 | 12000 | 9120000 |
| |  |  | 9120000 |
| | &nbsp;&nbsp;&nbsp;**ENERGY — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Corp. Series A, 12.284%, 10/30/2025 | 160970 | 25908992 |
| |  |  | 25908992 |
| | &nbsp;&nbsp;&nbsp;**FINANCIAL SERVICES — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.0%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Series A, 5.279% (TSFR3M + 0.96%), 10/30/2025 | 120000 | 2569200 |
| |  |  | 2569200 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $39,114,250) |  | 37598192 |
| |  |  |  |
| | **ASSET BACKED SECURITIES — 0.9%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**AUTO RECEIVABLES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4A Class R, due 10/15/2026 | $32000 | 0 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class R, due 12/10/2027 | 24000 | 1580007 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P2 Class R, due 5/10/2028 | 8000 | 1105804 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P4 Class R, due 9/11/2028 | 17500 | 2138244 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | 24000 | 5060098 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 10217126 | 10178603 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | 813935 | 816374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class R, due 12/15/2026 | 60000 | 3353910 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class R, due 3/15/2027 | 60000 | 3636050 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, Series 2021-1 Class R, 28.348% due 9/25/2028 | 1105701 | 1108474 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | 37000 | 1288568 |
| |  |  | 30266132 |
| | &nbsp;&nbsp;&nbsp;**CREDIT CARD — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032 | 9342000 | 9392969 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Perimeter Master Notes Business Trust, 8.55% due 9/17/2029 | 5000000 | 5060562 |
| |  |  | 14453531 |
| | &nbsp;&nbsp;&nbsp;**OTHER ASSET BACKED — 0.4%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 6055843 | 5916641 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ASP WHCO Partner 2 LP due 3/29/2029 | 23750000 | 23750000 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | $10000000 | $10002509 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | 13687621 | 12691123 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 42000 | 1777535 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Asset Securitization Trust, Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 5715294 | 5747614 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | 9550 | 129825 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | 26000 | 376624 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | 23881 | 361730 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class R, due 8/20/2046 | 6374937 | 1277206 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 12/20/2046 | 8500000 | 1235246 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 4/22/2047 | 10000000 | 832003 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | 11604 | 272730 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Proper Pass-Thru Trust II, |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-ST2 Class R1, due 11/15/2025 | 17477134 | 0 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-ST2 Class R2, due 11/15/2025 | 8738067 | 0 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 5000000 | 5000465 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST8 Class CERT, due 10/20/2029 | 4150000 | 611830 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST9 Class CERT, due 11/20/2029 | 1415000 | 295486 |
| |  |  | 70278567 |
| | &nbsp;&nbsp;&nbsp;**STUDENT LOAN — 0.2%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC Series 2023-A Class R, due 5/25/2055 | 35000 | 16920883 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MPOWER Education Trust, Series 2025-A Class A, 6.62% due 7/21/2042 | 13737904 | 13877818 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.562% (TSFR1M + 0.40%) due 1/25/2033 | 5934789 | 5834188 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | 23000 | 602125 |
| |  |  | 37235014 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $143,413,819) |  | 152233244 |
| |  |  |  |
| | **CORPORATE BONDS — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**BANKS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 1935000 | 1921474 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 11400000 | 11149884 |
| | &nbsp;&nbsp;&nbsp;&nbsp;KeyBank NA, 5.00% due 1/26/2033 | 10250000 | 10312833 |
| |  |  | 23384191 |
| | &nbsp;&nbsp;&nbsp;**CAPITAL GOODS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | 7500000 | 7324200 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | 6345000 | 6473423 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 5840000 | 6231922 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 7470000 | 7895043 |
| |  |  | 27924588 |
| | &nbsp;&nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | 7500000 | 6778575 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 12869000 | 13599831 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | 8975000 | 9505422 |
| |  |  | 29883828 |
| | &nbsp;&nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | 11475000 | 9040923 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | 5000000 | 5309550 |
| |  |  | 14350473 |

---

See notes to financial statements. Annual Financial Statements \| 31

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | **CONSUMER SERVICES — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., 4.50% due 10/1/2034 | $4497000 | $4382641 |
| |  |  | 4382641 |
| | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.2%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 24136000 | 25393727 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | 5880000 | 5799032 |
| |  |  | 31192759 |
| | **ENERGY — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.0%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | 7850000 | 7699280 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | 13230000 | 13799948 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 3/30/2028 | 6500000 | 6378840 |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% due 9/30/2033 | 12410941 | 13110546 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.575% (TSFR3M + 3.28%) due 11/1/2066 | 13820000 | 13783239 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/1/2043 | 10000000 | 9165500 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/15/2035 | 10000000 | 10469100 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 12/1/2034 | 23630000 | 24101891 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 6/1/2045 | 5000000 | 4860900 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte. Ltd., 8.96% due 4/27/2029 | 7000000 | 7309890 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | 10000000 | 9686100 |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% due 2/16/2032 | 3000000 | 2969490 |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69% due 1/23/2050 | 5650000 | 5135115 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | 4892000 | 5137383 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% (5-Yr. CMT + 4.23%) due 9/18/2030 | 7588000 | 7723218 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028 | 5000000 | 5006500 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, 7.85% due 2/1/2026 | 32700000 | 32775537 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 5.75% due 6/24/2044 | 14198000 | 14333165 |
| |  |  | 193445642 |
| | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 7.00% due 2/15/2029 | 7500000 | 7722600 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | 8186500 | 8043154 |
| |  |  | 15765754 |
| | **FINANCIAL SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | 2500000 | 2626800 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/17/2026 | 13000000 | 12881960 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/15/2025 | 13250000 | 13213828 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 11500000 | 12222775 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA, 7.50% due 6/15/2030 | 1520371 | 1484277 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | 4098000 | 4025752 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 7/15/2027 | 3000000 | 2919360 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% due 10/23/2029 | 5000000 | 5111600 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95% due 8/11/2028 | 3000000 | 3190170 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 5000000 | 5000700 |
| |  |  | 62677222 |
| | **FOOD, BEVERAGE & TOBACCO — 0.2%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.0%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | $10443000 | $10312254 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 6.00% due 6/15/2030 | 4050000 | 4096656 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc., 5.50% due 12/15/2029 | 10000000 | 9977800 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Tobacco — 0.1%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 6.125% due 7/27/2027 | 5000000 | 5158600 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JT International Financial Services BV, 6.875% due 10/24/2032 | 5000000 | 5602100 |
| |  |  | 35147410 |
| | &nbsp;&nbsp;&nbsp;**INSURANCE — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.3%** |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | 8354000 | 7467474 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% due 3/15/2031 | 1617000 | 1432791 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% due 6/15/2030 | 8383000 | 7954545 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 7.25% due 9/15/2028 | 10000000 | 10729300 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc., 9.25% due 4/8/2068 | 12000000 | 14360160 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 8101000 | 7252906 |
| |  |  | 49197176 |
| | &nbsp;&nbsp;&nbsp;**MATERIALS — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.1%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 3000000 | 2747040 |
| | &nbsp;&nbsp;&nbsp;&nbsp;OCP SA, |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/23/2031 | 1735000 | 1627447 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 10/22/2025 | 5000000 | 4996150 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | 7670000 | 7935766 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.1%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | 7500000 | 7801125 |
| | &nbsp;&nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375% due 2/14/2031 | 4150000 | 3974787 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50% due 10/6/2028 | 2000000 | 1943360 |
| |  |  | 31025675 |
| | &nbsp;&nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.75% due 2/1/2032 | 8000000 | 7399680 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/1/2026 | 5000000 | 4936350 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 | 7500000 | 7464825 |
| |  |  | 19800855 |
| | &nbsp;&nbsp;&nbsp;**REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 3000000 | 3028410 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 2490000 | 2629042 |
| |  |  | 5657452 |
| | &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 9800000 | 9010904 |
| |  |  | 9010904 |
| | &nbsp;&nbsp;&nbsp;**SOFTWARE & SERVICES — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, 7.50% due 1/15/2031 | 5000000 | 5305350 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 7000000 | 6938050 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.2%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | 6500000 | 6369805 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 10000000 | 9993900 |

---

See notes to financial statements. Annual Financial Statements \| 33

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | $11800000 | $10706494 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.832% due 2/8/2051 | 5000000 | 3373500 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.027% due 8/3/2050 | 5000000 | 3496550 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | 7000000 | 6808830 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 5/1/2028 | 4354350 | 2305658 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 12/1/2029 | 10000000 | 9455200 |
| |  |  | 64753337 |
| | &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 4.25% due 4/1/2028 | 5000000 | 4971150 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | 5832000 | 5553114 |
| |  |  | 10524264 |
| | &nbsp;&nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.7%** |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV (Guaranty: Deutsche Telekom AG), 8.75% due 6/15/2030 | 26150000 | 30825359 |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Telefonica Emisiones SA (Guaranty: Telefonica SA), 7.045% due 6/20/2036 | 85390000 | 96257585 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.1%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 10000000 | 10416900 |
| |  |  | 137499844 |
| | &nbsp;&nbsp;&nbsp;**TRANSPORTATION — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B, 3.75% due 4/15/2027 | 6218246 | 6201332 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B, 3.85% due 8/15/2029 | 4817054 | 4606549 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | 14750000 | 15222443 |
| |  |  | 26030324 |
| | &nbsp;&nbsp;&nbsp;**UTILITIES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 0.1%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AES Espana BV, 5.70% due 5/4/2028 | 4850000 | 4732630 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 8708000 | 8092519 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% due 1/24/2035 | 8000000 | 8154080 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.1%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | 9500000 | 10064585 |
| |  |  | 31043814 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $760,706,388) |  | 822698153 |
| | **OTHER GOVERNMENT — 0.1%** |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 3.625% due 3/10/2033 | 7000000 | 6274310 |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government International Bonds, 7.625% due 11/28/2047 | 6000000 | 5161800 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $9,562,830) |  | 11436110 |
| | **U.S. GOVERNMENT AGENCIES — 0.0%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 6, 7.00% (5-Yr. CMT + 3.01%), 9/15/2030 | 5000000 | 5236250 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $5,000,000) |  | 5236250 |
| | **MORTGAGE BACKED — 2.0%** |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-6 Class A3, 4.30% due 7/25/2067 | 3676016 | 3667766 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 12019837 | 11641764 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | 5052850 | 5051268 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 4.25% due 2/25/2028 | 10128757 | 10081746 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 6.375% due 8/25/2033 | 18343 | 18978 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B4, 3.88% due 3/25/2050 | $950275 | $831279 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B5, 3.88% due 3/25/2050 | 444560 | 349138 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B6, 3.88% due 3/25/2050 | 745503 | 481976 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 569272 | 525243 |
| | &nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO1, 0.44% due 10/25/2049 | 49082454 | 1036047 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO2, 0.50% due 10/25/2049 | 43777541 | 1171290 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIOS, 0.20% due 10/25/2049 | 61010323 | 647198 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B4, 3.44% due 10/25/2049 | 1277235 | 1092271 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B5, 3.44% due 10/25/2049 | 646115 | 414193 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B6, 3.44% due 10/25/2049 | 1145464 | 540042 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AX1, 0.252% due 1/25/2051 | 94779912 | 1353467 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 101345318 | 1233474 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B4, 2.752% due 1/25/2051 | 491000 | 236402 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B5, 2.752% due 1/25/2051 | 164000 | 77315 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B6, 2.752% due 1/25/2051 | 655000 | 262408 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I1 Class M1, 7.051% due 4/25/2058 | 5000000 | 5016589 |
| | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-HYB2 Class B1, 6.369% due 3/25/2034 | 129131 | 56298 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 2150000 | 1778659 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 1450000 | 1186189 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 725000 | 475910 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class XS, due 5/25/2060 | 31093547 | 1000901 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B5, 4.059% due 8/25/2050 | 585000 | 348963 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B6, 4.059% due 8/25/2050 | 1400000 | 722926 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B4, 2.609% due 4/25/2051 | 429000 | 198247 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B5, 2.609% due 4/25/2051 | 665000 | 274009 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B6, 2.609% due 4/25/2051 | 509528 | 183920 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.861% due 9/25/2051 | 1033000 | 565435 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.861% due 9/25/2051 | 573149 | 230834 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | 4385000 | 4552974 |
| | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AFC1 Class M1, 2.841% due 2/25/2050 | 3808500 | 3232496 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 65213940 | 640127 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B3, 4.315% due 3/25/2056 | 215000 | 151061 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class XS, 3.233% due 3/25/2056 | 68599632 | 11256514 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 3123692 | 3110831 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 3025000 | 2769740 |
| | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX1, 0.652% due 8/25/2050 | 88805453 | 2929088 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 15220793 | 411208 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B4, 3.652% due 8/25/2050 | 792613 | 688557 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B5, 3.652% due 8/25/2050 | 2377839 | 2062735 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B6C, 3.495% due 8/25/2050 | 3170452 | 1766893 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX1, 0.173% due 12/30/2051 | 149436193 | 1418194 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | 12388493 | 132858 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | 11304500 | 336757 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B4, 3.353% due 12/30/2051 | 2301133 | 1894395 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B5, 3.353% due 12/30/2051 | 451022 | 342637 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B6C, 3.203% due 12/30/2051 | 3957816 | 2519300 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-H1 Class B1, 3.386% due 1/25/2060 | 4379900 | 3496166 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | 26417065 | 26712186 |
| | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A11X, 3.392% due 10/25/2050 | 1200920 | 183012 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A12X, 2.907% due 10/25/2050 | 14378937 | 1878233 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AIOS, 0.189% due 10/25/2050 | 80154243 | 570802 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX1, due 10/25/2050 | 52244957 | 522 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX2, 0.407% due 10/25/2050 | 2591460 | 34276 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX4, 0.921% due 10/25/2050 | 2789928 | 85941 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B4, 3.828% due 10/25/2050 | 1771583 | 1549343 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B5, 3.828% due 10/25/2050 | 1775776 | 1567749 |

---

See notes to financial statements. Annual Financial Statements \| 35

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B6, 3.828% due 10/25/2050 | $4397865 | $3015242 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class BX, 0.328% due 10/25/2050 | 20219056 | 308824 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 6.427% due 5/25/2065 | 15000000 | 14736870 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2024-RTL1 Class A1, 7.12% due 7/25/2029 | 14900000 | 14956048 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class B, 6.293% (TSFR1M + 2.14%) due 3/15/2040 | 8000000 | 7986237 |
| | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AX1, 0.133% due 8/25/2050 | 11830116 | 66246 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A11X, 0.813% (5.14% - TSFR1M) due 11/25/2050 | 2305170 | 75387 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 10450103 | 241085 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX1, 0.082% due 11/25/2050 | 38598917 | 96937 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 1067934 | 174742 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 2464611 | 62475 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B4, 3.632% due 11/25/2050 | 1825330 | 1593214 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B5, 3.632% due 11/25/2050 | 842595 | 663561 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B6, 3.536% due 11/25/2050 | 1582548 | 800477 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B4, 3.509% due 1/25/2051 | 2233446 | 1932980 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B5, 3.509% due 1/25/2051 | 1565171 | 956260 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B6, 3.509% due 1/25/2051 | 2260779 | 1100501 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.02% due 1/25/2052 | 3528538 | 2774304 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.723% due 1/25/2052 | 4006634 | 2021264 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B4, 3.122% due 8/25/2052 | 3095234 | 2448680 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B5, 3.122% due 8/25/2052 | 1644056 | 1076220 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B6, 2.394% due 8/25/2052 | 1795512 | 742752 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B4, 3.097% due 8/25/2052 | 2537740 | 1989774 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B5, 3.097% due 8/25/2052 | 1615176 | 780941 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B6, 2.319% due 8/25/2052 | 1459907 | 602939 |
| | &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.11% due 8/25/2051 | 89212321 | 375013 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 6112669 | 248930 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.31% due 8/25/2051 | 300653 | 239012 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 2.607% due 8/25/2051 | 1461700 | 798758 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.153% due 10/25/2051 | 108954814 | 714351 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 8823805 | 237622 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.203% due 10/25/2051 | 419099 | 327836 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.087% due 10/25/2051 | 1856011 | 1040006 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.123% due 8/25/2034 | 538972 | 510408 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 8633884 | 8644390 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 9768833 | 10302079 |
| | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.744% due 6/25/2051 | 87369754 | 3166883 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | 1031760 | 837478 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.177% due 6/25/2051 | 1852042 | 1113686 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 5000000 | 5037739 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;NRM FHT1 Excess Owner LLC, Whole Loan Securities Trust CMO, Series 2025-FHT1 Class A, 6.545% due 3/25/2032 | 7998380 | 8064886 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 5000000 | 4322393 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 15836170 | 13409371 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | 23952467 | 24168837 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | 7272131 | 7247450 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 3.81% due 9/25/2059 | 1500000 | 1459826 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.724% due 10/25/2047 | 1824385 | 1632842 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.414% (TSFR1M + 1.26%) due 5/15/2038 | 5212000 | 5167712 |
| | &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 41638292 | 591197 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B2, 5.663% due 9/25/2059 | 7910000 | 7335002 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B3, 6.288% due 9/25/2059 | 3366214 | 2905023 |
| <sup>a,d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class C, due 9/25/2059 | 950 | 950 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS1, due 9/25/2059 | 40954966 | 410 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS2, due 9/25/2059 | 39759020 | 2217368 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.739% (TSFR1M + 2.59%) due 4/15/2042 | 9714035 | 9690640 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class B1, 3.657% due 9/27/2049 | 10000000 | 9569926 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 9421258 | 8388138 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.75% due 8/25/2057 | 5351000 | 5332174 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AIO1, 0.179% due 6/25/2050 | $132363438 | $1155242 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class B5, 3.179% due 6/25/2050 | 1046000 | 553211 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class B6, 3.179% due 6/25/2050 | 1912755 | 910915 |
| <sup>d,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | 158422392 | 4533146 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.307% due 8/25/2051 | 3211553 | 2634182 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.307% due 8/25/2051 | 2477484 | 1999268 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.307% due 8/25/2051 | 1888835 | 918828 |
| | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $341,274,134) |  | 348053828 |
| |  |  |  |
| | **LOAN PARTICIPATIONS — 0.3%** |  |  |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
| <sup>i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 7.308% (SOFR + 3.25%) due 3/12/2032 | 19850250 | 19850250 |
| |  |  | 19850250 |
| | &nbsp;&nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.1%** |  |  |
| <sup>i,j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., 7.291% (SOFR + 3.00%) due 4/1/2032 | 14202223 | 14215573 |
| |  |  | 14215573 |
| | &nbsp;&nbsp;&nbsp;**HOUSEHOLD & PERSONAL PRODUCTS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 0.1%** |  |  |
| <sup>i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.135% (SOFR + 2.00%) due 3/19/2032 | 7231875 | 7228837 |
| |  |  | 7228837 |
| | &nbsp;&nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.0%** |  |  |
| <sup>i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Century De Buyer LLC, 7.301% (SOFR + 3.00%) due 10/30/2030 | 1485038 | 1485498 |
| |  |  | 1485498 |
| | &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 0.0%** |  |  |
| <sup>i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 9.218% (SOFR + 4.75%) due 4/28/2028 | 2240700 | 1216675 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.0%** |  |  |
| <sup>i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Xerox Holdings Corp., 8.002% - 8.163% (SOFR + 4.00%) due 11/19/2029 | 6118182 | 5666966 |
| |  |  | 6883641 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LOAN PARTICIPATIONS (Cost $51,005,260) |  | 49663799 |
| | **SHORT-TERM INVESTMENTS — 11.9%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 211407538 | 2114075381 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $2,114,075,381) |  | 2114075381 |
| | TOTAL INVESTMENTS — 99.4% (Cost $11,691,852,271) |  | $17633949418 |
| | OTHER ASSETS LESS LIABILITIES — 0.6% |  | 103993357 |
| | NET ASSETS — 100.0% |  | $17737942775 |

---

See notes to financial statements. Annual Financial Statements \| 37

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** |
| **CONTRACT**<br> **DESCRIPTION** | **CONTRACT**<br> **PARTY\*** | **BUY/SELL** | **CONTRACT**<br> **AMOUNT** | **CONTRACT**<br> **VALUE DATE** | **VALUE**<br> **USD** | **UNREALIZED**<br> **APPRECIATION** | **UNREALIZED**<br> **DEPRECIATION** |
| Swiss Franc | SSB | Sell | 18339500 | 12/22/2025 | 23256781 | $125865 | $— |
| Euro | BBH | Sell | 2546017300 | 12/22/2025 | 3003100121 | 9907672 |  |
| Great Britain Pound | SSB | Sell | 344198100 | 12/22/2025 | 462949647 | 3841835 |  |
| Total |  |  |  |  |  | $13875372 |  |
| Net unrealized appreciation (depreciation) |  |  |  |  |  | $13875372 |  |

---

\* Counterparties include State Street Bank and Trust Company ("SSB") and Brown Brothers Harriman & Co. ("BBH").

**Footnote Legend**

a Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

b Non-income producing.

c Investment in Affiliates.

d 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $884,497,263, representing 4.99% of the Fund's net assets.

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

---

| | |
|:---|:---|
| f | 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 September 30, 2025. |

---

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

h Interest only.

i The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at September 30, 2025.

---

| | |
|:---|:---|
| j | This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of settlement and will be based upon the Secured Overnight Financing Rate ("SOFR") plus a premium which was determined at the time of purchase. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| ABS | Asset Backed Securities | CMT | Constant Maturity Rate |
| ARM | Adjustable Rate Mortgage | SOFR | Secured Overnight Financing Rate |
| CMBS | Commercial Mortgage-Backed Securities | TSFR1M | Term SOFR 1 Month |
| CMO | Collateralized Mortgage Obligation | TSFR3M | Term SOFR 3 Month |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| September 30, 2025

---

| | | |
|:---|:---|:---|
| **COUNTRY EXPOSURE \*** |  |  |
| (percent of net assets) |  |  |
| United States | 30.7% |  |
| France | 13.8% |  |
| United Kingdom | 11.1% |  |
| Netherlands | 5.3% |  |
| Italy | 5.2% |  |
| Taiwan | 4.3% |  |
| Germany | 3.5% |  |
| Spain | 2.7% |  |
| Canada | 2.6% |  |
| South Korea | 2.3% |  |
| Ireland | 1.8% |  |
| Australia | 1.7% |  |
| Singapore | 1.0% |  |
| Turkey | 0.6% |  |
| Mexico | 0.2% |  |
| India | 0.2% |  |
| Israel | 0.1% |  |
| China | 0.1% |  |
| Dominican Republic | 0.1% |  |
| Guatemala | 0.1% |  |
| Brazil | 0.1% |  |
| Uzbekistan | 0.0% | \*\* |
| Indonesia | 0.0% | \*\* |
| Morocco | 0.0% | \*\* |
| United Arab Emirates | 0.0% | \*\* |
| Japan | 0.0% | \*\* |
| Nigeria | 0.0% | \*\* |
| Cayman Islands | 0.0% | \*\* |
| Luxembourg | 0.0% | \*\* |
| Russian Federation | 0.0% | \*\* |
| Other Assets Less Liabilities | 12.5% |  |

---

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

\*\* Country percentage was less than 0.1%.

See notes to financial statements. Annual Financial Statements \| 39

**Schedule of Investments**

Thornburg Summit Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | **COMMON STOCK — 64.1%** |  |  |
| | **BANKS — 4.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Banks — 4.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;BNP Paribas SA | 15194 | $1379453 |
| | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 18874 | 1915711 |
| | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2415 | 761764 |
| |  |  | 4056928 |
| | **CAPITAL GOODS — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 2371 | 724127 |
| | &nbsp;&nbsp;&nbsp;**Building Products — 0.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | 6219 | 754054 |
| | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | 10000 | 569767 |
| |  |  | 2047948 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Professional Services — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Teleperformance SE | 2904 | 215954 |
| |  |  | 215954 |
| | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 4.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Broadline Retail — 4.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 10937 | 2401437 |
| | &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 163416 | 575159 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 445 | 1039939 |
| | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 801 | 324557 |
| |  |  | 4341092 |
| | **CONSUMER DURABLES & APPAREL — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Kalyan Jewellers India Ltd. | 51807 | 265661 |
| |  |  | 265661 |
| | **CONSUMER SERVICES — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 205000 | 1129588 |
| | &nbsp;&nbsp;&nbsp;Round One Corp. | 135500 | 1197542 |
| |  |  | 2327130 |
| | **ENERGY — 5.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. Class A | 74495 | 919268 |
| | &nbsp;&nbsp;&nbsp;Schlumberger NV | 34100 | 1172017 |
| | &nbsp;&nbsp;&nbsp;Tenaris SA ADR | 23649 | 845925 |
| | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Shell plc | 39413 | 1409703 |
| | &nbsp;&nbsp;&nbsp;TotalEnergies SE | 12107 | 735302 |
| |  |  | 5082215 |
| | **FINANCIAL SERVICES — 5.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 10362 | 989260 |
| | &nbsp;&nbsp;&nbsp;CME Group, Inc. | 4088 | 1104537 |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 2.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 2211 | 1257639 |
| | &nbsp;&nbsp;&nbsp;Visa, Inc. Class A | 4166 | 1422189 |
| |  |  | 4773625 |
| | **FOOD, BEVERAGE & TOBACCO — 0.5%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Summit Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;**Beverages — 0.5%** |  |  |
| | &nbsp;&nbsp;Varun Beverages Ltd. | 95568 | $477793 |
| |  |  | 477793 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 1.2%** |  |  |
| | &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.2%** |  |  |
| | &nbsp;&nbsp;Medtronic plc | 11804 | 1124213 |
| |  |  | 1124213 |
| | **MATERIALS — 1.5%** |  |  |
| | &nbsp;&nbsp;**Chemicals — 0.8%** |  |  |
| | &nbsp;&nbsp;Linde plc | 1675 | 795625 |
| | &nbsp;&nbsp;**Metals & Mining — 0.7%** |  |  |
| | &nbsp;&nbsp;Glencore plc | 149403 | 686384 |
| |  |  | 1482009 |
| | **MEDIA & ENTERTAINMENT — 4.6%** |  |  |
| | &nbsp;&nbsp;**Interactive Media & Services — 4.6%** |  |  |
| | &nbsp;&nbsp;Alphabet, Inc. Class A | 9110 | 2214641 |
| | &nbsp;&nbsp;Meta Platforms, Inc. Class A | 3031 | 2225906 |
| |  |  | 4440547 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 6.1%** |  |  |
| | &nbsp;&nbsp;**Life Sciences Tools & Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;<sup>a</sup> | &nbsp;&nbsp;ICON plc ADR | 6010 | 1051750 |
| | &nbsp;&nbsp;**Pharmaceuticals — 5.0%** |  |  |
| | &nbsp;&nbsp;AstraZeneca plc | 7047 | 1059775 |
| | &nbsp;&nbsp;Merck & Co., Inc. | 5273 | 442563 |
| | &nbsp;&nbsp;Novo Nordisk AS Class B | 8204 | 444713 |
| | &nbsp;&nbsp;Pfizer, Inc. | 19654 | 500784 |
| | &nbsp;&nbsp;Roche Holding AG | 4735 | 1545916 |
| | &nbsp;&nbsp;Zoetis, Inc. | 5816 | 850997 |
| |  |  | 5896498 |
| | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%** |  |  |
| | &nbsp;&nbsp;**Real Estate Management & Development — 0.3%** |  |  |
| | &nbsp;&nbsp;Colliers International Group, Inc. | 1668 | 260873 |
| |  |  | 260873 |
| | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.6%** |  |  |
| | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;<sup>a</sup> | &nbsp;&nbsp;Advanced Micro Devices, Inc. | 4737 | 766399 |
| | &nbsp;&nbsp;ASML Holding NV | 748 | 727229 |
| | &nbsp;&nbsp;Broadcom, Inc. | 4694 | 1548598 |
| | &nbsp;&nbsp;NVIDIA Corp. | 10463 | 1952186 |
| | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 54792 | 2346071 |
| |  |  | 7340483 |
| | **SOFTWARE & SERVICES — 5.7%** |  |  |
| | &nbsp;&nbsp;**Information Technology Services — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;<sup>a</sup> | &nbsp;&nbsp;Shopify, Inc. Class A | 6334 | 941296 |
| | &nbsp;&nbsp;**Software — 4.7%** |  |  |
| | &nbsp;&nbsp;Constellation Software, Inc. | 129 | 350190 |
| | &nbsp;&nbsp;Microsoft Corp. | 2909 | 1506716 |
| | &nbsp;&nbsp;Open Text Corp. | 42879 | 1602763 |
| | &nbsp;&nbsp;SAP SE | 881 | 235726 |
| &nbsp;&nbsp;&nbsp;<sup>a</sup> | &nbsp;&nbsp;ServiceNow, Inc. | 967 | 889911 |
| |  |  | 5526602 |
| | **TECHNOLOGY HARDWARE & EQUIPMENT — 4.0%** |  |  |
| | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.7%** |  |  |
| | &nbsp;&nbsp;Keyence Corp. | 1719 | 641407 |
| | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 3.3%** |  |  |

---

See notes to financial statements. Annual Financial Statements \| 41

**Schedule of Investments, Continued**

Thornburg Summit Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;Apple, Inc. | 3103 | $790117 |
| | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 40534 | 2423864 |
| |  |  | 3855388 |
| **** | **TELECOMMUNICATION SERVICES — 7.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 7.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;AT&T, Inc. | 54682 | 1544220 |
| | &nbsp;&nbsp;&nbsp;Orange SA | 119713 | 1940983 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Zegona Communications plc | 211381 | 3496720 |
| |  |  | 6981923 |
| | **TRANSPORTATION — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Ground Transportation — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 16986 | 1265287 |
| |  |  | 1265287 |
| | &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $40,445,014) |  | 61762169 |
| |  |  |  |
| | **ASSET BACKED SECURITIES — 5.0%** |  |  |
| |  |  |  |
| | **AUTO RECEIVABLES — 1.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A Class B, 7.70% due 2/15/2029 | $250000 | 255030 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2022-A Class D, 2.84% due 4/16/2029 | 157501 | 156257 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust Series 2019-4 Class R, due 3/15/2027 | 5000 | 303004 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.022% (SOFR30A + 2.65%) due 11/15/2027 | 250000 | 250374 |
| | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2022-7 Class B, 5.95% due 1/17/2028 | 106405 | 106690 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust, Series 2025-SF1 Class B, 5.12% due 3/17/2031 | 152958 | 153190 |
| | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 169625 | 157304 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 44707 | 43202 |
| |  |  | 1425051 |
| | **OTHER ASSET BACKED — 3.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | 65698 | 65909 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A Class B, 3.47% due 7/16/2040 | 88347 | 85086 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2022-C Class B, 5.93% due 10/17/2035 | 110013 | 110307 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | 78429 | 78616 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 200000 | 201666 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class D, 8.53% due 6/26/2028 | 250000 | 252527 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 200000 | 200050 |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 74085 | 66862 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | 118308 | 118445 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 2000 | 84645 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 287739 | 265394 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 3497 | 3492 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2022-1A Class D, 7.83% due 11/15/2029 | 185646 | 185646 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | 1200 | 16313 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | 1150 | 16658 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.53% due 12/15/2031 | 75668 | 75297 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | 1200 | 18177 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 30848 | 31481 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047 | 1150000 | 95680 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | 142405 | 141783 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | 21974 | 21920 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 300000 | 299267 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | 225000 | 225966 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 217459 | 220264 |
|  |  |  | 2881451 |
|  | STUDENT LOAN — 0.5% |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | 73056 | 71614 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | 229066 | 211341 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | 242436 | 212577 |

---

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

**Schedule of Investments, Continued**

Thornburg Summit Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  | 495532 |
| | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $4,651,570) |  | 4802034 |
| |  |  |  |
| | **CORPORATE BONDS — 7.5%** |  |  |
| | **BANKS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Banks — 0.1%** |  |  |
| <sup>c,f</sup> | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | $100000 | $99301 |
| |  |  | 99301 |
| | **COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 4.875% due 7/15/2027 | 200000 | 199658 |
| |  |  | 199658 |
| | **CONSUMER DURABLES & APPAREL — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25% due 6/15/2026 | 300000 | 296598 |
| |  |  | 296598 |
| | **ENERGY — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.4%** |  |  |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | 350000 | 343280 |
| | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.75% due 2/1/2032 | 125000 | 129230 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.875% due 1/13/2033 | 117000 | 126795 |
| <sup>c,f</sup> | &nbsp;&nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 225000 | 226364 |
| | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | 120000 | 116233 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.69% due 1/23/2050 | 315000 | 286294 |
| |  |  | 1228196 |
| | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Diversified REITs — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | 300000 | 294897 |
| | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 200000 | 194161 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | 13000 | 13348 |
| |  |  | 502406 |
| | **FINANCIAL SERVICES — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 4.75% due 12/15/2025 | 179000 | 178511 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031 | 250000 | 361543 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 250000 | 265712 |
| | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | 250000 | 245593 |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 6.50% due 2/8/2029 | 250000 | 255547 |
| <sup>b,c,f</sup> | &nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.61%) due 6/20/2026 | 250000 | 245550 |
| |  |  | 1552456 |
| | **HEALTH CARE EQUIPMENT & SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 250000 | 245165 |
| |  |  | 245165 |
| | **MATERIALS — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Berry Global, Inc., 1.57% due 1/15/2026 | 275000 | 272629 |
| | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, 9.375% due 2/14/2031 | 200000 | 191556 |

---

See notes to financial statements. Annual Financial Statements \| 43

**Schedule of Investments, Continued**

Thornburg Summit Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  | 464185 |
| | **MEDIA & ENTERTAINMENT — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Media — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50% due 8/15/2030 | $500000 | $472265 |
| |  |  | 472265 |
| | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 38461 | 45139 |
| |  |  | 45139 |
| | **SOFTWARE & SERVICES — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Prosus NV (EUR), 1.288% due 7/13/2029 | 285000 | 312979 |
| | &nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 5/1/2028 | 184029 | 97444 |
| |  |  | 410423 |
| | **TELECOMMUNICATION SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 250000 | 260423 |
| |  |  | 260423 |
| | **TRANSPORTATION — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |  |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | 200000 | 206406 |
| |  |  | 206406 |
| | **UTILITIES — 1.3%** |  |  |
| | **Electric Utilities — 1.0%** |  |  |
| | Black Hills Corp., 6.15% due 5/15/2034 | 250000 | 266935 |
| <sup>c,d</sup> | Emera, Inc., Series 16-A, 6.75% (SOFR 3 Month + 5.44%) due 6/15/2076 | 200000 | 201226 |
| <sup>b</sup> | FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | 275000 | 275993 |
| <sup>c</sup> | Southern Co., Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | 200000 | 199272 |
| | **Multi-Utilities — 0.3%** |  |  |
| <sup>b,d</sup> | Aegea Finance SARL, 9.00% due 1/20/2031 | 250000 | 264857 |
| |  |  | 1208283 |
| | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $6,978,553) |  | 7190904 |
| | **OTHER GOVERNMENT — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | 500000 | 304501 |
| | &nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | 1000000 | 177422 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036 | 13000000 | 225901 |
| | &nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027 | 7075000 | 147836 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | 100000 | 89221 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), 16.625% due 5/29/2027 | 4500000000 | 389857 |
| | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 1.625% due 10/22/2028 | 140000 | 176300 |
| | &nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $1,449,179) |  | 1511038 |
| | **U.S. TREASURY SECURITIES — 8.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/2051 | 570745 | 316496 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 1/15/2031 | 936895 | 879876 |
| | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 1/15/2033 | 238579 | 231244 |
| | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | 524389 | 526909 |
| | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 4/15/2029 | 161877 | 167081 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 8/15/2041 | 1230000 | 834478 |
| | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 | 400000 | 280875 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/2034 | 800000 | 798000 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 690000 | 697978 |

---

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

**Schedule of Investments, Continued**

Thornburg Summit Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 5/15/2034 | $505000 | $516757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 1055000 | 1090936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2045 - 5/15/2055 | 1145000 | 1151843 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 8.297%, 11/15/2043 | 2550000 | 1046964 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $8,376,219) |  | 8539437 |
|  | **MORTGAGE BACKED — 10.2%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-5 Class M1, 2.97% due 5/25/2065 | 60000 | 55022 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | 325000 | 281581 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 245000 | 225102 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, Series 2021-RPL4 Class A1, 4.136% due 12/27/2060 | 120731 | 120404 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 250000 | 228904 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool SE9046, 3.00% due 12/1/2051 | 225793 | 199291 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50% due 7/25/2058 | 34597 | 33022 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD1669, 2.50% due 1/1/2052 | 250050 | 210831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | 991650 | 839661 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8242, 3.00% due 9/1/2052 | 543419 | 478796 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 59251 | 50919 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | 575206 | 487000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB1388, 2.50% due 8/1/2051 | 489799 | 415862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | 428295 | 376382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM8761, 2.50% due 9/1/2051 | 357895 | 301874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | 187018 | 158354 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | 919506 | 810587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4512, 2.50% due 1/1/2052 | 677487 | 573559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4548, 2.50% due 2/1/2052 | 489023 | 413854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4653, 3.00% due 7/1/2052 | 482230 | 424940 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 133908 | 125283 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | 218798 | 195746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 285554 | 255129 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | 245000 | 229442 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.073% due 9/25/2056 | 162551 | 138170 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 223447 | 221822 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 4.00% due 6/25/2064 | 304523 | 297947 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 300613 | 284743 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;NRM FHT1 Excess Owner LLC, Whole Loan Securities Trust CMO, Series 2025-FHT1 Class A, 6.545% due 3/25/2032 | 225306 | 227180 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 250000 | 230051 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.414% (TSFR1M + 1.26%) due 5/15/2038 | 174000 | 172521 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.739% (TSFR1M + 2.59%) due 4/15/2042 | 232939 | 232378 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 250000 | 222069 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.658% due 7/25/2048 | 140743 | 128620 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 235531 | 209703 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $9,635,583) |  | 9856749 |
|  | **LOAN PARTICIPATIONS — 0.2%** |  |  |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 7.308% (SOFR + 3.25%) due 3/12/2032 | 199500 | 199500 |
|  |  |  | 199500 |
|  | &nbsp;&nbsp;&nbsp;TOTAL LOAN PARTICIPATIONS (Cost $199,029) |  | 199500 |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 194318 | 1943173 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $1,943,173) |  | 1943173 |
|  | TOTAL INVESTMENTS — 99.4% (Cost $73,678,320) |  | $95805004 |

---

See notes to financial statements. Annual Financial Statements \| 45

**Schedule of Investments, Continued**

Thornburg Summit Fund \| September 30, 2025

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| OTHER ASSETS LESS LIABILITIES — 0.6% |  | 587607 |
| NET ASSETS — 100.0% |  | $96392611 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** |
| **CONTRACT<br> DESCRIPTION** | **CONTRACT<br> PARTY\*** | **BUY/SELL** | **CONTRACT<br> AMOUNT** | **CONTRACT<br> VALUE DATE** | **VALUE<br> USD** | **UNREALIZED<br> APPRECIATION** | **UNREALIZED<br> DEPRECIATION** |
| Euro | SSB | Buy | 2862000 | 10/31/2025 | 3366060 | $42062 | $— |
| Japanese Yen | MSC | Buy | 351500000 | 10/31/2025 | 2384111 |  | (7625) |
| Total |  |  |  |  |  | $42062 | $(7625) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  | $34437 |  |

---

\* Counterparties include State Street Bank and Trust Company ("SSB") and Morgan Stanely & Co. Inc. ("MSC").

**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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $13,368,531, representing 13.87% of the Fund's net assets. |

---

c 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 September 30, 2025.

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

e Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

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

g The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at September 30, 2025.

h 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 | Asset Backed Securities | EUR | Denominated in Euro |
| ADR | American Depositary Receipt | GBP | Denominated in Pound Sterling |
| AUD | Denominated in Australian Dollar | Mtg | Mortgage |
| BRL | Denominated in Brazilian Real | SOFR | Secured Overnight Financing Rate |
| CMBS | Commercial Mortgage-Backed Securities | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| CMO | Collateralized Mortgage Obligation | TSFR1M | Term SOFR 1 Month |
| CMT | Constant Maturity Rate | TSFR3M | Term SOFR 3 Month |
| DOP | Denominated in Dominican Peso | UMBS | Uniform Mortgage-Backed Securities |
| EGP | Denominated in Egyptian Pound | UZS | Denominated in Uzbekistani Som |

---

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

Schedule of Investments, Continued

Thornburg Summit Fund \| September 30, 2025

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| United States | 65.6% |
| United Kingdom | 5.5% |
| Canada | 5.1% |
| France | 4.4% |
| South Korea | 2.5% |
| Japan | 2.5% |
| Taiwan | 2.4% |
| Brazil | 1.5% |
| Macao | 1.2% |
| Netherlands | 1.1% |
| Australia | 1.0% |
| India | 0.8% |
| Turkey | 0.7% |
| Dominican Republic | 0.6% |
| Denmark | 0.5% |
| Mexico | 0.4% |
| Uzbekistan | 0.4% |
| China | 0.3% |
| Colombia | 0.3% |
| Germany | 0.2% |
| Egypt | 0.2% |
| Panama | 0.1% |
| Cayman Islands | 0.1% |
| Other Assets Less Liabilities | 2.6% |

---

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

See notes to financial statements. Annual Financial Statements \| 47

**Statements of Assets and Liabilities**

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> GLOBAL<br> OPPORTUNITIES<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> EQUITY<br> FUND** | **THORNBURG<br> BETTER WORLD<br> INTERNATIONAL<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> GROWTH<br> FUND** | **THORNBURG<br> DEVELOPING<br> WORLD<br> FUND** |
| **ASSETS** |  |  |  |  |  |
| Investments at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $777146917 | $2776056619 | $384122852 | $415991192 | $369233481 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 42548257 | 387461999 | 18245901 | 5584294 | 21768635 |
| Investments at value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 1479069322 | 4032962226 | 488907984 | 714106087 | 566082673 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 42548257 | 387461999 | 18245901 | 5584294 | 21768635 |
| Foreign currency at value <sup>(a)</sup> | 1901755 | 3759633 | 579889 | 293451 | 18173 |
| Unrealized appreciation on forward currency contracts | 944257 |  |  |  |  |
| Receivable for investments sold |  | 29533798 |  | 3302833 |  |
| Receivable for fund shares sold | 1272216 | 7757059 | 306819 | 247999 | 270462 |
| Dividends receivable | 1256025 | 14522152 | 1713334 | 844152 | 1211098 |
| Tax reclaims receivable | 1815788 | 8384909 | 1015005 | 2238875 |  |
| Prepaid expenses and other assets | 89586 | 113736 | 54087 | 26365 | 18276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 1528897206 | 4484495512 | 510823019 | 726644056 | 589369317 |
| **LIABILITIES** |  |  |  |  |  |
| Payable for investments purchased | 107225 | 73646878 | 837904 | 20233 | 78836 |
| Payable for fund shares redeemed | 882310 | 3459786 | 1436983 | 818921 | 3403433 |
| Payable to investment advisor and other affiliates | 1222575 | 2930905 | 319252 | 537661 | 434780 |
| IRS compliance fees for foreign withholding tax claims payable |  | 6084924 |  |  |  |
| Deferred taxes payable | 5645976 |  |  |  | 370567 |
| Accounts payable and accrued expenses | 399185 | 1374227 | 395117 | 496293 | 794302 |
| Dividends payable | - | 3498 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 8257271 | 87500218 | 2989256 | 1873108 | 5081918 |
| **NET ASSETS** | $1520639935 | $4396995294 | $507833763 | $724770948 | $584287399 |
| **NET ASSETS CONSIST OF** |  |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $735048577 | $2977913501 | $411902405 | $421418614 | $495886942 |
| Distributable earnings | 785591358 | 1419081793 | 95931358 | 303352334 | 88400457 |
| **NET ASSETS** | $1520639935 | $4396995294 | $507833763 | $724770948 | $584287399 |

---

48 \| Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> GLOBAL<br> OPPORTUNITIES<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> EQUITY<br> FUND** | **THORNBURG<br> BETTER WORLD<br> INTERNATIONAL<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> GROWTH<br> FUND** | **THORNBURG<br> DEVELOPING<br> WORLD<br> FUND** |
| **NET ASSET VALUE** |  |  |  |  |  |
| **Class A Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | $391006178 | $469429787 | $39870360 | $88769043 | $73994636 |
| Shares outstanding | 8210431 | 14644994 | 1881835 | 3476977 | 2851997 |
| Net asset value and redemption price per share | $47.62 | $32.05 | $21.19 | $25.53 | $25.94 |
| Maximum offering price per share (net asset value, plus 4.50% of offering price) | $49.86 | $33.56 | $22.19 | $26.73 | $27.16 |
| **Class C Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 22336716 | 10960120 | 5386787 | 4029777 | 6350130 |
| Shares outstanding | 495636 | 404770 | 262737 | 182418 | 261295 |
| Net asset value and redemption price per share<sup>\*</sup> | 45.07 | 27.08 | 20.50 | 22.09 | 24.30 |
| **Class I Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 966052362 | 2967479141 | 462576616 | 528818924 | 466106790 |
| Shares outstanding | 20161061 | 88448349 | 21142893 | 19844756 | 17498917 |
| Net asset value and redemption price per share | 47.92 | 33.55 | 21.88 | 26.65 | 26.64 |
| **Class R3 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 2954814 | 144187586 |  | 3715694 |  |
| Shares outstanding | 62887 | 4510414 |  | 148553 |  |
| Net asset value and redemption price per share | 46.99 | 31.97 | - | 25.01 | - |
| **Class R4 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 6303390 | 109321464 |  | 5370253 |  |
| Shares outstanding | 133581 | 3452544 |  | 212749 |  |
| Net asset value and redemption price per share | 47.19 | 31.66 | - | 25.24 | - |
| **Class R5 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 21600072 | 94843313 |  | 4947209 | 3009001 |
| Shares outstanding | 449924 | 2830831 |  | 184923 | 113347 |
| Net asset value and redemption price per share | 48.01 | 33.50 | - | 26.75 | 26.55 |
| **Class R6 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 110386403 | 600773883 |  | 89120048 | 34826842 |
| Shares outstanding | 2291837 | 18002312 |  | 3315250 | 1303959 |
| Net asset value and redemption price per share | 48.17 | 33.37 | - | 26.88 | 26.71 |

---

(a) Cost of foreign currency is $1,899,590; $3,762,672; $579,222;
$293,113; $18,226 respectively.

\* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See notes to financial statements.

Annual Financial Statements \| 49

**Statements of Assets and Liabilities, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> SMALL/MID CAP<br> CORE<br> FUND** | **THORNBURG<br> SMALL/MID CAP<br> GROWTH<br> FUND** | **THORNBURG<br> INVESTMENT<br> INCOME BUILDER<br> FUND** | **THORNBURG<br> SUMMIT<br> FUND** |
| **ASSETS** |  |  |  |  |
| Investments at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $349238772 | $158814653 | $9368822851 | $71735147 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 3247058 | 1570370 | 2323029420 | 1943173 |
| Investments at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 482426728 | 218763813 | 15388583071 | 93861831 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 3247058 | 1570370 | 2245366347 | 1943173 |
| Cash |  |  | 2044432 | 186797 |
| Foreign currency at value <sup>(a)</sup> |  |  | 22606152 | 46263 |
| Unrealized appreciation on forward currency contracts |  |  | 13875372 | 42062 |
| Receivable for investments sold | 1071947 |  | 18696775 | 96418 |
| Receivable for fund shares sold | 33653 | 12413 | 18668720 | 10417 |
| Dividends receivable | 128765 | 4662 | 27990347 | 89805 |
| Tax reclaims receivable |  | 1687 | 43500410 | 43371 |
| Principal and interest receivable |  |  | 15208962 | 230488 |
| Prepaid expenses and other assets | 40776 | 30840 | 152153 | 10711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 486948927 | 220383785 | 17796692741 | 96561336 |
| **LIABILITIES** |  |  |  |  |
| Unrealized depreciation on forward currency contracts |  |  |  | 7625 |
| Payable for investments purchased | 1218385 | 4662 | 12782971 | 8912 |
| Payable for fund shares redeemed | 560830 | 176664 | 6101897 | 19000 |
| Payable to investment advisor and other affiliates | 485056 | 206525 | 13524482 | 10105 |
| Deferred taxes payable |  |  | 1090328 |  |
| Accounts payable and accrued expenses | 288548 | 178527 | 2671141 | 123083 |
| Dividends payable | - | - | 22579147 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 2552819 | 566378 | 58749966 | 168725 |
| **NET ASSETS** | $484396108 | $219817407 | $17737942775 | $96392611 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $364334903 | $245117603 | $11467137557 | $70886420 |
| Distributable earnings (accumulated loss) | 120061205 | (25300196) | 6270805218 | 25506191 |
| **NET ASSETS** | $484396108 | $219817407 | $17737942775 | $96392611 |

---

50 \| Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> SMALL/MID CAP<br> CORE<br> FUND** | **THORNBURG<br> SMALL/MID CAP<br> GROWTH<br> FUND** | **THORNBURG<br> INVESTMENT<br> INCOME BUILDER<br> FUND** | **THORNBURG<br> SUMMIT<br> FUND** |
| **NET ASSET VALUE** |  |  |  |  |
| **Class A Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | $271434215 | $122351486 | $5259750119 | $12732559 |
| Shares outstanding | 3406400 | 3847984 | 165061591 | 867238 |
| Net asset value and redemption price per share | $79.68 | $31.80 | $31.87 | $14.68 |
| Maximum offering price per share (net asset value, plus 4.50% of offering price) | $83.43 | $33.30 | $33.37 | $15.37 |
| **Class C Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 2709495 | 1861084 | 598811446 |  |
| Shares outstanding | 40961 | 82427 | 18821607 |  |
| Net asset value and redemption price per share | 66.15 | 22.58 | 31.82 | - |
| **Class I Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 195225929 | 75294733 | 11458627251 | 83660052 |
| Shares outstanding | 2319145 | 2030702 | 356854352 | 5695232 |
| Net asset value and redemption price per share | 84.18 | 37.08 | 32.11 | 14.69 |
| **Class R3 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 10144840 | 12212557 | 23740818 |  |
| Shares outstanding | 127911 | 392305 | 745459 |  |
| Net asset value and redemption price per share | 79.31 | 31.13 | 31.85 | - |
| **Class R4 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 2683313 | 624170 | 12418709 |  |
| Shares outstanding | 33213 | 19528 | 389584 |  |
| Net asset value and redemption price per share | 80.79 | 31.96 | 31.88 | - |
| **Class R5 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 2198316 | 7473377 | 20304540 |  |
| Shares outstanding | 26162 | 201905 | 632815 |  |
| Net asset value and redemption price per share | 84.03 | 37.01 | 32.09 | - |
| **Class R6 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding |  |  | 364289892 |  |
| Shares outstanding |  |  | 11378991 |  |
| Net asset value and redemption price per share | - | - | 32.01 | - |

---

(a) Cost of foreign currency is $0; $0; $22,580,119; $46,206
respectively.

See notes to financial statements.

Annual Financial Statements \| 51

**Statements of Operations**

Year Ended September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> GLOBAL<br> OPPORTUNITIES<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> EQUITY<br> FUND** | **THORNBURG<br> BETTER WORLD<br> INTERNATIONAL<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> GROWTH<br> FUND** | **THORNBURG<br> DEVELOPING<br> WORLD<br> FUND** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| Dividend income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $53662580 | $93192978 | $11674946 | $9440610 | $15709522 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 1351561 | 9960057 | 1049247 | 742143 | 569847 |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld | (5142876) | (7059713) | (726301) | (900416) | (1774875) |
| Interest income | 3549 | 1661 | 112 | 278 | 27 |
| Foreign withholding tax claims |  | 683242 |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted for: IRS compliance fees for foreign withholding tax claims | - | (2729168) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 49874814 | 94049057 | 11998004 | 9282615 | 14504521 |
| **EXPENSES** |  |  |  |  |  |
| Investment management fees | 10814624 | 25194396 | 4908303 | 6430803 | 5700423 |
| Administration fees | 1086169 | 2805142 | 422042 | 627726 | 493776 |
| Distribution and service fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 858833 | 1066347 | 94770 | 214016 | 176409 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 229944 | 93367 | 52227 | 50391 | 64840 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 14256 | 638470 |  | 20574 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 13470 | 244895 |  | 16592 |  |
| Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 349025 | 520255 | 51349 | 100648 | 107003 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 29832 | 10695 | 9085 | 14628 | 18630 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 765749 | 1770523 | 492062 | 479718 | 674019 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 11587 | 325561 |  | 19576 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 27320 | 285946 |  | 41917 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 46989 | 332592 |  | 23747 | 13178 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 13823 | 48188 |  | 11568 | 23770 |
| Registration and filing fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 19717 | 19724 | 16635 | 16779 | 14915 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 14970 | 14551 | 16621 | 14855 | 14877 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 35554 | 82172 | 20978 | 18205 | 26912 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 15500 | 14727 |  | 15263 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 15500 | 14951 |  | 15272 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 15482 | 14959 |  | 15191 | 15743 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 15654 | 18284 |  | 15318 | 15743 |
| Custodian fees | 303477 | 456876 | 120507 | 210720 | 446697 |
| Audit and tax fees | 84111 | 162025 | 75280 | 82615 | 63780 |
| Legal fees | 20654 | 40753 | 1006 | 14688 | 12921 |
| Trustee and officer fees | 84937 | 196876 | 34602 | 52548 | 44614 |
| Other expenses | 188989 | 297265 | 134681 | 161003 | 243838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 15076166 | 34669540 | 6450148 | 8684361 | 8172088 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (541570) | (1104067) | (913857) | (621667) | (743483) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | (470743) | (2820695) | (738267) | (295543) | (978981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 14063853 | 30744778 | 4798024 | 7767151 | 6449624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $35810961 | $63304279 | $7199980 | $1515464 | $8054897 |

---

52 \| Annual Financial Statements

**Statements of Operations, Continued**

Year Ended September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> GLOBAL<br> OPPORTUNITIES<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> EQUITY<br> FUND** | **THORNBURG<br> BETTER WORLD<br> INTERNATIONAL<br> FUND** | **THORNBURG<br> INTERNATIONAL<br> GROWTH<br> FUND** | **THORNBURG<br> DEVELOPING<br> WORLD<br> FUND** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\* | $97648010 | $123580388 | $43762032 | $14195701 | $54534207 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | (12427421) | 8231294 |  |  | (4192510) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (452724) | (281902) | (33777) | 48051 | (688555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 84767865 | 131529780 | 43728255 | 14243752 | 49653142 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | 192655679 | 432201374 | (2617912) | (8704985) | 23759089 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 1368700 | 1953484 |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 86461 | 376556 | 63963 | 109094 | (14667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | 194110840 | 434531414 | (2553949) | (8595891) | 23744422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 278878705 | 566061194 | 41174306 | 5647861 | 73397564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $314689666 | $629365473 | $48374286 | $7163325 | $81452461 |
| &nbsp;&nbsp;&nbsp;\* Net of foreign capital gain taxes | $- | $226890 | $- | $335180 | $3185352 |
| &nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $(1059330) | $425383 | $- | $1265623 | $5543483 |

---

See notes to financial statements.

Annual Financial Statements \| 53

**Statements of Operations, Continued**

Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> SMALL/MID CAP<br> CORE<br> FUND** | **THORNBURG<br> SMALL/MID CAP<br> GROWTH<br> FUND** | **THORNBURG<br> INVESTMENT<br> INCOME BUILDER<br> FUND** | **THORNBURG<br> SUMMIT<br> FUND** |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $3848911 | $400255 | $741852166 | $1182049 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 348710 | 117773 | 61389139 | 130656 |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld |  |  | (50809556) | (44206) |
| Interest income |  |  | 117286842 | 1728169 |
| Foreign withholding tax claims | - | - | 6767186 | 15976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 4197621 | 518028 | 876485777 | 3012644 |
| **EXPENSES** |  |  |  |  |
| Investment management fees | 4519673 | 2102093 | 103793308 | 747404 |
| Administration fees | 434723 | 201606 | 12542436 | 83541 |
| Distribution and service fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 719059 | 320291 | 11679797 | 29043 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 28160 | 21836 | 5229275 |  |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 55478 | 64404 | 110480 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 6698 | 1630 | 32831 |  |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 337615 | 178845 | 3050925 | 31587 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 15533 | 13954 | 339570 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 189526 | 71828 | 7367337 | 54499 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 34525 | 43972 | 48136 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 9845 | 7081 | 37510 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 8584 | 27606 | 40447 |  |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 29441 |  |
| Registration and filing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 16347 | 14369 | 54290 | 20001 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 15324 | 14370 | 15786 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 15120 | 14486 | 104628 | 17975 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 14567 | 14523 | 6374 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 15214 | 15218 | 6355 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 15229 | 14680 | 6459 |  |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 7523 |  |
| Custodian fees | 53475 | 41633 | 1434293 | 72715 |
| Audit and tax fees | 63445 | 56733 | 351860 | 90325 |
| Legal fees | 10555 | 9519 | 205480 | 2798 |
| Trustee and officer fees | 35443 | 17204 | 937565 | 6996 |
| Other expenses | 54743 | 70725 | 1412520 | 111874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 6668881 | 3338606 | 148844626 | 1268758 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (447512) | (318450) | (75706) | (208710) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | - | (18218) | - | (343385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 6221369 | 3001938 | 148768920 | 716663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $(2023748) | $(2483910) | $727716857 | $2295981 |

---

54 \| Annual Financial Statements

**Statements of Operations, Continued**

Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> SMALL/MID CAP<br> CORE<br> FUND** | **THORNBURG<br> SMALL/MID CAP<br> GROWTH<br> FUND** | **THORNBURG<br> INVESTMENT<br> INCOME BUILDER<br> FUND** | **THORNBURG<br> SUMMIT<br> FUND** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\* | $25472983 | $21148222 | $606678590 | $3869770 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  | (169489186) | 194592 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | - | - | 87989 | 3477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 25472983 | 21148222 | 437277393 | 4067839 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | (9531659) | (9929760) | 2410445132 | 6406076 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers |  |  | (11880023) |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  | 20272715 | (315955) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | - | - | 1634459 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | (9531659) | (9929760) | 2420472283 | 6092220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 15941324 | 11218462 | 2857749676 | 10160059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $13917576 | $8734552 | $3585466533 | $12456040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Net of foreign capital gain taxes | $- | $- | $- | $159081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $- | $- | $1595861 | $196970 |

---

See notes to financial statements.

Annual Financial Statements \| 55

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG GLOBAL OPPORTUNITIES FUND** | **THORNBURG GLOBAL OPPORTUNITIES FUND** | **THORNBURG INTERNATIONAL EQUITY FUND** | **THORNBURG INTERNATIONAL EQUITY FUND** |
|  | **YEAR ENDED <br>SEPTEMBER 30, 2025** | **YEAR ENDED <br>SEPTEMBER 30, 2024** | **YEAR ENDED <br>SEPTEMBER 30, 2025** | **YEAR ENDED <br>SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $35810961 | $17480130 | $63304279 | $53631273 |
| Net realized gain (loss) | 84767865 | 35199574 | 131529780 | 130056474 |
| Net change in unrealized appreciation (depreciation) | 194110840 | 238651488 | 434531414 | 548648000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 314689666 | 291331192 | 629365473 | 732335747 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (16693609) | (16081299) | (25636817) | (8698557) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1054048) | (1610419) | (575980) | (175163) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (42302552) | (36940875) | (106307815) | (34545635) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (134690) | (144111) | (7373804) | (2284889) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (246375) | (268120) | (5865332) | (1907091) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (893517) | (1026988) | (6983706) | (2400229) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (4044478) | (3542681) | (27618147) | (8275441) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (22589504) | 124241 | (10043373) | (40461493) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (8861861) | (18677008) | 58274 | (5017561) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (18412123) | 58862091 | 918357524 | (38628419) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (426812) | (464923) | 1384095 | (12029387) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 257965 | (1058349) | 4843162 | (12350791) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (162693) | (3020448) | (34533284) | (11388544) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 15491247 | 4112053 | 98788873 | 51235272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 214616616 | 271594356 | 1427859143 | 605407819 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1306023319 | 1034428963 | 2969136151 | 2363728332 |
| &nbsp;&nbsp;&nbsp;End of Year | $1520639935 | $1306023319 | $4396995294 | $2969136151 |

---

See notes to financial statements.

56 \| Annual Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG BETTER WORLD INTERNATIONAL FUND** | **THORNBURG BETTER WORLD INTERNATIONAL FUND** | **THORNBURG INTERNATIONAL GROWTH FUND** | **THORNBURG INTERNATIONAL GROWTH FUND** |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $7199980 | $7771708 | $1515464 | $3771162 |
| Net realized gain (loss) | 43728255 | (11345497) | 14243752 | 64559278 |
| Net change in unrealized appreciation (depreciation) | (2553949) | 116104435 | (8595891) | 132658103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 48374286 | 112530646 | 7163325 | 200988543 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (285868) | (441083) | (6359612) | (205276) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (602) | (23443) | (519670) |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (6173390) | (8100820) | (45751939) | (3944778) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (338279) | (6666) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (494854) | (16845) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (443466) | (74501) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | (6479794) | (555216) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1830169) | (9514437) | 1214111 | (15437862) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1590517) | (720715) | (2312729) | (3332466) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (100716021) | (83768709) | (102075119) | (103544621) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (743240) | (832150) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (1384397) | (1659413) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (1003484) | (9218052) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | - | - | 2696559 | (861939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (62222281) | 9961439 | (156832588) | 61298758 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 570056044 | 560094605 | 881603536 | 820304778 |
| &nbsp;&nbsp;&nbsp;End of Year | $507833763 | $570056044 | $724770948 | $881603536 |

---

See notes to financial statements.

Annual Financial Statements \| 57

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG DEVELOPING WORLD FUND** | **THORNBURG DEVELOPING WORLD FUND** | **THORNBURG SMALL/MID CAP CORE FUND** | **THORNBURG SMALL/MID CAP CORE FUND** |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $8054897 | $6641207 | $(2023748) | $(2072205) |
| Net realized gain (loss) | 49653142 | 46249830 | 25472983 | 11004011 |
| Net change in unrealized appreciation (depreciation) | 23744422 | 87933983 | (9531659) | 117384529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 81452461 | 140825020 | 13917576 | 126316335 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1662856) | (1337723) |  |  |
| &nbsp;&nbsp;&nbsp;Class C Shares | (96357) | (66116) |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (13288605) | (16040523) |  |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (90752) | (66847) |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (1833103) | (1351847) |  |  |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (10916506) | (19028382) | (43134092) | (39097518) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1900814) | (5545682) | (575367) | (2170037) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (105950796) | (381273036) | (42413047) | (16390792) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (2463035) | (3415074) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (138543) | (177546) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (777033) | (316668) | (646494) | (827396) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (35410291) | (2277891) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (90474652) | (286479695) | (75453002) | 64237972 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 674762051 | 961241746 | 559849110 | 495611138 |
| &nbsp;&nbsp;&nbsp;End of Year | $584287399 | $674762051 | $484396108 | $559849110 |

---

See notes to financial statements.

58 \| Annual Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG SMALL/MID CAP GROWTH FUND** | **THORNBURG SMALL/MID CAP GROWTH FUND** | **THORNBURG INVESTMENT INCOME BUILDER FUND** | **THORNBURG INVESTMENT INCOME BUILDER FUND** |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $(2483910) | $(2567818) | $727716857 | $553706889 |
| Net realized gain (loss) | 21148222 | 3141566 | 437277393 | 355538934 |
| Net change in unrealized appreciation (depreciation) | (9929760) | 56135991 | 2420472283 | 1915511407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 8734552 | 56709739 | 3585466533 | 2824757230 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares |  |  | (236992792) | (191766530) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | (22673710) | (19015451) |
| &nbsp;&nbsp;&nbsp;Class I Shares |  |  | (497044963) | (368729466) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (1037787) | (874451) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (641078) | (499487) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (961672) | (915948) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | (16069881) | (12250664) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (23431925) | (21776888) | (104360163) | (126515271) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (880385) | (1735505) | (7144775) | (70918155) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (34744419) | (24461842) | 1076627583 | 449575518 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (3453500) | (2000257) | (1987146) | (1983630) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (300246) | (150578) | (2732487) | 514762 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (1718195) | (834107) | (2159738) | (2508851) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | - | - | 37630386 | 23641459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (55794118) | 5750562 | 3805918310 | 2502511065 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 275611525 | 269860963 | 13932024465 | 11429513400 |
| &nbsp;&nbsp;&nbsp;End of Year | $219817407 | $275611525 | $17737942775 | $13932024465 |

---

See notes to financial statements.

Annual Financial Statements \| 59

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

---

| | | |
|:---|:---|:---|
|  | **THORNBURG SUMMIT FUND** | **THORNBURG SUMMIT FUND** |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $2295981 | $2369150 |
| Net realized gain (loss) | 4067839 | 3004118 |
| Net change in unrealized appreciation (depreciation) | 6092220 | 14067288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 12456040 | 19440556 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (442985) | (221769) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (4065138) | (2343748) |
| **FUND SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1961699) | 6165772 |
| &nbsp;&nbsp;&nbsp;Class I Shares | (21940431) | 8459156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (15954213) | 31499967 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 112346824 | 80846857 |
| &nbsp;&nbsp;&nbsp;End of Year | $96392611 | $112346824 |

---

See notes to financial statements.

60 \| Annual Financial Statements

Notes to Financial Statements

September 30, 2025

**NOTE 1 – ORGANIZATION**

Thornburg Global Opportunities Fund ("Global Opportunities Fund"), Thornburg International Equity Fund ("International Equity Fund"), Thornburg Better World International Fund ("Better World International Fund"), Thornburg International Growth Fund ("International Growth Fund"), Thornburg Developing World Fund ("Developing World Fund"), Thornburg Small/Mid Cap Core Fund ("Small/Mid Cap Core Fund"), Thornburg Small/Mid Cap Growth Fund ("Small/Mid Cap Growth Fund"), Thornburg Investment Income Builder Fund ("Income Builder Fund"), and Thornburg Summit Fund ("Summit Fund"), collectively the "Funds", are diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of September 30, 2025, the Funds are nine of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

**Global Opportunities Fund:** The Fund's investment goal is to seek long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world. 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 credit risk, cybersecurity and operational risk, developing country risk, equity risk, foreign currency risk, foreign investment risk, liquidity risk, management risk, market and economic risk, real estate risk, redemption risk, risks affecting specific countries or regions, risks affecting specific issuers, and small and mid-cap company 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 Fund:** The Fund's investment goal is to seek long-term capital appreciation by investing in equity and debt securities of all types. The secondary, non-fundamental goal of the Fund is to seek some current income. 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 credit risk, cybersecurity and operational risk, depositary receipts risk, developing country risk, equity risk, foreign currency risk, foreign investment risk, liquidity risk, management risk, market and economic risk, redemption risk, risks affecting investments in China, risks affecting specific countries or regions, risks affecting specific issuers, and small and mid-cap company risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Better World International Fund:** The Fund's investment goal 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 credit risk, cybersecurity and operational risk, depositary receipts risk, developing country risk, equity risk, Environmental, Social and Governance ("ESG") investing risk, foreign currency risk, foreign investment risk, liquidity risk, management risk, market and economic risk, real estate risk, redemption risk, risks affecting investments in China, risks affecting specific countries or regions, risks affecting specific issuers, and small and mid-cap company 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 Fund:** The Fund's investment goal is to seek long-term growth of capital by investing in equity securities selected for their growth potential. 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 credit risk, cybersecurity and operational risk, depositary receipts risk, developing country risk, equity risk, foreign currency risk, foreign investment risk, growth company risk, information technology securities risk, liquidity risk, management risk, market and economic risk, redemption risk, risks affecting specific countries or regions, risks affecting specific issuers, and small and mid-cap company risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Developing World Fund:** The Fund's investment goal 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 credit risk, cybersecurity and operational risk, developing country risk, equity risk, foreign currency risk, foreign investment risk, liquidity risk, management risk, market and economic risk, redemption risk, risks affecting investments in China, risks affecting specific countries or regions, risks affecting specific issuers, and small and mid-cap company risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Small/Mid Cap Core Fund:** The Fund's investment goal is to seek long-term capital appreciation by investing in equity and debt securities of all types. The secondary, non-fundamental goal the Fund to seek some current income. 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 cybersecurity and operational risk, equity risk, foreign investment risk, liquidity risk, management risk, market and economic risk, redemption risk, risks affecting specific issuers, and small and mid-cap company risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Small/Mid Cap Growth Fund:** The Fund's investment goal is to seek long-term growth of capital by investing in equity securities selected for their growth potential. 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 biotechnology company risk, cybersecurity and operational risk, equity risk, foreign investment risk, growth company risk, information technology securities risk, liquidity risk, management risk, market and economic risk, redemption risk, risks affecting specific

Annual Financial Statements \| 61

**Notes to Financial Statements, Continued**

September 30, 2025

issuers, and small and mid-cap company risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Income Builder Fund:** The Fund's primary investment goal is to provide a level of current income which exceeds the average yield on U.S. stocks generally, and which will generally grow, subject to periodic fluctuations, over the years on a per share basis. The Fund's secondary investment goal is 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 convertible debt obligation risk, credit risk, cybersecurity and operational risk, developing country risk, equity risk, foreign currency risk, foreign government obligations risk, foreign investment risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, real estate risk, redemption risk, risks affecting specific countries or regions, risks affecting specific issuers, small and mid-cap company risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Summit Fund:** The Fund's investment goal is to seek to grow real wealth over time. 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 commodities-related investment risk, convertible debt obligation risk, credit risk, cybersecurity and operational risk, depositary receipts risk, derivatives risk, developing country risk, equity risk, foreign currency risk, foreign government obligations risk, foreign investment risk, high yield risk, inflation risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, real estate risk, redemption risk, risks affecting specific issuers, short sale risk, small and mid-cap company risk, structured products risk, U.S. government obligations risk, and zero coupon bonds and stripped securities risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

As of September 30, 2025, the Funds each currently offer up to seven classes of shares of beneficial interest.

Each class of shares of the Funds represents an interest in the same portfolio of investments, except that (i) Class A shares are sold subject to a front-end sales charge collected at the time the shares are purchased and bear a service fee, (ii) Class C shares are sold at net asset value without a sales charge at the time of purchase, but are subject to a contingent deferred sales charge upon redemption within one year of purchase, and bear both a service fee and a distribution fee, (iii) Class I and Class R5 shares are sold at net asset value without a sales charge at the time of purchase and may be subject to a service fee, (iv) Class R3 shares are sold at net asset value without a sales charge, but bear both a service fee and a distribution fee, (v) Class R4 shares are sold at net asset value without a sales charge at the time of purchase but bear a service fee, (vi) Class R6 shares are sold at net asset value without a sales charge at the time of purchase, and (vii) the respective classes may have different reinvestment privileges and conversion rights. Additionally, each Fund may allocate among its classes certain expenses, to the extent allocable to specific classes, including administration fees, transfer agent fees, government registration fees, certain printing and postage costs and legal expenses. Currently, class specific expenses of the Funds are limited to distribution and service fees, transfer agent fees, and certain registration and filing fees.

At September 30, 2025, the following classes of shares are offered in each respective Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R3** | **CLASS R4** | **CLASS R5** | **CLASS R6** |
| Global Opportunities Fund | X | X | X | X | X | X | X |
| International Equity Fund | X | X | X | X | X | X | X |
| Better World International Fund | X | X | X |  |  |  |  |
| International Growth Fund | X | X | X | X | X | X | X |
| Developing World Fund | X | X | X |  |  | X | X |
| Small/Mid Cap Core Fund | X | X | X | X | X | X |  |
| Small/Mid Cap Growth Fund | X | X | X | X | X | X |  |
| Income Builder Fund | X | X | X | X | X | X | X |
| Summit Fund | X |  | X |  |  |  |  |

---

**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

62 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

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 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 (other than class specific expenses) and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares (or the value of the dividend-eligible shares, as appropriate) of each class of shares at the beginning of the day (after adjusting for the current capital shares activity of the respective class). Expenses common to all Funds are allocated daily among the Funds comprising the Trust based upon their relative net asset values or other appropriate allocation methods. Operating expenses directly attributable to a specific class are charged against the operating income of that class.

<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, if any, are declared daily and paid quarterly or annually. Capital gain distributions, if any, are declared and paid annually and more often if deemed necessary by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"). Dividends and distributions are paid and are reinvested in additional shares of the Funds at net asset value per share at the close of business on the ex-dividend date, or at the shareholder's option, paid in cash.

<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) from investments in the Statement of Operations.

Reported net realized gains and losses from foreign currency transactions arise due to purchases and sales of foreign currencies, currency gains and losses realized between the trade and settlement dates on investment transactions and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books, and the U.S. dollar equivalent of the amounts actually received or paid. These amounts are included in 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 year ended September 30, 2025, the Funds did not enter into repurchase agreements.

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

Annual Financial Statements \| 63

**Notes to Financial Statements, Continued**

September 30, 2025

<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.

<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 September 30, 2025 are detailed in the Schedule of Investments.

**NOTE 3 – SECURITY VALUATION**

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

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

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

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

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

64 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.

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

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.

Over-the-counter options are valued by a third-party pricing service provider.

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.

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.

On days when market volatility thresholds established by the Committee are exceeded, foreign securities for which valuations are obtained from pricing service providers are fair valued. On these days, the foreign securities are characterized as Level 2 within the valuation hierarchy and revert to Level 1 after the threshold is no longer exceeded.

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.

Annual Financial Statements \| 65

**Notes to Financial Statements, Continued**

September 30, 2025

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.

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 each Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GLOBAL OPPORTUNITIES FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $1479069322 | $1479069322 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 42548257 | 42548257 |  |  |
| Total Investments in Securities | $1521617579 | $1521617579 | $— | $— |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $944257 | $— | $944257 | $— |
| **Total Assets** | $**1522561836** | $**1521617579** | $**944257** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $4032962225 | $4032962225 | $— | $— |
| &nbsp;&nbsp;&nbsp;Warrant | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 387461999 | 387461999 |  |  |
| Total Investments in Securities | $4420424225 | $4420424224 | $— | $1 |
| **Total Assets** | $**4420424225** | $**4420424224** | $**—** | $**1** **<sup>(a)</sup>** |

---

<sup>(a)</sup> Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2025 is not presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BETTER WORLD INTERNATIONAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $488907983 | $488907983 | $— | $— |
| &nbsp;&nbsp;&nbsp;Warrant | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 18245901 | 18245901 |  |  |
| Total Investments in Securities | $507153885 | $507153884 | $— | $1 |
| **Total Assets** | $**507153885** | $**507153884** | $**—** | $**1** **<sup>(a)</sup>** |

---

<sup>(a)</sup> Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2025 is not presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL GROWTH FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $714106087 | $714106087 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 5584294 | 5584294 |  |  |
| Total Investments in Securities | $719690381 | $719690381 | $— | $— |
| **Total Assets** | $**719690381** | $**719690381** | $**—** | $**—** |

---

66 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DEVELOPING WORLD FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $543232368 | $543232368 | $— | $— |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 22850305 | 22850305 |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 21768635 | 21768635 |  |  |
| Total Investments in Securities | $587851308 | $587851308 | $— | $— |
| **Total Assets** | $**587851308** | $**587851308** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMALL/MID CAP CORE FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $482426728 | $482426728 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3247058 | 3247058 |  |  |
| Total Investments in Securities | $485673786 | $485673786 | $— | $— |
| **Total Assets** | $**485673786** | $**485673786** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMALL/MID CAP GROWTH FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $218763813 | $218763813 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1570370 | 1570370 |  |  |
| Total Investments in Securities | $220334183 | $220334183 | $— | $— |
| **Total Assets** | $**220334183** | $**220334183** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INCOME BUILDER FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $14092954461 | $14088055967 | $— | $4898494 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 37598192 | 2569200 | 35028992 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 152233244 |  | 150455709 | 1777535 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 822698153 |  | 822698153 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 11436110 |  | 11436110 |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 5236250 |  | 5236250 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 348053828 |  | 348052878 | 950 |
| &nbsp;&nbsp;&nbsp;Loan Participations | 49663799 |  | 49663799 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 2114075381 | 2114075381 |  |  |
| Total Investments in Securities | $17633949418 | $16204700548 | $1422571891 | $6676979 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $13875372 | $— | $13875372 | $— |
| **Total Assets** | $**17647824790** | $**16204700548** | $**1436447263** | $**6676979** <sup>(b)</sup> |

---

<sup>(a)</sup> Includes securities categorized as Level 3 valued at zero as of September 30, 2025.

<sup>(b)</sup> Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2025 is not presented.

Annual Financial Statements \| 67

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SUMMIT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $61762169 | $61762169 | $— | $— |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 4802034 |  | 4717389 | 84645 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 7190904 |  | 7190904 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 1511038 |  | 1511038 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 8539437 | 8539437 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 9856749 |  | 9856749 |  |
| &nbsp;&nbsp;&nbsp;Loan Participations | 199500 |  | 199500 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1943173 | 1943173 |  |  |
| Total Investments in Securities | $95805004 | $72244779 | $23475580 | $84645 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $42062 | $— | $42062 | $— |
| **Total Assets** | $**95847066** | $**72244779** | $**23517642** | $**84645** <sup>(a)</sup> |
| **Liabilities** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $(7625) | $— | $(7625) | $— |
| Total Other Financial Instruments | $(7625) | $— | $(7625) | $— |
| **Total Liabilities** | $**(7625)** | $**—** | $**(7625)** | $**—** |

---

<sup>(a)</sup> Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2025 is not presented.

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

Pursuant to an investment advisory agreement with the Trust, the Advisor serves as the investment advisor and performs advisory services for the Funds for which the Advisor's management fees are payable at the end of each month. Under the investment advisory agreement, each Fund pays the Advisor a management fee based on the average daily net assets of that Fund at an annual rate as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GLOBAL OPPORTUNITIES FUND,<br> INTERNATIONAL EQUITY FUND,<br> INTERNATIONAL GROWTH FUND,<br> SMALL/MID CAP CORE FUND,<br> SMALL/MID CAP GROWTH FUND,<br> INCOME BUILDER FUND** | **GLOBAL OPPORTUNITIES FUND,<br> INTERNATIONAL EQUITY FUND,<br> INTERNATIONAL GROWTH FUND,<br> SMALL/MID CAP CORE FUND,<br> SMALL/MID CAP GROWTH FUND,<br> INCOME BUILDER FUND** | **BETTER WORLD INTERNATIONAL FUND,<br> DEVELOPING WORLD FUND** | **BETTER WORLD INTERNATIONAL FUND,<br> DEVELOPING WORLD FUND** | **SUMMIT FUND** | **SUMMIT FUND** |
| **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** |
| Up to $500 million | 0.875% | Up to $500 million | 0.975% | Up to $500 million | 0.750% |
| Next $500 million | 0.825 | Next $500 million | 0.925 | Next $500 million | 0.700 |
| Next $500 million | 0.775 | Next $500 million | 0.875 | Next $500 million | 0.650 |
| Next $500 million | 0.725 | Next $500 million | 0.825 | Next $500 million | 0.625 |
| Over $2 billion | 0.675 | Over $2 billion | 0.775 | Over $2 billion | 0.600 |

---

The Funds' effective management fees, calculated on the basis of the Funds' average daily net assets (before applicable management fee waivers) for the year ended September 30, 2025 were as shown in the following table. Total management fees incurred by the Funds for the year ended September 30, 2025 are set forth in the Statement of Operations.

68 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | |
|:---|:---|
|  | **EFFECTIVE <br> MANAGEMENT <br>FEE** |
| Global Opportunities Fund | 0.833% |
| International Equity Fund | 0.749 |
| Better World International Fund | 0.974 |
| International Growth Fund | 0.858 |
| Developing World Fund | 0.967 |
| Small/Mid Cap Core Fund | 0.872 |
| Small/Mid Cap Growth Fund | 0.875 |
| Income Builder Fund | 0.692 |
| Summit Fund | 0.750 |

---

The Trust has entered into an administrative services agreement with the Advisor, whereby the Advisor will perform certain administrative services. The administrative services fees are computed as an annual percentage of the aggregate average daily net assets of all applicable Funds in the Trust as follows:

**ADMINISTRATIVE SERVICES FEE SCHEDULE**

---

| | |
|:---|:---|
| **DAILY NET ASSETS** | **FEE RATE** |
| Up to $20 billion | 0.100% |
| $20 billion to $40 billion | 0.075 |
| $40 billion to $60 billion | 0.040 |
| Over $60 billion | 0.030 |

---

The aggregate administrative services fee amount is allocated on a daily basis to each Fund based on net assets and subsequently allocated to each class of shares of the Funds. Total administrative services fees incurred by each class of shares of the Funds for the year ended September 30, 2025, are set forth in the Statement of Operations.

The Trust has an underwriting agreement with Thornburg Securities LLC (the "Distributor"), an affiliate of the Advisor, which acts as the distributor of the Funds' shares. For the year ended September 30, 2025, the Distributor has advised the Funds that they earned net commissions from the sale of Class A shares and collected contingent deferred sales charges ("CDSC Fees") from redemptions of Class C shares as follows:

---

| | | |
|:---|:---|:---|
|  | **COMMISSIONS** | **CDSC FEES** |
| Global Opportunities Fund | $9695 | $1009 |
| International Equity Fund | 16625 | 1750 |
| Better World International Fund | 1134 | 377 |
| International Growth Fund | 1075 | 172 |
| Developing World Fund | 897 | 182 |
| Small/Mid Cap Core Fund | 6749 | 137 |
| Small/Mid Cap Growth Fund | 2893 | 53 |
| Income Builder Fund | 384851 | 31287 |
| Summit Fund | 296 |  |

---

Pursuant to a service plan under Rule 12b-1 of the 1940 Act, the Funds may reimburse to the Distributor an amount not to exceed .25 of 1% per annum of the average daily net assets attributable to the applicable Class A, Class C, Class I, Class R3, Class R4, and Class R5 shares of the Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund and Income Builder Fund, Class A, Class C, Class I, and Class R5 shares of the Developing World Fund, Class A, Class C, Class I shares of the Better World International Fund and Class A and Class I shares of the Summit Fund. For the year ended September 30, 2025, there were no 12b-1 service plan fees charged for Class I or Class R5 shares. Class R6 shares are not subject to a service plan. The Advisor and Distributor each may pay out of its own resources additional expenses for distribution of each Fund's shares and shareholder services.

The Trust has also adopted a distribution plan pursuant to Rule 12b-1, applicable only to the Funds' Class C and Class R3 shares, under which the Funds compensate the Distributor for services in promoting the sale of Class C and Class R3 shares of the Funds at an annual

Annual Financial Statements \| 69

**Notes to Financial Statements, Continued**

September 30, 2025

rate of up to .75 of 1% per annum of the average daily net assets attributable to Class C shares and an annual rate of up to .25 of 1% per annum of the average daily net assets attributable to Class R3 shares. Total fees incurred by each class of shares of the Funds under their respective service and distribution plans for the year ended September 30, 2025 are set forth in the Statements of Operations.

The Advisor has contractually agreed to waive certain fees and reimburse certain expenses incurred by certain classes of the Funds. The agreement may be terminated by the Trust at any time, but may not be terminated by the Advisor before February 1, 2026 unless the Advisor ceases to be the investment advisor to the Funds prior to that date. The Advisor may recoup amounts waived or reimbursed during the year ended September 30, 2025 if, during the fiscal year, expenses fall below the contractual limit that was in place at the time these fees and expenses were waived or reimbursed. The Advisor will not recoup fees or expenses as described in the preceding sentence if that recoupment would cause the Funds' total annual operating expenses (after the recoupment is taken into account) to exceed the lesser of: (a) the expense cap that was in place at the time the waiver or reimbursement occurred; or (b) the expense cap that is in place at the time of the recoupment. Expense caps exclude taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs.

Actual expenses of certain share classes do not exceed levels as specified in each Fund's most recent prospectus as shown in the following table:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R3** | **CLASS R4** | **CLASS R5** | **CLASS R6** |
| Global Opportunities Fund | —% | —% | 0.99% | 1.50% | 1.40% | 0.99% | 0.85% |
| International Equity Fund |  |  | 0.90 | 1.36 | 1.16 | 0.90 | 0.70 |
| Better World International Fund |  | 2.19 | 0.90 |  |  |  |  |
| International Growth Fund |  |  | 0.99 | 1.50 | 1.40 | 0.99 | 0.89 |
| Developing World Fund |  | 2.33 | 1.04 |  |  | 1.04 | 0.94 |
| Small/Mid Cap Core Fund |  | 2.34 | 0.95 | 1.31 | 1.21 | 0.95 |  |
| Small/Mid Cap Growth Fund |  | 2.34 | 0.95 | 1.46 | 1.36 | 0.95 |  |
| Income Builder Fund |  |  |  | 1.50 | 1.40 | 0.99 | 0.80 |
| Summit Fund | 0.94 |  | 0.69 |  |  |  |  |

---

For the year ended September 30, 2025, the Advisor contractually reimbursed certain class specific expenses and distribution fees and voluntarily waived certain expenses as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONTRACTUAL:** | **CLASS**<br> **A** | **CLASS**<br> **C** | **CLASS**<br> **I** | **CLASS**<br> **R3** | **CLASS**<br> **R4** | **CLASS**<br> **R5** | **CLASS**<br> **R6** | **TOTAL** |
| Global Opportunities Fund | $— | $— | $331685 | $25163 | $31130 | $52014 | $101578 | $541570 |
| International Equity Fund |  |  |  | 242979 | 177272 | 212588 | 471228 | 1104067 |
| Better World International Fund |  | 14890 | 898967 |  |  |  |  | 913857 |
| International Growth Fund |  |  | 397037 | 33673 | 45440 | 37988 | 98719 | 612857 |
| Developing World Fund |  | 13573 | 621614 |  |  | 28358 | 79938 | 743483 |
| Small/Mid Cap Core Fund |  | 21214 | 305347 | 69872 | 26091 | 24988 |  | 447512 |
| Small/Mid Cap Growth Fund |  | 21605 | 158278 | 67915 | 21796 | 48856 |  | 318450 |
| Income Builder Fund |  |  |  | 11215 |  | 13102 | 51389 | 75706 |
| Summit Fund | 62421 |  | 146289 |  |  |  |  | 208710 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **VOLUNTARY:** | **CLASS**<br> **A** | **CLASS**<br> **C** | **CLASS**<br> **I** | **CLASS**<br> **R3** | **CLASS**<br> **R4** | **CLASS**<br> **R5** | **CLASS**<br> **R6** | **TOTAL** |
| Global Opportunities Fund | $124492 | $8324 | $297049 | $1033 | $1954 | $6589 | $31302 | $470743 |
| International Equity Fund | 357359 | 7824 | 1762813 | 107009 | 82107 | 96890 | 406693 | 2820695 |
| Better World International Fund | 55568 | 7644 | 675055 |  |  |  |  | 738267 |
| International Growth Fund | 33788 | 10795 | 219630 | 1623 | 2619 | 2047 | 33851 | 304353 |
| Developing World Fund | 117281 | 10772 | 765769 |  |  | 5375 | 79784 | 978981 |
| Small/Mid Cap Growth Fund | 9718 | 165 | 6715 | 977 | 49 | 594 |  | 18218 |
| Summit Fund | 40051 |  | 303334 |  |  |  |  | 343385 |

---

Certain officers and Trustees of the Trust are also officers or directors of the Advisor and Distributor. The compensation of the independent Trustees is borne by the Trust. The Trust also pays a portion of the Chief Compliance Officer's compensation. These amounts are reflected as Trustee and officer fees in the Statement of Operations.

70 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

As of September 30, 2025, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
|  | **PERCENTAGE OF DIRECT INVESTMENTS** |
| Global Opportunities Fund | 7.80% |
| International Equity Fund | 2.21 |
| Better World International Fund | 11.15 |
| International Growth Fund | 6.16 |
| Developing World Fund | 2.75 |
| Small/Mid Cap Core Fund | 4.13 |
| Small/Mid Cap Growth Fund | 3.37 |
| Income Builder Fund | 2.07 |
| Summit Fund | 57.84 |

---

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 year ended September 30, 2025, the Rule 17a-7 purchases, sales and gains/(losses) were as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **PURCHASES** | **SALES** | **REALIZED GAINS/(LOSSES)** |
| Global Opportunities Fund | $2130002 | $— | $— |
| Developing World Fund |  | 2130002 | (22540) |
| Small/Mid Cap Core Fund | 4359776 |  |  |
| Small/Mid Cap Growth Fund |  | 4359776 | 379911 |

---

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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **GLOBAL OPPORTUNITIES FUND** | **MARKET VALUE 9/30/24** | **PURCHASES AT COST** | **SALES PROCEEDS** | **REALIZED GAIN (LOSS)** | **CHANGE IN UNREALIZED APPR./(DEPR.)** | **MARKET VALUE 9/30/25** | **DIVIDEND INCOME** |
| Thornburg Capital Mgmt. Fund | $36186959 | $229980233 | $(223618935) | $- | $- | $42548257 | $1351561 |
| **INTERNATIONAL EQUITY FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $120996633 | $1110502902 | $(844037536) | $- | $- | $387461999 | $9960057 |
| **BETTER WORLD INTERNATIONAL FUND** | **BETTER WORLD INTERNATIONAL FUND** |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $22153050 | $176517413 | $(180424562) | $- | $- | $18245901 | $1049247 |
| **INTERNATIONAL GROWTH FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $21464529 | $239962998 | $(255843233) | $- | $- | $5584294 | $742143 |
| **DEVELOPING WORLD FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $1108242 | $232726184 | $(212065791) | $- | $- | $21768635 | $569847 |
| **SMALL/MID CAP CORE FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $10203814 | $89622643 | $(96579399) | $- | $- | $3247058 | $348710 |
| **SMALL/MID CAP GROWTH FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $5829012 | $50444050 | $(54702692) | $- | $- | $1570370 | $117773 |

---

Annual Financial Statements \| 71

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| INCOME BUILDER FUND | MARKET VALUE<br> 9/30/24 | PURCHASES<br> AT COST | SALES<br> PROCEEDS | REALIZED GAIN<br> (LOSS) | CHANGE IN UNREALIZED<br> APPR./(DEPR.) | MARKET VALUE<br> 9/30/25 | DIVIDEND<br> INCOME |
| Chimera Investment Corp. | $78324655 | $- | $- | $- | $(12913919) | $65410736 | $7322836 |
| Malamute Energy, Inc. | 12439 |  |  |  |  | 12439 |  |
| SLR Investment Corp. | 64833895 |  |  |  | 1033896 | 65867791 | 7064956 |
| Thornburg Capital Mgmt. Fund | 687343444 | 3134842776 | (1708110839) | - | - | 2114075381 | 47001347 |
| Total | $830514433 | $3134842776 | $(1708110839) | $- | $(11880023) | $2245366347 | $61389139 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SUMMIT FUND |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $9255964 | $36788836 | $(44101627) | $– $– $| 1943173 | $130656 |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the fiscal year ended September 30, 2025, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

At September 30, 2025, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **COST** | **UNREALIZED APPRECIATION** | **UNREALIZED DEPRECIATION** | **NET UNREALIZED APPRECIATION**<br> **(DEPRECIATION)** |
| Global Opportunities Fund | $821528920 | $727771647 | $(26738731) | $701032916 |
| International Equity Fund | 3164522645 | 1280591980 | (24690400) | 1255901580 |
| Better World International Fund | 402582412 | 111402394 | (6830921) | 104571473 |
| International Growth Fund | 423948431 | 305634932 | (9892982) | 295741950 |
| Developing World Fund | 422534785 | 176776943 | (11460420) | 165316523 |
| Small/Mid Cap Core Fund | 354740462 | 157194677 | (26261353) | 130933324 |
| Small/Mid Cap Growth Fund | 162117147 | 69329434 | (11112398) | 58217036 |
| Income Builder Fund | 11770389629 | 6093198098 | (215762937) | 5877435161 |
| Summit Fund | 73869614 | 23943599 | (1973772) | 21969827 |

---

Temporary differences between book and tax basis appreciation (depreciation) on cost of investments is primarily attributed to tax deferral of losses on wash sales, premium amortization accruals, mark-to-market of forward currency contracts and passive foreign investment companies, distributions from real estate investment trusts ("REITs"), distributions from non-REIT securities, partnership basis adjustments, tax treatment of corporate actions, and grantor trust adjustments.

At September 30, 2025, the Funds had deferred tax basis late-year ordinary investment losses occurring subsequent to October 31, 2024 through September 30, 2025 per the following table. For tax purposes, such losses will be recognized in the year ending September 30, 2026.

---

| | |
|:---|:---|
|  | **DEFERRED TAX BASIS<br> LATE-YEAR ORDINARY LOSSES** |
| Small/Mid Cap Core Fund | $1443192 |
| Small/Mid Cap Growth Fund | 1771342 |

---

72 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

At September 30, 2025, 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** |
| Better World International Fund | $15903351 | $— |
| Developing World Fund | 96705258 |  |
| Small/Mid Cap Core Fund | 9155674 | 273253 |
| Small/Mid Cap Growth Fund | 42275815 | 39470075 |

---

During the year ended September 30, 2025, the Funds utilized capital loss carryforwards as shown on the following table.

---

| | |
|:---|:---|
|  | **UTILIZED CAPITAL LOSS CARRYFORWARDS** |
| Better World International Fund | $43964511 |
| Developing World Fund | 46697577 |
| Small/Mid Cap Core Fund | 25610698 |
| Small/Mid Cap Growth Fund | 21037155 |

---

At September 30, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Funds' net assets as follows:

---

| | | |
|:---|:---|:---|
|  | **DISTRIBUTABLE EARNINGS** | **NET CAPITAL PAID** |
| Global Opportunities Fund | $(6981245) | $6981245 |
| International Equity Fund | (14198678) | 14198678 |
| International Growth Fund | (1597813) | 1597813 |
| Small/Mid Cap Core Fund | 2115890 | (2115890) |
| Small/Mid Cap Growth Fund | 2796521 | (2796521) |
| Income Builder Fund | (41642932) | 41642932 |

---

These differences are primarily due to the tax treatment of equalization credits and net operating losses.

<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 amendments under this ASU are required to be applied prospectively and are effective for annual periods beginning after December 15, 2024. Early adoption of ASU 2023-09 was permitted.

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund's net assets were not significant and accordingly, a reconciliation of income taxes paid for the year ended September 30, 2025 is not presented.

<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.

As a result of several court rulings in France and Sweden, the French and Swedish tax authorities recently paid several of the Funds' tax reclaims for prior tax withholding. These tax reclaim payments are reflected as "Foreign withholding tax claims" in the Statements of Operations and any related interest is included in "Interest Income". Reducing the "Foreign withholding tax claim" payments for the calculation of Net Investment Income/Loss in the Statement of Operations are fees paid by the Funds to a third-party service provider that assisted in the recovery of the tax reclaims by pursuing administrative and judicial proceedings on the Funds' behalf. These third-party service provider fees are reflected in the Statement of Operations under "Tax Reclaim Collection Fees" and are excluded from the expense limitation agreement; therefore, certain net expenses are above the contractual limit. For U.S. income tax purposes, tax reclaims paid by France and Sweden and received by the Funds will reduce the amount of foreign taxes paid in a fiscal year that Fund shareholders can use as tax credits in their individual income tax returns.

In the event that tax reclaims received by the Funds during the fiscal year ending September 30, 2025, exceed the foreign withholding taxes paid by the Funds for other foreign investments, and the Funds have previously passed foreign tax credits on to their shareholders,

Annual Financial Statements \| 73

**Notes to Financial Statements, Continued**

September 30, 2025

the Funds will have a U.S. tax liability. The Funds will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability (fees) on behalf of the Funds' shareholders. These IRS fees are estimated through the year ended September 30, 2025 and are reflected as "IRS Compliance Fees" in the Statements of Operations.

<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) from investments in the Statement of Operations, if any.

At September 30, 2025, the Funds had undistributed tax basis ordinary investment income and undistributed tax basis capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **UNDISTRIBUTED TAX**<br> **BASIS ORDINARY**<br> **INVESTMENT INCOME** | **UNDISTRIBUTED TAX BASIS**<br> **CAPITAL GAINS** |
| Global Opportunities Fund | $15570206 | $74469881 |
| International Equity Fund | 61282312 | 100999409 |
| Better World International Fund | 7166185 |  |
| International Growth Fund | 1213175 | 6171157 |
| Developing World Fund | 20172080 |  |
| Income Builder Fund | 85803932 | 326925105 |
| Summit Fund | 688109 | 2866581 |

---

The tax character of distributions paid for the Funds during the years ended September 30, 2025, and September 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** |
|  | **ORDINARY INCOME** | **ORDINARY INCOME** | **CAPITAL GAINS** | **CAPITAL GAINS** |
|  | **2025** | **2024** | **2025** | **2024** |
| Global Opportunities Fund | $36269253 | $27584800 | $29100016 | $32029693 |
| International Equity Fund | 58017208 | 48346564 | 122344393 | 9940441 |
| Better World International Fund | 6459860 | 8565346 |  |  |
| International Growth Fund | 2931681 | 4803282 | 57455933 |  |
| Developing World Fund | 16971673 | 18863056 |  |  |
| Income Builder Fund | 689488878 | 594051997 | 85933005 |  |
| Summit Fund | 2320239 | 2565517 | 2187884 |  |

---

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At September 30, 2025, there were an unlimited number of shares of each Fund with no par value of beneficial interest authorized. Transactions in each Fund's shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**GLOBAL OPPORTUNITIES FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 675237 | $27221504 | 1012957 | $35674509 |
| Shares issued to shareholders in reinvestment of dividends | 433325 | 15746718 | 474492 | 15180833 |
| Shares repurchased | (1654840) | (65557726) | (1443942) | (50731101) |
| Net increase (decrease) | (546278) | $(22589504) | 43507 | $124241 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 57309 | $2216534 | 43651 | $1454992 |
| Shares issued to shareholders in reinvestment of dividends | 29953 | 1035599 | 52823 | 1582206 |
| Shares repurchased | (320123) | (12113994) | (662983) | (21714206) |
| Net increase (decrease) | (232861) | $(8861861) | (566509) | $(18677008) |

---

74 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**GLOBAL OPPORTUNITIES FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3934399 | $162299606 | 5352423 | $191322020 |
| Shares issued to shareholders in reinvestment of dividends | 1090230 | 39775590 | 1077890 | 34707454 |
| Shares repurchased | (5633849) | (220487319) | (4763476) | (167167383) |
| Net increase (decrease) | (609220) | $(18412123) | 1666837 | $58862091 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 7174 | $283003 | 5679 | $199489 |
| Shares issued to shareholders in reinvestment of dividends | 3752 | 134665 | 4569 | 144105 |
| Shares repurchased | (20375) | (844480) | (23648) | (808517) |
| Net increase (decrease) | (9449) | $(426812) | (13400) | $(464923) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 36303 | $1387364 | 31850 | $1098403 |
| Shares issued to shareholders in reinvestment of dividends | 5767 | 207815 | 6692 | 212163 |
| Shares repurchased | (33808) | (1337214) | (68458) | (2368915) |
| Net increase (decrease) | 8262 | $257965 | (29916) | $(1058349) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 143177 | $5854459 | 123947 | $4387721 |
| Shares issued to shareholders in reinvestment of dividends | 19935 | 728777 | 26661 | 859773 |
| Shares repurchased | (166548) | (6745929) | (232450) | (8267942) |
| Net increase (decrease) | (3436) | $(162693) | (81842) | $(3020448) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 430603 | $16961378 | 192348 | $6688651 |
| Shares issued to shareholders in reinvestment of dividends | 95448 | 3503730 | 103441 | 3343892 |
| Shares repurchased | (124506) | (4973861) | (160006) | (5920490) |
| Net increase (decrease) | 401545 | $15491247 | 135783 | $4112053 |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **INTERNATIONAL EQUITY FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 1766738 | $50390348 | 935850 | $23364618 |
| Shares issued to shareholders in reinvestment of dividends | 929880 | 23610514 | 332207 | 7864729 |
| Shares repurchased | (2962137) | (84044235) | (2843485) | (71690840) |
| Net increase (decrease) | (265519) | $(10043373) | (1575428) | $(40461493) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 124611 | $3117994 | 53478 | $1143654 |
| Shares issued to shareholders in reinvestment of dividends | 26417 | 569012 | 8282 | 167683 |
| Shares repurchased | (152007) | (3628732) | (298442) | (6328898) |
| Net increase (decrease) | (979) | $58274 | (236682) | $(5017561) |

---

Annual Financial Statements \| 75

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**INTERNATIONAL EQUITY FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** |  |  |  |  |
| Shares sold | 41513506 | $1241537887 | 8569673 | $229751406 |
| Shares issued to shareholders in reinvestment of dividends | 3677162 | 97552913 | 1295190 | 31956670 |
| Shares repurchased | (14405645) | (420733276) | (11502083) | (300336495) |
| Net increase (decrease) | 30785023 | $918357524 | (1637220) | $(38628419) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 906461 | $25657963 | 727534 | $18322479 |
| Shares issued to shareholders in reinvestment of dividends | 289892 | 7346963 | 96113 | 2271486 |
| Shares repurchased | (1129734) | (31620831) | (1293681) | (32623352) |
| Net increase (decrease) | 66619 | $1384095 | (470034) | $(12029387) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 979309 | $26991833 | 467006 | $11501773 |
| Shares issued to shareholders in reinvestment of dividends | 190399 | 4776813 | 66517 | 1557309 |
| Shares repurchased | (956563) | (26925484) | (1006130) | (25409873) |
| Net increase (decrease) | 213145 | $4843162 | (472607) | $(12350791) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1643064 | $49098764 | 822970 | $21660544 |
| Shares issued to shareholders in reinvestment of dividends | 261082 | 6916888 | 96280 | 2372344 |
| Shares repurchased | (2953450) | (90548936) | (1369086) | (35421432) |
| Net increase (decrease) | (1049304) | $(34533284) | (449836) | $(11388544) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 6202974 | $183476520 | 3752690 | $100729703 |
| Shares issued to shareholders in reinvestment of dividends | 941424 | 24826220 | 298157 | 7313121 |
| Shares repurchased | (3699429) | (109513867) | (2130225) | (56807552) |
| Net increase (decrease) | 3444969 | $98788873 | 1920622 | $51235272 |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **BETTER WORLD INTERNATIONAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 401158 | $7688642 | 314663 | $5494322 |
| Shares issued to shareholders in reinvestment of dividends | 15979 | 285868 | 26486 | 440725 |
| Shares repurchased | (510094) | (9804679) | (886558) | (15449484) |
| Net increase (decrease) | (92957) | $(1830169) | (545409) | $(9514437) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 32561 | $625952 | 34558 | $583973 |
| Shares issued to shareholders in reinvestment of dividends | 35 | 603 | 1448 | 23443 |
| Shares repurchased | (121515) | (2217072) | (80425) | (1328131) |
| Net increase (decrease) | (88919) | $(1590517) | (44419) | $(720715) |

---

76 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**BETTER WORLD INTERNATIONAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3334714 | $66427066 | 6674995 | $117530957 |
| Shares issued to shareholders in reinvestment of dividends | 320147 | 5893909 | 459511 | 7866834 |
| Shares repurchased | (8821284) | (173036996) | (11682808) | (209166500) |
| Net increase (decrease) | (5166423) | $(100716021) | (4548302) | $(83768709) |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **INTERNATIONAL GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 885475 | $20972473 | 560328 | $13997423 |
| Shares issued to shareholders in reinvestment of dividends | 257245 | 5924363 | 8080 | 192231 |
| Shares repurchased | (1064279) | (25682725) | (1198879) | (29627516) |
| Net increase (decrease) | 78441 | $1214111 | (630471) | $(15437862) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 21739 | $464871 | 4915 | $107512 |
| Shares issued to shareholders in reinvestment of dividends | 25319 | 508913 |  |  |
| Shares repurchased | (156357) | (3286513) | (159144) | (3439978) |
| Net increase (decrease) | (109299) | $(2312729) | (154229) | $(3332466) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 2672856 | $66785204 | 2076789 | $53519336 |
| Shares issued to shareholders in reinvestment of dividends | 1791982 | 43106441 | 149145 | 3680897 |
| Shares repurchased | (8495059) | (211966764) | (6263849) | (160744854) |
| Net increase (decrease) | (4030221) | $(102075119) | (4037915) | $(103544621) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 18566 | $440539 | 25629 | $627655 |
| Shares issued to shareholders in reinvestment of dividends | 14803 | 334261 | 282 | 6584 |
| Shares repurchased | (64074) | (1518040) | (59218) | (1466389) |
| Net increase (decrease) | (30705) | $(743240) | (33307) | $(832150) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 54720 | $1282952 | 47405 | $1171152 |
| Shares issued to shareholders in reinvestment of dividends | 9798 | 223200 | 307 | 7228 |
| Shares repurchased | (116546) | (2890549) | (114285) | (2837793) |
| Net increase (decrease) | (52028) | $(1384397) | (66573) | $(1659413) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 31277 | $803630 | 68817 | $1796055 |
| Shares issued to shareholders in reinvestment of dividends | 18127 | 437674 | 2995 | 74150 |
| Shares repurchased | (90212) | (2244788) | (422194) | (11088257) |
| Net increase (decrease) | (40808) | $(1003484) | (350382) | $(9218052) |

---

Annual Financial Statements \| 77

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**INTERNATIONAL GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 121888 | $3068894 | 113329 | $2953129 |
| Shares issued to shareholders in reinvestment of dividends | 253883 | 6162308 | 19758 | 491183 |
| Shares repurchased | (258119) | (6534643) | (164346) | (4306251) |
| Net increase (decrease) | 117652 | $2696559 | (31259) | $(861939) |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **DEVELOPING WORLD FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 515148 | $11584433 | 911509 | $19135420 |
| Shares issued to shareholders in reinvestment of dividends | 74890 | 1604139 | 63772 | 1288201 |
| Shares repurchased | (1066287) | (24105078) | (1883964) | (39452003) |
| Net increase (decrease) | (476249) | $(10916506) | (908683) | $(19028382) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 22726 | $474154 | 43412 | $845771 |
| Shares issued to shareholders in reinvestment of dividends | 4765 | 96300 | 3471 | 66087 |
| Shares repurchased | (115472) | (2471268) | (329219) | (6457540) |
| Net increase (decrease) | (87981) | $(1900814) | (282336) | $(5545682) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 2286264 | $52756203 | 5731667 | $122155929 |
| Shares issued to shareholders in reinvestment of dividends | 593776 | 13015570 | 762019 | 15758554 |
| Shares repurchased | (7439191) | (171722569) | (24126800) | (519187519) |
| Net increase (decrease) | (4559151) | $(105950796) | (17633114) | $(381273036) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 25148 | $588236 | 29859 | $645915 |
| Shares issued to shareholders in reinvestment of dividends | 4147 | 90620 | 3239 | 66745 |
| Shares repurchased | (60042) | (1455889) | (48166) | (1029328) |
| Net increase (decrease) | (30747) | $(777033) | (15068) | $(316668) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 353233 | $8348933 | 408275 | $8831367 |
| Shares issued to shareholders in reinvestment of dividends | 76240 | 1674987 | 59957 | 1241706 |
| Shares repurchased | (2026736) | (45434211) | (564666) | (12350964) |
| Net increase (decrease) | (1597263) | $(35410291) | (96434) | $(2277891) |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **SMALL/MID CAP CORE FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 86176 | $6883271 | 55814 | $3776195 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (657029) | (50017363) | (635440) | (42873713) |
| Net increase (decrease) | (570853) | $(43134092) | (579626) | $(39097518) |

---

78 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**SMALL/MID CAP CORE FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class C Shares** |  |  |  |  |
| Shares sold | 12428 | $769782 | 1783 | $101849 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (20871) | (1345149) | (40379) | (2271886) |
| Net increase (decrease) | (8443) | $(575367) | (38596) | $(2170037) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 146888 | $11605963 | 100014 | $7162244 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (687190) | (54019010) | (336034) | (23553036) |
| Net increase (decrease) | (540302) | $(42413047) | (236020) | $(16390792) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 13709 | $1047631 | 15531 | $1048927 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (45359) | (3510666) | (65541) | (4464001) |
| Net increase (decrease) | (31650) | $(2463035) | (50010) | $(3415074) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 3849 | $303633 | 3334 | $230467 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (5503) | (442176) | (5779) | (408013) |
| Net increase (decrease) | (1654) | $(138543) | (2445) | $(177546) |
| Class R5 Shares |  |  |  |  |
| Shares sold | 4271 | $349085 | 5662 | $398737 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (12152) | (995579) | (17269) | (1226133) |
| Net increase (decrease) | (7881) | $(646494) | (11607) | $(827396) |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **SMALL/MID CAP GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 79838 | $2391181 | 129010 | $3465995 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (877215) | (25823106) | (947543) | (25242883) |
| Net increase (decrease) | (797377) | $(23431925) | (818533) | $(21776888) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 3925 | $84970 | 7053 | $130584 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (44711) | (965355) | (97002) | (1866089) |
| Net increase (decrease) | (40786) | $(880385) | (89949) | $(1735505) |

---

Annual Financial Statements \| 79

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**SMALL/MID CAP GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** |  |  |  |  |
| Shares sold | 94075 | $3203245 | 95955 | $3037908 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (1135777) | (37947664) | (977419) | (27499750) |
| Net increase (decrease) | (1041702) | $(34744419) | (881464) | $(24461842) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 44355 | $1293173 | 46030 | $1222974 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (159825) | (4746673) | (121332) | (3223231) |
| Net increase (decrease) | (115470) | $(3453500) | (75302) | $(2000257) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1243 | $37433 | 1596 | $43170 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (11151) | (337679) | (7491) | (193748) |
| Net increase (decrease) | (9908) | $(300246) | (5895) | $(150578) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 32823 | $1154150 | 32632 | $983342 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (83286) | (2872345) | (60754) | (1817449) |
| Net increase (decrease) | (50463) | $(1718195) | (28122) | $(834107) |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **INCOME BUILDER FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 11687234 | $329071418 | 11027278 | $269303570 |
| Shares issued to shareholders in reinvestment of dividends | 7883660 | 219073710 | 7166809 | 179871887 |
| Shares repurchased | (23310867) | (652505291) | (23509784) | (575690728) |
| Net increase (decrease) | (3739973) | $(104360163) | (5315697) | $(126515271) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 3642041 | $103500852 | 2947051 | $72015318 |
| Shares issued to shareholders in reinvestment of dividends | 782193 | 21593317 | 738145 | 18457774 |
| Shares repurchased | (4764377) | (132238944) | (6651961) | (161391247) |
| Net increase (decrease) | (340143) | $(7144775) | (2966765) | $(70918155) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 72395128 | $2082567489 | 52973673 | $1303553642 |
| Shares issued to shareholders in reinvestment of dividends | 16291236 | 458160924 | 13614797 | 344755089 |
| Shares repurchased | (51889940) | (1464100830) | (48708667) | (1198733213) |
| Net increase (decrease) | 36796424 | $1076627583 | 17879803 | $449575518 |

---

80 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| <br>**INCOME BUILDER FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 70709 | $1987027 | 72490 | $1785321 |
| Shares issued to shareholders in reinvestment of dividends | 36637 | 1014303 | 34638 | 867874 |
| Shares repurchased | (174256) | (4988476) | (190585) | (4636825) |
| Net increase (decrease) | (66910) | $(1987146) | (83457) | $(1983630) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 79237 | $2228779 | 82236 | $1988854 |
| Shares issued to shareholders in reinvestment of dividends | 19244 | 532850 | 17334 | 435598 |
| Shares repurchased | (186254) | (5494116) | (77696) | (1909690) |
| Net increase (decrease) | (87773) | $(2732487) | 21874 | $514762 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 147522 | $4188026 | 145487 | $3561552 |
| Shares issued to shareholders in reinvestment of dividends | 32223 | 898487 | 34391 | 867789 |
| Shares repurchased | (263450) | (7246251) | (278319) | (6938192) |
| Net increase (decrease) | (83705) | $(2159738) | (98441) | $(2508851) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 2138663 | $59404404 | 2331683 | $54950079 |
| Shares issued to shareholders in reinvestment of dividends | 538255 | 15120506 | 455731 | 11506085 |
| Shares repurchased | (1302564) | (36894524) | (1695423) | (42814705) |
| Net increase (decrease) | 1374354 | $37630386 | 1091991 | $23641459 |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| **SUMMIT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 283410 | $3738572 | 658773 | $8228023 |
| Shares issued to shareholders in reinvestment of dividends | 33528 | 442986 | 17242 | 221769 |
| Shares repurchased | (462788) | (6143257) | (192124) | (2284020) |
| Net increase (decrease) | (145850) | $(1961699) | 483891 | $6165772 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 984100 | $13158404 | 1583992 | $19799578 |
| Shares issued to shareholders in reinvestment of dividends | 294337 | 3869090 | 164909 | 2109866 |
| Shares repurchased | (2911968) | (38967925) | (1044719) | (13450288) |
| Net increase (decrease) | (1633531) | $(21940431) | 704182 | $8459156 |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the year ended September 30, 2025, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments).

Annual Financial Statements \| 81

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Global Opportunities Fund | $192727416 | $273747887 |
| International Equity Fund | 1544948228 | 900139715 |
| Better World International Fund | 189222419 | 287983086 |
| International Growth Fund | 211780252 | 368305703 |
| Developing World Fund | 271716852 | 459676085 |
| Small/Mid Cap Core Fund | 117941939 | 202016593 |
| Small/Mid Cap Growth Fund | 81014474 | 143619486 |
| Income Builder Fund | 3898190080 | 4521808066 |
| Summit Fund | 31255594 | 42370070 |

---

**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. The Funds do not designate any derivative instruments as hedging instruments under ASC 815. During the year ended September 30, 2025, certain Funds' principal exposures to derivative financial instruments of the type addressed by ASC 815 were investments in forward currency contracts.

<u>Forward Currency Contracts</u>: During the year ended September 30, 2025, some of the Funds entered into forward currency contracts in the normal course of pursuing their investment objectives, with the intent of reducing the risk to the value of the Funds' 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 contracts for the year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **CONTRACTS PURCHASED** | **CONTRACTS SOLD** |
| Global Opportunities Fund | $— | $226983758 |
| International Equity Fund |  | 30203786 |
| Developing World Fund | 15919597 | 70633346 |
| Income Builder Fund | 10741437 | 3201993614 |
| Summit Fund | 6906218 | 40546 |

---

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.

The outstanding forward currency contracts in the table located in each Fund's Schedule of Investments which were entered into with State Street Bank and Trust Company ("SSB") and with Morgan Stanley & Co. Inc. ("MSC") were entered into pursuant to International Swaps and Derivatives Association ("ISDA") Master Agreements. The outstanding forward currency contracts, which were entered into with Brown Brothers Harriman & Co. ("BBH"), were entered into pursuant to a written agreement with BBH. In the event of a default or termination under the ISDA Master Agreement with SSB or MSC or the agreement with BBH, the non-defaulting party generally has the right to close out all outstanding forward currency contracts between the parties and to net any payment amounts under those contracts, resulting in a single net amount payable by one party to the other.

Because the ISDA Master Agreement with SSB, the ISDA Master Agreement with MSC, and the agreement with BBH do not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities unless there has been an event of default or termination event under such agreements, the Funds do not net their respective outstanding forward currency contracts for the purpose of disclosure in the Statement of Assets and Liabilities. Instead, the Funds recognize the unrealized appreciation (depreciation) on those forward currency contracts on a gross basis in each Fund's Statement of Assets and Liabilities.

82 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

The unrealized appreciation (depreciation) of the outstanding forward currency contracts recognized in each Fund's Statement of Assets and Liabilities at September 30, 2025 is disclosed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TYPE OF DERIVATIVE<sup>(a)</sup>** | **PRINCIPAL <br>RISK** | **COUNTER <br>PARTY** | **ASSET <br>DERIVATIVES** | **LIABILITY <br>DERIVATIVES** | **NET <br>AMOUNT** |
| Global Opportunities Fund | Forward currency contracts | Foreign currency risk | SSB | $219258 | $— | $219258 |
|  | Forward currency contracts | Foreign currency risk | BBH | 724999 |  | 724999 |
|  |  |  |  | $944257 | $— | $944257 |
| Income Builder Fund | Forward currency contracts | Foreign currency risk | SSB | 3967700 |  | 3967700 |
|  | Forward currency contracts | Foreign currency risk | BBH | 9907672 |  | 9907672 |
|  |  |  |  | $13875372 | $— | $13875372 |
| Summit Fund | Forward currency contracts | Foreign currency risk | MSC |  | (7625) | (7625) |
|  | Forward currency contracts | Foreign currency risk | SSB | 42062 |  | 42062 |
|  |  |  |  | $42062 | $(7625) | $34437 |

---

(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.

Because the Funds did not receive or post cash collateral in connection with their forward currency contracts during the period, the net amounts of each Fund's assets and liabilities which are attributable to those contracts at September 30, 2025 can be determined by offsetting the dollar amounts shown in the asset and liability columns in the preceding table, the results of which are reflected in the "Net Amount" column. The Funds' forward currency contracts and written options are valued each day, and the net amounts of each Fund's assets and liabilities which are attributable to those contracts and options are expected to vary over time.

The net realized gain (loss) from forward currency contracts and net change in unrealized appreciation (depreciation) on outstanding forward currency contracts recognized in each Fund's Statement of Operations for the year ended September 30, 2025 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)** |
| Global Opportunities Fund | Forward currency contracts | Foreign currency risk | $(12427421) | $1368700 |
| International Equity Fund | Forward currency contracts | Foreign currency risk | 8231294 | 1953484 |
| Developing World Fund | Forward currency contracts | Foreign currency risk | (4192510) |  |
| Income Builder Fund | Forward currency contracts | Foreign currency risk | (169489186) | 20272715 |
| Summit Fund | Forward currency contracts | Foreign currency risk | 194592 | (315955) |

---

(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.

Annual Financial Statements \| 83

Financial Highlights

Global Opportunities Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> PERIOD** |
| **CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $39.69 | 1.03 | 8.84 | 9.87 | (0.97) | (0.97) |  | (1.94) | $47.62 |
| &nbsp;&nbsp;&nbsp;2024 | $32.63 | 0.46 | 8.43 | 8.89 | (0.63) | (1.20) |  | (1.83) | $39.69 |
| &nbsp;&nbsp;&nbsp;2023 | $27.76 | 0.67 | 5.35 | 6.02 | (0.36) | (0.79) |  | (1.15) | $32.63 |
| &nbsp;&nbsp;&nbsp;2022 | $39.32 | 0.28 | (6.80) | (6.52) | (0.49) | (4.55) |  | (5.04) | $27.76 |
| &nbsp;&nbsp;&nbsp;2021 | $31.69 | 0.53 | 9.40 | 9.93 | — <sup>(d)</sup> | (2.30) |  | (2.30) | $39.32 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $37.55 | 0.71 | 8.36 | 9.07 | (0.58) | (0.97) |  | (1.55) | $45.07 |
| &nbsp;&nbsp;&nbsp;2024 | $30.82 | 0.12 | 8.02 | 8.14 | (0.21) | (1.20) |  | (1.41) | $37.55 |
| &nbsp;&nbsp;&nbsp;2023 | $26.21 | 0.40 | 5.06 | 5.46 | (0.06) | (0.79) |  | (0.85) | $30.82 |
| &nbsp;&nbsp;&nbsp;2022 | $37.36 | — <sup>(e)</sup> | (6.41) | (6.41) | (0.19) | (4.55) |  | (4.74) | $26.21 |
| &nbsp;&nbsp;&nbsp;2021 | $30.44 | 0.22 | 9.00 | 9.22 |  | (2.30) |  | (2.30) | $37.36 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $39.93 | 1.15 | 8.90 | 10.05 | (1.09) | (0.97) |  | (2.06) | $47.92 |
| &nbsp;&nbsp;&nbsp;2024 | $32.82 | 0.59 | 8.45 | 9.04 | (0.73) | (1.20) |  | (1.93) | $39.93 |
| &nbsp;&nbsp;&nbsp;2023 | $27.91 | 0.78 | 5.37 | 6.15 | (0.45) | (0.79) |  | (1.24) | $32.82 |
| &nbsp;&nbsp;&nbsp;2022 | $39.49 | 0.39 | (6.83) | (6.44) | (0.59) | (4.55) |  | (5.14) | $27.91 |
| &nbsp;&nbsp;&nbsp;2021 | $31.81 | 0.64 | 9.43 | 10.07 | (0.09) | (2.30) |  | (2.39) | $39.49 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $39.17 | 0.94 | 8.75 | 9.69 | (0.90) | (0.97) |  | (1.87) | $46.99 |
| &nbsp;&nbsp;&nbsp;2024 | $32.20 | 0.37 | 8.35 | 8.72 | (0.55) | (1.20) |  | (1.75) | $39.17 |
| &nbsp;&nbsp;&nbsp;2023 | $27.37 | 0.61 | 5.28 | 5.89 | (0.27) | (0.79) |  | (1.06) | $32.20 |
| &nbsp;&nbsp;&nbsp;2022 | $38.81 | 0.20 | (6.69) | (6.49) | (0.40) | (4.55) |  | (4.95) | $27.37 |
| &nbsp;&nbsp;&nbsp;2021 | $31.38 | 0.42 | 9.31 | 9.73 |  | (2.30) |  | (2.30) | $38.81 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $39.35 | 0.94 | 8.81 | 9.75 | (0.94) | (0.97) |  | (1.91) | $47.19 |
| &nbsp;&nbsp;&nbsp;2024 | $32.36 | 0.40 | 8.38 | 8.78 | (0.59) | (1.20) |  | (1.79) | $39.35 |
| &nbsp;&nbsp;&nbsp;2023 | $27.53 | 0.64 | 5.30 | 5.94 | (0.32) | (0.79) |  | (1.11) | $32.36 |
| &nbsp;&nbsp;&nbsp;2022 | $39.01 | 0.24 | (6.73) | (6.49) | (0.44) | (4.55) |  | (4.99) | $27.53 |
| &nbsp;&nbsp;&nbsp;2021 | $31.50 | 0.49 | 9.32 | 9.81 |  | (2.30) |  | (2.30) | $39.01 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $40.00 | 1.16 | 8.91 | 10.07 | (1.09) | (0.97) |  | (2.06) | $48.01 |
| &nbsp;&nbsp;&nbsp;2024 | $32.87 | 0.56 | 8.50 | 9.06 | (0.73) | (1.20) |  | (1.93) | $40.00 |
| &nbsp;&nbsp;&nbsp;2023 | $27.95 | 0.79 | 5.37 | 6.16 | (0.45) | (0.79) |  | (1.24) | $32.87 |
| &nbsp;&nbsp;&nbsp;2022 | $39.53 | 0.38 | (6.83) | (6.45) | (0.58) | (4.55) |  | (5.13) | $27.95 |
| &nbsp;&nbsp;&nbsp;2021 | $31.84 | 0.61 | 9.47 | 10.08 | (0.09) | (2.30) |  | (2.39) | $39.53 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $40.13 | 1.20 | 8.95 | 10.15 | (1.14) | (0.97) |  | (2.11) | $48.17 |
| &nbsp;&nbsp;&nbsp;2024 | $32.97 | 0.63 | 8.51 | 9.14 | (0.78) | (1.20) |  | (1.98) | $40.13 |
| &nbsp;&nbsp;&nbsp;2023 | $28.03 | 0.82 | 5.40 | 6.22 | (0.49) | (0.79) |  | (1.28) | $32.97 |
| &nbsp;&nbsp;&nbsp;2022 | $39.64 | 0.44 | (6.86) | (6.42) | (0.64) | (4.55) |  | (5.19) | $28.03 |
| &nbsp;&nbsp;&nbsp;2021 | $31.93 | 0.70 | 9.44 | 10.14 | (0.13) | (2.30) |  | (2.43) | $39.64 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| 2024 | 1.28% | 0.34% | 1.62% | 1.03% | 1.13% | 1.54% | 1.75% |
| 2023 | 2.07% | 1.28% | 2.38% | 1.91% | 1.97% | 2.41% | 2.52% |
| 2022 | 0.79% | (0.04)% | 1.10% | 0.56% | 0.67% | 1.08% | 1.24% |
| 2021 | 1.36% | 0.57% | 1.64% | 1.10% | 1.27% | 1.60% | 1.80% |

---

See notes to financial statements.

84 \| Annual Financial Statements

**Financial Highlights, Continued**

Global Opportunities Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(b)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(b)</sup>** | **NET<br> ASSETS<br> AT END OF PERIOD<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.57 | 1.29 | 1.33 | 26.48 | 15.07 | $391006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.29 | 1.30 | 1.34 | 28.68 | 14.91 | $347532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.09 | 1.29 | 1.33 | 21.93 | 17.07 | $284351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.83 | 1.29 | 1.35 | (19.31) | 26.92 | $218968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.42 | 1.27 | 1.31 | 32.82 | 25.48 | $277126 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.87 | 2.13 | 2.16 | 25.47 | 15.07 | $22337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.36 | 2.14 | 2.17 | 27.59 | 14.91 | $27358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.31 | 2.09 | 2.13 | 20.99 | 17.07 | $39916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | — <sup>(f)</sup> | 2.06 | 2.11 | (19.94) | 26.92 | $63994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.63 | 2.04 | 2.08 | 31.77 | 25.48 | $112420 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.84 | 0.99 | 1.07 | 26.89 | 15.07 | $966053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.64 | 0.99 | 1.08 | 29.05 | 14.91 | $829383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.41 | 0.99 | 1.06 | 22.32 | 17.07 | $626942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.14 | 0.99 | 1.06 | (19.06) | 26.92 | $446228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.69 | 0.99 | 1.06 | 33.17 | 25.48 | $605581 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.38 | 1.50 | 2.42 | 26.29 | 15.07 | $2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.05 | 1.50 | 2.49 | 28.47 | 14.91 | $2833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.94 | 1.50 | 2.43 | 21.76 | 17.07 | $2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.61 | 1.50 | 2.40 | (19.47) | 26.92 | $2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.15 | 1.50 | 2.07 | 32.48 | 25.48 | $3776 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.36 | 1.40 | 2.01 | 26.38 | 15.07 | $6303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.15 | 1.40 | 2.15 | 28.53 | 14.91 | $4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.00 | 1.40 | 2.10 | 21.82 | 17.07 | $5023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.72 | 1.40 | 2.09 | (19.37) | 26.92 | $4573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.32 | 1.40 | 1.83 | 32.62 | 25.48 | $6177 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.86 | 0.99 | 1.31 | 26.88 | 15.07 | $21600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.56 | 0.99 | 1.35 | 29.06 | 14.91 | $18134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.43 | 0.99 | 1.20 | 22.32 | 17.07 | $17592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.12 | 0.99 | 1.38 | (19.06) | 26.92 | $15512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.64 | 0.99 | 1.36 | 33.18 | 25.48 | $20673 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.94 | 0.85 | 1.00 | 27.06 | 15.07 | $110386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.77 | 0.85 | 1.01 | 29.25 | 14.91 | $75852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.54 | 0.85 | 1.02 | 22.50 | 17.07 | $57844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.28 | 0.85 | 1.03 | (18.95) | 26.92 | $47300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.85 | 0.85 | 1.00 | 33.32 | 25.48 | $57072 |

---

(b) Not
 annualized for periods less than one year.

(c) Sales
 loads are not reflected in computing total return.

(d) Dividends
 From Net Investment Income was less than 0.01.

(e) Net
 investment income (loss) was less than $0.01 per share.

(f) Net
 investment income (loss) was less than 0.01%.

+ Based on weighted average shares outstanding.

Annual Financial Statements \| 85

Financial Highlights

International Equity Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $29.04 | 0.43 | 4.31 | 4.74 | (0.42) | (1.31) |  | (1.73) | $32.05 |
| &nbsp;&nbsp;&nbsp;2024 | $22.51 | 0.46 | 6.61 | 7.07 | (0.44) | (0.10) |  | (0.54) | $29.04 |
| &nbsp;&nbsp;&nbsp;2023 | $18.19 | 0.38 | 4.30 | 4.68 | (0.36) |  |  | (0.36) | $22.51 |
| &nbsp;&nbsp;&nbsp;2022 | $28.75 | 0.29 | (7.15) | (6.86) | (0.27) | (3.43) |  | (3.70) | $18.19 |
| &nbsp;&nbsp;&nbsp;2021 | $24.78 | 0.31 | 4.49 | 4.80 | (0.06) | (0.77) |  | (0.83) | $28.75 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $24.78 | 0.14 | 3.66 | 3.80 | (0.19) | (1.31) |  | (1.50) | $27.08 |
| &nbsp;&nbsp;&nbsp;2024 | $19.24 | 0.18 | 5.67 | 5.85 | (0.21) | (0.10) |  | (0.31) | $24.78 |
| &nbsp;&nbsp;&nbsp;2023 | $15.61 | 0.15 | 3.69 | 3.84 | (0.21) |  |  | (0.21) | $19.24 |
| &nbsp;&nbsp;&nbsp;2022 | $25.20 | 0.11 | (6.13) | (6.02) | (0.14) | (3.43) |  | (3.57) | $15.61 |
| &nbsp;&nbsp;&nbsp;2021 | $21.91 | 0.06 | 4.00 | 4.06 |  | (0.77) |  | (0.77) | $25.20 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.31 | 0.59 | 4.46 | 5.05 | (0.50) | (1.31) |  | (1.81) | $33.55 |
| &nbsp;&nbsp;&nbsp;2024 | $23.46 | 0.56 | 6.88 | 7.44 | (0.49) | (0.10) |  | (0.59) | $30.31 |
| &nbsp;&nbsp;&nbsp;2023 | $18.98 | 0.44 | 4.48 | 4.92 | (0.44) |  |  | (0.44) | $23.46 |
| &nbsp;&nbsp;&nbsp;2022 | $29.88 | 0.41 | (7.47) | (7.06) | (0.41) | (3.43) |  | (3.84) | $18.98 |
| &nbsp;&nbsp;&nbsp;2021 | $25.70 | 0.39 | 4.68 | 5.07 | (0.12) | (0.77) |  | (0.89) | $29.88 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $28.97 | 0.38 | 4.30 | 4.68 | (0.37) | (1.31) |  | (1.68) | $31.97 |
| &nbsp;&nbsp;&nbsp;2024 | $22.44 | 0.41 | 6.60 | 7.01 | (0.38) | (0.10) |  | (0.48) | $28.97 |
| &nbsp;&nbsp;&nbsp;2023 | $18.17 | 0.32 | 4.29 | 4.61 | (0.34) |  |  | (0.34) | $22.44 |
| &nbsp;&nbsp;&nbsp;2022 | $28.75 | 0.27 | (7.16) | (6.89) | (0.26) | (3.43) |  | (3.69) | $18.17 |
| &nbsp;&nbsp;&nbsp;2021 | $24.77 | 0.23 | 4.52 | 4.75 |  | (0.77) |  | (0.77) | $28.75 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $28.72 | 0.43 | 4.24 | 4.67 | (0.42) | (1.31) |  | (1.73) | $31.66 |
| &nbsp;&nbsp;&nbsp;2024 | $22.25 | 0.45 | 6.55 | 7.00 | (0.43) | (0.10) |  | (0.53) | $28.72 |
| &nbsp;&nbsp;&nbsp;2023 | $18.03 | 0.36 | 4.25 | 4.61 | (0.39) |  |  | (0.39) | $22.25 |
| &nbsp;&nbsp;&nbsp;2022 | $28.56 | 0.32 | (7.10) | (6.78) | (0.32) | (3.43) |  | (3.75) | $18.03 |
| &nbsp;&nbsp;&nbsp;2021 | $24.60 | 0.28 | 4.49 | 4.77 | (0.04) | (0.77) |  | (0.81) | $28.56 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.27 | 0.51 | 4.52 | 5.03 | (0.49) | (1.31) |  | (1.80) | $33.50 |
| &nbsp;&nbsp;&nbsp;2024 | $23.43 | 0.55 | 6.88 | 7.43 | (0.49) | (0.10) |  | (0.59) | $30.27 |
| &nbsp;&nbsp;&nbsp;2023 | $18.96 | 0.44 | 4.47 | 4.91 | (0.44) |  |  | (0.44) | $23.43 |
| &nbsp;&nbsp;&nbsp;2022 | $29.84 | 0.39 | (7.44) | (7.05) | (0.40) | (3.43) |  | (3.83) | $18.96 |
| &nbsp;&nbsp;&nbsp;2021 | $25.66 | 0.38 | 4.67 | 5.05 | (0.10) | (0.77) |  | (0.87) | $29.84 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.16 | 0.61 | 4.45 | 5.06 | (0.54) | (1.31) |  | (1.85) | $33.37 |
| &nbsp;&nbsp;&nbsp;2024 | $23.34 | 0.62 | 6.84 | 7.46 | (0.54) | (0.10) |  | (0.64) | $30.16 |
| &nbsp;&nbsp;&nbsp;2023 | $18.89 | 0.48 | 4.46 | 4.94 | (0.49) |  |  | (0.49) | $23.34 |
| &nbsp;&nbsp;&nbsp;2022 | $29.75 | 0.45 | (7.43) | (6.98) | (0.45) | (3.43) |  | (3.88) | $18.89 |
| &nbsp;&nbsp;&nbsp;2021 | $25.59 | 0.44 | 4.65 | 5.09 | (0.16) | (0.77) |  | (0.93) | $29.75 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| 2025 | 1.60% | 0.66% | 2.03% | 1.40% | 1.62% | 1.80% | 2.13% |
| 2024 | 1.60% | 0.63% | 1.90% | 1.41% | 1.61% | 1.86% | 2.11% |
| 2023 | 1.77% | 0.87% | 1.99% | 1.51% | 1.72% | 1.98% | 2.18% |
| 2022 | 1.20% | 0.52% | 1.61% | 1.11% | 1.32% | 1.53% | 1.80% |
| 2021 | 0.99% | 0.16% | 1.23% | 0.71% | 0.90% | 1.18% | 1.40% |

---

See notes to financial statements.

86 \| Annual Financial Statements

**Financial Highlights, Continued**

International Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(c)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(c)</sup>** | **NET** **<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.53 | 1.16 | 1.24 | 17.96 | 28.49 | $469430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.81 | 1.22 | 1.33 | 31.94 | 45.47 | $432976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.68 | 1.10 | 1.23 | 25.83 | 43.13 | $371073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.25 | 1.30 | 1.38 | (27.88) | 48.88 | $339638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.07 | 1.58 | 1.58 | 19.66 | 42.85 | $543262 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 0.58 | 2.05 | 2.14 | 16.94 | 28.49 | $10960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.83 | 2.11 | 2.22 | 30.76 | 45.47 | $10055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.77 | 1.98 | 2.12 | 24.70 | 43.13 | $12360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.56 | 1.96 | 2.05 | (28.38) | 48.88 | $13978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.24 | 2.26 | 2.26 | 18.83 | 42.85 | $27189 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.98 | 0.87 | 0.96 | 18.32 | 28.49 | $2967479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.11 | 0.93 | 1.04 | 32.37 | 45.47 | $1747826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.90 | 0.88 | 1.01 | 26.09 <sup>(e)</sup> | 43.13 | $1390996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.66 | 0.90 | 1.00 | (27.64) | 48.88 | $1254672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.32 | 1.24 | 1.24 | 20.05 | 42.85 | $2000723 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.33 | 1.36 | 1.63 | 17.74 | 28.49 | $144188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.62 | 1.42 | 1.73 | 31.71 | 45.47 | $128725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.42 | 1.36 | 1.71 | 25.47 | 43.13 | $110275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.16 | 1.40 | 1.70 | (27.97) | 48.88 | $100783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.80 | 1.75 | 1.91 | 19.46 | 42.85 | $157724 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.55 | 1.16 | 1.42 | 17.95 | 28.49 | $109321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.82 | 1.22 | 1.54 | 31.98 | 45.47 | $93021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.62 | 1.16 | 1.48 | 25.68 | 43.13 | $82599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.37 | 1.19 | 1.50 | (27.81) | 48.88 | $69822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.99 | 1.55 | 1.70 | 19.69 | 42.85 | $104735 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.73 | 0.90 | 1.17 | 18.29 | 28.49 | $94843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.07 | 0.96 | 1.24 | 32.29 | 45.47 | $117461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.90 | 0.90 | 1.23 | 26.03 | 43.13 | $101451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.57 | 0.94 | 1.28 | (27.60) | 48.88 | $86468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.26 | 1.29 | 1.46 | 19.97 | 42.85 | $160007 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.07 | 0.70 | 0.88 | 18.52 | 28.49 | $600774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.34 | 0.76 | 0.97 | 32.58 | 45.47 | $439072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.09 | 0.70 | 0.94 | 26.29 | 43.13 | $294974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.85 | 0.73 | 0.92 | (27.47) | 48.88 | $243442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.49 | 1.09 | 1.18 | 20.21 | 42.85 | $331621 |

---

(b) Net
 expenses include tax reclaim collection fees that are excluded from the expense limitation
 agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions
 ratios for 2024 would have been: Class A, 1.17%; Class C, 2.06%; Class I, 0.87%; Class
 R3, 1.36%; Class R4, 1.16%; Class R5, 0.90%; Class R6, 0.70% and 2021 would have been:
 Class A, 1.25%; Class C, 1.96%; Class I, 0.94%; Class R3, 1.45%; Class R4, 1.25%; Class
 R5, 0.99%; Class R6, 0.79%.

(c) Not
 annualized for periods less than one year.

(d) Sales
 loads are not reflected in computing total return.

(e) The
 total return based on the NAV which reflects adjustments in accordance with U.S. GAAP
 is 26.15%.

+ Based on weighted average shares outstanding.

Annual Financial Statements \| 87

Financial Highlights

Better World International Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $19.32 | 0.20 | 1.81 | 2.01 | (0.14) |  |  | (0.14) | $21.19 |
| &nbsp;&nbsp;&nbsp;2024 | $16.10 | 0.15 | 3.25 | 3.40 | (0.18) |  |  | (0.18) | $19.32 |
| &nbsp;&nbsp;&nbsp;2023 | $13.48 | 0.14 | 2.52 | 2.66 | (0.04) |  |  | (0.04) | $16.10 |
| &nbsp;&nbsp;&nbsp;2022 | $21.46 | 0.06 | (5.18) | (5.12) |  | (2.86) |  | (2.86) | $13.48 |
| &nbsp;&nbsp;&nbsp;2021 | $15.66 | 0.01 | 5.79 | 5.80 |  |  |  |  | $21.46 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $18.70 | 0.03 | 1.77 | 1.80 |  |  |  |  | $20.50 |
| &nbsp;&nbsp;&nbsp;2024 | $15.59 | 0.02 | 3.15 | 3.17 | (0.06) |  |  | (0.06) | $18.70 |
| &nbsp;&nbsp;&nbsp;2023 | $13.11 | 0.02 | 2.46 | 2.48 |  |  |  |  | $15.59 |
| &nbsp;&nbsp;&nbsp;2022 | $21.08 | (0.07) | (5.04) | (5.11) |  | (2.86) |  | (2.86) | $13.11 |
| &nbsp;&nbsp;&nbsp;2021 | $15.51 | (0.15) | 5.72 | 5.57 |  |  |  |  | $21.08 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $19.97 | 0.29 | 1.88 | 2.17 | (0.26) |  |  | (0.26) | $21.88 |
| &nbsp;&nbsp;&nbsp;2024 | $16.64 | 0.25 | 3.35 | 3.60 | (0.27) |  |  | (0.27) | $19.97 |
| &nbsp;&nbsp;&nbsp;2023 | $13.93 | 0.24 | 2.61 | 2.85 | (0.14) |  |  | (0.14) | $16.64 |
| &nbsp;&nbsp;&nbsp;2022 | $22.03 | 0.15 | (5.34) | (5.19) | (0.05) | (2.86) |  | (2.91) | $13.93 |
| &nbsp;&nbsp;&nbsp;2021 | $16.06 | 0.11 | 5.93 | 6.04 | (0.07) |  |  | (0.07) | $22.03 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** |
| 2024 | 0.87% | 0.13% | 1.41% |
| 2023 | 0.85% | 0.12% | 1.42% |
| 2022 | 0.32% | (0.43)% | 0.88% |
| 2021 | 0.04% | (0.78)% | 0.51% |

---

(b) Not
 annualized for periods less than one year.

(c) Sales
 loads are not reflected in computing total return.

(d) The
 total return based on the NAV which reflects adjustments in accordance with U.S. GAAP
 is 10.57%.

+ Based on weighted average shares outstanding.

See notes to financial statements.

88 \| Annual Financial Statements

**Financial Highlights, Continued**

Better World International Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(b)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(b)</sup>** | **NET** **<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.02 | 1.41 | 1.56 | 10.51 <sup>(d)</sup> | 39.30 | $39870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.89 | 1.44 | 1.58 | 21.27 | 60.57 | $38159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.87 | 1.46 | 1.60 | 19.79 | 80.23 | $40587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.34 | 1.47 | 1.58 | (27.93) | 140.89 | $33050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.05 | 1.57 | 1.57 | 37.04 | 119.96 | $40287 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 0.17 | 2.19 | 2.62 | 9.64 | 39.30 | $5387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.15 | 2.19 | 2.55 | 20.42 | 60.57 | $6575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.14 | 2.19 | 2.82 | 18.92 | 80.23 | $6177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.42) | 2.24 | 2.50 | (28.44) | 140.89 | $4391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.77) | 2.38 | 2.85 | 35.91 | 119.96 | $5597 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.48 | 0.90 | 1.24 | 11.09 | 39.30 | $462577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1.42 | 0.90 | 1.24 | 21.90 | 60.57 | $525322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.44 | 0.90 | 1.26 | 20.49 | 80.23 | $513331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.89 | 0.96 | 1.25 | (27.54) | 140.89 | $346395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.53 | 1.09 | 1.21 | 37.72 | 119.96 | $302026 |

---

Annual Financial Statements \| 89

Financial Highlights

International Growth Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $27.10 | (0.02) | 0.35 | 0.33 | (0.01) | (1.89) |  | (1.90) | $25.53 |
| &nbsp;&nbsp;&nbsp;2024 | $21.59 | 0.03 | 5.53 | 5.56 | (0.05) |  |  | (0.05) | $27.10 |
| &nbsp;&nbsp;&nbsp;2023 | $18.22 | 0.02 | 3.41 | 3.43 | (0.06) |  |  | (0.06) | $21.59 |
| &nbsp;&nbsp;&nbsp;2022 | $30.27 | 0.03 | (10.09) | (10.06) |  | (1.99) |  | (1.99) | $18.22 |
| &nbsp;&nbsp;&nbsp;2021 | $28.37 | (0.09) | 2.37 | 2.28 |  | (0.38) |  | (0.38) | $30.27 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $23.95 | (0.25) | 0.28 | 0.03 |  | (1.89) |  | (1.89) | $22.09 |
| &nbsp;&nbsp;&nbsp;2024 | $19.22 | (0.20) | 4.93 | 4.73 |  |  |  |  | $23.95 |
| &nbsp;&nbsp;&nbsp;2023 | $16.33 | (0.16) | 3.05 | 2.89 |  |  |  |  | $19.22 |
| &nbsp;&nbsp;&nbsp;2022 | $27.55 | (0.17) | (9.06) | (9.23) |  | (1.99) |  | (1.99) | $16.33 |
| &nbsp;&nbsp;&nbsp;2021 | $26.06 | (0.31) | 2.18 | 1.87 |  | (0.38) |  | (0.38) | $27.55 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $28.20 | 0.06 | 0.38 | 0.44 | (0.10) | (1.89) |  | (1.99) | $26.65 |
| &nbsp;&nbsp;&nbsp;2024 | $22.46 | 0.12 | 5.77 | 5.89 | (0.15) |  |  | (0.15) | $28.20 |
| &nbsp;&nbsp;&nbsp;2023 | $18.97 | 0.11 | 3.53 | 3.64 | (0.15) |  |  | (0.15) | $22.46 |
| &nbsp;&nbsp;&nbsp;2022 | $31.32 | 0.12 | (10.48) | (10.36) |  | (1.99) |  | (1.99) | $18.97 |
| &nbsp;&nbsp;&nbsp;2021 | $29.27 | (0.01) | 2.44 | 2.43 |  | (0.38) |  | (0.38) | $31.32 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.61 | (0.06) | 0.35 | 0.29 |  | (1.89) |  | (1.89) | $25.01 |
| &nbsp;&nbsp;&nbsp;2024 | $21.21 | — <sup>(e)</sup> | 5.43 | 5.43 | (0.03) |  |  | (0.03) | $26.61 |
| &nbsp;&nbsp;&nbsp;2023 | $17.90 | (0.01) | 3.35 | 3.34 | (0.03) |  |  | (0.03) | $21.21 |
| &nbsp;&nbsp;&nbsp;2022 | $29.80 | — <sup>(e)</sup> | (9.91) | (9.91) |  | (1.99) |  | (1.99) | $17.90 |
| &nbsp;&nbsp;&nbsp;2021 | $28.01 | (0.16) | 2.33 | 2.17 |  | (0.38) |  | (0.38) | $29.80 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.83 | (0.03) | 0.34 | 0.31 | (0.01) | (1.89) |  | (1.90) | $25.24 |
| &nbsp;&nbsp;&nbsp;2024 | $21.38 | 0.01 | 5.49 | 5.50 | (0.05) |  |  | (0.05) | $26.83 |
| &nbsp;&nbsp;&nbsp;2023 | $18.06 | 0.02 | 3.37 | 3.39 | (0.07) |  |  | (0.07) | $21.38 |
| &nbsp;&nbsp;&nbsp;2022 | $30.02 | 0.03 | (10.00) | (9.97) |  | (1.99) |  | (1.99) | $18.06 |
| &nbsp;&nbsp;&nbsp;2021 | $28.18 | (0.13) | 2.35 | 2.22 |  | (0.38) |  | (0.38) | $30.02 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $28.29 | 0.06 | 0.38 | 0.44 | (0.09) | (1.89) |  | (1.98) | $26.75 |
| &nbsp;&nbsp;&nbsp;2024 | $22.53 | 0.11 | 5.78 | 5.89 | (0.13) |  |  | (0.13) | $28.29 |
| &nbsp;&nbsp;&nbsp;2023 | $19.03 | 0.11 | 3.55 | 3.66 | (0.16) |  |  | (0.16) | $22.53 |
| &nbsp;&nbsp;&nbsp;2022 | $31.41 | 0.12 | (10.51) | (10.39) |  | (1.99) |  | (1.99) | $19.03 |
| &nbsp;&nbsp;&nbsp;2021 | $29.35 | (0.01) | 2.45 | 2.44 |  | (0.38) |  | (0.38) | $31.41 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $28.43 | 0.10 | 0.37 | 0.47 | (0.13) | (1.89) |  | (2.02) | $26.88 |
| &nbsp;&nbsp;&nbsp;2024 | $22.65 | 0.16 | 5.79 | 5.95 | (0.17) |  |  | (0.17) | $28.43 |
| &nbsp;&nbsp;&nbsp;2023 | $19.13 | 0.14 | 3.56 | 3.70 | (0.18) |  |  | (0.18) | $22.65 |
| &nbsp;&nbsp;&nbsp;2022 | $31.54 | 0.15 | (10.57) | (10.42) |  | (1.99) |  | (1.99) | $19.13 |
| &nbsp;&nbsp;&nbsp;2021 | $29.44 | 0.02 | 2.46 | 2.48 |  | (0.38) |  | (0.38) | $31.54 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| 2024 | 0.09% | (0.93)% | 0.46% | (0.02)% | 0.02% | 0.42% | 0.58% |
| 2023 | 0.08% | (0.83)% | 0.45% | (0.05)% | 0.05% | 0.48% | 0.58% |
| 2022 | 0.08% | (0.83)% | 0.42% | (0.06)% | 0.07% | 0.44% | 0.56% |
| 2021 | (0.37)% | (1.18)% | (0.10)% | (0.60)% | (0.51)% | (0.11)% | (0.02)% |

---

See notes to financial statements.

90 \| Annual Financial Statements

**Financial Highlights, Continued**

International Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(c)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(c)</sup>** | **NET** **<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.08) | 1.36 | 1.40 | 1.96 | 28.90 | $88769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.11 | 1.37 | 1.38 | 25.81 | 44.57 | $92101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.10 | 1.37 | 1.38 | 18.82 | 37.24 | $86983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.13 | 1.36 | 1.36 | (35.72) | 63.54 | $86145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.29) | 1.27 | 1.27 | 8.07 | 34.41 | $154613 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.19) | 2.38 | 2.59 | 0.90 | 28.90 | $4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.91) | 2.36 | 2.37 | 24.61 | 44.57 | $6985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.81) | 2.27 | 2.28 | 17.70 | 37.24 | $8572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.78) | 2.22 | 2.23 | (36.27) | 63.54 | $10939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (1.10) | 2.07 | 2.07 | 7.21 | 34.41 | $27864 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 0.24 | 0.99 | 1.10 | 2.36 | 28.90 | $528819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.48 | 0.99 | 1.04 | 26.30 | 44.57 | $673335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.47 | 0.99 | 1.06 | 19.23 | 37.24 | $627050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.47 | 0.99 | 1.06 | (35.47) | 63.54 | $724495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.02) | 1.00 | 1.00 | 8.34 | 34.41 | $1584102 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.26) | 1.50 | 2.36 | 1.85 | 28.90 | $3716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.01) | 1.50 | 2.18 | 25.63 | 44.57 | $4771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.03) | 1.50 | 2.25 | 18.69 | 37.24 | $4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.01) | 1.50 | 2.29 | (35.79) | 63.54 | $4340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.52) | 1.51 | 1.89 | 7.78 | 34.41 | $7643 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.14) | 1.40 | 2.12 | 1.89 | 28.90 | $5370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.04 | 1.40 | 2.04 | 25.77 | 44.57 | $7103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.08 | 1.40 | 2.01 | 18.78 | 37.24 | $7083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.12 | 1.40 | 2.00 | (35.72) | 63.54 | $6670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.42) | 1.41 | 1.63 | 7.91 | 34.41 | $9903 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 0.22 | 0.99 | 1.76 | 2.34 | 28.90 | $4947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.44 | 0.99 | 1.57 | 26.24 | 44.57 | $6387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.50 | 0.99 | 1.38 | 19.25 | 37.24 | $12979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.49 | 0.99 | 1.45 | (35.46) | 63.54 | $21233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.02) | 1.00 | 1.27 | 8.35 | 34.41 | $36396 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 0.37 | 0.89 | 1.04 | 2.45 | 28.90 | $89120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.60 | 0.89 | 1.02 | 26.39 | 44.57 | $90922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.60 | 0.89 | 1.02 | 19.38 | 37.24 | $73130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.61 | 0.89 | 1.01 | (35.41) | 63.54 | $66867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.06 | 0.90 | 0.96 | 8.46 | 34.41 | $107884 |

---

(b) Net
 expenses include tax reclaim collection fees that are excluded from the expense limitation
 agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions
 ratios for 2021 would have been: Class A, 1.26%; Class C, 2.07%; Class I, 0.99%; Class
 R3, 1.50%; Class R4, 1.40%; Class R5, 0.99%; Class R6, 0.89%.

(c) Not
 annualized for periods less than one year.

(d) Sales
 loads are not reflected in computing total return.

(e) Net
 investment income (loss) was less than $0.01 per share.

+ Based on weighted average shares outstanding.

Annual Financial Statements \| 91

Financial Highlights

Developing World Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $22.92 | 0.24 | 3.30 | 3.54 | (0.52) |  |  | (0.52) | $25.94 |
| &nbsp;&nbsp;&nbsp;2024 | $19.68 | 0.07 | 3.51 | 3.58 | (0.34) |  |  | (0.34) | $22.92 |
| &nbsp;&nbsp;&nbsp;2023 | $18.43 | 0.18 | 1.34 | 1.52 | (0.27) |  |  | (0.27) | $19.68 |
| &nbsp;&nbsp;&nbsp;2022 | $27.58 | 0.39 | (9.54) | (9.15) |  |  |  |  | $18.43 |
| &nbsp;&nbsp;&nbsp;2021 | $22.92 | — <sup>(f)</sup> | 4.66 | 4.66 |  |  |  |  | $27.58 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.45 | 0.03 | 3.12 | 3.15 | (0.30) |  |  | (0.30) | $24.30 |
| &nbsp;&nbsp;&nbsp;2024 | $18.40 | (0.10) | 3.27 | 3.17 | (0.12) |  |  | (0.12) | $21.45 |
| &nbsp;&nbsp;&nbsp;2023 | $17.18 | 0.01 | 1.26 | 1.27 | (0.05) |  |  | (0.05) | $18.40 |
| &nbsp;&nbsp;&nbsp;2022 | $25.93 | 0.14 | (8.89) | (8.75) |  |  |  |  | $17.18 |
| &nbsp;&nbsp;&nbsp;2021 | $21.71 | (0.21) | 4.43 | 4.22 |  |  |  |  | $25.93 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $23.54 | 0.34 | 3.39 | 3.73 | (0.63) |  |  | (0.63) | $26.64 |
| &nbsp;&nbsp;&nbsp;2024 | $20.21 | 0.17 | 3.59 | 3.76 | (0.43) |  |  | (0.43) | $23.54 |
| &nbsp;&nbsp;&nbsp;2023 | $18.93 | 0.27 | 1.37 | 1.64 | (0.36) |  |  | (0.36) | $20.21 |
| &nbsp;&nbsp;&nbsp;2022 | $28.22 | 0.50 | (9.79) | (9.29) |  |  |  |  | $18.93 |
| &nbsp;&nbsp;&nbsp;2021 | $23.40 | 0.10 | 4.76 | 4.86 | (0.04) |  |  | (0.04) | $28.22 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $23.46 | 0.34 | 3.38 | 3.72 | (0.63) |  |  | (0.63) | $26.55 |
| &nbsp;&nbsp;&nbsp;2024 | $20.15 | 0.17 | 3.57 | 3.74 | (0.43) |  |  | (0.43) | $23.46 |
| &nbsp;&nbsp;&nbsp;2023 | $18.87 | 0.27 | 1.37 | 1.64 | (0.36) |  |  | (0.36) | $20.15 |
| &nbsp;&nbsp;&nbsp;2022 | $28.12 | 0.48 | (9.73) | (9.25) |  |  |  |  | $18.87 |
| &nbsp;&nbsp;&nbsp;2021 | $23.33 | 0.10 | 4.73 | 4.83 | (0.04) |  |  | (0.04) | $28.12 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $23.60 | 0.30 | 3.46 | 3.76 | (0.65) |  |  | (0.65) | $26.71 |
| &nbsp;&nbsp;&nbsp;2024 | $20.26 | 0.20 | 3.59 | 3.79 | (0.45) |  |  | (0.45) | $23.60 |
| &nbsp;&nbsp;&nbsp;2023 | $18.98 | 0.29 | 1.37 | 1.66 | (0.38) |  |  | (0.38) | $20.26 |
| &nbsp;&nbsp;&nbsp;2022 | $28.26 | 0.52 | (9.80) | (9.28) |  |  |  |  | $18.98 |
| &nbsp;&nbsp;&nbsp;2021 | $23.43 | 0.12 | 4.78 | 4.90 | (0.07) |  |  | (0.07) | $28.26 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** | **Class R5** | **Class R6** |
| 2022 | 1.63% | 0.61% | 2.06% | 1.94% | 2.14% |
| 2021 | (0.02)% | (0.82)% | 0.33% | 0.34% | 0.42% |

---

(b) Net
 expenses include tax reclaim collection fees that are excluded from the expense limitation
 agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions
 ratios for 2021 would have been: Class A, 1.43%; Class C, 2.19%; Class I, 1.09%; Class
 R5, 1.09%; Class R6, 0.99%.

(c) Not
 annualized for periods less than one year.

(d) Sales
 loads are not reflected in computing total return.

(e) The
total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 18.40% for 2024 and 15.92% for 2025.

(f) Net
 investment income (loss) was less than $0.01 per share.

(g) The
 total return based on the NAV which reflects adjustments in accordance with U.S. GAAP
 is 19.44%.

+ Based on weighted average shares outstanding.

See notes to financial statements.

92 \| Annual Financial Statements

**Financial Highlights, Continued**

Developing World Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(c)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(c)</sup>** | **NET** **<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.05 | 1.45 | 1.61 | 15.97 <sup>(e)</sup> | 46.93 | $73995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.36 | 1.47 | 1.62 | 18.35 <sup>(e)</sup> | 90.88 | $76267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.87 | 1.45 | 1.60 | 8.24 | 37.64 | $83389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.63 | 1.44 | 1.54 | (33.18) | 68.24 | $87897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.01) | 1.43 | 1.43 | 20.33 | 61.50 | $131471 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 0.16 | 2.33 | 2.71 | 14.94 | 46.93 | $6350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.53) | 2.33 | 2.54 | 17.31 | 90.88 | $7493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.04 | 2.27 | 2.42 | 7.36 | 37.64 | $11621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.62 | 2.26 | 2.36 | (33.74) | 68.24 | $17044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.81) | 2.19 | 2.19 | 19.49 <sup>(g)</sup> | 61.50 | $40933 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.44 | 1.04 | 1.34 | 16.43 | 46.93 | $466106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.78 | 1.04 | 1.29 | 18.92 | 90.88 | $519163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.31 | 1.04 | 1.28 | 8.66 | 37.64 | $802285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.07 | 1.06 | 1.23 | (32.92) | 68.24 | $772911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.34 | 1.09 | 1.15 | 20.78 | 61.50 | $925280 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.47 | 1.04 | 2.08 | 16.42 | 46.93 | $3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.80 | 1.04 | 2.04 | 18.88 | 90.88 | $3380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.31 | 1.04 | 2.05 | 8.69 | 37.64 | $3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.94 | 1.06 | 2.15 | (32.89) | 68.24 | $2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.35 | 1.09 | 1.70 | 20.72 | 61.50 | $4157 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1.30 | 0.94 | 1.27 | 16.54 | 46.93 | $34827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 0.91 | 0.94 | 1.24 | 19.04 | 90.88 | $68459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.40 | 0.94 | 1.24 | 8.75 | 37.64 | $60741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.14 | 0.96 | 1.20 | (32.84) | 68.24 | $54406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.43 | 0.99 | 1.11 | 20.90 | 61.50 | $78006 |

---

Annual Financial Statements \| 93

Financial Highlights

Small/Mid Cap Core Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $77.15 | (0.44) | 2.97 | 2.53 |  |  |  |  | $79.68 |
| &nbsp;&nbsp;&nbsp;2024 | $60.68 | (0.39) | 16.86 | 16.47 |  |  |  |  | $77.15 |
| &nbsp;&nbsp;&nbsp;2023 | $55.35 | (0.24) | 5.60 | 5.36 | (0.03) |  |  | (0.03) | $60.68 |
| &nbsp;&nbsp;&nbsp;2022 | $97.60 | (0.27) | (15.33) | (15.60) | (0.30) | (26.35) |  | (26.65) | $55.35 |
| &nbsp;&nbsp;&nbsp;2021 | $74.81 | (0.05) | 22.84 | 22.79 |  |  |  |  | $97.60 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $64.66 | (1.00) | 2.49 | 1.49 |  |  |  |  | $66.15 |
| &nbsp;&nbsp;&nbsp;2024 | $51.36 | (0.88) | 14.18 | 13.30 |  |  |  |  | $64.66 |
| &nbsp;&nbsp;&nbsp;2023 | $47.29 | (0.70) | 4.77 | 4.07 |  |  |  |  | $51.36 |
| &nbsp;&nbsp;&nbsp;2022 | $87.40 | (0.81) | (12.95) | (13.76) |  | (26.35) |  | (26.35) | $47.29 |
| &nbsp;&nbsp;&nbsp;2021 | $67.54 | (0.71) | 20.57 | 19.86 |  |  |  |  | $87.40 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $81.16 | (0.12) | 3.14 | 3.02 |  |  |  |  | $84.18 |
| &nbsp;&nbsp;&nbsp;2024 | $63.56 | (0.10) | 17.70 | 17.60 |  |  |  |  | $81.16 |
| &nbsp;&nbsp;&nbsp;2023 | $58.01 | 0.01 | 5.86 | 5.87 | (0.32) |  |  | (0.32) | $63.56 |
| &nbsp;&nbsp;&nbsp;2022 | $100.99 | 0.01 | (16.09) | (16.08) | (0.55) | (26.35) |  | (26.90) | $58.01 |
| &nbsp;&nbsp;&nbsp;2021 | $77.16 | 0.25 | 23.58 | 23.83 |  |  |  |  | $100.99 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $76.74 | (0.39) | 2.96 | 2.57 |  |  |  |  | $79.31 |
| &nbsp;&nbsp;&nbsp;2024 | $60.32 | (0.34) | 16.76 | 16.42 |  |  |  |  | $76.74 |
| &nbsp;&nbsp;&nbsp;2023 | $55.03 | (0.21) | 5.57 | 5.36 | (0.07) |  |  | (0.07) | $60.32 |
| &nbsp;&nbsp;&nbsp;2022 | $97.10 | (0.25) | (15.21) | (15.46) | (0.26) | (26.35) |  | (26.61) | $55.03 |
| &nbsp;&nbsp;&nbsp;2021 | $74.46 | (0.08) | 22.72 | 22.64 |  |  |  |  | $97.10 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $78.10 | (0.32) | 3.01 | 2.69 |  |  |  |  | $80.79 |
| &nbsp;&nbsp;&nbsp;2024 | $61.32 | (0.28) | 17.06 | 16.78 |  |  |  |  | $78.10 |
| &nbsp;&nbsp;&nbsp;2023 | $55.96 | (0.15) | 5.65 | 5.50 | (0.14) |  |  | (0.14) | $61.32 |
| &nbsp;&nbsp;&nbsp;2022 | $98.30 | (0.16) | (15.50) | (15.66) | (0.33) | (26.35) |  | (26.68) | $55.96 |
| &nbsp;&nbsp;&nbsp;2021 | $75.30 | 0.01 | 22.99 | 23.00 |  |  |  |  | $98.30 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $81.01 | (0.11) | 3.13 | 3.02 |  |  |  |  | $84.03 |
| &nbsp;&nbsp;&nbsp;2024 | $63.45 | (0.10) | 17.66 | 17.56 |  |  |  |  | $81.01 |
| &nbsp;&nbsp;&nbsp;2023 | $57.90 | 0.02 | 5.84 | 5.86 | (0.31) |  |  | (0.31) | $63.45 |
| &nbsp;&nbsp;&nbsp;2022 | $100.84 | — <sup>(f)</sup> | (16.04) | (16.04) | (0.55) | (26.35) |  | (26.90) | $57.90 |
| &nbsp;&nbsp;&nbsp;2021 | $77.05 | 0.26 | 23.53 | 23.79 |  |  |  |  | $100.84 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** | **Class R3** | **Class R4** | **Class R5** |
| 2021 | (0.15)% | (0.95)% | 0.17% | (0.17)% | (0.09)% | 0.18% |

---

(b) Net
 expenses include tax reclaim collection fees that are excluded from the expense limitation
 agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions
 ratios for 2021 would have been: Class A, 1.16%; Class C, 1.98%; Class I, 0.84%; Class
 R3, 1.20%; Class R4, 1.10%; Class R5, 0.84%.

(c) Not
 annualized for periods less than one year.

(d) Sales
 loads are not reflected in computing total return.

(e) The
Fund modified its strategy in December 2020 and due to the change, the Fund experienced a higher portfolio turnover from higher
purchases and sales.

(f) Net
 investment income (loss) was less than $0.01 per share.

(g) Net
 investment income (loss) was less than 0.01%.

+ Based on weighted average shares outstanding.

See notes to financial statements.

94 \| Annual Financial Statements

**Financial Highlights, Continued**

Small/Mid Cap Core Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(c)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(c)</sup>** | **NET** **<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.56) | 1.37 | 1.37 | 3.28 | 23.05 | $271435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.57) | 1.38 | 1.38 | 27.14 | 32.79 | $306852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.40) | 1.36 | 1.36 | 9.68 | 37.54 | $276512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.38) | 1.31 | 1.37 | (23.16) | 46.19 | $293290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.06) | 1.18 | 1.33 | 30.46 | 135.80 <sup>(e)</sup> | $454488 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.53) | 2.34 | 3.09 | 2.30 | 23.05 | $2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.53) | 2.34 | 2.97 | 25.90 | 32.79 | $3195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.36) | 2.34 | 2.59 | 8.61 | 37.54 | $4520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.31) | 2.22 | 2.34 | (23.86) | 46.19 | $7476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.86) | 2.00 | 2.15 | 29.40 | 135.80 <sup>(e)</sup> | $17364 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.14) | 0.95 | 1.09 | 3.72 | 23.05 | $195226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.14) | 0.95 | 1.08 | 27.69 | 32.79 | $232076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.01 | 0.95 | 1.08 | 10.13 | 37.54 | $196754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.02 | 0.91 | 1.09 | (22.84) | 46.19 | $207251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.26 | 0.86 | 1.08 | 30.88 | 135.80 <sup>(e)</sup> | $332235 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.50) | 1.31 | 1.94 | 3.35 | 23.05 | $10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.50) | 1.31 | 1.88 | 27.22 | 32.79 | $12245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.34) | 1.31 | 1.93 | 9.74 | 37.54 | $12641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.35) | 1.27 | 1.87 | (23.11) | 46.19 | $13406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.08) | 1.22 | 1.81 | 30.41 | 135.80 <sup>(e)</sup> | $23594 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.40) | 1.21 | 2.18 | 3.44 | 23.05 | $2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.40) | 1.21 | 2.16 | 27.36 | 32.79 | $2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.24) | 1.21 | 2.30 | 9.83 | 37.54 | $2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.23) | 1.17 | 2.04 | (23.03) | 46.19 | $2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.01 | 1.12 | 1.78 | 30.54 | 135.80 <sup>(e)</sup> | $4386 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.14) | 0.95 | 1.98 | 3.73 | 23.05 | $2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.14) | 0.95 | 1.87 | 27.68 | 32.79 | $2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.03 | 0.95 | 1.75 | 10.13 | 37.54 | $2896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | — (g) | 0.90 | 1.64 | (22.83) | 46.19 | $6106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.27 | 0.86 | 1.48 | 30.88 | 135.80 <sup>(e)</sup> | $14710 |

---

Annual Financial Statements \| 95

Financial Highlights

Small/Mid Cap Growth Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.23 | (0.37) | 1.94 | 1.57 |  |  |  |  | $31.80 |
| &nbsp;&nbsp;&nbsp;2024 | $24.28 | (0.31) | 6.26 | 5.95 |  |  |  |  | $30.23 |
| &nbsp;&nbsp;&nbsp;2023 | $21.17 | (0.28) | 3.39 | 3.11 |  |  |  |  | $24.28 |
| &nbsp;&nbsp;&nbsp;2022 | $51.77 | (0.35) | (12.37) | (12.72) |  | (17.88) |  | (17.88) | $21.17 |
| &nbsp;&nbsp;&nbsp;2021 | $48.17 | (0.51) | 7.33 | 6.82 |  | (3.22) |  | (3.22) | $51.77 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.66 | (0.46) | 1.38 | 0.92 |  |  |  |  | $22.58 |
| &nbsp;&nbsp;&nbsp;2024 | $17.56 | (0.40) | 4.50 | 4.10 |  |  |  |  | $21.66 |
| &nbsp;&nbsp;&nbsp;2023 | $15.45 | (0.36) | 2.47 | 2.11 |  |  |  |  | $17.56 |
| &nbsp;&nbsp;&nbsp;2022 | $42.67 | (0.48) | (8.86) | (9.34) |  | (17.88) |  | (17.88) | $15.45 |
| &nbsp;&nbsp;&nbsp;2021 | $40.53 | (0.75) | 6.11 | 5.36 |  | (3.22) |  | (3.22) | $42.67 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $35.08 | (0.26) | 2.26 | 2.00 |  |  |  |  | $37.08 |
| &nbsp;&nbsp;&nbsp;2024 | $28.04 | (0.22) | 7.26 | 7.04 |  |  |  |  | $35.08 |
| &nbsp;&nbsp;&nbsp;2023 | $24.34 | (0.20) | 3.90 | 3.70 |  |  |  |  | $28.04 |
| &nbsp;&nbsp;&nbsp;2022 | $56.75 | (0.26) | (14.27) | (14.53) |  | (17.88) |  | (17.88) | $24.34 |
| &nbsp;&nbsp;&nbsp;2021 | $52.36 | (0.38) | 7.99 | 7.61 |  | (3.22) |  | (3.22) | $56.75 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $29.60 | (0.37) | 1.90 | 1.53 |  |  |  |  | $31.13 |
| &nbsp;&nbsp;&nbsp;2024 | $23.78 | (0.32) | 6.14 | 5.82 |  |  |  |  | $29.60 |
| &nbsp;&nbsp;&nbsp;2023 | $20.75 | (0.28) | 3.31 | 3.03 |  |  |  |  | $23.78 |
| &nbsp;&nbsp;&nbsp;2022 | $51.09 | (0.36) | (12.10) | (12.46) |  | (17.88) |  | (17.88) | $20.75 |
| &nbsp;&nbsp;&nbsp;2021 | $47.67 | (0.60) | 7.24 | 6.64 |  | (3.22) |  | (3.22) | $51.09 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.36 | (0.35) | 1.95 | 1.60 |  |  |  |  | $31.96 |
| &nbsp;&nbsp;&nbsp;2024 | $24.37 | (0.30) | 6.29 | 5.99 |  |  |  |  | $30.36 |
| &nbsp;&nbsp;&nbsp;2023 | $21.24 | (0.27) | 3.40 | 3.13 |  |  |  |  | $24.37 |
| &nbsp;&nbsp;&nbsp;2022 | $51.86 | (0.34) | (12.40) | (12.74) |  | (17.88) |  | (17.88) | $21.24 |
| &nbsp;&nbsp;&nbsp;2021 | $48.30 | (0.55) | 7.33 | 6.78 |  | (3.22) |  | (3.22) | $51.86 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $35.02 | (0.26) | 2.25 | 1.99 |  |  |  |  | $37.01 |
| &nbsp;&nbsp;&nbsp;2024 | $27.99 | (0.21) | 7.24 | 7.03 |  |  |  |  | $35.02 |
| &nbsp;&nbsp;&nbsp;2023 | $24.30 | (0.20) | 3.89 | 3.69 |  |  |  |  | $27.99 |
| &nbsp;&nbsp;&nbsp;2022 | $56.68 | (0.26) | (14.24) | (14.50) |  | (17.88) |  | (17.88) | $24.30 |
| &nbsp;&nbsp;&nbsp;2021 | $52.30 | (0.38) | 7.98 | 7.60 |  | (3.22) |  | (3.22) | $56.68 |

---

(a) Not
 annualized for periods less than one year.

(b) Sales
 loads are not reflected in computing total return.

(c) The
 total return based on the NAV which reflects adjustments in accordance with U.S. GAAP
 is 5.19%

(d) The
 Fund modified its strategy in December 2020 and due to the change, the Fund experienced
 a higher portfolio turnover from higher purchases and sales.

+ Based on weighted average shares outstanding.

See notes to financial statements.

96 \| Annual Financial Statements

**Financial Highlights, Continued**

Small/Mid Cap Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(a)</sup>** | **NET** **<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.22) | 1.43 | 1.44 | 5.16 <sup>(c)</sup> | 34.06 | $122351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.16) | 1.42 | 1.42 | 24.51 | 32.58 | $140412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.20) | 1.42 | 1.42 | 14.69 | 45.46 | $132659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.20) | 1.33 | 1.40 | (38.84) | 57.56 | $147493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.99) | 1.16 | 1.31 | 14.69 | 161.43 <sup>(d)</sup> | $340545 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (2.12) | 2.34 | 3.34 | 4.25 | 34.06 | $1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (2.08) | 2.34 | 3.12 | 23.35 | 32.58 | $2669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (2.12) | 2.34 | 2.72 | 13.66 | 45.46 | $3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (2.09) | 2.21 | 2.40 | (39.39) | 57.56 | $5596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (1.76) | 1.94 | 2.09 | 13.80 | 161.43 <sup>(d)</sup> | $23433 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.74) | 0.95 | 1.14 | 5.70 | 34.06 | $75295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.69) | 0.95 | 1.08 | 25.11 | 32.58 | $107770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.73) | 0.95 | 1.09 | 15.20 | 45.46 | $110878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.76) | 0.90 | 1.10 | (38.54) | 57.56 | $113478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.67) | 0.84 | 1.04 | 15.04 | 161.43 <sup>(d)</sup> | $274357 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.24) | 1.46 | 1.99 | 5.17 | 34.06 | $12213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.19) | 1.46 | 1.88 | 24.47 | 32.58 | $15030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.24) | 1.46 | 1.93 | 14.60 | 45.46 | $13868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.27) | 1.41 | 1.92 | (38.84) | 57.56 | $14115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (1.17) | 1.35 | 1.79 | 14.45 | 161.43 <sup>(d)</sup> | $26881 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.15) | 1.36 | 4.71 | 5.27 | 34.06 | $624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.10) | 1.36 | 3.49 | 24.58 | 32.58 | $894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.14) | 1.36 | 3.29 | 14.74 | 45.46 | $861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.18) | 1.31 | 2.97 | (38.79) | 57.56 | $1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (1.07) | 1.25 | 2.17 | 14.56 | 161.43 <sup>(d)</sup> | $2076 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.73) | 0.95 | 1.58 | 5.68 | 34.06 | $7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.68) | 0.95 | 1.34 | 25.12 | 32.58 | $8837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.73) | 0.95 | 1.55 | 15.19 | 45.46 | $7852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.77) | 0.90 | 1.52 | (38.53) | 57.56 | $9235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.67) | 0.84 | 1.31 | 15.04 | 161.43 <sup>(d)</sup> | $22945 |

---

Annual Financial Statements \| 97

Financial Highlights

Income Builder Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> PERIOD** |
| **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.67 | 1.33 | 5.29 | 6.62 | (1.20) | (0.22) |  | (1.42) | $31.87 |
| &nbsp;&nbsp;&nbsp;2024 | $22.33 | 1.04 | 4.42 | 5.46 | (1.12) |  |  | (1.12) | $26.67 |
| &nbsp;&nbsp;&nbsp;2023 | $19.22 | 1.11 | 3.14 | 4.25 | (1.14) |  |  | (1.14) | $22.33 |
| &nbsp;&nbsp;&nbsp;2022 | $22.96 | 1.18 | (3.75) | (2.57) | (1.17) |  |  | (1.17) | $19.22 |
| &nbsp;&nbsp;&nbsp;2021 | $18.70 | 1.19 | 4.19 | 5.38 | (1.12) |  |  | (1.12) | $22.96 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.62 | 1.11 | 5.30 | 6.41 | (0.99) | (0.22) |  | (1.21) | $31.82 |
| &nbsp;&nbsp;&nbsp;2024 | $22.30 | 0.85 | 4.41 | 5.26 | (0.94) |  |  | (0.94) | $26.62 |
| &nbsp;&nbsp;&nbsp;2023 | $19.19 | 0.94 | 3.15 | 4.09 | (0.98) |  |  | (0.98) | $22.30 |
| &nbsp;&nbsp;&nbsp;2022 | $22.93 | 0.98 | (3.72) | (2.74) | (1.00) |  |  | (1.00) | $19.19 |
| &nbsp;&nbsp;&nbsp;2021 | $18.68 | 1.00 | 4.19 | 5.19 | (0.94) |  |  | (0.94) | $22.93 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.87 | 1.40 | 5.34 | 6.74 | (1.28) | (0.22) |  | (1.50) | $32.11 |
| &nbsp;&nbsp;&nbsp;2024 | $22.50 | 1.11 | 4.45 | 5.56 | (1.19) |  |  | (1.19) | $26.87 |
| &nbsp;&nbsp;&nbsp;2023 | $19.36 | 1.19 | 3.15 | 4.34 | (1.20) |  |  | (1.20) | $22.50 |
| &nbsp;&nbsp;&nbsp;2022 | $23.13 | 1.25 | (3.78) | (2.53) | (1.24) |  |  | (1.24) | $19.36 |
| &nbsp;&nbsp;&nbsp;2021 | $18.84 | 1.25 | 4.22 | 5.47 | (1.18) |  |  | (1.18) | $23.13 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.65 | 1.22 | 5.30 | 6.52 | (1.10) | (0.22) |  | (1.32) | $31.85 |
| &nbsp;&nbsp;&nbsp;2024 | $22.32 | 0.95 | 4.41 | 5.36 | (1.03) |  |  | (1.03) | $26.65 |
| &nbsp;&nbsp;&nbsp;2023 | $19.21 | 1.02 | 3.15 | 4.17 | (1.06) |  |  | (1.06) | $22.32 |
| &nbsp;&nbsp;&nbsp;2022 | $22.95 | 1.09 | (3.74) | (2.65) | (1.09) |  |  | (1.09) | $19.21 |
| &nbsp;&nbsp;&nbsp;2021 | $18.70 | 1.10 | 4.18 | 5.28 | (1.03) |  |  | (1.03) | $22.95 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.69 | 1.25 | 5.31 | 6.56 | (1.15) | (0.22) |  | (1.37) | $31.88 |
| &nbsp;&nbsp;&nbsp;2024 | $22.35 | 0.99 | 4.41 | 5.40 | (1.06) |  |  | (1.06) | $26.69 |
| &nbsp;&nbsp;&nbsp;2023 | $19.24 | 1.06 | 3.13 | 4.19 | (1.08) |  |  | (1.08) | $22.35 |
| &nbsp;&nbsp;&nbsp;2022 | $22.98 | 1.12 | (3.75) | (2.63) | (1.11) |  |  | (1.11) | $19.24 |
| &nbsp;&nbsp;&nbsp;2021 | $18.72 | 1.12 | 4.20 | 5.32 | (1.06) |  |  | (1.06) | $22.98 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.85 | 1.37 | 5.34 | 6.71 | (1.25) | (0.22) |  | (1.47) | $32.09 |
| &nbsp;&nbsp;&nbsp;2024 | $22.48 | 1.08 | 4.45 | 5.53 | (1.16) |  |  | (1.16) | $26.85 |
| &nbsp;&nbsp;&nbsp;2023 | $19.35 | 1.09 | 3.22 | 4.31 | (1.18) |  |  | (1.18) | $22.48 |
| &nbsp;&nbsp;&nbsp;2022 | $23.11 | 1.21 | (3.76) | (2.55) | (1.21) |  |  | (1.21) | $19.35 |
| &nbsp;&nbsp;&nbsp;2021 | $18.83 | 1.22 | 4.21 | 5.43 | (1.15) |  |  | (1.15) | $23.11 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $26.79 | 1.44 | 5.30 | 6.74 | (1.30) | (0.22) |  | (1.52) | $32.01 |
| &nbsp;&nbsp;&nbsp;2024 | $22.43 | 1.14 | 4.43 | 5.57 | (1.21) |  |  | (1.21) | $26.79 |
| &nbsp;&nbsp;&nbsp;2023 | $19.30 | 1.21 | 3.13 | 4.34 | (1.21) |  |  | (1.21) | $22.43 |
| &nbsp;&nbsp;&nbsp;2022 | $23.06 | 1.27 | (3.78) | (2.51) | (1.25) |  |  | (1.25) | $19.30 |
| &nbsp;&nbsp;&nbsp;2021 | $18.78 | 1.27 | 4.20 | 5.47 | (1.19) |  |  | (1.19) | $23.06 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| 2025 | 4.68% | 3.92% | 4.91% | 4.33% | 4.41% | 4.82% | 5.06% |
| 2024 | 4.24% | 3.46% | 4.49% | 3.86% | 4.02% | 4.38% | 4.62% |
| 2023 | 5.05% | 4.25% | 5.34% | 4.63% | 4.81% | 4.88% | 5.45% |
| 2022 | 4.71% | 3.83% | 4.96% | 4.32% | 4.44% | 4.79% | 5.14% |
| 2021 | 5.07% | 4.25% | 5.28% | 4.68% | 4.77% | 5.18% | 5.40% |

---

See notes to financial statements.

98 \| Annual Financial Statements

**Financial Highlights, Continued**

Income Builder Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(c)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(c)</sup>** | **NET** **<br> ASSETS<br> AT END OF PERIOD<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.72 | 1.12 | 1.12 | 25.70 | 27.78 | $5259750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.25 | 1.13 | 1.13 | 24.85 | 24.81 | $4501106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5.07 | 1.13 | 1.13 | 22.29 | 26.28 | $3888316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5.14 | 1.14 | 1.14 | (11.81) | 25.31 | $3344513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5.32 | 1.26 | 1.26 | 28.90 | 18.99 | $3876333 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.97 | 1.87 | 1.87 | 24.84 | 27.78 | $598811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.48 | 1.89 | 1.89 | 23.88 | 24.81 | $510173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.26 | 1.86 | 1.86 | 21.46 | 26.28 | $493453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 4.26 | 1.89 | 1.89 | (12.52) | 25.31 | $570348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4.49 | 2.03 | 2.03 | 27.93 | 18.99 | $922523 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.95 | 0.88 | 0.88 | 25.98 | 27.78 | $11458627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.50 | 0.89 | 0.89 | 25.12 | 24.81 | $8599135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5.35 | 0.88 | 0.88 | 22.61 | 26.28 | $6799321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5.40 | 0.89 | 0.89 | (11.61) | 25.31 | $5213452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5.54 | 1.02 | 1.02 | 29.18 | 18.99 | $5858020 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.37 | 1.50 | 1.55 | 25.26 | 27.78 | $23741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.88 | 1.50 | 1.69 | 24.37 | 24.81 | $21650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.65 | 1.50 | 1.63 | 21.87 | 26.28 | $19995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 4.76 | 1.50 | 1.63 | (12.15) | 25.31 | $19842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4.93 | 1.63 | 1.71 | 28.39 | 18.99 | $24971 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.45 | 1.39 | 1.39 | 25.39 | 27.78 | $12419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.04 | 1.40 | 1.57 | 24.51 | 24.81 | $12741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.82 | 1.40 | 1.44 | 21.96 | 26.28 | $10181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 4.87 | 1.40 | 1.50 | (12.08) | 25.31 | $10181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5.02 | 1.53 | 1.59 | 28.60 <sup>(e)</sup> | 18.99 | $12751 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.86 | 0.99 | 1.06 | 25.86 | 27.78 | $20305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.39 | 0.99 | 1.25 | 25.01 | 24.81 | $19236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.91 | 0.99 | 1.16 | 22.44 | 26.28 | $18323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5.21 | 0.99 | 1.12 | (11.71) | 25.31 | $29318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5.43 | 1.12 | 1.22 | 29.07 <sup>(f)</sup> | 18.99 | $38749 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5.10 | 0.80 | 0.82 | 26.06 | 27.78 | $364290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.64 | 0.80 | 0.83 | 25.23 | 24.81 | $267983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5.47 | 0.80 | 0.83 | 22.70 | 26.28 | $199924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5.55 | 0.80 | 0.85 | (11.54) | 25.31 | $133706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5.66 | 0.93 | 0.97 | 29.32 | 18.99 | $113387 |

---

(b) Net
 expenses include tax reclaim collection fees that are excluded from the expense limitation
 agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions
 ratios for 2024 would have been: Class A, 1.13%; Class C, 1.89%; Class I, 0.89%; Class
 R3, 1.50%; Class R4, 1.40%; Class R5, 0.99%; Class R6, 0.80% and 2021 would have been:
 Class A, 1.13%; Class C, 1.90%; Class I, 0.89%; Class R3, 1.50%; Class R4, 1.40%; Class
 R5, 0.99%; Class R6, 0.80%.

(c) Not
 annualized for periods less than one year.

(d) Sales
 loads are not reflected in computing total return.

(e) The
 total return based on the NAV which reflects adjustments in accordance with U.S. GAAP
 is 28.55%.

(f) The
 total return based on the NAV which reflects adjustments in accordance with U.S. GAAP
 is 29.02%.

+ Based on weighted average shares outstanding.

Annual Financial Statements \| 99

Financial Highlights

Summit Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(e)(f)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.46 | 0.28 | 1.49 | 1.77 | (0.26) | (0.29) |  | (0.55) | $14.68 |
| &nbsp;&nbsp;&nbsp;2024 | $11.30 | 0.27 | 2.18 | 2.45 | (0.29) |  |  | (0.29) | $13.46 |
| &nbsp;&nbsp;&nbsp;2023 | $10.31 | 0.29 | 0.99 | 1.28 | (0.29) |  |  | (0.29) | $11.30 |
| &nbsp;&nbsp;&nbsp;2022 | $12.06 | 0.18 | (1.74) | (1.56) | (0.19) |  |  | (0.19) | $10.31 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.47 | 0.31 | 1.50 | 1.81 | (0.30) | (0.29) |  | (0.59) | $14.69 |
| &nbsp;&nbsp;&nbsp;2024 | $11.30 | 0.30 | 2.19 | 2.49 | (0.32) |  |  | (0.32) | $13.47 |
| &nbsp;&nbsp;&nbsp;2023 | $10.31 | 0.30 | 1.01 | 1.31 | (0.32) |  |  | (0.32) | $11.30 |
| &nbsp;&nbsp;&nbsp;2022 | $14.25 | 0.28 | (1.81) | (1.53) | (0.24) | (2.17) |  | (2.41) | $10.31 |
| &nbsp;&nbsp;&nbsp;2021 | $12.18 | 0.16 | 2.71 | 2.87 | (0.22) | (0.58) |  | (0.80) | $14.25 |

---

(a) Net
 investment income (loss) includes income from foreign withholding tax claims adjusted
 for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
 Net Investment Income (Loss) ratios would have been as follows:

---

| | | |
|:---|:---|:---|
| | Class A | Class I |
| 2025 | 2.09% | 2.31% |
| 2024 | 2.17% | 2.42% |
| 2023 | 2.57% | 2.61% |

---

(b) The
 Fund incurs certain expenses and fees in connection with investments in short positions.
 If such expenses and fees had not occurred, the Expenses After Expense Reductions ratio
 for 2021 Class I would have been 0.99%.

(c) The
 Fund incurs certain expenses and fees in connection with investments in short positions.
 If such expenses and fees had not occurred, the Expenses Before Expense Reductions ratio
 for 2021 Class I would have been 1.31%.

(d) Not
 annualized for periods less than one year.

(e) Effective
 date of this class of shares was January 26, 2022.

(f) Sales
 loads are not reflected in computing total return.

(g) Annualized.

(h) Due
 to the size of net assets and fixed expenses, ratios may appear disproportionate.

+ Based on weighted average shares outstanding.

See notes to financial statements.

100 \| Annual Financial Statements

**Financial Highlights, Continued**

Summit Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER** **<br> EXPENSE<br> REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,** **<br> BEFORE EXPENSE<br> REDUCTIONS (%)<sup>(c)</sup>** | **TOTAL** **<br> RETURN (%)<sup>(d)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(d)</sup>** | **NET** **<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(e)(f)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.10 | 0.94 | 1.82 | 13.70 | 32.68 | $12733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.19 | 0.94 | 1.79 | 21.88 | 66.54 | $13639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.58 | 0.94 | 2.03 | 12.39 | 80.17 | $5978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.40 <sup>(g)</sup> | 0.99 <sup>(g)</sup> | 9.32 <sup>(g)(h)</sup> | (13.02) | 128.69 | $507 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.33 | 0.69 | 1.20 | 13.97 | 32.68 | $83660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.44 | 0.69 | 1.15 | 22.26 | 66.54 | $98708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.63 | 0.69 | 1.20 | 12.66 | 80.17 | $74869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.38 | 0.88 | 1.22 | (13.36) | 128.69 | $56036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.20 | 1.01 | 1.21 | 24.63 | 155.26 | $62466 |

---

Annual Financial Statements \| 101

Report of Independent Registered Public Accounting Firm

Thornburg Equity Funds

To the Board of Trustees of Thornburg Investment Trust and Shareholders of Thornburg Global Opportunities Fund, Thornburg International Equity Fund, Thornburg Better World International Fund, Thornburg International Growth Fund, Thornburg Developing World Fund, Thornburg Small/Mid Cap Core Fund, Thornburg Small/Mid Cap Growth Fund, Thornburg Investment Income Builder Fund, and Thornburg Summit Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Thornburg Global Opportunities Fund, Thornburg International Equity Fund, Thornburg Better World International Fund, Thornburg International Growth Fund, Thornburg Developing World Fund, Thornburg Small/Mid Cap Core Fund, Thornburg Small/Mid Cap Growth Fund, Thornburg Investment Income Builder Fund, and Thornburg Summit Fund (nine of the funds constituting Thornburg Investment Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 17, 2025

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

102 \| Annual Financial Statements

Tax Information

September 30, 2025

For the tax year ended September 30, 2025, taxable ordinary income dividends and long term capital gain dividends paid by the Funds for federal income tax purposes are as follows:

---

| | | |
|:---|:---|:---|
| | **TAXABLE ORDINARY** | **LONG TERM CAPITAL GAIN** |
| Global Opportunities Fund | $36293984 | $36056529 |
| International Equity Fund | 58029532 | 136530746 |
| Better World International Fund | 6459860 |  |
| International Growth Fund | 2931681 | 59055457 |
| Developing World Fund | 16971673 |  |
| Income Builder Fund | 689635093 | 127280585 |
| Summit Fund | 2320239 | 2187884 |

---

Certain funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes.

For the tax year ended September 30, 2025, the dividend ratio (or the maximum allowed) paid from tax basis net ordinary income as qualifying for the reduced rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003 and the ordinary income distributions ratio (or the maximum allowed) paid as qualified for the corporate dividend received deduction are as follows:

---

| | | |
|:---|:---|:---|
| | **QUALIFIED <br> DIVIDEND INCOME** | **DIVIDENDS RECEIVED DEDUCTION** |
| Global Opportunities Fund | 100.00% | 22.65% |
| International Equity Fund | 100.00 | 0.62 |
| Better World International Fund | 100.00 | 12.09 |
| International Growth Fund | 100.00 | 6.63 |
| Developing World Fund | 33.90 | 0.36 |
| Income Builder Fund | 86.52 | 17.33 |
| Summit Fund | 38.67 | 13.45 |

---

For the year ended September 30, 2025, foreign source income and foreign tax credit to be passed through to shareholders are as follows:

---

| | | |
|:---|:---|:---|
| | **FOREIGN SOURCE INCOME** | **FOREIGN TAX CREDIT** |
| Global Opportunities Fund | $47064944 | $4696418 |
| International Equity Fund | 92524107 | 6603374 |
| Better World International Fund | 11444177 | 726301 |
| International Growth Fund | 9234394 | 1235596 |
| Developing World Fund | 14980104 | 4960229 |
| Income Builder Fund | 622055720 | 43137283 |

---

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

Annual Financial Statements \| 103

Schedule of Investments

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | |
|  | **U.S. TREASURY SECURITIES — 7.6%** |  | |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.235% due 10/30/2025 | $5000000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.277% due 1/15/2026 | 5000000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.291% due 11/20/2025 | 3000000 | |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.75% due 4/30/2026 | 1500000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 8/31/2026 | 2050000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2026 | 1000000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125% due 1/31/2027 | 3000000 | **VALUE**<br>$4983516<br>4939102<br>2982736<br>1473691<br>2050000<br>1000156<br>3016289 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $20,406,723) |  | 20445490 |
|  | **U.S. GOVERNMENT AGENCIES — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-20K Class 1, 5.36% due 11/1/2025 | 597 | 597 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20E Class 1, 4.43% due 5/1/2029 | 8005 | 8033 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $8,639) |  | 8630 |
|  | **MORTGAGE BACKED — 3.9%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-A Class A1, 3.50% due 10/25/2061 | 1009499 | 982894 |
|  | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | 11129 | 10844 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | 11934 | 11416 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;COLT Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.857% due 5/25/2065 | 164890 | 145665 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2021-BPNY Class A, 7.98% (TSFR1M + 3.83%) due 8/15/2026 | 277358 | 264019 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM1 Class A1, 2.208% due 5/25/2065 | 48482 | 45907 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SPT1 Class A3, 3.734% due 4/25/2065 | 995524 | 983716 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | 22042 | 20747 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | 15521 | 14552 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | 56369 | 53660 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Pool BZ3061, 5.26% due 2/1/2030 | 650000 | 669266 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, Pool MA3557, 4.00% due 1/1/2029 | 12964 | 12918 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 6813 | 6340 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 131374 | 125604 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 84574 | 79126 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 5.285% (TSFR1M + 1.13%) due 7/15/2039 | 7897 | 7893 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A3, 3.196% due 5/25/2065 | 1428425 | 1409682 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 32259 | 32004 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A1, 1.381% due 4/25/2065 | 977760 | 951227 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 418964 | 415916 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 5.772% (TSFR1M + 1.61%) due 6/25/2057 | 9473 | 9590 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | 481360 | 485708 |
|  | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SH1 Class M1, 3.223% due 1/28/2050 | 984542 | 966047 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | 1002305 | 1000589 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2020-3 Class A1, 1.486% due 4/25/2065 | 992566 | 963349 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | 74222 | 72946 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 7637 | 7532 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 242657 | 241207 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.201% due 3/25/2065 | 508772 | 506404 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $10,541,754) |  | 10496768 |
|  | **ASSET BACKED SECURITIES — 39.1%** |  |  |
|  | **AUTO RECEIVABLES — 19.6%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;ACM Auto Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 9.85% due 6/20/2030 | $1978116 | $1991874 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 11.40% due 1/21/2031 | 147573 | 148465 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.06% due 2/20/2029 | 237623 | 236320 |
|  | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 5.59% due 4/12/2029 | 195388 | 195462 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class C, 5.96% due 8/13/2029 | 146394 | 146543 |
|  | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2022-2 Class B, 4.81% due 4/18/2028 | 1193182 | 1194243 |
|  | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 3.93% due 5/15/2028 | 21673 | 21659 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.46% due 4/17/2028 | 581039 | 583529 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028 | 2589630 | 2596359 |
|  | &nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 73591 | 74074 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 206421 | 207701 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 402498 | 408589 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-N1A Class E, 5.20% due 7/15/2027 | 303989 | 303909 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class A2, 3.21% due 12/11/2028 | 673342 | 667927 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | 1115191 | 1121313 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P2 Class A3, 5.42% due 4/10/2028 | 450961 | 452698 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-1A Class A1, 5.65% due 5/15/2035 | 1162268 | 1169102 |
|  | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 2.84% due 4/16/2029 | 693005 | 687532 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D Class B, 6.78% due 3/15/2028 | 511368 | 512494 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class B, 6.04% due 10/16/2028 | 275000 | 276781 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C Class A, 5.88% due 2/15/2028 | 846941 | 849183 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2021-3 Class D, 1.94% due 6/15/2029 | 413683 | 408205 |
|  | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 1.31% due 5/17/2027 | 1099762 | 1088589 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.79% due 2/15/2029 | 363000 | 364105 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | 451895 | 451930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 5.30% due 9/15/2027 | 38535 | 38545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | 987710 | 995647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5A Class C, 6.51% due 12/15/2027 | 113464 | 113615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class C, 6.32% due 5/15/2028 | 206401 | 207241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C, 6.51% due 8/15/2028 | 751788 | 757296 |
|  | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 5.69% due 2/15/2030 | 469542 | 474137 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | 459705 | 459152 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | 153573 | 154033 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class D, 3.79% due 6/15/2028 | 160000 | 158839 |
|  | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | 436727 | 433377 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class F, 2.50% due 9/15/2026 | 105682 | 105545 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.76% due 5/17/2027 | 188055 | 188059 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class B, 6.78% due 10/15/2027 | 886876 | 889364 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A3, 5.44% due 4/17/2028 | 303183 | 304267 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | 648462 | 650741 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Series 2023-2 Class A2, 5.99% due 5/15/2028 | 1356865 | 1362443 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A Class D, 2.48% due 10/15/2027 | 673291 | 665984 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | 560183 | 557349 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 5.35% due 8/16/2027 | 159916 | 160095 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A Class A3, 5.96% due 10/16/2028 | 641853 | 647635 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.022% (SOFR30A + 2.65%) due 11/15/2027 | 1350000 | 1352018 |
|  | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 4.22% due 5/17/2027 | 127135 | 126970 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.97% due 10/15/2029 | 719189 | 718113 |
|  | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 8.31% due 10/16/2028 | 691826 | 692870 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 8.67% due 5/15/2029 | 1607100 | 1621914 |

---

See notes to financial statements. Annual Financial Statements \| 105

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A2, 6.44% due 3/20/2029 | $404924 | $407634 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A2, 5.80% due 7/20/2032 | 928776 | 936516 |
|  | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A, 3.63% due 9/14/2027 | 208909 | 208738 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 0.87% due 7/14/2028 | 139321 | 139010 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A1, 4.65% due 3/14/2029 | 535883 | 536345 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A, 5.41% due 11/14/2029 | 695000 | 701282 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIV LLC, Series 2022-1A Class A4, 2.82% due 4/10/2029 | 825159 | 817133 |
|  | &nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 6.33% due 4/16/2029 | 1363000 | 1378273 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.64% due 12/15/2027 | 191765 | 192588 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2, 4.87% due 12/15/2027 | 480000 | 481018 |
|  | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A, 7.13% due 1/26/2032 | 505945 | 506598 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | 1940545 | 1948855 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.575% due 6/26/2034 | 135000 | 135034 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2024-1A Class A, 7.09% due 6/25/2032 | 121010 | 121655 |
|  | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.51% due 3/20/2028 | 64958 | 65002 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.46% due 9/10/2029 | 491842 | 491279 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-C Class F, 14.592% due 12/15/2032 | 1145332 | 1176228 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class B, 4.42% due 11/15/2027 | 197544 | 197540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class A3, 5.93% due 7/17/2028 | 1308476 | 1313782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class B, 5.98% due 4/16/2029 | 915000 | 928807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class A2, 5.41% due 7/15/2027 | 62016 | 62038 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust, Series 2025-SF1 Class B, 5.12% due 3/17/2031 | 1602999 | 1605431 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2024-1A Class A3, 5.11% due 6/15/2029 | 304000 | 306568 |
|  | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class E, 7.79% due 8/16/2027 | 618479 | 598224 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class F, 9.80% due 7/16/2029 | 1250000 | 1063711 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 764704 | 709156 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 223536 | 216010 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | 169448 | 156173 |
|  | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 8.32% due 11/15/2028 | 979000 | 1000093 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.28% due 11/15/2027 | 656092 | 657664 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | 1446135 | 1447143 |
|  | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.12% due 1/15/2027 | 252256 | 251523 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class C, 4.85% due 9/15/2027 | 349466 | 349406 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 5.48% due 9/15/2027 | 1225000 | 1229653 |
|  |  |  | 52329945 |
|  | **HOME EQUITY — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Knock Issuer Trust, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 7.119% due 2/25/2030 | 500000 | 505312 |
|  |  |  | 505312 |
|  | **OTHER ASSET BACKED — 18.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X1 Class C, 6.57% due 5/15/2029 | 1650000 | 1655702 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A, 5.22% due 12/17/2029 | 360486 | 360792 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | 583069 | 584942 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class A, 1.90% due 7/17/2046 | 309028 | 288386 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2024-1A Class A2, 5.84% due 3/15/2027 | 516595 | 519008 |
|  | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class B, 1.67% due 10/17/2034 | 340607 | 335629 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B Class B, 4.84% due 6/18/2035 | 290851 | 290770 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class B, 5.93% due 10/17/2035 | 1375167 | 1378839 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CCG Receivables Trust, Series 2022-1 Class A2, 3.91% due 7/16/2029 | 11328 | 11325 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 168496 | 166726 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | 352928 | 353773 |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A, 6.35% due 4/21/2031 | $29343 | $29374 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A2, 4.91% due 2/20/2032 | 1300000 | 1310828 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | 1250000 | 1259173 |
|  | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A3, 5.65% due 9/22/2028 | 309774 | 310197 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A3, 5.93% due 4/23/2029 | 1095117 | 1101869 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | 328664 | 331024 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2019-1A Class B, 4.22% due 11/15/2034 | 286412 | 286114 |
|  | &nbsp;&nbsp;&nbsp;FREED ABS Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D, 3.35% due 3/19/2029 | 374149 | 373332 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3FP Class D, 7.36% due 8/20/2029 | 1292286 | 1293779 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.606% (SOFR90A + 2.25%) due 3/1/2027 | 161650 | 162046 |
|  | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A2, 5.25% due 10/27/2059 | 152653 | 153161 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 4.93% due 6/25/2060 | 2095287 | 2102396 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | 185986 | 187348 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 17011 | 16868 |
|  | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 5827 | 5820 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST2 Class A, 3.25% due 4/15/2028 | 6445 | 6440 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST3 Class A, 4.00% due 5/15/2028 | 18545 | 18537 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2022-1A Class D, 7.83% due 11/15/2029 | 948855 | 948855 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust, Series 2021-AA Class A, 1.86% due 3/20/2036 | 500000 | 489061 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 6.89% due 11/15/2032 | 531565 | 532504 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 7.20% due 4/15/2033 | 398665 | 400598 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.54% due 6/15/2033 | 69652 | 69700 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | 630970 | 634859 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.75% due 7/16/2035 | 524282 | 525336 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | 1850005 | 1861702 |
|  | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A, 7.78% due 12/20/2027 | 1631302 | 1633134 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 7.43% due 10/21/2030 | 128517 | 128871 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | 700000 | 702981 |
|  | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | 225148 | 221245 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | 1006468 | 990501 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C, 7.421% due 4/8/2031 | 850000 | 850976 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 5.01% due 2/8/2033 | 713000 | 714414 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10 Class ABC, 5.628% due 6/15/2032 | 1451464 | 1458018 |
|  | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 5992 | 5983 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HG1 Class B, 1.82% due 1/16/2029 | 612835 | 610055 |
|  | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | 420432 | 422001 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.66% due 7/15/2031 | 282917 | 284331 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027 | 1000000 | 994947 |
|  | &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 8.29% due 7/16/2029 | 2709627 | 2725518 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.12% due 8/15/2029 | 44060 | 44084 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | 2231556 | 2244044 |
|  | &nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.30% due 2/18/2031 | 294679 | 295267 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 5.88% due 7/15/2031 | 386874 | 389120 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.96% due 8/16/2032 | 141232 | 141647 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A, 4.93% due 8/18/2032 | 214984 | 215786 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | 1764586 | 1756881 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | 320823 | 320028 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 686253 | 673326 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2 Class A, 4.82% due 6/25/2034 | 1196203 | 1202467 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 156444 | 148898 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 2710000 | 2703381 |

---

See notes to financial statements. Annual Financial Statements \| 107

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | $2218394 | $2249925 |
|  | &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | 928165 | 928619 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 665481 | 667138 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031 | 602629 | 603627 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 10214 | 10188 |
|  | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class C, 3.28% due 7/20/2031 | 145447 | 144640 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B, 4.48% due 3/20/2032 | 167837 | 167709 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 640880 | 646506 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | 431591 | 433407 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 165371 | 165857 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 556235 | 558687 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.22% due 6/20/2035 | 400000 | 402400 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-4A Class B, 8.54% due 11/15/2030 | 84621 | 84859 |
|  |  |  | 49298279 |
|  | **STUDENT LOAN — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust, Series 2020-A Class A2FX, 1.40% due 11/25/2050 | 308313 | 287546 |
|  | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1 Class A5, 4.622% (TSFR1M + 0.46%) due 3/25/2033 | 561828 | 555893 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-4 Class A4, 4.582% (TSFR1M + 0.42%) due 5/25/2032 | 74168 | 73762 |
|  | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BA Class A2A, 3.61% due 12/15/2059 | 194442 | 193581 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BA Class A2B, 4.985% (TSFR1M + 0.83%) due 12/15/2059 | 8228 | 8218 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-FA Class A2, 2.60% due 8/15/2068 | 329726 | 318283 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 5.245% (TSFR1M + 1.09%) due 12/15/2059 | 328448 | 327938 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-2A Class A, 5.271% (SOFR30A + 0.91%) due 12/26/2033 | 38967 | 38864 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A Class A2, 5.071% (SOFR30A + 0.71%) due 2/27/2051 | 9092 | 9074 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 4.94% (TSFR1M + 0.80%) due 4/20/2062 | 81008 | 80668 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.522% (TSFR1M + 1.36%) due 7/25/2051 | 31182 | 31357 |
|  | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4 Class A, 5.021% (SOFR30A + 0.66%) due 6/25/2043 | 15224 | 15034 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 5.121% (SOFR30A + 0.76%) due 6/26/2028 | 98230 | 97993 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 5.015% (TSFR1M + 0.86%) due 10/15/2035 | 189247 | 189047 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B Class A2B, 4.985% (TSFR1M + 0.83%) due 1/15/2037 | 181328 | 180742 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C Class A2B, 5.015% (TSFR1M + 0.86%) due 11/15/2035 | 46069 | 45924 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 4.95% (TSFR1M + 0.81%) due 11/20/2061 | 50041 | 49989 |
|  |  |  | 2503913 |
|  | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $104,828,340) |  | 104637449 |
|  | **CORPORATE BONDS — 41.1%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 1.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.806% (SOFR + 0.62%) due 12/11/2026 | 569000 | 569461 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;504535 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1007060 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.45% due 9/11/2027 | 750000 | 751845 |
|  |  |  | 2832901 |
|  | **BANKS — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.4%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Bank of New York Mellon, 4.587% (SOFR + 0.69%) due 4/20/2027 | 1000000 | 1002910 |
|  |  |  | 1002910 |
|  | **CAPITAL GOODS — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Systems Corp., 7.875% due 3/1/2026 | 1250000 | 1263875 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.4%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | $1250000 | **VALUE**<br>$1255500 |
|  |  |  | 2519375 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.5%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | 1250000 | 1265237 |
|  |  |  | 1265237 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc., 2.375% due 1/14/2026 | 1775000 | 1760019 |
|  |  |  | 1760019 |
|  | **CONSUMER DURABLES & APPAREL — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25% due 6/15/2026 | 1750000 | 1730155 |
|  |  |  | 1730155 |
|  | **CONSUMER SERVICES — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp., 4.75% due 2/15/2026 | 2000000 | 2002820 |
|  |  |  | 2002820 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;7-Eleven, Inc., 0.95% due 2/10/2026 | 2250000 | 2220818 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.25% due 3/15/2026 | 940000 | 934341 |
|  |  |  | 3155159 |
|  | **ENERGY — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP, 5.95% due 6/1/2026 | 1250000 | 1257988 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.625% due 5/1/2027 | 1000000 | 1000220 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 2.60% due 10/15/2025 | 2321000 | 2315476 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Gulfstream Natural Gas System LLC, 6.19% due 11/1/2025 | 1750000 | 1750840 |
|  | &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | 1000000 | 1002730 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 12/15/2026 | 500000 | 500840 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.65% due 10/15/2025 | 1500000 | 1500000 |
|  |  |  | 9328094 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., 1.60% due 4/15/2026 | 1250000 | 1232362 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., 4.67% due 10/21/2025 | 2500000 | 2493625 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 1100000 | 1067883 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.884% due 7/15/2050 | 350000 | 347345 |
|  |  |  | 5141215 |
|  | **FINANCIAL SERVICES — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 3.40% due 7/15/2026 | 750000 | 742965 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 4.75% due 12/15/2025 | 1250000 | 1246588 |
|  | &nbsp;&nbsp;&nbsp;FS KKR Capital Corp., 3.40% due 1/15/2026 | 1000000 | 995530 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | 1500000 | 1473555 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | 1000000 | 998850 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., 3.00% due 7/14/2026 | 637000 | 628674 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 3.95% due 7/15/2026 | 1000000 | 993060 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;VW Credit, Inc., 4.75% due 10/1/2025 | 1500000 | 1500000 |
|  |  |  | 8579222 |
|  | **FOOD, BEVERAGE & TOBACCO — 3.2%** |  |  |

---

See notes to financial statements. Annual Financial Statements \| 109

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 1.5%** | | |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 2.75% due 7/15/2026 | $1000000 | $986530 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 3.70% due 12/6/2026 | 1250000 | 1243688 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., 4.831% (SOFR + 0.58%) due 11/15/2026 | 1750000 | 1749492 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands, Inc., 5.30% due 10/1/2026 | 500000 | 504925 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 4.40% due 2/14/2026 | 1500000 | 1498725 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;BAT International Finance plc, 1.668% due 3/25/2026 | 2250000 | 2221785 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 3.50% due 7/26/2026 | 438000 | 434763 |
|  |  |  | 8639908 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.25% due 6/15/2026 | 1700000 | 1702890 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 1500000 | 1470990 |
|  |  |  | 3173880 |
|  | **INSURANCE — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 2.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 1.30% due 7/12/2026 | 1000000 | 978780 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;F&G Global Funding, 1.75% due 6/30/2026 | 1153000 | 1130182 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 1.625% due 1/15/2026 | 2000000 | 1983260 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 4.50% due 12/1/2025 | 1980000 | 1978574 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., 4.967% (SOFRINDX + 0.70%) due 11/8/2027 | 751000 | 753313 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | 850000 | 851369 |
|  |  |  | 7675478 |
|  | **MATERIALS — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., 4.875% due 3/15/2026 | 1325000 | 1323927 |
|  | &nbsp;&nbsp;&nbsp;Berry Global, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.57% due 1/15/2026 | 750000 | 743535 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 7/15/2026 | 1750000 | 1749912 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | 1000000 | 983510 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | 1250000 | 1211300 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 2000000 | 1965140 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co., 4.45% due 9/1/2026 | 1000000 | 1001640 |
|  |  |  | 8978964 |
|  | **MEDIA & ENTERTAINMENT — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.125% due 9/1/2026 | 975000 | 962588 |
|  |  |  | 962588 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | 850000 | 853842 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | 1750000 | 1748215 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc., 2.875% due 7/15/2026 | 1250000 | 1230075 |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | 750000 | 721672 |
|  |  |  | 4553804 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 1250000 | 1229088 |
|  |  |  | 1229088 |
|  | **SOFTWARE & SERVICES — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | 1000000 | 979450 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.8%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund <sup>\|</sup> September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc., Series 2020-3 Class D, 3.40% due 9/15/2026 | $1355000 | $1331355 |
|  | &nbsp;&nbsp;&nbsp;CA, Inc., 4.70% due 3/15/2027 | 1188000 | 1196875 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 5.25% due 5/15/2026 | 1000000 | 1000480 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc., 1.15% due 3/1/2026 | 1242000 | 1226189 |
|  |  |  | 5734349 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Avnet, Inc., 4.625% due 4/15/2026 | 1045000 | 1044927 |
|  | &nbsp;&nbsp;&nbsp;Hubbell, Inc., 3.35% due 3/1/2026 | 1248000 | 1242584 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 6.02% due 6/15/2026 | 300000 | 302238 |
|  |  |  | 2589749 |
|  | **TELECOMMUNICATION SERVICES — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.4%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;NBN Co. Ltd., 1.45% due 5/5/2026 | 1000000 | 983710 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 2.25% due 2/15/2026 | 2000000 | 1984260 |
|  |  |  | 2967970 |
|  | **TRANSPORTATION — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.227% due 5/14/2026 | 708627 | 702937 |
|  | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75% due 5/24/2026 | 1250000 | 1259375 |
|  |  |  | 1962312 |
|  | **UTILITIES — 8.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 7.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp., 1.375% due 1/15/2026 | 1665000 | 1649349 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 715000 | 704439 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., Series N, 1.00% due 11/1/2025 | 1742000 | 1736635 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., Series A, 1.45% due 4/15/2026 | 945000 | 930901 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Edison International, 4.931% due 10/9/2025 | 1000000 | 998929 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Electricite de France SA, 3.625% due 10/13/2025 | 2479000 | 2477860 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Enel Americas SA, 4.00% due 10/25/2026 | 530000 | 528993 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Enel Finance International NV, 7.05% due 10/14/2025 | 1000000 | 1001090 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 4.522% due 10/14/2025 | 2500000 | 2495983 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | 2250000 | 2258122 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | 750000 | 740347 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.00% due 12/2/2025 | 1290000 | 1282647 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Southern Co., Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | 1000000 | 996360 |
|  | &nbsp;&nbsp;&nbsp;Southern Power Co., 0.90% due 1/15/2026 | 1000000 | 990080 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | 1000000 | 996230 |
|  | &nbsp;&nbsp;&nbsp;Spire, Inc., 5.30% due 3/1/2026 | 1000000 | 1003720 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania-American Water Co., 7.80% due 9/1/2026 | 1500000 | 1539645 |
|  |  |  | 22331330 |
|  | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $109,978,058) |  | 110116527 |
|  | **CONVERTIBLE BONDS — 0.6%** |  |  |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | 1500000 | 1468155 |
|  |  |  | 1468155 |
|  | &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $1,465,456) |  | 1468155 |

---

See notes to financial statements. Annual Financial Statements \| 111

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS — 6.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 1602257 | $16022573 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $16,022,573) |  | 16022573 |
|  | TOTAL INVESTMENTS — 98.3% (Cost $263,251,543) |  | $263195592 |
|  | OTHER ASSETS LESS LIABILITIES — 1.7% |  | 4493761 |
|  | NET ASSETS — 100.0% |  | $267689353 |

---

**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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $164,162,352, representing 61.33% 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 September 30, 2025. |

---

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

d Investment in Affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| ABS | Asset Backed Securities | SOFR | Secured Overnight Financing Rate |
| CMBS | Commercial Mortgage-Backed Securities | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| CMO | Collateralized Mortgage Obligation | SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| CMT | Constant Maturity Rate | SOFRINDX | Secured Overnight Financing Rate Index |
| DAC | Designated Activity Company | TSFR1M | Term SOFR 1 Month |
| Mtg | Mortgage | UMBS | Uniform Mortgage-Backed Securities |

---

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

Schedule of Investments

Thornburg Limited Term U.S. Government Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | |
|  | **U.S. TREASURY SECURITIES — 14.8%** |  | |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125% due 1/15/2030 - 1/15/2032 | $3854987 | |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.875% due 2/15/2032 | 2050000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 12/31/2029 - 8/15/2034 | 2583000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2034 | 1030000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/15/2035 | 1319000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 5/15/2034 | 1614000 | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 11/15/2033 | 850000 | |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 6.215% due 8/15/2034 | 1890000 | **VALUE**<br>$3581488<br>1818894<br>2565492<br>1027425<br>1331366<br>1651576<br>878953<br>1300741 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $13,848,325) |  | 14155935 |
|  | **U.S. GOVERNMENT AGENCIES — 7.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3.00% due 3/8/2032 | 715000 | 662026 |
|  | &nbsp;&nbsp;&nbsp;HNA Group LLC (Guaranty: Export-Import Bank of the United States), 2.291% due 6/30/2027 | 498763 | 485795 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 2.46% due 12/15/2025 | 125000 | 123696 |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.06% due 1/15/2026 | 175000 | 173460 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.512% due 1/15/2026 | 263750 | 262083 |
|  | &nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20D Class 1, 5.32% due 4/1/2027 | 25118 | 25360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20F Class 1, 5.71% due 6/1/2027 | 17478 | 17648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20I Class 1, 5.56% due 9/1/2027 | 53334 | 54009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20K Class 1, 5.51% due 11/1/2027 | 51808 | 52318 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-20G Class 1, 5.87% due 7/1/2028 | 112837 | 114759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20G Class 1, 3.74% due 7/1/2031 | 245172 | 243717 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20K Class 1, 2.87% due 11/1/2031 | 422749 | 411838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-20H Class 1, 2.88% due 8/1/2034 | 284808 | 273645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20B Class 1, 2.46% due 2/1/2035 | 275176 | 260053 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20G Class 1, 2.88% due 7/1/2035 | 579877 | 554165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20I Class 1, 2.82% due 9/1/2035 | 586385 | 557803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-20I Class 1, 2.59% due 9/1/2037 | 1331967 | 1241307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-20K Class 1, 2.79% due 11/1/2037 | 703063 | 662619 |
|  | &nbsp;&nbsp;&nbsp;Thirax 1 LLC (Guaranty: Export-Import Bank of the United States), 0.968% due 1/14/2033 | 962425 | 856337 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $7,384,250) |  | 7032638 |
|  | **MORTGAGE BACKED — 67.1%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Mtg Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A, 2.18% due 1/25/2051 | 3753752 | 3090065 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0049, 6.497% (H15T1Y + 2.15%) due 2/1/2046 | 751915 | 765343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool D98887, 3.50% due 1/1/2032 | 149351 | 147086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool E09025, 2.50% due 3/1/2028 | 15016 | 14778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool J37586, 3.50% due 9/1/2032 | 103163 | 101624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | 1896515 | 1502272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RE6119, 2.50% due 12/1/2051 | 1649864 | 1359984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SE9046, 3.00% due 12/1/2051 | 1881610 | 1660756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool T61943, 3.50% due 8/1/2045 | 75144 | 69617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool T65457, 3.00% due 1/1/2048 | 362756 | 323401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool WN2382, 4.34% due 6/1/2028 | 565000 | 567338 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 3922 Class PQ, 2.00% due 4/15/2041 | 23819 | 23422 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 4105 Class FG, 4.887% (SOFR30A + 0.51%) due 9/15/2042 | 402012 | 397592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class TC, 1.50% due 10/15/2027 | 120062 | 117368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class UE, 2.00% due 10/15/2027 | 172491 | 169127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 544971 | 537228 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5558 Class EV, 5.00% due 6/25/2036 | 491351 | 497413 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K095 Class A2, 2.785% due 6/25/2029 | 577000 | 554488 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KHG1 Class A3, 3.341% due 12/25/2027 | 292067 | 288524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KIR1 Class A2, 2.849% due 3/25/2026 | 196000 | 194548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | 216000 | 222055 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | 149000 | 155835 |

---

See notes to financial statements. Annual Financial Statements \| 113

**Schedule of Investments, Continued**

Thornburg Limited Term U.S. Government Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br> **AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | $379000 | $393062 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | 734726 | 691560 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class HT, 3.25% due 6/25/2057 | 2326094 | 2078249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class MT, 3.50% due 6/25/2057 | 524284 | 469235 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | 931251 | 873091 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | 493229 | 469525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class HA, 3.00% due 8/25/2057 | 669591 | 623295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class HA, 3.00% due 3/25/2058 | 872308 | 811475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class MA, 3.50% due 3/25/2058 | 559825 | 536597 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class MA, 3.50% due 8/26/2058 | 1428039 | 1359299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class MA, 3.50% due 10/25/2058 | 539507 | 515022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class MA, 3.00% due 2/25/2059 | 864473 | 795996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class MA, 2.50% due 8/25/2059 | 1247544 | 1159733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | 1237646 | 1125678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MA, 2.00% due 5/25/2060 | 409383 | 367999 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MT, 2.00% due 5/25/2060 | 557037 | 436659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 915744 | 790277 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RA6808, 3.00% due 2/1/2052 | 1821316 | 1610648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SB8010, 2.50% due 10/1/2034 | 393866 | 372191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SB8030, 2.00% due 12/1/2034 | 631228 | 584424 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SB8502, 2.00% due 8/1/2035 | 379008 | 352284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool ZS4730, 3.50% due 8/1/2047 | 654054 | 608950 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 182250 | 160900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 1A, 3.00% due 7/25/2046 | 682095 | 591526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 215441 | 191225 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 140031 | 123950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 1238048 | 1074706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 2A, 3.50% due 12/25/2046 | 430589 | 381874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 267023 | 229477 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 117516 | 103595 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool 895572, 6.445% (RFUCCT1Y + 1.82%) due 6/1/2036 | 44586 | 45333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BF0130, 3.50% due 8/1/2056 | 283104 | 259406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BF0144, 3.50% due 10/1/2056 | 404405 | 375239 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 3.37% (5-Yr. CMT + 1.15%) due 6/1/2046 | 1197526 | 1163586 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6885, 1.606% (2.20% - SOFR30A) due 12/1/2051 | 418421 | 392167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6983, 3.00% due 3/1/2052 | 964938 | 837353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056, 3.85% due 8/1/2032 | 290000 | 278858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BZ4611, 5.425% due 11/1/2032 | 499745 | 515607 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.525% (2.20% - SOFR30A) due 11/1/2051 | 445083 | 418116 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMBS, Series 2018-SB47 Class A5H, 5.169% (SOFR30A + 0.81%) due 1/25/2038 | 250449 | 249199 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2009-17 Class AH, 0.484% due 3/25/2039 | 163864 | 133720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-70 Class CA, 3.00% due 8/25/2026 | 151820 | 150508 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-81 Class FW, 4.771% (SOFR30A + 0.41%) due 1/25/2043 | 660023 | 652701 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-92 Class FA, 5.021% (SOFR30A + 0.66%) due 9/25/2043 | 479975 | 478348 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | 477409 | 488813 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | 465776 | 460844 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 365000 | 353475 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 987310 | 967133 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AE0704, 4.00% due 1/1/2026 | 7344 | 7317 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AJ1752, 3.50% due 9/1/2026 | 58109 | 57754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AL6582, 3.50% due 4/1/2030 | 204610 | 202433 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AL9445, 3.00% due 7/1/2031 | 6270 | 6140 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AS9749, 4.00% due 6/1/2047 | 242247 | 232288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AU2669, 2.50% due 10/1/2028 | 196992 | 192937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM4864, 3.50% due 5/1/2033 | 451793 | 445689 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA0942, 2.50% due 12/1/2032 | 492351 | 471893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA4102, 3.50% due 8/1/2029 | 246596 | 244433 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term U.S. Government Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA5271, 2.50% due 3/1/2035 | $703944 | $666961 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA5282, 3.00% due 3/1/2035 | 1480014 | 1429301 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM1523, 2.50% due 8/1/2029 | 196187 | 192349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM2831, 2.50% due 5/1/2032 | 758981 | 734348 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM3494, 2.50% due 4/1/2048 | 322418 | 278923 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM4936, 2.00% due 12/1/2035 | 1013653 | 940777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM5458, 1.50% due 12/1/2035 | 1022031 | 916792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS0916, 3.00% due 3/1/2052 | 2360107 | 2074089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | 5144543 | 4535157 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6212, 1.50% due 5/1/2032 | 260734 | 246765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA2353, 3.00% due 8/1/2035 | 461285 | 440428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA3465, 4.00% due 9/1/2038 | 275594 | 270462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA3681, 3.00% due 6/1/2034 | 207389 | 200266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA3896, 2.50% due 1/1/2035 | 68141 | 64237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4390, 2.00% due 7/1/2031 | 2066800 | 1979903 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool 894205, 4.625% (H15T1Y + 1.50%) due 8/20/2039 | 73398 | 74065 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA0100, 5.625% (H15T1Y + 1.50%) due 5/20/2042 | 112336 | 114741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA0907, 2.00% due 4/20/2028 | 181560 | 177268 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-147 Class B, 2.20% due 10/16/2063 | 1250000 | 896458 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-104 Class AD, 4.00% due 1/16/2065 | 411995 | 392872 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H04 Class HA, 2.25% due 7/20/2065 | 129251 | 122458 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-186 Class VA, 3.00% due 2/20/2031 | 1051643 | 1043353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-110 Class L, 1.00% due 6/20/2051 | 395208 | 357382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 348715 | 349221 |
|  | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 1513156 | 1395850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 1513156 | 1385357 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $67,686,294) |  | 64003439 |
|  | **CORPORATE BONDS — 2.8%** |  |  |
|  | **UTILITIES — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 2.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Caledonia Generating LLC, 1.95% due 2/28/2034 | 3079407 | 2737016 |
|  |  |  | 2737016 |
|  | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $3,004,855) |  | 2737016 |
|  | **SHORT-TERM INVESTMENTS — 3.6%** |  |  |
|  | **MUTUAL FUND — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 119199 | 119199 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND (Cost $119,199) |  | 119199 |
|  | **U.S. TREASURY SECURITIES — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.076% due 10/14/2025 | 300000 | 299565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.079% due 10/9/2025 | 1000000 | 999108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.083% due 10/21/2025 | 1000000 | 997770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.118% due 10/28/2025 | 1000000 | 996963 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $3,293,406) |  | 3293406 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $3,412,605) |  | 3412605 |
|  | TOTAL INVESTMENTS — 95.7% (Cost $95,336,329) |  | $91341633 |
|  | OTHER ASSETS LESS LIABILITIES — 4.3% |  | 4066680 |
|  | NET ASSETS — 100.0% |  | $95408313 |

---

See notes to financial statements. Annual Financial Statements \| 115

**Schedule of Investments, Continued**

Thornburg Limited Term U.S. Government Fund \| September 30, 2025

**Footnote Legend**

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

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $5,827,081, representing 6.11% of the Fund's net assets. |

---

c 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 September 30, 2025.

d Rate represents the money market fund annualized seven-day yield at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| CMBS | Commercial Mortgage-Backed Securities | REMIC | Real Estate Mortgage Investment Conduit |
| CMO | Collateralized Mortgage Obligation | RFUCCT1Y | Refinitiv USD Interbank Offered Rate Consumer Cash Fallbacks Term 1 Year |
| CMT | Constant Maturity Rate | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year | UMBS | Uniform Mortgage-Backed Securities |
| Mtg | Mortgage |  |  |

---

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

Schedule of Investments

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | **U.S. TREASURY SECURITIES — 6.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125% due 1/15/2031 - 1/15/2032 | $186774848 | $174240427 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 1/15/2034 | 30475520 | 30621945 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 8/15/2032 | 48263000 | 44869508 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% due 2/15/2033 | 10595000 | 10287083 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 6/30/2030 | 26800000 | 26965406 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/31/2030 - 6/30/2032 | 48195000 | 48517501 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 5/31/2032 | 5000000 | 5064062 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/15/2035 | 29032000 | 29304175 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 12/31/2029 | 25000000 | 25650391 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $380,150,336) |  | 395520498 |
| |  |  |  |
| | **U.S. GOVERNMENT AGENCIES — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3.00% due 3/8/2032 | 19285000 | 17856174 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 6000000 | 6107880 |
| | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% due 1/15/2026 | 75000 | 74340 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.512% due 1/15/2026 | 325000 | 322946 |
| | &nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-20D Class 1, 5.37% due 4/1/2028 | 131407 | 133181 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20E Class 1, 4.43% due 5/1/2029 | 80049 | 80330 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20K Class 1, 4.09% due 11/1/2029 | 679000 | 679373 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20E Class 1, 3.79% due 5/1/2031 | 903556 | 899702 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20F Class 1, 3.67% due 6/1/2031 | 196131 | 194821 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20G Class 1, 3.74% due 7/1/2031 | 980686 | 974867 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20I Class 1, 2.85% due 9/1/2031 | 1914220 | 1858291 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20K Class 1, 2.87% due 11/1/2031 | 1645552 | 1603081 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20D Class 1, 2.67% due 4/1/2032 | 1375729 | 1325585 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20J Class 1, 2.18% due 10/1/2032 | 1109257 | 1046110 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20K Class 1, 2.09% due 11/1/2032 | 838551 | 799512 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $33,859,157) |  | 33956193 |
| |  |  |  |
| | **OTHER GOVERNMENT — 0.4%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Bermuda Government International Bonds, 2.375% due 8/20/2030 | 6800000 | 6179432 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Eagle Funding Luxco SARL, 5.50% due 8/17/2030 | 5000000 | 5075850 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mexico Government International Bonds, 5.375% due 3/22/2033 | 5000000 | 4998700 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Saudi Government International Bonds, 5.125% due 1/13/2028 | 11200000 | 11432400 |
| | &nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $27,952,729) |  | 27686382 |
| |  |  |  |
| | **MORTGAGE BACKED — 38.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-F Class A1, 2.86% due 7/25/2059 | 3539139 | 3445764 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | 9276473 | 9032001 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | 6310741 | 6150474 |
| | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 5.00% due 1/26/2065 | 3491272 | 3477767 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 4.75% due 9/26/2067 | 11451421 | 11393910 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A1, 4.65% due 10/25/2067 | 4098527 | 4077528 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 5.822% (SOFR30A + 1.45%) due 1/15/2037 | 8137245 | 8137242 |
| | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | 2395464 | 2334142 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A3, 4.208% due 1/25/2049 | 1253646 | 1230763 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1, 3.347% due 4/25/2049 | 1101792 | 1062262 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | 2760416 | 2640615 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6518000 | 6062311 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3, 3.328% due 3/25/2055 | 4500000 | 4122882 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3189000 | 2908803 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1R Class A1, 1.175% due 10/25/2048 | 5536585 | 4767042 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class M1, 3.65% due 12/25/2056 | 7338000 | 5913446 |

---

See notes to financial statements. Annual Financial Statements \| 117

**Schedule of Investments, Continued** 

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;ATLX Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 3.85% due 4/25/2064 | $11187405 | $10844641 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | 7197913 | 6924055 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.147% due 10/5/2038 | 4250000 | 4469695 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | 18140752 | 17883437 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.253% due 2/25/2055 | 3285000 | 3198018 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 6.08% due 6/13/2047 | 14750000 | 15189008 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 4800000 | 4410153 |
| | &nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH1 Class M3, 3.75% due 4/25/2045 | 1408940 | 1309090 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 1790038 | 1655381 |
| | &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.007% due 1/25/2067 | 11119956 | 10732213 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class M1, 4.609% due 3/25/2067 | 14163000 | 13137744 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | 4097448 | 4106943 |
| | &nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | 565925 | 529387 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R1 Class A1, 4.75% due 6/25/2064 | 10428104 | 10388240 |
| | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-HYB2 Class B1, 6.369% due 3/25/2034 | 35834 | 15623 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-A Class A, 4.00% due 1/25/2035 | 347697 | 339766 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-J1 Class B4, 3.638% due 6/25/2044 | 1489969 | 1230186 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 29237549 | 26185630 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 6575000 | 6928284 |
| | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SPT1 Class A3, 3.734% due 4/25/2065 | 4241799 | 4191487 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 0.83% due 3/25/2056 | 6698379 | 5622013 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 8479876 | 7286333 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class A1, 1.841% due 10/25/2066 | 1794082 | 1636369 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 9153547 | 9115270 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.265% due 11/25/2066 | 10786666 | 9855726 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 7895000 | 7228792 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 1814963 | 1727747 |
| | &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1, 2.739% due 11/25/2059 | 1687848 | 1636500 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.206% due 1/25/2067 | 15210952 | 13383535 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.694% due 10/1/2053 | 6890280 | 6692666 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0322, 6.147% (H15T1Y + 2.07%) due 2/1/2048 | 1781368 | 1831430 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 760025, 3.702% (5-Yr. CMT + 1.31%) due 10/1/2047 | 2883539 | 2815740 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841097, 3.256% (5-Yr. CMT + 1.30%) due 9/1/2048 | 4132213 | 4016411 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841362, 1.705% (2.15% - SOFR30A) due 2/1/2052 | 5559562 | 5207990 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841377, 1.942% (2.24% - SOFR30A) due 4/1/2052 | 5751575 | 5397410 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841463, 2.158% (2.18% - SOFR30A) due 7/1/2052 | 13044263 | 11824104 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool D98887, 3.50% due 1/1/2032 | 499954 | 492370 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool G16710, 3.00% due 11/1/2030 | 141375 | 138823 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | 23987120 | 19000738 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SE9046, 3.00% due 12/1/2051 | 20219904 | 17846600 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN1497, 4.75% due 1/1/2030 | 21000000 | 21242268 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN2382, 4.34% due 6/1/2028 | 11295000 | 11341734 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3195 Class PD, 6.50% due 7/15/2036 | 112529 | 116201 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3922 Class PQ, 2.00% due 4/15/2041 | 35729 | 35133 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class TC, 1.50% due 10/15/2027 | 155901 | 152403 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5461 Class PA, 4.50% due 8/25/2054 | 20934494 | 20583939 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5462 Class P, 4.50% due 10/25/2054 | 13135626 | 12940057 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 12794970 | 12613186 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.756% (SOFR30A + 1.40%) due 2/25/2055 | 13428754 | 13497579 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5552 Class PD, 5.00% due 9/25/2054 | 23350951 | 23470560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5558 Class EV, 5.00% due 6/25/2036 | 6043432 | 6117985 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5565 Class QA, 4.50% due 8/25/2055 | 15281083 | 15213016 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | 8741000 | 8986016 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | $5968000 | $6241756 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | 15306000 | 15873910 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1 Class HA, 3.00% due 1/25/2056 | 3520863 | 3325739 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | 6131440 | 5771203 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class HT, 3.25% due 6/25/2057 | 6235320 | 5570948 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | 3701723 | 3470538 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | 7891669 | 7512407 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class HA, 3.00% due 8/25/2057 | 9642112 | 8975453 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class MA, 3.50% due 8/25/2057 | 6014535 | 5744026 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class HA, 3.00% due 3/25/2058 | 8578961 | 7980675 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class MA, 3.50% due 7/25/2058 | 15975013 | 15247838 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class MA, 3.50% due 8/26/2058 | 17106185 | 16282763 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class MA, 3.50% due 10/25/2058 | 7615684 | 7270044 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class MA, 3.00% due 2/25/2059 | 13337309 | 12280839 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class MA, 2.50% due 8/25/2059 | 2144003 | 1993093 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | 16351928 | 14872597 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MA, 2.00% due 5/25/2060 | 9419894 | 8467645 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MT, 2.00% due 5/25/2060 | 3225246 | 2528253 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 13439127 | 11597817 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | 7331816 | 6100738 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | 6659443 | 5736970 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA6808, 3.00% due 2/1/2052 | 10064594 | 8900440 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA7021, 2.50% due 3/1/2052 | 20310664 | 17197675 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA7373, 3.00% due 5/1/2052 | 4954551 | 4381234 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1374, 3.00% due 3/1/2052 | 13032622 | 11453655 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1852, 2.50% due 6/1/2051 | 39765851 | 33549096 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | 43347492 | 36703679 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD5171, 2.50% due 1/1/2054 | 14833854 | 12560288 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD5345, 2.50% due 4/1/2052 | 20604573 | 17541450 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD6509, 6.00% due 8/1/2054 | 16354446 | 16758247 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | 23841167 | 19376713 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8189, 2.50% due 1/1/2052 | 12500304 | 10582724 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 10836371 | 9548992 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8367, 5.50% due 10/1/2053 | 5806257 | 5871917 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 825857 | 733031 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 7476778 | 6490329 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 448031 | 394957 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4523, 2.812% (5-Yr. CMT + 1.15%) due 4/1/2047 | 4466164 | 4322387 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 3.37% (5-Yr. CMT + 1.15%) due 6/1/2046 | 8375757 | 8138375 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6929, 1.928% (2.13% - SOFR30A) due 7/1/2051 | 3914741 | 3735857 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM7067, 2.50% due 6/1/2051 | 3031904 | 2522289 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM7629, 1.50% due 9/1/2036 | 11429077 | 10143111 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BO9998, 2.736% (H15T1Y + 2.03%) due 3/1/2048 | 3381573 | 3352280 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056, 3.85% due 8/1/2032 | 8922000 | 8579211 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BU9934, 1.839% (2.37% - SOFR30A) due 2/1/2052 | 8183220 | 7377977 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3061, 5.26% due 2/1/2030 | 18830000 | 19388110 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3689, 4.82% due 4/1/2030 | 22990000 | 23369437 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3998, 4.88% due 6/1/2030 | 11823000 | 12030217 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ4611, 5.425% due 11/1/2032 | 333830 | 344426 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.525% (2.20% - SOFR30A) due 11/1/2051 | 4484048 | 4212364 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-17 Class AH, 0.484% due 3/25/2039 | 273107 | 222867 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-129 Class LA, 3.50% due 12/25/2042 | 1031022 | 968683 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-81 Class FW, 4.771% (SOFR30A + 0.41%) due 1/25/2043 | 2398171 | 2371567 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | 10004862 | 10243863 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | 14428714 | 14275938 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 19330000 | 18719670 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17771575 | 17408401 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |

---

See notes to financial statements. Annual Financial Statements \| 119

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AE0704, 4.00% due 1/1/2026 | $19101 | $19032 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS9749, 4.00% due 6/1/2047 | 6956 | 6670 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM4324, 3.50% due 7/1/2033 | 1432506 | 1409835 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BP9550, 2.50% due 7/1/2035 | 5745 | 5451 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BP9589, 2.50% due 8/1/2035 | 461029 | 437459 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | 27217607 | 23918609 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB3050, 2.50% due 3/1/2052 | 17568601 | 14875884 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS5447, 2.50% due 9/1/2052 | 2479821 | 2104018 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | 17106312 | 14484450 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | 111139501 | 97974690 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6212, 1.50% due 5/1/2032 | 1650216 | 1561801 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7577, 2.50% due 1/1/2054 | 20700057 | 17527387 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7757, 2.50% due 2/1/2052 | 18184437 | 15345768 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | 14708669 | 12401710 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA3465, 4.00% due 9/1/2038 | 2471526 | 2425504 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4390, 2.00% due 7/1/2031 | 764716 | 732564 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5138, 5.50% due 9/1/2053 | 4101964 | 4140995 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5139, 6.00% due 9/1/2053 | 3348160 | 3430131 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 878885 | 817812 |
| | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM3 Class A1, 3.686% due 11/25/2059 | 2111049 | 2064426 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 5556880 | 5312816 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 12408632 | 11609355 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 10104697 | 8376125 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | 14209055 | 12711993 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | 61579374 | 55062853 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 102228272 | 91336204 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065 | 22669417 | 21617182 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | 5983561 | 4647653 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-110 Class L, 1.00% due 6/20/2051 | 14000826 | 12660804 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 14944912 | 14966612 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 5.285% (TSFR1M + 1.13%) due 7/15/2039 | 1056776 | 1056197 |
| | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ2 Class B3, 3.546% due 7/25/2050 | 4810810 | 4211208 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | 8549430 | 8563377 |
| | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | 3156295 | 3167314 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 4480757 | 4367773 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | 3635001 | 3546196 |
| | &nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | 13731211 | 14070288 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | 3604138 | 3638080 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A3, 3.196% due 5/25/2065 | 952100 | 939608 |
| | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 4449323 | 4432509 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039 | 9700000 | 9736277 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | 5870000 | 5497240 |
| | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | 13205992 | 11281272 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 17000203 | 14740361 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.493% due 2/25/2067 | 28796172 | 26182899 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 3.638% due 3/25/2067 | 18378054 | 17506919 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 21832645 | 21745296 |
| | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3 Class B4, 6.375% due 9/25/2044 | 1676158 | 1678461 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class B2, 3.706% due 9/25/2048 | 2116545 | 1930043 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class B2, 3.896% due 12/25/2048 | 860139 | 793142 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5 Class B3, 4.446% due 11/25/2049 | 7106093 | 6735776 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HYB1 Class B3, 4.946% due 10/25/2049 | 5027237 | 5017289 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV2 Class B3A, 3.71% due 2/25/2050 | 8549747 | 7605314 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | 29724538 | 24517373 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 11163581 | 9892959 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class A6A, 2.50% due 8/25/2052 | $23712778 | $21855278 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | 7150223 | 7118536 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CCM1 Class A4, 5.50% due 6/25/2055 | 14177544 | 14329497 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033 | 3740000 | 3764691 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 3697000 | 3522840 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.123% due 8/25/2034 | 73230 | 69349 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 564537 | 560065 |
| | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A1, 1.381% due 4/25/2065 | 2822129 | 2745546 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A1, 1.014% due 1/26/2065 | 1523681 | 1431945 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AEI1 Class A4, 2.50% due 8/25/2051 | 14129996 | 12287258 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 1213513 | 1156008 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 17573782 | 15714118 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 14984939 | 14875912 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4995000 | 4655080 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A3, 4.20% due 12/25/2066 | 13129000 | 12032123 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | 4923814 | 4986844 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | 8787040 | 8548161 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067 | 10812018 | 10812127 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | 5011639 | 4763963 |
| | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | 161407 | 160614 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 7795331 | 8220851 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 4.00% due 6/25/2064 | 13613548 | 13319552 |
| | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A Class A3, 4.00% due 3/25/2057 | 2089233 | 2053771 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A Class A1, 4.00% due 4/25/2057 | 2510179 | 2426808 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1, 4.00% due 5/25/2057 | 2842428 | 2728846 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1, 5.772% (TSFR1M + 1.61%) due 6/25/2057 | 179991 | 182211 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A Class A1, 4.00% due 8/27/2057 | 1217303 | 1191380 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 1483013 | 1445030 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A Class A1, 4.50% due 2/25/2058 | 2449127 | 2415673 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 1520303 | 1482834 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 32824740 | 31091753 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | 22056237 | 20977505 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 7600000 | 7657363 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 4900000 | 4235945 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | 8675000 | 8763537 |
| | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 21491853 | 18198354 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | 3385216 | 3412263 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 18455652 | 16982975 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 3090195 | 2989424 |
| | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 24002403 | 20188170 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC2 Class A1, 2.071% due 11/25/2056 | 13787120 | 12170577 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 9466045 | 9612700 |
| | &nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.50% due 5/25/2054 | 12054786 | 11860399 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL3 Class A1, 3.25% due 4/25/2055 | 13948042 | 13552039 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4 Class A1, 3.00% due 5/25/2055 | 11116171 | 10519050 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 25646257 | 25356683 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | 7551188 | 7586777 |
| | &nbsp;&nbsp;&nbsp;RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 148871 | 150261 |
| | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 42561465 | 37889940 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J4 Class A5, 5.50% due 12/25/2054 | 16896393 | 16960600 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.473% due 2/25/2050 | 2874201 | 2577375 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | 7700000 | 7930695 |
| | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1C, 2.75% due 9/25/2029 | 12306916 | 11761577 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1C, 2.75% due 11/25/2029 | 1973879 | 1884024 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 17634356 | 16267271 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 28280445 | 25891927 |

---

See notes to financial statements. Annual Financial Statements \| 121

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class B4, 3.524% due 5/25/2043 | $716584 | $555750 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7 Class B4, 3.507% due 6/25/2043 | 408200 | 316746 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 6.00% due 9/25/2053 | 3269066 | 3319150 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.414% (TSFR1M + 1.26%) due 5/15/2038 | 10872000 | 10779617 |
| | &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1, 1.381% due 5/25/2065 | 6347465 | 5846537 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A2, 1.587% due 5/25/2065 | 1238223 | 1146082 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 1.895% due 5/25/2065 | 422743 | 394180 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1, 1.737% due 12/25/2061 | 12605797 | 10806817 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 686211 | 656844 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.739% (TSFR1M + 2.59%) due 4/15/2042 | 5848246 | 5834161 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 13752000 | 12215565 |
| | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class A1, 1.486% due 4/25/2065 | 1716589 | 1666060 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5 Class A1, 1.92% due 9/25/2066 | 18465708 | 15707405 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.979% due 3/25/2033 | 201545 | 204749 |
| | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1, 3.00% due 1/25/2058 | 82429 | 81678 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 4213515 | 4155863 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 2307388 | 2293607 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 17735518 | 15790669 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 18503234 | 18463051 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2021-R1 Class A1, 0.82% due 10/25/2063 | 2294497 | 2205835 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class M1, 3.26% due 11/25/2054 | 1415000 | 1374704 |
| | &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3, 3.201% due 3/25/2065 | 2801123 | 2788085 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1, 1.475% due 4/25/2065 | 5254423 | 5052815 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | 4050000 | 4056560 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.827% due 3/20/2045 | 830880 | 775075 |
| | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $2,417,824,448) |  | 2376761950 |
| |  |  |  |
| | **ASSET BACKED SECURITIES — 14.3%** |  |  |
| | &nbsp;&nbsp;**AUTO RECEIVABLES — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;ACM Auto Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 9.85% due 6/20/2030 | 2335565 | 2351810 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 11.40% due 1/21/2031 | 5031667 | 5062072 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.06% due 2/20/2029 | 1366332 | 1358839 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-1 Class C, 5.59% due 4/12/2029 | 398006 | 398156 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | 1090900 | 1095576 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028 | 6374474 | 6391037 |
| | &nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 1012153 | 1018800 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class A2, 5.542% due 10/27/2031 | 1941483 | 1954912 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 2634819 | 2651167 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 4242330 | 4306527 |
| | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-N1A Class E, 5.20% due 7/15/2027 | 4118225 | 4117132 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class A2, 3.21% due 12/11/2028 | 13253302 | 13146703 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class A, 6.42% due 1/10/2028 | 4199196 | 4210774 |
| | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 2.84% due 4/16/2029 | 715055 | 709408 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class C, 5.28% due 4/15/2030 | 410549 | 410571 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D Class B, 6.78% due 3/15/2028 | 8437576 | 8456144 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class B, 6.04% due 10/16/2028 | 4470000 | 4498956 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C Class A, 5.88% due 2/15/2028 | 2930417 | 2938173 |
| | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | 13556838 | 13557905 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 5.30% due 9/15/2027 | 108811 | 108838 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | 1676626 | 1690098 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5A Class C, 6.51% due 12/15/2027 | 486865 | 487512 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C, 6.51% due 8/15/2028 | $4682698 | $4717009 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A Class A2, 4.94% due 11/15/2030 | 4079881 | 4074972 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028 | 1114668 | 1119438 |
| | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class E, 3.84% due 7/17/2028 | 5858000 | 5799843 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | 2703546 | 2682811 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.76% due 5/17/2027 | 774788 | 774803 |
| | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A Class D, 2.48% due 10/15/2027 | 14794271 | 14633725 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | 8490890 | 8530267 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.022% (SOFR30A + 2.65%) due 11/15/2027 | 20088000 | 20118026 |
| | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 4.22% due 5/17/2027 | 1512903 | 1510947 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | 1601646 | 1622173 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.97% due 10/15/2029 | 5224908 | 5217089 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class B, 8.67% due 5/15/2029 | 7037492 | 7102361 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | 2417929 | 2420014 |
| | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A, 7.13% due 1/26/2032 | 6557831 | 6566283 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | 6650490 | 6678970 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.575% due 6/26/2034 | 11830000 | 11832985 |
| | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.51% due 3/20/2028 | 402738 | 403010 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.46% due 9/10/2029 | 11834952 | 11821408 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-C Class F, 14.592% due 12/15/2032 | 5182627 | 5322432 |
| | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2022-7 Class B, 5.95% due 1/17/2028 | 2359083 | 2365407 |
| | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 597859 | 554431 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 1303957 | 1260060 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | 1355586 | 1249382 |
| | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.28% due 11/15/2027 | 2788391 | 2795071 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | 8966035 | 8972289 |
| | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class C, 4.85% due 9/15/2027 | 858530 | 858384 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 5.48% due 9/15/2027 | 9520000 | 9556164 |
| |  |  | 231480864 |
| | &nbsp;&nbsp;**CREDIT CARD — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 | 8627000 | 8680436 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class A, 5.78% due 12/15/2032 | 10000000 | 10148399 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | 9800000 | 9875367 |
| |  |  | 28704202 |
| | &nbsp;&nbsp;**OTHER ASSET BACKED — 7.2%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;AFG ABS I LLC, Series 2023-1 Class A2, 6.30% due 9/16/2030 | 684443 | 684999 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | 2843077 | 2852210 |
| | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class A, 1.90% due 7/17/2046 | 5597272 | 5223401 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class C, 3.97% due 7/17/2046 | 4652660 | 4536420 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.54% due 7/17/2046 | 4964470 | 4586505 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | 939180 | 945952 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 750745 | 742859 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | 573835 | 575209 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | 6448000 | 6590910 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 7070000 | 7128889 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | 10075000 | 10148938 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 13300000 | 13303337 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | 1277681 | 1286854 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 36000000 | 34526023 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051 | 27894000 | 26539911 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 1481704 | 1337238 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | 8147242 | 8025390 |

---

See notes to financial statements. Annual Financial Statements \| 123

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class B, 4.22% due 11/15/2034 | $249179 | $248919 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 1.27% due 5/15/2041 | 7693755 | 7256155 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A, 2.19% due 1/15/2042 | 5253322 | 5014020 |
| | &nbsp;&nbsp;&nbsp;FREED ABS Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D, 3.35% due 3/19/2029 | 355442 | 354666 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3FP Class D, 7.36% due 8/20/2029 | 4386492 | 4391558 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4FP Class D, 7.40% due 12/18/2029 | 775102 | 776011 |
| | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 2761157 | 2696259 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 1973778 | 1973583 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 14305027 | 11791660 |
| | &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | 12589440 | 9622386 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | 16591646 | 13707320 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | 6904845 | 5858867 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.606% (SOFR90A + 2.25%) due 3/1/2027 | 1519512 | 1523234 |
| | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A2, 5.25% due 10/27/2059 | 1928978 | 1935392 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 4.93% due 6/25/2060 | 8880027 | 8910155 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | 2045842 | 2060831 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.687% (SOFR30A + 2.25%) due 12/25/2051 | 4533088 | 4557247 |
| | &nbsp;&nbsp;&nbsp;HERO Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1A Class A, 3.84% due 9/21/2040 | 1542461 | 1484072 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A Class A1, 3.28% due 9/20/2048 | 329062 | 304290 |
| | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-AA Class A, 2.34% due 7/25/2033 | 1474244 | 1461855 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class A, 2.74% due 2/25/2039 | 343399 | 337634 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | 1600929 | 1558414 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 8240533 | 7600583 |
| | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 76710 | 76612 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST3 Class A, 4.00% due 5/15/2028 | 413035 | 412838 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2021-1A Class C, 3.54% due 5/15/2029 | 457140 | 456741 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 18233792 | 15329126 |
| | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 6.89% due 11/15/2032 | 607502 | 608576 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 7.20% due 4/15/2033 | 10033599 | 10082247 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.54% due 6/15/2033 | 124213 | 124299 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.75% due 7/16/2035 | 7359654 | 7374459 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | 3649514 | 3672588 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 965236 | 985042 |
| | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A, 4.37% due 12/21/2043 | 772130 | 731784 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 2.10% due 4/20/2046 | 2576297 | 2296763 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | 5200000 | 5222147 |
| | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | 6549649 | 6445741 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C, 7.421% due 4/8/2031 | 1150000 | 1151320 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10 Class ABC, 5.628% due 6/15/2032 | 4122157 | 4140770 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 33289 | 33237 |
| | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | 5901775 | 5923801 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class C, 8.491% due 6/16/2031 | 2045237 | 2048290 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.66% due 7/15/2031 | 738044 | 741732 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027 | 1690000 | 1681460 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | 4089224 | 4186965 |
| | &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 8.29% due 7/16/2029 | 7598325 | 7642885 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.12% due 8/15/2029 | 132979 | 133049 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | 2586952 | 2601429 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class B, 7.33% due 2/18/2031 | $230890 | $231413 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 5.88% due 7/15/2031 | 2398618 | 2412545 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.96% due 8/16/2032 | 8332668 | 8357183 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A, 4.93% due 8/18/2032 | 6055393 | 6077996 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | 1351412 | 1348063 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 12300000 | 12301144 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 5969176 | 5856731 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2 Class A, 4.82% due 6/25/2034 | 2791140 | 2805757 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 9343978 | 8893271 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 12915000 | 12883454 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 2021-1A Class A2, 1.877% due 3/26/2046 | 7500000 | 7392986 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | 5500000 | 5523607 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sunnova Hestia I Issuer LLC, Series 2023-GRID1 Class 1A, 5.75% due 12/20/2050 | 8666068 | 8905731 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | 8824904 | 9128563 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 7354464 | 7449340 |
| | &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 | 5023228 | 5025686 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 5342862 | 5356167 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031 | 1928412 | 1931606 |
| | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 47496 | 47375 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST5 Class A, 2.00% due 7/20/2027 | 70650 | 70449 |
| | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B, 4.48% due 3/20/2032 | 1510535 | 1509381 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 2710923 | 2734722 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | 1504182 | 1510509 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 2993217 | 3002016 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 5864943 | 5890790 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.22% due 6/20/2035 | 7300000 | 7343806 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-4A Class B, 8.54% due 11/15/2030 | 1019678 | 1022554 |
| |  |  | 443576902 |
| | &nbsp;&nbsp;**STUDENT LOAN — 2.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | 7427844 | 7615359 |
| | &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A1, 5.537% (TSFR1M + 1.21%) due 7/25/2051 | 5452594 | 5476095 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2, 1.60% due 7/25/2051 | 1260924 | 1149406 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A1, 5.172% (TSFR1M + 1.01%) due 7/26/2055 | 9899242 | 9867497 |
| | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 18-CGS Class A1, 3.87% due 2/25/2046 | 1021119 | 991628 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | 6898001 | 6345116 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AGS Class A, 1.20% due 3/25/2052 | 7860265 | 6701167 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BGS Class A, 1.17% due 9/25/2051 | 7106643 | 6614180 |
| | &nbsp;&nbsp;&nbsp;MPOWER Education Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | 6358786 | 6648570 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | 9178844 | 9272327 |
| | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-D Class A2B, 5.315% (TSFR1M + 1.16%) due 12/15/2059 | 4761582 | 4760167 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 0.84% due 5/15/2069 | 1839829 | 1684524 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BA Class A, 4.16% due 10/15/2070 | 14868440 | 14622806 |
| | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1 Class A3, 4.981% (SOFR30A + 0.62%) due 6/25/2031 | 2598194 | 2568689 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BA Class A2B, 5.245% (TSFR1M + 1.09%) due 12/15/2059 | 597179 | 596252 |
| | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A Class A, 5.071% (SOFR30A + 0.71%) due 6/25/2041 | 1643149 | 1614165 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A Class A2, 5.071% (SOFR30A + 0.71%) due 9/25/2042 | 12564831 | 12268391 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A Class A2, 5.071% (SOFR30A + 0.71%) due 2/27/2051 | 456867 | 455981 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFL, 4.99% (TSFR1M + 0.85%) due 4/20/2062 | 6541069 | 6520404 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFX, 1.32% due 4/20/2062 | 4939518 | 4666947 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 4.94% (TSFR1M + 0.80%) due 4/20/2062 | 9243932 | 9205104 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.522% (TSFR1M + 1.36%) due 7/25/2051 | 873102 | 877998 |

---

See notes to financial statements. Annual Financial Statements \| 125

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2 Class A2, 5.671% (SOFR30A + 1.31%) due 10/25/2034 | $4689866 | $4720852 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 5.121% (SOFR30A + 0.76%) due 6/26/2028 | 16646251 | 16606031 |
| | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 5.015% (TSFR1M + 0.86%) due 10/15/2035 | 131152 | 131013 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PTB Class A2A, 1.60% due 9/15/2054 | 1606367 | 1520145 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class A1B, 4.865% (TSFR1M + 0.71%) due 3/17/2053 | 4026757 | 3990026 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-E Class A1B, 4.895% (TSFR1M + 0.74%) due 2/15/2051 | 11788034 | 11684210 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;SoFi Alternative Trust, Series 2019-C Class PT, 6.353% due 1/25/2045 | 9746853 | 9667035 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 4.95% (TSFR1M + 0.81%) due 11/20/2061 | 2084512 | 2082323 |
| |  |  | 170924408 |
| | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $888,302,505) |  | 874686376 |
| |  |  |  |
| | **CORPORATE BONDS — 33.1%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**AUTOMOBILES & COMPONENTS — 0.8%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Automobiles — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 9/1/2028 | 9883000 | 9905830 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.806% (SOFR + 0.62%) due 12/11/2026 | 13942000 | 13953293 |
| | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% due 10/15/2025 | 3353000 | 3349446 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 2/10/2027 | 1455000 | 1429625 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% due 3/25/2027 | 5000000 | 5040200 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 3/19/2027 | 2000000 | 2027580 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | 4100000 | 4128946 |
| | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% due 9/11/2027 | 2143000 | 2148272 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 3/27/2028 | 7926000 | 8033714 |
| |  |  | 50016906 |
| | &nbsp;&nbsp;**BANKS — 0.5%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Banks — 0.5%** |  |  |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026 | 7500000 | 7501875 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.016% (SOFR + 0.91%) due 1/12/2029 | 3740000 | 3808105 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 13033000 | 12671465 |
| | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 3.244% due 10/5/2026 | 4023000 | 3984339 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.808% (SOFR + 1.98%) due 7/25/2028 | 3448000 | 3489445 |
| |  |  | 31455229 |
| | &nbsp;&nbsp;**CAPITAL GOODS — 0.2%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Northrop Grumman Systems Corp., 7.875% due 3/1/2026 | 2989000 | 3022178 |
| **** | &nbsp;&nbsp;&nbsp;**Machinery — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | 7849000 | 7883536 |
| |  |  | 10905714 |
| | &nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 0.7%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.643% due 3/13/2027 | 4400000 | 4482412 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.271% due 6/26/2026 | 11400000 | 11538966 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.319% due 12/4/2028 | 3422000 | 3623385 |
| | &nbsp;&nbsp;&nbsp;Quanta Services, Inc., 4.75% due 8/9/2027 | 3500000 | 3539865 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | 9120000 | 9298478 |
| | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 12800000 | 13460608 |
| |  |  | 45943714 |
| | &nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.1%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | 7500000 | 7454550 |
| |  |  | 7454550 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;**CONSUMER SERVICES — 0.1%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sodexo, Inc., Series 2023-2 Class B, 5.15% due 8/15/2030 | $4000000 | $4092400 |
| |  |  | 4092400 |
| | &nbsp;&nbsp;**ENERGY — 2.2%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.2%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9092000 | 9075634 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 4068000 | 3749069 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.625% due 5/1/2027 | 3741000 | 3741823 |
| | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 9/30/2027 | 6636858 | 6471070 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% due 3/31/2034 | 17584629 | 15982141 |
| <sup>a,b,d,e</sup> | &nbsp;&nbsp;&nbsp;Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 32475000 | 20910328 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 12955000 | 12768448 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | 4160000 | 4368291 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 13090000 | 13151654 |
| | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.65% due 10/15/2025 | 2384000 | 2384000 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd., 4.25% due 10/2/2029 | 24040000 | 23937349 |
| | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 4.911% due 9/1/2027 | 2000000 | 2017500 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;TMS Issuer SARL, 5.78% due 8/23/2032 | 10700000 | 11207608 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.40% due 9/30/2029 | 6985000 | 7189870 |
| |  |  | 136954785 |
| | &nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.5%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;American Tower Corp., 4.90% due 3/15/2030 | 3235000 | 3298794 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | 8015000 | 7878662 |
| | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% due 3/15/2027 | 2750000 | 2697035 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | 6181000 | 6271490 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% due 10/21/2025 | 8617000 | 8595027 |
| | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP, 5.55% due 1/15/2028 | 434000 | 446668 |
| | &nbsp;&nbsp;&nbsp;Realty Income Corp., 5.05% due 1/13/2026 | 6146000 | 6147168 |
| | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 26585000 | 25808784 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | 8140000 | 7774759 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | 6480000 | 6521856 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | 7950000 | 8162910 |
| | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | 6893000 | 6772304 |
| |  |  | 90375457 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 4.8%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.2%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029 | 15500000 | 16113955 |
| | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 3.125% due 9/23/2026 | 19056000 | 18779307 |
| | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/17/2026 | 12276000 | 12164534 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/15/2025 | 25494000 | 25424401 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | 5250000 | 5491815 |
| | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 9/16/2026 | 14120000 | 13871065 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% due 1/20/2027 | 7458000 | 7319654 |
| | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 4/3/2028 | 9457000 | 9560081 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 6/15/2030 | 6885000 | 7013199 |
| | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 7/14/2026 | 14195000 | 14009471 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 8/15/2028 | 4500000 | 4518585 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | 3000000 | 3066900 |
| **** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Transurban Finance Co. Pty. Ltd., 4.924% due 3/24/2036 | 14225000 | 14134387 |

---

See notes to financial statements. Annual Financial Statements \| 127

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| **** | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;U.S. Bank NA, 4.73% (SOFR + 0.91%) due 5/15/2028 | $6750000 | $6811492 |
| **** | &nbsp;&nbsp;&nbsp;**Financial Services — 2.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Antares Holdings LP, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 1/15/2027 | 7360000 | 7144058 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 7/15/2026 | 14391000 | 14291127 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | 6007000 | 6093140 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Barclays plc, 4.476% (SOFR + 1.08%) due 11/11/2029 | 7000000 | 7012040 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;BNP Paribas SA, 2.591% (SOFR + 1.23%) due 1/20/2028 | 3650000 | 3570868 |
| | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.122% (SOFR + 0.77%) due 1/28/2027 | 1332000 | 1318267 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | 7328000 | 7188402 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% due 5/1/2026 | 2425000 | 2414742 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.952% (SOFR + 1.46%) due 5/7/2031 | 5912000 | 6022673 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.643% (SOFR + 1.14%) due 5/7/2028 | 4625000 | 4655895 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028 | 4940000 | 4831468 |
| | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.937% (SOFR + 1.32%) due 4/23/2028 | 1800000 | 1821168 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.005% (SOFR + 0.82%) due 9/10/2027 | 10881000 | 10907550 |
| | &nbsp;&nbsp;&nbsp;HSBC Holdings plc, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.583% (TSFR3M + 1.80%) due 6/19/2029 | 3000000 | 3020460 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.286% (SOFR + 1.29%) due 11/19/2030 | 6100000 | 6294956 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.887% (SOFR + 1.57%) due 8/14/2027 | 6500000 | 6586775 |
| | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% (TSFR3M + 0.70%) due 2/4/2027 | 4690000 | 4637941 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% (TSFR3M + 1.64%) due 5/1/2028 | 3040000 | 3012731 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.017% (H15T1Y + 1.95%) due 7/20/2028 | 3285000 | 3334636 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley, Series . 4.994% (SOFR + 1.38%) due 4/12/2029 | 3788000 | 3861866 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;Societe Generale SA, 6.446% (H15T1Y + 2.55%) due 1/10/2029 | 4933000 | 5135105 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 3.04% due 7/16/2029 | 11650000 | 11142293 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG, 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 7121000 | 6951591 |
| **** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 3450000 | 3495816 |
| |  |  | 293024414 |
| | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 1.6%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Beverages — 0.7%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | 28038000 | 24181653 |
| | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027 | 2640000 | 2598288 |
| | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | 5750000 | 5749770 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | 8757000 | 8764006 |
| **** | &nbsp;&nbsp;&nbsp;**Food Products — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 15293000 | 15571180 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Mars, Inc., 4.80% due 3/1/2030 | 12829000 | 13071981 |
| **** | &nbsp;&nbsp;&nbsp;**Tobacco — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.215% due 9/6/2026 | 4632000 | 4595361 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 3/22/2033 | 1800000 | 1781280 |
| | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% due 7/26/2026 | 230000 | 228300 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 6/30/2028 | 5000000 | 5034100 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 2/1/2030 | 16500000 | 17116440 |
| |  |  | 98692359 |
| | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 0.8%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.2%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Olympus Corp., 2.143% due 12/8/2026 | 14061000 | 13709335 |
| **** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Centene Corp., 4.625% due 12/15/2029 | 4906000 | 4758280 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 20542000 | 20144718 |
| | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% due 6/1/2026 | $4855000 | $4770474 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/1/2032 | 5640000 | 5606273 |
| |  |  | 48989080 |
| | &nbsp;&nbsp;**INSURANCE — 7.3%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Insurance — 7.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | 25662000 | 26864521 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | 12308000 | 11214680 |
| | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% due 5/24/2026 | 7538000 | 7392592 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% due 6/28/2028 | 13751000 | 12801494 |
| | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 6/23/2028 | 4825000 | 4873877 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/11/2034 | 2669000 | 2768500 |
| | &nbsp;&nbsp;&nbsp;CNO Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 10/7/2026 | 9414000 | 9186558 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/8/2028 | 2650000 | 2654558 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 12/10/2027 | 6850000 | 6945832 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | 7139000 | 6381409 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.95% due 6/9/2030 | 3800000 | 3876228 |
| | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% due 1/9/2026 | 8665000 | 8585802 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | 4433000 | 4215162 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% due 3/8/2028 | 6800000 | 6419812 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | 2047000 | 2096804 |
| | &nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | 16912000 | 16577312 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | 2475000 | 2298656 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% due 4/11/2027 | 11752000 | 11405316 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | 4320000 | 4483512 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 17031000 | 17048883 |
| | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 2.45% due 3/15/2031 | 12517000 | 11091063 |
| | &nbsp;&nbsp;&nbsp;First American Financial Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% due 8/15/2031 | 2261000 | 1970009 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2030 | 4316000 | 4174392 |
| <sup>b,f</sup> | &nbsp;&nbsp;&nbsp;Fortitude Global Funding, 4.625% due 10/6/2028 | 4386000 | 4388807 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 6453000 | 6700085 |
| | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625% due 1/15/2026 | 1940000 | 1923762 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 1/6/2027 | 6479000 | 6319228 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 9/18/2030 | 3500000 | 3475920 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | 5200000 | 5126940 |
| | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 12/1/2025 | 8631000 | 8624786 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 10/1/2030 | 11381000 | 11270035 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 9/15/2028 | 2952000 | 3167289 |
| | &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/12/2028 | 8153000 | 8323724 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/9/2026 | 12660000 | 12693422 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding, 4.625% due 5/28/2028 | 6838000 | 6912671 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Lincoln National Corp., 2.33% due 8/15/2030 | 8485000 | 7674598 |
| | &nbsp;&nbsp;&nbsp;Mercury General Corp., 4.40% due 3/15/2027 | 2901000 | 2888642 |
| | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% due 4/9/2027 | 13420000 | 13647737 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 12/12/2028 | 7740000 | 8003237 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.674% (SOFR + 0.48%) due 6/9/2026 | 22760000 | 22787312 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | 17659000 | 18308322 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.823% (SOFR + 0.62%) due 6/4/2026 | 10530000 | 10546637 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Protective Life Corp., 3.40% due 1/15/2030 | 6698000 | 6411862 |
| | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.512% due 9/28/2026 | 10762000 | 10475623 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.243% due 2/2/2026 | 17412000 | 17440033 |

---

See notes to financial statements. Annual Financial Statements \| 129

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;RGA Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% due 1/18/2029 | $4515000 | $4280852 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.448% due 5/24/2029 | 6000000 | 6226980 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/11/2031 | 4148000 | 4329600 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7950000 | 7942130 |
| | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 22401000 | 20055839 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | 14075000 | 14396755 |
| | &nbsp;&nbsp;&nbsp;Willis North America, Inc., 4.65% due 6/15/2027 | 4541000 | 4575103 |
| |  |  | 444244903 |
| | &nbsp;&nbsp;**MATERIALS — 1.0%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Chemicals — 0.3%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | 17475000 | 18048704 |
| **** | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.10% due 3/17/2030 | 4935000 | 5050035 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Berry Global, Inc., 4.875% due 7/15/2026 | 1928000 | 1927904 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | 7623000 | 7497297 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | 7376000 | 7147639 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 15334000 | 15066728 |
| **** | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.1%** |  |  |
| <sup>a,b,d,e</sup> | &nbsp;&nbsp;&nbsp;Metalloinvest Finance DAC, 3.375% due 10/22/2028 | 12700000 | 6411976 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;POSCO, 5.625% due 1/17/2026 | 2400000 | 2408304 |
| |  |  | 63558587 |
| | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.2%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Media — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 6.65% due 2/1/2034 | 11306000 | 12088827 |
| |  |  | 12088827 |
| | &nbsp;&nbsp;**PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.4%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 2320000 | 2287961 |
| | &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | 2634000 | 2645905 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/12/2025 | 5600000 | 5607392 |
| **** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.2%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | 1750000 | 1748215 |
| | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | 9885000 | 9511644 |
| |  |  | 21801117 |
| | &nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 14210000 | 13065811 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;SK Hynix, Inc., 1.50% due 1/19/2026 | 10200000 | 10110342 |
| | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 6434000 | 6326359 |
| |  |  | 29502512 |
| | &nbsp;&nbsp;**SOFTWARE & SERVICES — 2.0%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Block Financial LLC, 2.50% due 7/15/2028 | 10392000 | 9855981 |
| | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | 6840000 | 6706141 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | 4931000 | 5142836 |
| | &nbsp;&nbsp;&nbsp;DXC Technology Co., 2.375% due 9/15/2028 | 18253000 | 17194691 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL/Genpact USA, Inc., 1.75% due 4/10/2026 | 5335000 | 5257109 |
| | &nbsp;&nbsp;&nbsp;Global Payments, Inc., 1.20% due 3/1/2026 | 3534000 | 3486927 |
| | &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., 2.05% due 10/15/2026 | 7614000 | 7435452 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | 10647000 | 10428204 |
| **** | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | 7816000 | 7091691 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.257% due 1/19/2027 | 6400000 | 6305536 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.193% due 1/19/2032 | 13254000 | 12700646 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| **** | &nbsp;&nbsp;&nbsp;**Software — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | $6850000 | $6696902 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Open Text Corp., 6.90% due 12/1/2027 | 17723000 | 18444503 |
| | &nbsp;&nbsp;&nbsp;Paychex, Inc., 5.35% due 4/15/2032 | 3503000 | 3634363 |
| |  |  | 120380982 |
| | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 1.3%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 4.85% due 8/15/2030 | 4864000 | 4956805 |
| **** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Avnet, Inc., 6.25% due 3/15/2028 | 3938000 | 4095914 |
| | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 9124000 | 8738967 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 4/1/2028 | 11275000 | 11209943 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 3823000 | 3859471 |
| | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp., 1.75% due 8/9/2026 | 27306000 | 26699807 |
| | &nbsp;&nbsp;&nbsp;Vontier Corp., 1.80% due 4/1/2026 | 5272000 | 5199985 |
| **** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 6.02% due 6/15/2026 | 1348000 | 1358056 |
| | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 4.15% due 9/15/2028 | 5406000 | 5399351 |
| | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | 6433000 | 6687940 |
| |  |  | 78206239 |
| | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.4%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.3%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;NBN Co. Ltd., 1.45% due 5/5/2026 | 20000000 | 19674200 |
| **** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 2/15/2026 | 4275000 | 4241356 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2032 | 2791000 | 2871436 |
| |  |  | 26786992 |
| | &nbsp;&nbsp;**UTILITIES — 6.7%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Electric Utilities — 6.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | 4350000 | 4472322 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 5/15/2034 | 2000000 | 2081580 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.10% due 7/1/2030 | 8375000 | 7551068 |
| | &nbsp;&nbsp;&nbsp;AES Corp., 1.375% due 1/15/2026 | 9335000 | 9247251 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 5240000 | 5162605 |
| | &nbsp;&nbsp;&nbsp;Appalachian Power Co., Series AA, 2.70% due 4/1/2031 | 2250000 | 2049188 |
| | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | 4517000 | 4734448 |
| | &nbsp;&nbsp;&nbsp;Black Hills Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% due 6/15/2030 | 5490000 | 5051788 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 1/31/2031 | 2599000 | 2600741 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Caledonia Generating LLC, 1.95% due 2/28/2034 | 14745008 | 13105552 |
| | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., 5.40% due 6/1/2029 | 11148000 | 11536842 |
| | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | 8740000 | 7882169 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 15674400 | 14566533 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Dayton Power & Light Co., 4.55% due 8/15/2030 | 9863000 | 9841301 |
| | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | 3700000 | 3737666 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.60% due 3/15/2027 | 8076000 | 8015430 |
| | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | 3477000 | 3537361 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 10/1/2035 | 3800000 | 3778150 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 3508000 | 3615345 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% due 6/1/2034 | 2636000 | 2803254 |
| | &nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.95% due 9/15/2035 | 8500000 | 8443815 |
| | &nbsp;&nbsp;&nbsp;Electricite de France SA, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 4/22/2029 | 9878000 | 10292678 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 1/13/2035 | 13500000 | 14039865 |

---

See notes to financial statements. Annual Financial Statements \| 131

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;Enel Finance International NV, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625% due 7/12/2026 | $9500000 | $9309810 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% due 7/12/2028 | 8844000 | 8351920 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/30/2030 | 2802000 | 2782806 |
| | &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC, 3.25% due 12/1/2027 | 4727000 | 4637991 |
| | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% due 9/1/2026 | 8640000 | 8402746 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2027 | 9000000 | 8855370 |
| | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 4.70% due 3/13/2028 | 4940000 | 4995921 |
| | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 12/15/2027 | 9711000 | 9884244 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/1/2034 | 6650000 | 6871179 |
| | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | 9899000 | 10214976 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | 980000 | 983538 |
| | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55% due 1/15/2030 | 2585000 | 2601363 |
| | &nbsp;&nbsp;&nbsp;Interstate Power & Light Co., 4.95% due 9/30/2034 | 4747000 | 4723123 |
| | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% due 5/14/2030 | 1883000 | 1764202 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/22/2027 | 12703000 | 12854801 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 5/9/2034 | 14000000 | 14562800 |
| | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 1/15/2026 | 5914000 | 5913290 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 1/15/2031 | 6800000 | 6778308 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Liberty Utilities Co., 5.577% due 1/31/2029 | 5240000 | 5406108 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 9518000 | 8494244 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | 9234000 | 9115158 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.647% due 10/3/2030 | 2965000 | 2980418 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | 14345000 | 14683542 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.00% due 12/2/2025 | 8347000 | 8299422 |
| | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp., Series 2025-2 Class A, 4.90% due 5/15/2028 | 4773000 | 4848938 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 5798000 | 5950082 |
| | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | 5930000 | 6058266 |
| | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 4.90% due 3/15/2030 | 4903000 | 5011700 |
| | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.379% due 6/15/2028 | 2734000 | 2594812 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | 2616000 | 2554602 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | 9463000 | 9748877 |
| **** | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | 12511000 | 12463833 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 3492000 | 3698971 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Snam SpA, 5.00% due 5/28/2030 | 2800000 | 2840796 |
| | &nbsp;&nbsp;&nbsp;Southwest Gas Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% due 3/15/2032 | 3024000 | 2904431 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/1/2027 | 4828000 | 4979599 |
| | &nbsp;&nbsp;&nbsp;Spire, Inc., 5.30% due 3/1/2026 | 12844000 | 12891780 |
| |  |  | 408160919 |
| | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $2,041,754,623) |  | 2022635686 |
| |  |  |  |
| | **LONG-TERM MUNICIPAL BONDS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series B, 5.50% due 9/1/2031 | 5035000 | 5315601 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS (Cost $5,035,000) |  | 5315601 |
| |  |  |  |
| | **PREFERRED STOCK — 0.6%** |  |  |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 0.6%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.6%** |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund, 6.24% due 9/9/2029 | 370000 | 9342500 |
| <sup>c,g</sup> | &nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust, Series J, 4.50% due 3/26/2028 | 1162 | 28214522 |
| |  |  | 37557022 |
| | &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $38,269,196) |  | 37557022 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 5.3%** |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 31955745 | $319557446 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $319,557,446) |  | 319557446 |
| | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 99.8% (Cost $6,152,705,440)** |  | $6093677154 |
| | &nbsp;&nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES — 0.2%** |  | 14706342 |
| | &nbsp;&nbsp;&nbsp;**NET ASSETS — 100.0%** |  | $6108383496 |

---

**Footnote Legend** 

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

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $3,175,974,506, representing 51.99% of the Fund's net assets. |

---

c 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 September 30, 2025.

d Bond in default.

e Non-income producing.

f When-issued security.

g Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

h Investment in Affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** |  |  |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |  |  |
| ABS | Asset Backed Securities | REMIC | Real Estate Mortgage Investment Conduit |
| AG | Insured by Assured Guaranty, Inc. | SOFR | Secured Overnight Financing Rate |
| CMBS | Commercial Mortgage-Backed Securities | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| CMO | Collateralized Mortgage Obligation | SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| CMT | Constant Maturity Rate | SOFRINDX | Secured Overnight Financing Rate Index |
| DAC | Designated Activity Company | TSFR1M | Term SOFR 1 Month |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year | TSFR3M | Term SOFR 3 Month |
| ISD | Independent School District | UMBS | Uniform Mortgage-Backed Securities |
| Mtg | Mortgage |  |  |

---

See notes to financial statements. Annual Financial Statements \| 133

Schedule of Investments

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| |  |  |  |
| | **U.S. TREASURY SECURITIES — 21.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.25% due 8/15/2046 | $915000 | $610048 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, 0.125% due 2/15/2051 | 4900962 | 2717737 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125% due 8/15/2040 | 3525000 | 2221301 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375% due 11/15/2040 | 2245000 | 1463810 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 8/15/2041 | 4287000 | 2908461 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875% due 11/15/2051 | 295000 | 166905 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% due 2/15/2042 | 1403000 | 1039316 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 8/15/2033 | 1347000 | 1336056 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2034 | 1625000 | 1620937 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/15/2035 - 2/15/2054 | 966000 | 897000 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 5/15/2034 | 4000000 | 4093125 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.931% due 11/15/2040 | 6375000 | 3115126 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.007% due 11/15/2041 | 4775000 | 2203758 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.073% due 2/15/2043 | 4125000 | 1767334 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.351% due 11/15/2036 | 1000000 | 611657 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24% due 5/15/2044 | 11930000 | 4769768 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.909% due 11/15/2048 | 875000 | 279500 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $31,509,276) |  | 31821839 |
| | **U.S. GOVERNMENT AGENCIES — 0.5%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 6, 7.00% (5-Yr. CMT + 3.01%) due 9/15/2030 | 250000 | 261812 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 2.90% due 2/18/2037 | 625000 | 516244 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $759,452) |  | 778056 |
| |  |  |  |
| | **OTHER GOVERNMENT — 1.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Albania Government International Bonds (EUR), 5.90% due 6/9/2028 | 200000 | 248802 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029 | 250000 | 260525 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% due 6/5/2026 | 8000000 | 128900 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75% due 6/1/2036 | 8000000 | 139016 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco SARL, 5.50% due 8/17/2030 | 425000 | 431447 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027 | 8000000 | 167164 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 4.00% due 7/28/2050 | 250000 | 171578 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031 | 150000 | 180429 |
| | &nbsp;&nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 274000 | 154310 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), 15.50% due 2/25/2028 | 2500000000 | 210387 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | 253000 | 340889 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $2,307,081) |  | 2433447 |
| |  |  |  |
| | **MORTGAGE BACKED — 31.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-G Class A, 4.875% due 6/25/2061 | 437586 | 437262 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 4.25% due 10/25/2062 | 486713 | 481218 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | 478252 | 466106 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.881% due 12/25/2066 | 100583 | 93042 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A1, 4.80% due 11/26/2068 | 165669 | 164313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | 245424 | 245347 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 4.25% due 2/25/2028 | 326734 | 325218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.699% due 4/25/2060 | 29122 | 27067 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 5.108% due 7/25/2062 | 64459 | 64293 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | 300285 | 296026 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 400000 | 367513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.007% due 1/25/2067 | 90314 | 87165 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | 158203 | 158569 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| |  |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, Series 2024-R1 Class A1, 4.75% due 6/25/2064 | $388864 | $387377 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A3A, 2.50% due 5/25/2051 | 72232 | 60129 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 264737 | 237103 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | 120000 | 124597 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 485000 | 511060 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-H1 Class A1, 6.615% due 3/25/2068 | 259057 | 261114 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-H4 Class A1, 6.147% due 7/25/2069 | 228950 | 231976 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2020-WEST Class A, 3.04% due 2/15/2035 | 340000 | 288192 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 0.83% due 3/25/2056 | 41865 | 35138 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RP11 Class A1, 2.25% due 10/25/2061 | 584032 | 491422 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 95606 | 95206 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 400000 | 366247 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.694% due 10/1/2053 | 282924 | 274809 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841463, 2.158% (2.18% - SOFR30A) due 7/1/2052 | 98982 | 89723 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5461 Class PA, 4.50% due 8/25/2054 | 529114 | 520253 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 393327 | 387739 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.756% (SOFR30A + 1.40%) due 2/25/2055 | 327531 | 329209 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K-154 Class A2, 4.35% due 1/25/2033 | 107000 | 107205 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | 32000 | 32897 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | 22000 | 23009 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | 56000 | 58078 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | 471396 | 392245 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | 588706 | 507158 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA6665, 3.00% due 2/1/2052 | 1105140 | 971188 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | 394158 | 320348 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8206, 3.00% due 4/1/2052 | 1353511 | 1193027 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8213, 3.00% due 5/1/2052 | 1057344 | 931852 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 179218 | 157926 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8244, 4.00% due 9/1/2052 | 1079330 | 1021356 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BL8603, 2.07% due 10/1/2050 | 456439 | 322383 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM7277, 1.971% (2.07% - SOFR30A) due 8/1/2051 | 103482 | 94431 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM7341, 2.44% (RFUCCT1Y + 1.61%) due 12/1/2050 | 488826 | 457685 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS1289, 2.17% due 3/1/2051 | 467774 | 322401 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056, 3.85% due 8/1/2032 | 385000 | 370208 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | 315270 | 322801 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | 541053 | 535324 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 500000 | 484213 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | 596687 | 505187 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB0199, 3.00% due 4/1/2051 | 384345 | 337759 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB1134, 2.50% due 7/1/2051 | 1942895 | 1638165 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | 446949 | 392775 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2399, 2.50% due 12/1/2051 | 526954 | 446483 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2404, 2.50% due 12/1/2051 | 284774 | 240143 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2665, 3.00% due 1/1/2052 | 253311 | 222608 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FM8761, 2.50% due 9/1/2051 | 733038 | 618295 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS0957, 3.00% due 3/1/2052 | 468992 | 413438 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS2676, 3.00% due 6/1/2052 | 317632 | 279132 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS4862, 2.50% due 10/1/2051 | 257910 | 217617 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS4919, 2.50% due 5/1/2053 | 357268 | 302510 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7059, 3.00% due 7/1/2052 | 508334 | 447880 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7065, 3.00% due 3/1/2053 | 2697593 | 2377428 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | 996512 | 840216 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4399, 2.50% due 8/1/2051 | 316302 | 268270 |

---

See notes to financial statements. Annual Financial Statements \| 135

Schedule of Investments, Continued

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4548, 2.50% due 2/1/2052 | $1778479 | $1505105 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4578, 2.50% due 4/1/2052 | 1936458 | 1639510 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4599, 3.00% due 5/1/2052 | 2097846 | 1848862 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4730, 3.00% due 9/1/2052 | 437802 | 385740 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5442, 4.50% due 8/1/2054 | 1138849 | 1104886 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 63696 | 60899 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-INV1 Class A1, 6.00% due 8/25/2053 | 223633 | 226681 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4 Class A1, 4.25% due 5/25/2067 | 386256 | 363340 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | 274701 | 277770 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., Pool MA7368, 3.00% due 5/20/2051 | 574345 | 513832 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065 | 63011 | 60086 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, Series 2021-27 Class ED, 1.00% due 2/20/2051 | 463313 | 359873 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 166587 | 162386 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | 415505 | 405354 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | 286085 | 293150 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | 333156 | 336293 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 152019 | 151444 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039 | 300000 | 301122 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 7.12% due 7/25/2029 | 325000 | 326223 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | 250000 | 234124 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 86775 | 86428 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | 483316 | 484704 |
| | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A3A, 2.00% due 6/25/2051 | 338519 | 267679 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV6 Class A2, 3.00% due 4/25/2052 | 69901 | 60705 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033 | 410000 | 412707 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 350000 | 333512 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 62010 | 55449 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | 381221 | 386102 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 365880 | 366325 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | 410528 | 399367 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | 369136 | 350893 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 296025 | 312184 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 6.152% due 12/25/2068 | 135778 | 136916 |
| | &nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 97699 | 92541 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | 328218 | 312165 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NLT Trust, Whole Loan Securities Trust CMO, Series 2023-1 Class B2, 3.71% due 10/25/2062 | 519750 | 324430 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NMLT Trust, Whole Loan Securities Trust CMO, Series 2021-INV1 Class A1, 1.185% due 5/25/2056 | 50801 | 44523 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | 325000 | 328317 |
| | &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 4.31% due 5/25/2062 | 86391 | 86022 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | 321012 | 323577 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 280000 | 257657 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 6.116% due 5/25/2065 | 216775 | 216859 |
| | &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN3 Class A1, 5.843% due 9/25/2051 | 266979 | 267077 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | 481360 | 485708 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 155707 | 150630 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 228512 | 232053 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | 249701 | 250877 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A13, 3.50% due 9/25/2049 | 25735 | 22840 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | 325000 | 334737 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.414% (TSFR1M + 1.26%) due 5/15/2038 | 171000 | 169547 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.739% (TSFR1M + 2.59%) due 4/15/2042 | 292412 | 291708 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-SH1 Class A1A, 4.10% due 7/25/2057 | 94037 | 95164 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039 | 300000 | 301622 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2A, 3.10% due 1/25/2060 | 100000 | 91650 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | $325954 | $325247 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A3, 2.50% due 6/25/2051 | 70687 | 58436 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 5.93% due 3/25/2068 | 69042 | 69178 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class A1, 5.811% due 5/25/2068 | 147424 | 147841 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | 195000 | 195316 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 2.50% due 12/25/2050 | 36458 | 30560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $45,116,372) |  | 45794007 |
| |  |  |  |
| | **ASSET BACKED SECURITIES — 9.6%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**AUTO RECEIVABLES — 1.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | 94419 | 94823 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N4 Class A, 6.42% due 1/10/2028 | 4493 | 4505 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-3A Class C, 5.30% due 9/15/2027 | 19924 | 19929 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-4 Class B, 6.78% due 10/15/2027 | 380090 | 381156 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.022% (SOFR30A + 2.65%) due 11/15/2027 | 515000 | 515770 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-3A Class A2, 4.97% due 10/15/2029 | 420725 | 420096 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-3A Class A2, 6.44% due 3/20/2029 | 168105 | 169230 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | 55821 | 55869 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | 15770 | 15838 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.575% due 6/26/2034 | 368000 | 368093 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A Class A, 6.36% due 12/15/2027 | 37256 | 36002 |
| |  |  | 2081311 |
| | &nbsp;&nbsp;**CREDIT CARD — 0.8%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 | 200000 | 201239 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032 | 315000 | 316718 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | 275000 | 277115 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-A Class A1, 6.20% due 8/15/2029 | 375000 | 378296 |
| |  |  | 1173368 |
| | &nbsp;&nbsp;**HOME EQUITY — 0.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Knock Issuer Trust, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 7.119% due 2/25/2030 | 300000 | 303187 |
| |  |  | 303187 |
| | &nbsp;&nbsp;**OTHER ASSET BACKED — 5.7%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | 106759 | 107102 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 121855 | 119054 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | 34437 | 34685 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2022-C Class B, 5.93% due 10/17/2035 | 110013 | 110307 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 84248 | 83363 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | 150321 | 150681 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | 405758 | 414751 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 360000 | 362999 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | 500000 | 503669 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 305000 | 305077 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 100000 | 95906 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | 136641 | 134598 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2019-1A Class B, 4.22% due 11/15/2034 | 37234 | 37195 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | 140149 | 140311 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 454298 | 374478 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | 205606 | 157150 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | 167938 | 138743 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | 315861 | 268013 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.606% (SOFR90A + 2.25%) due 3/1/2027 | 16165 | 16205 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | 95783 | 96484 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.687% (SOFR30A + 2.25%) due 12/25/2051 | 362647 | 364580 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 519529 | 479183 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 428389 | 360146 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mill City Solar Loan Ltd., Series 2019-2GS Class A, 3.69% due 7/20/2043 | 88589 | 76045 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 19280 | 19676 |

---

See notes to financial statements. Annual Financial Statements \| 137

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, Series 2024-A Class A, 7.43% due 10/21/2030 | $42839 | $42957 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061 | 135000 | 112610 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 | 26288 | 26461 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | 27126 | 26656 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | 208004 | 204704 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | 71150 | 71416 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class C, 8.491% due 6/16/2031 | 104302 | 104457 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A, 6.258% due 10/15/2031 | 37787 | 38022 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PFS Financing Corp., Series 2023-B Class A, 5.27% due 5/15/2028 | 160000 | 161007 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | 117276 | 120079 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 25000 | 25002 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 24509 | 24047 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 395000 | 394035 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044 | 180369 | 186368 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | 375000 | 376610 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | 241716 | 250033 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 339236 | 343612 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | 532415 | 539982 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class C, 3.61% due 6/20/2031 | 14142 | 14126 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 118122 | 118469 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 322616 | 324038 |
| |  |  | 8455092 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**STUDENT LOAN — 1.5%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | 250578 | 256904 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 18-CGS Class A1, 3.87% due 2/25/2046 | 417730 | 405666 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | 39838 | 36755 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MPOWER Education Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | 162034 | 169418 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | 275599 | 278406 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.562% (TSFR1M + 0.40%) due 1/25/2033 | 382630 | 376144 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2020-IA Class A1A, 1.33% due 4/15/2069 | 233640 | 216037 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | 46622 | 40880 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class D, 5.95% due 11/20/2061 | 365000 | 359087 |
| |  |  | 2139297 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $14,040,308) |  | 14152255 |
| |  |  |  |
| | **CORPORATE BONDS — 32.0%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**AUTOMOBILES & COMPONENTS — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.30% due 9/24/2027 | 285000 | 284846 |
| |  |  | 284846 |
| | &nbsp;&nbsp;**BANKS — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.8%** |  |  |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc., 5.376% (H15T1Y + 1.12%) due 5/26/2030 | 207000 | 213928 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 5.741% (SOFR + 1.88%) due 3/20/2031 | 277000 | 286066 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.574% (SOFR + 1.74%) due 7/25/2029 | 277000 | 287055 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 3.90% (5-Yr. CMT + 3.45%) due 3/15/2026 | 425000 | 421120 |
| |  |  | 1208169 |
| | &nbsp;&nbsp;**CAPITAL GOODS — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 4/15/2029 | 85000 | 82402 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.375% due 3/1/2029 | 300000 | 306864 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | 365500 | 352148 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | 343000 | 306320 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.30% due 2/15/2030 | $274000 | $290484 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 269000 | 287053 |
| |  |  | 1625271 |
| | &nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 168000 | 177541 |
| | &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 35000 | 36806 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | 35000 | 33521 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 75000 | 74522 |
| |  |  | 322390 |
| | &nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc., 2.375% due 1/14/2026 | 296000 | 293502 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 0.5%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Belron U.K. Finance plc, 5.75% due 10/15/2029 | 320000 | 324131 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV, 6.255% due 1/22/2032 | 225000 | 239173 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | 175000 | 173939 |
| |  |  | 1030745 |
| | &nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | 265000 | 281406 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | 235000 | 250263 |
| |  |  | 531669 |
| | &nbsp;&nbsp;**CONSUMER SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.3%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados BV, 6.375% due 1/29/2032 | 360000 | 380031 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 48000 | 46084 |
| |  |  | 426115 |
| | &nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 300000 | 315633 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | 300000 | 295869 |
| |  |  | 611502 |
| | &nbsp;&nbsp;**ENERGY — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.2%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., 9.50% due 12/3/2029 | 250000 | 260158 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 400000 | 406084 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | 345000 | 365007 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 11/2/2031 | 70000 | 62719 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375% due 1/19/2036 | 125000 | 129366 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | 210000 | 221838 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 368000 | 370230 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., 2.16% due 3/31/2034 | 279676 | 254189 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | 440000 | 462031 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | 280000 | 293135 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | 350000 | 349359 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69% due 1/23/2050 | 285000 | 259028 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, 5.70% due 1/17/2035 | 330000 | 302557 |
| | &nbsp;&nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | 375000 | 379365 |

---

See notes to financial statements. Annual Financial Statements \| 139

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br> **AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | $300000 | $310665 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | 150000 | 157524 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | 440000 | 457314 |
| |  |  | 5040569 |
| | &nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 2.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | 550000 | 540644 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | 146000 | 148138 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/1/2034 | 345000 | 362850 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage LP, 3.90% due 4/1/2029 | 305000 | 300727 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | 220000 | 211981 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. (EUR), 4.75% due 1/15/2034 | 146000 | 172051 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 70000 | 67956 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.884% due 7/15/2050 | 610000 | 605372 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.328% due 7/15/2052 | 111000 | 105469 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | 440000 | 442842 |
| |  |  | 2958030 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 3.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 1.7%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029 | 250000 | 259902 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | 370000 | 366640 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | 440000 | 431838 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.00% due 3/15/2029 | 670000 | 655240 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 8/15/2028 | 150000 | 150620 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | 406000 | 415054 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | 244000 | 256137 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.3%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Transurban Finance Co. Pty. Ltd., 4.924% due 3/24/2036 | 375000 | 372611 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 0.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FirstCash, Inc., 6.875% due 3/1/2032 | 500000 | 517245 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 1.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP, 3.95% due 7/15/2026 | 500000 | 496530 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.785% (SOFR + 1.94%) due 3/17/2033 | 395000 | 375171 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series X, 3.875% (5-Yr. CMT + 3.42%) due 2/18/2026 | 147000 | 145606 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.61%) due 6/20/2026 | 250000 | 245550 |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc, 5.546% (SOFR + 1.46%) due 3/4/2030 | 250000 | 259285 |
| <sup>b,c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA, 5.345% (SOFR + 1.10%) due 2/19/2027 | 313000 | 313858 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034 | 277000 | 293492 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 150000 | 151992 |
| |  |  | 5706771 |
| | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 1.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.7%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | 650000 | 560599 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 350000 | 345618 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., 4.60% due 5/15/2030 | 210000 | 210168 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 435000 | 442913 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/15/2030 | 150000 | 144662 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | 44000 | 43902 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | 50000 | 51394 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Tobacco — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.834% due 2/20/2031 | $120000 | $126912 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 10/19/2032 | 160000 | 186558 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 5.50% due 2/1/2030 | 350000 | 363076 |
| |  |  | 2475802 |
| | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., 3.00% due 10/15/2030 | 328000 | 293097 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 374000 | 366767 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00% due 5/15/2027 | 200000 | 199552 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, 4.55% due 4/1/2032 | 179000 | 177930 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75% due 5/15/2031 | 350000 | 362530 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% due 10/15/2030 | 333000 | 300606 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 10/15/2029 | 200000 | 199784 |
| |  |  | 1900266 |
| | &nbsp;&nbsp;**INSURANCE — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 3.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | 350000 | 364609 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.70% due 6/23/2028 | 144000 | 145459 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | 405000 | 430021 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 300000 | 308934 |
| | &nbsp;&nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | 173000 | 160674 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | 303000 | 314468 |
| <sup>c,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fortitude Global Funding, 4.625% due 10/6/2028 | 220000 | 220141 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 155000 | 160935 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | 308000 | 323280 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | 285000 | 293937 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | 276000 | 285387 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Omnis Funding Trust, 6.722% due 5/15/2055 | 290000 | 312782 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II, 6.012% due 5/15/2035 | 286000 | 300206 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | 412000 | 412663 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RGA Global Funding, 2.70% due 1/18/2029 | 65000 | 61629 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 338000 | 302615 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | 330000 | 337544 |
| |  |  | 4735284 |
| | &nbsp;&nbsp;**MATERIALS — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.4%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | 525000 | 542236 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | 300000 | 309093 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | 404000 | 417498 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp., 5.50% due 9/15/2033 | 250000 | 252742 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Berry Global, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% due 1/15/2026 | 139000 | 137802 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 7/15/2026 | 250000 | 249988 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | 185000 | 173920 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | 330000 | 343249 |
| |  |  | 2426528 |
| | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flutter Treasury DAC (EUR), 4.00% due 6/4/2031 | 100000 | 117575 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034 | 330000 | 285361 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.50% due 7/1/2029 | 350000 | 350028 |
| |  |  | 752964 |
| | &nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%** |  |  |

---

See notes to financial statements. Annual Financial Statements \| 141

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | $445000 | $379879 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., 6.75% due 11/1/2029 | 200000 | 217380 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 331000 | 304348 |
| |  |  | 901607 |
| | &nbsp;&nbsp;**SOFTWARE & SERVICES — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.9%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | 448000 | 439233 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 250000 | 256712 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 691000 | 684885 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.5%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV, 3.832% due 2/8/2051 | 200000 | 134940 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV (EUR), 1.985% due 7/13/2033 | 100000 | 102914 |
| | &nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | 450000 | 462208 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., 5.25% due 5/15/2026 | 350000 | 350168 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc., 3.625% due 9/1/2030 | 317000 | 302846 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 12/1/2029 | 300000 | 283656 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | 250000 | 249995 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | 250000 | 258490 |
| |  |  | 3526047 |
| | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | 310000 | 296918 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd., 4.875% due 5/12/2030 | 360000 | 363550 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 6.625% due 7/15/2032 | 200000 | 207436 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | 317000 | 301841 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 - 3/15/2033 | 400000 | 413240 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 200000 | 205430 |
| |  |  | 1788415 |
| | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | 125000 | 123540 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 300000 | 312507 |
| |  |  | 436047 |
| | &nbsp;&nbsp;**TRANSPORTATION — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 0.2%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BNSF Funding Trust I, 6.613% (SOFR 3 Month + 2.35%) due 12/15/2055 | 285000 | 285128 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | 250000 | 258008 |
| |  |  | 543136 |
| | &nbsp;&nbsp;**UTILITIES — 5.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 4.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AEP Texas, Inc., Series I, 2.10% due 7/1/2030 | 360000 | 324583 |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 2.30% due 3/1/2030 | 350000 | 320152 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp., 6.15% due 5/15/2034 | 335000 | 357693 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | 400000 | 376524 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | 200000 | 180370 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 124400 | 115607 |
| | &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co., 5.85% due 6/1/2034 | 122000 | 129741 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA, 5.75% due 1/13/2035 | 375000 | 389996 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International NV, 5.125% due 6/26/2029 | 322000 | 329857 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 3.75% due 3/15/2032 | 65000 | 60363 |
| | &nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55% due 1/15/2030 | 400000 | 402532 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.30% due 7/1/2043 | 300000 | 287475 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | 311000 | 340296 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL** <br> **AMOUNT** | **VALUE** |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | $350000 | $312354 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | 345000 | 353142 |
| | &nbsp;&nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | 400000 | 409088 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | 348000 | 306630 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | 200000 | 195306 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | 205000 | 196173 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Southern Co., Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | 500000 | 498180 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Southwestern Public Service Co., 6.00% due 6/1/2054 | 250000 | 260033 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | 450000 | 458419 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | 375000 | 380317 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Gas Utilities — 0.6%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | 410000 | 415195 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 205000 | 217150 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Snam SpA, Series 2025-2 Class A2, 5.75% due 5/28/2035 | 288000 | 298587 |
| |  |  | 7915763 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $45,824,865) |  | 47147936 |
| |  |  |  |
| | **CONVERTIBLE BONDS — 0.2%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 480000 | 288115 |
| |  |  | 288115 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $303,825) |  | 288115 |
| |  |  |  |
| | **LONG-TERM MUNICIPAL BONDS — 0.1%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade Seaport Department, 6.224% due 11/1/2055 | 100000 | 102941 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS (Cost $100,000) |  | 102941 |
| |  |  |  |
| | **PREFERRED STOCK — 0.4%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.4%** |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund, 6.24% due 9/9/2029 | 14000 | 353500 |
| <sup>b,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust, Series J, 4.50% due 3/26/2028 | 12 | 291372 |
| |  |  | 644872 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $617,000) |  | 644872 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 3.2%** |  |  |
| |  |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 466090 | 4660895 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $4,660,895) |  | 4660895 |
| |  |  |  |
| | TOTAL INVESTMENTS — 100.3% (Cost $145,239,074) |  | $147824363 |
| |  |  |  |
| | LIABILITIES NET OF OTHER ASSETS — (0.3)% |  | (436900) |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $147387463 |

---

See notes to financial statements. Annual Financial Statements \| 143

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** |
| | | | | | | | **UNREALIZED** |
| **CONTRACT**<br>**DESCRIPTION** | **CONTRACT**<br>**PARTY\*** | <br>**BUY/SELL** | **CONTRACT**<br>**AMOUNT** | **CONTRACT**<br>**VALUE DATE** | **VALUE**<br>**USD** | **UNREALIZED**<br>**APPRECIATION** | **DEPRECIATION** |
| Euro | SSB | Sell | 144000 | 10/14/2025 | 169115 | $— | $(8448) |
| Euro | SSB | Sell | 527900 | 3/25/2026 | 625266 | 3875 |  |
| Total |  |  |  |  |  | $3875 | $(8448) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  |  | $(4573) |

---

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

**Footnote Legend**

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

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 September 30, 2025.

c Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $61,039,827, representing 41.41% of the Fund's net assets.

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

e When-issued security.

f Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

g Investment in Affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| ABS | Asset Backed Securities | Mtg | Mortgage |
| CMBS | Commercial Mortgage-Backed Securities | NZD | Dominated in New Zealand Dollar |
| CMO | Collateralized Mortgage Obligation | REMIC | Real Estate Mortgage Investment Conduit |
| CMT | Constant Maturity Rate | RFUCCT1Y | Refinitiv USD Interbank Offered Rate Consumer Cash Fallbacks Term 1 Year |
| DAC | Designated Activity Company | SOFR | Secured Overnight Financing Rate |
| DOP | Denominated in Dominican Peso | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| EGP | Denominated in Egyptian Pound | SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| EUR | Denominated in Euro | TSFR1M | Term SOFR 1 Month |
| GBP | Denominated in Pound Sterling | UMBS | Uniform Mortgage-Backed Securities |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year | UZS | Denominated in Uzbekistani Som |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| September 30, 2025

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;87.1% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Uzbekistan | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Guatemala | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Peru | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Albania | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;2.9% |

---

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

See notes to financial statements. Annual Financial Statements \| 145

Schedule of Investments

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | **COMMON STOCK — 0.0%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**ENERGY — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.0%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA | 19278 | $611112 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Malamute Energy, Inc. | 847 | 847 |
| |  |  | 611959 |
| | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.0%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Digicel Holdings Ltd. | 24516 | 22235 |
| |  |  | 22235 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $1,763,028) |  | 634194 |
| |  |  |  |
| | **PREFERRED STOCK — 0.4%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**ENERGY — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Corp. Series A, 12.284%, 10/30/2025 | 21140 | 3402597 |
| |  |  | 3402597 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund 6.24%, 9/9/2029 | 510000 | 12877500 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | 864 | 20978784 |
| |  |  | 33856284 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $36,727,957) |  | 37258881 |
| |  |  |  |
| | **ASSET BACKED SECURITIES — 9.7%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**AUTO RECEIVABLES — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class B, 7.70% due 2/15/2029 | $1760000 | 1795415 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.46% due 4/17/2028 | 1394493 | 1400471 |
| | &nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 1012380 | 1019028 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class A2, 5.542% due 10/27/2031 | 2231589 | 2247025 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 2634596 | 2650943 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 4242330 | 4306527 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4A Class R, due 10/15/2026 | 8000 | 0 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-P1 Class R, due 9/8/2027 | 20000 | 1406107 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N4 Class R, due 9/12/2028 | 11650 | 432168 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class R, due 12/10/2027 | 23500 | 1547091 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P2 Class R, due 5/10/2028 | 7500 | 1036691 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P3 Class R, due 9/11/2028 | 9000 | 895132 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P4 Class R, due 9/11/2028 | 8250 | 1008029 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class E, 6.01% due 12/11/2028 | 4734276 | 4511285 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | 24000 | 5060098 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class XS, due 1/10/2029 | 178080538 | 582626 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class A, 6.42% due 1/10/2028 | 610374 | 612057 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class C, 5.28% due 4/15/2030 | 616850 | 616883 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D Class B, 6.78% due 3/15/2028 | 5619937 | 5632305 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 7297947 | 7270431 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2021-3A Class D, 1.31% due 5/17/2027 | 1922384 | 1902853 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | 4067051 | 4067372 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 6.76% due 9/15/2028 | 6305000 | 6401974 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | 1676626 | 1690098 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C, 6.51% due 8/15/2028 | 3758938 | 3786481 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A Class A2, 4.94% due 11/15/2030 | 6045120 | 6037846 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class A, 6.14% due 12/15/2027 | $813935 | $816374 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A2, 6.57% due 6/15/2028 | 1114668 | 1119438 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class E, 5.41% due 6/15/2029 | 5000000 | 5005298 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class R, due 12/15/2026 | 31000 | 1732854 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class R, due 3/15/2027 | 26000 | 1575622 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class E, 3.84% due 7/17/2028 | 5858000 | 5799843 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class E, 5.37% due 6/15/2029 | 6120000 | 5019317 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2021-4A Class D, 2.48% due 10/15/2027 | 12661752 | 12524347 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class R, 28.348% due 9/25/2028 | 979736 | 982192 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class G, 8.482% due 12/26/2028 | 1150955 | 1152107 |
| *<sup>d,e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.022% (SOFR30A + 2.65%) due 11/15/2027 | 25000000 | 25037368 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 4.22% due 5/17/2027 | 2357078 | 2354030 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | 1601646 | 1622173 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class B, 8.67% due 5/15/2029 | 10555435 | 10652731 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A, 7.13% due 1/26/2032 | 6557832 | 6566283 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | 8157664 | 8192599 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.575% due 6/26/2034 | 19579000 | 19583940 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2024-1A Class A, 7.09% due 6/25/2032 | 4719370 | 4744526 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.51% due 3/20/2028 | 649577 | 650016 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.46% due 9/10/2029 | 18259640 | 18238743 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AA Class F, 5.79% due 8/15/2028 | 3000000 | 3025545 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AA Class R, due 8/15/2028 | 28500 | 1918648 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-S1 Class R1, 8.14% due 4/18/2028 | 8146821 | 8153978 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 1028264 | 993647 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | 2202828 | 2030245 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | 37000 | 1288568 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | 13969661 | 13979405 |
| ** |  |  | 232676773 |
| ** | &nbsp;&nbsp;**CREDIT CARD — 0.5%** |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 | 11173000 | 11242207 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 5.78% due 12/15/2032 | 5000000 | 5074199 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D, 9.42% due 12/15/2032 | 9343000 | 9393974 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | 9800000 | 9875367 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-A Class A1, 6.20% due 8/15/2029 | 4700000 | 4741309 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;Perimeter Master Notes Business Trust, 8.55% due 9/17/2029 | 10000000 | 10121124 |
| ** |  |  | 50448180 |
| ** | &nbsp;&nbsp;**HOME EQUITY — 0.1%** |  |  |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Knock Issuer Trust, Whole Loan Securities Trust CMO, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A1, 7.119% due 2/25/2030 | 11200000 | 11318996 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A2, 9.054% due 2/25/2030 | 1000000 | 1010345 |
| ** |  |  | 12329341 |
| ** | &nbsp;&nbsp;**OTHER ASSET BACKED — 5.0%** |  |  |
| *<sup>d,e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-3A Class A1, 4.465% (TSFR1M + 0.31%) due 9/15/2041 | 340338 | 338936 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;ACHV ABS Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3PL Class D, 8.36% due 8/19/2030 | 1221659 | 1236029 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4CP Class E, 10.50% due 11/25/2030 | 4850000 | 4948346 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;AFG ABS I LLC, Series 2023-1 Class A2, 6.30% due 9/16/2030 | 684443 | 684999 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | 739101 | 741476 |
| ** | &nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, |  |  |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class D, 6.07% due 7/16/2040 | 8348791 | 8162946 |
| *<sup>e</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class A, 1.90% due 7/17/2046 | 1147358 | 1070720 |

---

See notes to financial statements. Annual Financial Statements \| 147

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class D, 7.15% due 7/17/2046 | $2378026 | $2323364 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.54% due 7/17/2046 | 2433518 | 2248245 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ASP WHCO Partner 2 LP due 3/29/2029 | 23750000 | 23750000 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | 1139538 | 1147755 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2021-A Class C, 3.69% due 11/17/2033 | 2200000 | 2089960 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A Class A, 4.213% due 12/16/2041 | 1193319 | 1193701 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Series 2021-MH1 Class B3, 7.69% due 2/25/2046 | 1936119 | 1772045 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 93609 | 92626 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | 8903818 | 9101158 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A, 6.35% due 4/21/2031 | 162122 | 162290 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A2, 4.91% due 2/20/2032 | 7070000 | 7128889 |
| | &nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.63% due 6/26/2028 | 10075000 | 10148938 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D, 8.53% due 6/26/2028 | 6015000 | 6075786 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 16375000 | 16379109 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | 1277681 | 1286854 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 19150000 | 18365926 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051 | 10983000 | 10449840 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class B1, 5.802% due 6/15/2040 | 4600060 | 2116028 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | 10333504 | 10178953 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | 10914785 | 10120157 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class C, 5.66% due 11/15/2034 | 575000 | 576077 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 1.27% due 5/15/2041 | 851503 | 803072 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 4.96% due 5/15/2041 | 1287331 | 1263151 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A, 2.19% due 1/15/2042 | 839636 | 801388 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D, 5.73% due 1/15/2042 | 3004383 | 3005697 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | 2256950 | 2259557 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 1469523 | 1434984 |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class R, due 6/20/2051 | 41500 | 1756373 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 986889 | 986791 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 15774813 | 13003207 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | 1697592 | 1297507 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class C, 3.50% due 5/20/2048 | 3977630 | 2275847 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | 9559161 | 7897377 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | 12558751 | 10656292 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1GS Class A, 2.70% due 1/20/2049 | 15078521 | 13576310 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.606% (SOFR90A + 2.25%) due 3/1/2027 | 3152180 | 3159901 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A2, 5.25% due 10/27/2059 | 4857139 | 4873290 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 4.93% due 6/25/2060 | 3991024 | 4004564 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.88% due 6/25/2059 | 1350255 | 1360148 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class E, 9.00% due 6/25/2059 | 4630189 | 4817693 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.687% (SOFR30A + 2.25%) due 12/25/2051 | 11423382 | 11484263 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;HERO Funding Trust, Series 2017-2A Class A1, 3.28% due 9/20/2048 | 658123 | 608580 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 436603 | 432934 |
| | &nbsp;&nbsp;&nbsp;&nbsp;InStar Leasing III LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 2.30% due 2/15/2054 | 3964408 | 3656537 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C, 5.29% due 2/15/2054 | 2935506 | 2750838 |
| | &nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Asset Securitization Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 1325285 | 1332780 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class D, 5.73% due 12/15/2028 | 3551813 | 2532459 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class D, 6.12% due 2/15/2029 | 5000000 | 1197559 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class E, 7.02% due 6/15/2029 | 6000000 | 60 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST3 Class A, 4.00% due 5/15/2028 | 50756 | 50732 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2022-1A Class D, 7.83% due 11/15/2029 | 1307769 | 1307769 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1GS Class A, 2.29% due 1/20/2048 | $11865076 | $9974955 |
| <sup>e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1GS Class R, due 1/20/2048 | 13252480 | 4661303 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2GS Class C, 3.50% due 3/20/2048 | 2856442 | 1667392 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029 | 2947000 | 1547985 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | 9520 | 129417 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | 16347 | 236795 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | 53946 | 817131 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 7.80% due 11/15/2032 | 12178250 | 12376668 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | 1037739 | 1044135 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D, 8.04% due 9/15/2033 | 6000000 | 6187997 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | 5885129 | 5922337 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 1542402 | 1574051 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | 2905452 | 2366370 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class D, 5.42% due 8/20/2046 | 478613 | 463532 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class R, due 8/20/2046 | 1549937 | 310527 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 12/20/2046 | 8600000 | 1249778 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 4/22/2047 | 9930000 | 826179 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 6/20/2052 | 12320000 | 518327 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031 | 8981893 | 9158426 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A, 7.78% due 12/20/2027 | 814633 | 815548 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 7.43% due 10/21/2030 | 419822 | 420978 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061 | 19365000 | 16153253 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | 7850000 | 7883434 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | 11000 | 258534 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | 1980217 | 1945886 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | 7288174 | 7172549 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 29294 | 29248 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class C, 7.50% due 1/15/2030 | 1754503 | 1757297 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | 3416820 | 3429571 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class C, 8.491% due 6/16/2031 | 2045701 | 2048754 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.66% due 7/15/2031 | 1107066 | 1112597 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | 5160137 | 5283475 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Proper Pass-Thru Trust II, |  |  |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-ST2 Class R1, due 11/15/2025 | 6385267 | 0 |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-ST2 Class R2, due 11/15/2025 | 3193133 | 0 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, Series 2024-1A Class A, 6.12% due 8/15/2029 | 253369 | 253502 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | 4182101 | 4205505 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | 895914 | 892002 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | 738333 | 736503 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 12100000 | 12101125 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 6059859 | 5945706 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2023-1A Class D, 9.80% due 1/20/2040 | 1164299 | 1203485 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 1896292 | 1804824 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 13355000 | 13322379 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 2021-1A Class A2, 1.877% due 3/26/2046 | 7500000 | 7392986 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044 | 4495875 | 4645393 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | 8900000 | 8938201 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | 5304064 | 5486573 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 10933840 | 11074891 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | 1809224 | 1834939 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | 5023228 | 5025686 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 8014292 | 8034251 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031 | 1928412 | 1931606 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 61285 | 61129 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST5 Class A, 2.00% due 7/20/2027 | 70650 | 70449 |

---

See notes to financial statements. Annual Financial Statements \| 149

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST8 Class CERT, due 10/20/2029 | $5400000 | $796117 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST9 Class CERT, due 11/20/2029 | 1414000 | 295277 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class C, 3.61% due 6/20/2031 | 884454 | 883423 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class C, 3.28% due 7/20/2031 | 4229249 | 4205766 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class CERT, due 7/20/2031 | 7165 | 565743 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class CERT, due 9/20/2031 | 4706 | 481322 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 11.10% due 2/20/2033 | 9209983 | 9368278 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 3118951 | 3146331 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | 736244 | 739341 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 1282807 | 1286578 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 5864201 | 5890046 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.22% due 6/20/2035 | 7300000 | 7343806 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-2A Class A, 4.25% due 6/17/2030 | 3663004 | 3649116 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A Class A2, 6.24% due 1/13/2031 | 5203092 | 5293153 |
| |  |  | 506728674 |
| | &nbsp;&nbsp;**STUDENT LOAN — 1.8%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | 10023115 | 10276147 |
| | &nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A1, 5.537% (TSFR1M + 1.21%) due 7/25/2051 | 1891386 | 1899538 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2, 1.60% due 7/25/2051 | 180132 | 164201 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A1, 5.172% (TSFR1M + 1.01%) due 7/26/2055 | 4022914 | 4010013 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class R, due 7/26/2055 | 38750 | 9729224 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class R, due 5/25/2055 | 35000 | 16920883 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 18-CGS Class A1, 3.87% due 2/25/2046 | 278487 | 270444 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | 985429 | 906445 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BGS Class A, 1.17% due 9/25/2051 | 3384116 | 3149610 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | 13346393 | 12313634 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MPOWER Education Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | 8209504 | 8583629 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | 14176993 | 14321380 |
| | &nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-1 Class B, 4.652% (TSFR1M + 0.49%) due 3/26/2035 | 2018995 | 1884043 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1 Class A5, 4.622% (TSFR1M + 0.46%) due 3/25/2033 | 7769363 | 7687295 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-4 Class A4, 4.582% (TSFR1M + 0.42%) due 5/25/2032 | 1148047 | 1141755 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-2 Class A4, 4.562% (TSFR1M + 0.40%) due 1/25/2033 | 22310223 | 21932041 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-D Class A2B, 5.315% (TSFR1M + 1.16%) due 12/15/2059 | 1983993 | 1983403 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A Class A2, 5.071% (SOFR30A + 0.71%) due 9/25/2042 | 1140406 | 1113501 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFL, 4.99% (TSFR1M + 0.85%) due 4/20/2062 | 1854427 | 1848568 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFX, 1.32% due 4/20/2062 | 4939518 | 4666947 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 4.94% (TSFR1M + 0.80%) due 4/20/2062 | 2160218 | 2151144 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.522% (TSFR1M + 1.36%) due 7/25/2051 | 311822 | 313571 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-2 Class A3, 5.352% (SOFR90A + 1.01%) due 4/25/2023 | 27999 | 27967 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-5 Class A4, 6.302% (SOFR90A + 1.96%) due 7/25/2023 | 286542 | 282547 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2 Class A2, 5.671% (SOFR30A + 1.31%) due 10/25/2034 | 1756241 | 1767845 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-1 Class A3, 5.421% (SOFR30A + 1.06%) due 9/25/2028 | 1027355 | 1022437 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 5.121% (SOFR30A + 0.76%) due 6/26/2028 | 1208988 | 1206067 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class R, due 1/15/2053 | 2742 | 4595816 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class A1B, 4.865% (TSFR1M + 0.71%) due 3/17/2053 | 1473204 | 1459765 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 4.75% due 11/16/2054 | 2477707 | 2395684 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Alternative Trust, Series 2019-C Class PT, 6.353% due 1/25/2045 | 14752601 | 14631790 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | 13298549 | 11660695 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | 90000 | 2356142 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SL1 Class A2, 4.95% (TSFR1M + 0.81%) due 11/20/2061 | 900740 | 899794 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SL1 Class D, 5.95% due 11/20/2061 | 11986000 | 11791827 |
| |  |  | 181365792 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $986,896,110) |  | 983548760 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | **CORPORATE BONDS — 40.8%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**AUTOMOBILES & COMPONENTS — 0.8%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LKQ European Holdings BV (EUR), 4.125% due 4/1/2028 | $6600000 | $7768029 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Real Hero Merger Sub 2, Inc., 6.25% due 2/1/2029 | 2671000 | 1836473 |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.7%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.00% due 10/12/2032 | 14700000 | 14761740 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 3.05% due 2/14/2027 | 15000000 | 14765250 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% due 10/15/2025 | 1528000 | 1526380 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 2/10/2027 | 1930000 | 1896341 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | 6916000 | 7055565 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 3/19/2027 | 4750000 | 4815502 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | 5400000 | 5438124 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 3/30/2026 | 3000000 | 3015870 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 1/16/2029 | 3000000 | 3181050 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% due 9/11/2027 | 3507000 | 3515627 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 3/27/2028 | 12074000 | 12238086 |
| |  |  | 81814037 |
| | &nbsp;&nbsp;**BANKS — 1.3%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 1935000 | 1921475 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 33455000 | 32720997 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026 | 6900000 | 6901725 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank Ltd., 3.624% due 6/3/2030 | 2800000 | 2667504 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.016% (SOFR + 0.91%) due 1/12/2029 | 5610000 | 5712158 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 5177000 | 5033390 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.741% (SOFR + 1.88%) due 3/20/2031 | 11370000 | 11742140 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.124% (SOFR + 1.23%) due 5/31/2027 | 5000000 | 5051550 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66% (SOFR + 3.28%) due 11/9/2031 | 12000000 | 13438560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.808% (SOFR + 1.98%) due 7/25/2028 | 3350000 | 3390267 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.574% (SOFR + 1.74%) due 7/25/2029 | 10000000 | 10363000 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series BB, 3.90% (5-Yr. CMT + 3.45%) due 3/15/2026 | 35346000 | 35023291 |
| |  |  | 133966057 |
| | &nbsp;&nbsp;**CAPITAL GOODS — 1.2%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.4%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 - 4/15/2029 | 16461000 | 15989138 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2029 | 14860000 | 15199997 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 8/15/2028 | 11165000 | 11390979 |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.0%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aeropuertos Dominicanos Siglo XXI SA, 7.00% due 6/30/2034 | 5000000 | 5256200 |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | 9620000 | 9226061 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc., 6.125% due 3/15/2030 | 1975000 | 2030379 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | 970000 | 996879 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp., 3.50% due 10/1/2030 | 3431000 | 3270086 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | 20714000 | 19957317 |
| | &nbsp;&nbsp;&nbsp;&nbsp;nVent Finance SARL, |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 11/15/2031 | 4097000 | 3658867 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/15/2028 | 3000000 | 3011970 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% due 2/15/2026 | 9070000 | 9109908 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% due 2/15/2030 | 6000000 | 6360960 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.2%** |  |  |

---

See notes to financial statements. Annual Financial Statements \| 151

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | $10840000 | $11567472 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 8470000 | 8951943 |
| |  |  | 125978156 |
| | &nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.5%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | 16611000 | 15013188 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp., 5.75% due 3/15/2033 | 16449000 | 17375243 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 7/15/2027 | 3395000 | 3389195 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 7/15/2029 | 2000000 | 1985520 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 10/15/2033 | 900000 | 908082 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 2/1/2031 | 3000000 | 3071880 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 12869000 | 13599831 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.643% due 3/13/2027 | 5400000 | 5501142 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.271% due 6/26/2026 | 17735000 | 17951190 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.319% due 12/4/2028 | 3422000 | 3623385 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc., 2.35% due 9/15/2031 | 9394000 | 8303638 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | 8975000 | 9505422 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc., 4.75% due 8/9/2027 | 3670000 | 3711801 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | 13680000 | 13947718 |
| | &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 16950000 | 17824789 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | 11362000 | 11605033 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% due 6/15/2029 | 7155000 | 6852630 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 7/1/2028 | 3749000 | 3717658 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 17229000 | 17119251 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., 5.75% due 4/1/2033 | 3540000 | 3752471 |
| |  |  | 178759067 |
| | &nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 0.2%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Meituan, 4.50% due 4/2/2028 | 14600000 | 14617520 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc., 2.375% due 1/14/2026 | 6460000 | 6405478 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 0.4%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Belron U.K. Finance plc, 5.75% due 10/15/2029 | 2680000 | 2714599 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV, 6.255% due 1/22/2032 | 13175000 | 14004893 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | 11803000 | 11731474 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | 8613000 | 8775785 |
| |  |  | 58249749 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | 11475000 | 9040923 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | 9875000 | 10486361 |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | 3590000 | 3823171 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. (EUR), 4.00% due 8/15/2030 | 2000000 | 2382806 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 6/15/2026 | 17454000 | 17256072 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 7/15/2030 | 3000000 | 3006120 |
| |  |  | 45995453 |
| | &nbsp;&nbsp;**CONSUMER SERVICES — 0.7%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | 5950000 | 6036692 |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.6%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados BV, 6.375% due 1/29/2032 | 13740000 | 14504494 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 12568000 | 12066411 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sodexo, Inc., Series 2023-2 Class B, 5.15% due 8/15/2030 | $6000000 | $6138600 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TKC Holdings, Inc., 6.875% due 5/15/2028 | 8650000 | 8724995 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WMG Acquisition Corp. (EUR), 2.25% due 8/15/2031 | 19018000 | 21138901 |
| |  |  | 68610093 |
| | &nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.6%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 2/15/2028 | 13948000 | 13946884 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 3/15/2033 | 1000000 | 1024040 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 2/15/2028 | 4725000 | 4807451 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 24136000 | 25393727 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 2/15/2029 | 13800000 | 13609974 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 4/15/2033 | 5465000 | 5501015 |
| |  |  | 64283091 |
| | &nbsp;&nbsp;**ENERGY — 3.3%** |  |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.2%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | 10800000 | 10592640 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., 9.50% due 12/3/2029 | 6250000 | 6503938 |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 725000 | 723695 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 10410000 | 10568336 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | 11960000 | 12653560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% due 6/1/2028 | 2941000 | 2957087 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625% due 3/15/2029 | 18140000 | 18921471 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 2/1/2032 | 4850000 | 5014124 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875% due 1/13/2033 | 10588000 | 11474427 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 1989000 | 1833062 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 3/30/2028 | 6500000 | 6378840 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% due 9/30/2033 | 13060000 | 13796192 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% due 12/1/2026 | 10520000 | 10717986 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.575% (TSFR3M + 3.28%) due 11/1/2066 | 1200000 | 1196808 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 14571000 | 14659300 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 9/30/2027 | 3288928 | 3206771 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% due 3/31/2034 | 16822512 | 15289476 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 3/31/2036 | 6630000 | 5841560 |
| <sup>e,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 16000000 | 10302240 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | 2735000 | 2806411 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | 10000000 | 10500700 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gulfstream Natural Gas System LLC, 6.19% due 11/1/2025 | 3584000 | 3585720 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | 4450000 | 4658750 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte. Ltd., 8.96% due 4/27/2029 | 13000000 | 13575510 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 5487000 | 5512844 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.95% due 9/1/2032 | 2790000 | 2800100 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | 4000000 | 4010920 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Parkland Corp., |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | 16591000 | 16560638 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% due 8/15/2032 | 7115000 | 7320197 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | 8312000 | 8051086 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84% due 1/23/2030 | 10950000 | 11138231 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos (EUR), 3.75% due 4/16/2026 | 6500000 | 7631253 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 1/17/2035 | 11670000 | 10699523 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% due 3/5/2034 | 4800000 | 4677072 |
| | &nbsp;&nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | 4460000 | 4511914 |

---

See notes to financial statements. Annual Financial Statements \| 153

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625% due 10/31/2029 | $4950000 | $4974206 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | 2083000 | 2157051 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | 7893000 | 8288913 |
| <sup>c,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% (5-Yr. CMT + 4.23%) due 9/18/2030 | 1897000 | 1930805 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 3/15/2028 | 12530000 | 12546289 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 9/15/2028 | 2387000 | 2459923 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TMS Issuer SARL, 5.78% due 8/23/2032 | 10700000 | 11207608 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 9/30/2029 | 5000000 | 5146650 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 9/30/2031 | 6560000 | 6818136 |
| |  |  | 336201963 |
| | &nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875% due 10/15/2030 | 6000000 | 5305200 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | 521000 | 531274 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 11/15/2028 | 5000000 | 5220600 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | 14250000 | 14007602 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% due 10/21/2025 | 13883000 | 13847598 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | 8536000 | 8660967 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/11/2028 | 4100000 | 4157400 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage LP, 5.90% due 1/15/2031 | 1882000 | 1999023 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | 6085000 | 5863202 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 9/15/2029 | 2000000 | 1969200 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/15/2030 | 4875000 | 4821570 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 2/15/2029 | 7985000 | 8221995 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. (EUR), 4.75% due 1/15/2034 | 9754000 | 11494405 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp., 4.70% due 12/15/2028 | 4503000 | 4583469 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 13500000 | 13105834 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | 3400000 | 3247442 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.884% due 7/15/2050 | 2420000 | 2401641 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | 16980000 | 17089679 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | 15000000 | 15401718 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Operating LP, 2.70% due 7/15/2031 | 9377000 | 8481965 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | 9336500 | 9173018 |
| |  |  | 159584802 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 3.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/23/2026 | 2176000 | 2144404 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 9/16/2027 | 1350000 | 1418472 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/17/2026 | 4232000 | 4193573 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/15/2025 | 27846000 | 27769980 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031 | 150000 | 216926 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | 8500000 | 8891510 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 4/15/2028 | 5000000 | 5007750 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25% due 7/1/2031 | 18500000 | 19662725 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc., 6.40% due 1/29/2035 | 4108000 | 3682707 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA, 7.50% due 6/15/2030 | 198293 | 193586 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hercules Capital, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 9/16/2026 | 12212000 | 11996702 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% due 1/20/2027 | 13651000 | 13397774 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | 5392000 | 5655291 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 3/15/2029 | $19481000 | $19051834 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 11/15/2027 | 4515000 | 4509808 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 7/14/2026 | 8291000 | 8182637 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 8/15/2028 | 15150000 | 15212569 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | 23462000 | 23985203 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | 8840000 | 9279702 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;FirstCash, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | 17215000 | 17211213 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% due 3/1/2032 | 4927000 | 5096932 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 1/15/2027 | 1630000 | 1582176 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 7/15/2027 | 6480000 | 6305818 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 7/15/2026 | 10596000 | 10522464 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% due 10/23/2029 | 2000000 | 2044640 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95% due 8/11/2028 | 5000000 | 5316950 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | 4900000 | 4970266 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, 2.591% (SOFR + 1.23%) due 1/20/2028 | 1350000 | 1320732 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series W, 4.00% (5-Yr. CMT + 3.60%) due 12/10/2025 | 19441000 | 19345156 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series X, 3.875% (5-Yr. CMT + 3.42%) due 2/18/2026 | 13223000 | 13097646 |
| <sup>c,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.61%) due 6/20/2026 | 7750000 | 7612050 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028 | 4760000 | 4655423 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | 4950000 | 5284719 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 5.005% (SOFR + 0.82%) due 9/10/2027 | 3687000 | 3695996 |
| | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc, |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.583% (TSFR3M + 1.80%) due 6/19/2029 | 3000000 | 3020460 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.755% (SOFR + 2.11%) due 6/9/2028 | 1370000 | 1381796 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.286% (SOFR + 1.29%) due 11/19/2030 | 3500000 | 3611860 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.288% (SOFR + 1.04%) due 11/19/2028 | 2000000 | 2007200 |
| | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% (TSFR3M + 0.70%) due 2/4/2027 | 1896000 | 1874954 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% (TSFR3M + 1.64%) due 5/1/2028 | 3314000 | 3284273 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.309% (H15T1Y + 0.95%) due 7/20/2032 | 7000000 | 6205570 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.017% (H15T1Y + 1.95%) due 7/20/2028 | 1750000 | 1776442 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.475% (H15T1Y + 1.53%) due 2/22/2031 | 2000000 | 2085360 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA, |  |  |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.345% (SOFR + 1.10%) due 2/19/2027 | 6687000 | 6705322 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.634% (H15T1Y + 1.75%) due 1/19/2030 | 2000000 | 2061300 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.446% (H15T1Y + 2.55%) due 1/10/2029 | 1667000 | 1735297 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030 | 14550000 | 15478290 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 7.161% (SOFR + 2.45%) due 10/30/2029 | 6250000 | 6770375 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 2679000 | 2615267 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 12301000 | 12302722 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 6094000 | 6174928 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | 5530000 | 5703310 |
| |  |  | 377310060 |
| | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.8%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | 34064000 | 29378838 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 24655000 | 24346319 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027 | 726000 | 714529 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Industrializadora Integral del agave SAPI de CV, 9.25% due 11/26/2031 | 15000000 | 15169500 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., 4.60% due 5/15/2030 | 5520000 | 5524416 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.6%** |  |  |

---

See notes to financial statements. Annual Financial Statements \| 155

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/15/2027 | $3700000 | $3691194 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2030 | 1000000 | 1011520 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 29063000 | 29591656 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Froneri Lux FinCo SARL (EUR), 4.75% due 8/1/2032 | 2000000 | 2369586 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/15/2030 | 8860000 | 8544672 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | 8247000 | 8228692 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | 2950000 | 3032246 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2033 | 5000000 | 5053850 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Tobacco — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc., 2.45% due 2/4/2032 | 9890000 | 8704585 |
| | &nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 3/22/2033 | 2988000 | 2956925 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 10/19/2032 | 4862000 | 5669043 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 2/1/2030 | 22500000 | 23340600 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% due 7/27/2027 | 2000000 | 2063440 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625% due 3/15/2032 | 1000000 | 1060660 |
| |  |  | 180452271 |
| | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 7280000 | 7029495 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 2/1/2028 | 6677000 | 6630996 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, 3.875% due 4/1/2029 | 2000000 | 1930000 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029 | 7950000 | 8159721 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Olympus Corp., 2.143% due 12/8/2026 | 5510000 | 5372195 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 8/1/2031 | 3950000 | 3395381 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 10/15/2030 | 6962000 | 6221174 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 12/15/2029 | 5775000 | 5601115 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 3/15/2029 | 6567000 | 6225385 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/1/2028 | 10370000 | 10150467 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 18630000 | 18269696 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc., 5.375% due 4/15/2031 | 6569000 | 6758778 |
| | &nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2026 - 5/15/2027 | 6900000 | 6889894 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 5/15/2028 | 5000000 | 5158000 |
| | &nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc. (EUR), |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 3/15/2029 | 9460000 | 10735228 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% due 6/15/2028 | 5000000 | 5802804 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% due 6/15/2030 | 4500000 | 4562415 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 5/15/2031 | 16224000 | 16804819 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% due 9/1/2026 | 6179000 | 6033793 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% due 10/15/2030 | 4646000 | 4194037 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 10/15/2029 | 14035000 | 14019842 |
| |  |  | 159945235 |
| | &nbsp;&nbsp;**HOUSEHOLD & PERSONAL PRODUCTS — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 6/15/2028 | 7268000 | 7132815 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 9/15/2033 | 2000000 | 1955520 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Prestige Brands, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 4/1/2031 | 6386000 | 5881442 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 1/15/2028 | 12321000 | 12220338 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | $13166000 | $12152350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/15/2026 | 2000000 | 1998860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | 9892000 | 9862126 |
|  |  |  | 51203451 |
|  | &nbsp;&nbsp;**INSURANCE — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American National Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/3/2030 | 8340000 | 8503297 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 1/28/2030 | 12303000 | 12679349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American National Group, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 10/1/2029 | 4408000 | 4559150 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.144% due 6/13/2032 | 12684000 | 13278372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | 11280000 | 11750827 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | 6889000 | 6277050 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% due 5/24/2026 | 2089000 | 2048703 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% due 6/28/2028 | 9540000 | 8881263 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 4/9/2027 | 16438000 | 16716131 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/10/2029 | 4056000 | 4165634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 5.65% due 6/11/2034 | 6184000 | 6414540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CNA Financial Corp., 5.125% due 2/15/2034 | 6785000 | 6847558 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | 11385000 | 12088365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% due 1/6/2029 | 7400000 | 6998624 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/8/2028 | 4350000 | 4357482 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | 4740000 | 4794605 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 6475000 | 6667826 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | 12701000 | 11353170 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.95% due 6/9/2030 | 6049000 | 6170343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | 4620000 | 4392973 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | 8690000 | 8901428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.50% due 6/4/2029 | 16240000 | 16941730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | 7973000 | 7815214 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | 3081000 | 2861479 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | 5377000 | 5580519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/29/2030 | 4673000 | 4689262 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 8/16/2032 | 3249000 | 3379902 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 4409000 | 4413629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 2.45% due 3/15/2031 | 5137000 | 4551793 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% due 8/15/2031 | 2261000 | 1970009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2030 | 1457000 | 1409196 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Five Corners Funding Trust III, 5.791% due 2/15/2033 | 7260000 | 7668883 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fortitude Global Funding, 4.625% due 10/6/2028 | 7342000 | 7346699 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 10057000 | 10442083 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GA Global Funding Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625% due 1/15/2026 | 610000 | 604894 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 1/6/2027 | 2971000 | 2897735 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 9/23/2027 | 9223000 | 9247533 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 9/18/2030 | 6500000 | 6455280 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | 7275000 | 7172786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | 7582000 | 7958143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 12/1/2025 | 3402000 | 3399551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 10/1/2030 | 7908000 | 7830897 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 9/15/2028 | 6000000 | 6437580 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | 5922000 | 6107714 |

---

See notes to financial statements. Annual Financial Statements \| 157

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jackson National Life Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/12/2028 | $4897000 | $4999543 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/9/2026 | 17000000 | 17044880 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 7/2/2027 | 5350000 | 5467219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp., 5.852% due 3/15/2034 | 5000000 | 5237300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corp., 4.40% due 3/15/2027 | 9408000 | 9367922 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | 4400000 | 4390408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NLG Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 9/15/2030 | 9834000 | 9740774 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 1/23/2030 | 11985000 | 12425688 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.823% (SOFR + 0.62%) due 6/4/2026 | 4533000 | 4540162 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II, 6.012% due 5/15/2035 | 7292000 | 7654194 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pentair Finance SARL, 5.90% due 7/15/2032 | 9193000 | 9752670 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 5.50% due 6/28/2028 | 6400000 | 6607424 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Protective Life Corp., 3.40% due 1/15/2030 | 4902000 | 4692587 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.467% due 12/8/2028 | 4850000 | 5028771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | 7001000 | 7466987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.512% due 9/28/2026 | 4000000 | 3893560 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.243% due 2/2/2026 | 22908000 | 22944882 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | 9395000 | 9864844 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;RGA Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% due 1/18/2029 | 9687000 | 9184632 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.448% due 5/24/2029 | 4000000 | 4151320 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/11/2031 | 5458000 | 5696951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% due 5/12/2027 | 2000000 | 1998020 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% due 4/15/2034 | 6610000 | 7263993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 16620000 | 14880052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Willis North America, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% due 9/15/2029 | 3000000 | 2849490 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% due 5/15/2033 | 9835000 | 10167423 |
|  |  |  | 512340897 |
|  | &nbsp;&nbsp;**MATERIALS — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. (EUR), 1.80% due 9/25/2026 | 13400000 | 15601701 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | 26000000 | 26853580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2027 | 17905000 | 17957104 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 12/1/2031 | 5000000 | 5266250 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% due 2/15/2030 | 5000000 | 5364550 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 12383000 | 11338865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;OCP SA, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/23/2031 | 7200000 | 6753672 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 10/22/2025 | 4800000 | 4796304 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SNF Group SACA, 3.125% due 3/15/2027 | 8405000 | 8200254 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | 6570000 | 6769137 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | 4400000 | 4547004 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc, 3.25% due 9/1/2028 | 16310000 | 15483572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% due 8/15/2030 | 14300000 | 12991407 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/15/2031 | 5414000 | 4914396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/15/2033 | 6643000 | 6715874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2029 | 1000000 | 1023550 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Berry Global, Inc., 4.875% due 7/15/2026 | 12729000 | 12728364 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | 5000000 | 5052400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% due 3/15/2028 - 3/1/2029 | 12150000 | 11650929 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 7/15/2032 | 5980000 | 6078251 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | 7730000 | 7997844 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OI European Group BV (EUR), 6.25% due 5/15/2028 | 3000000 | 3636340 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.573% due 10/15/2026 | $17665000 | $17118092 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2029 | 8460000 | 8416346 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 7/15/2032 | 4000000 | 4147240 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S., 7.25% due 2/15/2031 | 500000 | 525060 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 20762000 | 20400118 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.7%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, 6.80% due 2/4/2032 | 4000000 | 4132920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.00% due 3/15/2027 | 5000000 | 5000000 |
| <sup>e,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metalloinvest Finance DAC, 3.375% due 10/22/2028 | 7500000 | 3786600 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | 19170000 | 19939676 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | 12730000 | 11594611 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;POSCO, 5.625% due 1/17/2026 | 2350000 | 2358131 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Stillwater Mining Co., 4.50% due 11/16/2029 | 3050000 | 2844491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375% due 2/14/2031 | 4150000 | 3974787 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50% due 10/6/2028 | 16000000 | 15546880 |
|  |  |  | 321506300 |
|  | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.0%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flutter Treasury DAC, 5.875% due 6/4/2031 | 1000000 | 1015450 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flutter Treasury DAC (EUR), 4.00% due 6/4/2031 | 3700000 | 4350286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 2/1/2031 - 1/15/2034 | 11548000 | 10356257 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 3/1/2030 - 2/1/2032 | 9273000 | 8867613 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875% due 8/15/2027 | 1591000 | 1589743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;News Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 5/15/2029 | 2000000 | 1932520 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 2/15/2032 | 4980000 | 4946186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/15/2028 | 9815000 | 9489044 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 | 11960000 | 11903908 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2029 | 3250000 | 3250260 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Telenet Finance Luxembourg Notes SARL, 5.50% due 3/1/2028 | 14200000 | 14103014 |
|  |  |  | 71804281 |
|  | &nbsp;&nbsp;**PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25% due 3/2/2033 | 5000000 | 5179650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | 2902000 | 2915117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/12/2025 | 5579000 | 5586364 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | 4945000 | 4865138 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 4230769 | 4965250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.1%** |  |  |
| <sup>a,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Atlas U.S. Royalty LLC Participation Rights, Zero Coupon due 3/15/2027 | 5450000 | 545 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | 2500000 | 2497450 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc., 2.875% due 7/15/2026 | 5402000 | 5315892 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | 5184000 | 4988201 |
|  |  |  | 36313607 |
|  | &nbsp;&nbsp;**REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 13774000 | 13904440 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 2490000 | 2629041 |
|  |  |  | 16533481 |
|  | &nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | 4861000 | 4149641 |

---

See notes to financial statements. Annual Financial Statements \| 159

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 11/1/2032 | $4651000 | $4877643 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 11/1/2029 | 4906000 | 5332332 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 26626000 | 24482075 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc., |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% due 1/19/2026 | 4400000 | 4361324 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 1/17/2026 | 4800000 | 4824192 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 2701000 | 2655812 |
| |  |  | 50683019 |
| | &nbsp;&nbsp;**SOFTWARE & SERVICES — 2.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Block Financial LLC, 2.50% due 7/15/2028 | 3605000 | 3419054 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, 7.50% due 1/15/2031 | 8000000 | 8488560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | 14132000 | 13855437 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2029 | 7440000 | 7270368 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | 4992000 | 5206456 |
| | &nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Co., 2.375% due 9/15/2028 | 11657000 | 10981127 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL/Genpact USA, Inc., |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 4/10/2026 | 1626000 | 1602260 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/4/2029 | 4424000 | 4609454 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% due 3/1/2026 | 1401000 | 1382339 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 8/15/2029 | 4441000 | 4542210 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 4700000 | 4826195 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 33305000 | 33010251 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | 3953000 | 3871766 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.7%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | 19319000 | 18932040 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 11067000 | 11060249 |
| | &nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc., 5.90% due 11/22/2025 | 3650000 | 3653066 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | 656000 | 595209 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.193% due 1/19/2032 | 11494000 | 11014126 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV (EUR), |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.288% due 7/13/2029 | 8715000 | 9570567 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.031% due 8/3/2032 | 7000000 | 7395122 |
| | &nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | 6508000 | 6684562 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.0%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 9218000 | 9411209 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | 16087000 | 15647664 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2026 | 20710000 | 20719941 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 5/15/2033 | 1000000 | 1016160 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 5/1/2028 | 5292209 | 2802260 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2031 | 9973000 | 9556627 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2029 | 6289000 | 6148441 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp., |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2028 - 12/1/2029 | 10828000 | 10390274 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | 18395000 | 19143861 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc., 5.35% due 4/15/2032 | 3044000 | 3158150 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | 2670000 | 2669947 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | 6700000 | 6927532 |
| |  |  | 279562484 |
| | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc., 6.25% due 3/15/2028 | 14700000 | 15289470 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 5238000 | 5016956 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 4/1/2028 | $18083000 | $17978661 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% due 3/1/2030 | 9391000 | 9560601 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd., |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 5/12/2030 | 4671000 | 4717056 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/15/2028 | 3886000 | 4016492 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies BV, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 4/15/2029 | 2000000 | 1920640 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 9/1/2030 | 9175000 | 9241978 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 6.625% due 7/15/2032 | 800000 | 829744 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp., 1.75% due 8/9/2026 | 26068000 | 25489290 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% due 4/1/2026 | 4453000 | 4392172 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% due 4/1/2028 | 11254000 | 10715834 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 - 3/15/2033 | 7315000 | 7550085 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 5630000 | 5782855 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 4.15% due 9/15/2028 | 9000000 | 8988930 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | 9933000 | 10326645 |
| |  |  | 141817409 |
| | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.2%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance Ltd., 7.125% due 10/15/2032 | 1500000 | 1521135 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Videotron Ltd., 5.125% due 4/15/2027 | 7150000 | 7153360 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Secured Finance plc, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 8/15/2030 | 6500000 | 6129175 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/15/2029 | 1800000 | 1777518 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.5%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | 455000 | 449684 |
| | &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 2/15/2026 - 11/15/2031 | 13747000 | 12340495 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2032 | 8935000 | 9192507 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 20850000 | 21719236 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 U.K. Financing I plc, 4.25% due 1/31/2031 | 7818000 | 7245488 |
| |  |  | 67528598 |
| | &nbsp;&nbsp;**TRANSPORTATION — 0.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.25% due 6/1/2028 | 6533000 | 6708019 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BNSF Funding Trust I, 6.613% (SOFR 3 Month + 2.35%) due 12/15/2055 | 11990000 | 11995395 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines — 0.3% |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust, Series 2016-3 Class B, 3.75% due 4/15/2027 | 438261 | 437069 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust, Series 2020-1 Class A, 4.25% due 5/15/2034 | 815669 | 794013 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | 24600000 | 25387938 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% due 3/30/2029 | 3060000 | 3147853 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 5/1/2028 | 6440000 | 6629851 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 5/24/2026 | 2480000 | 2498600 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% due 6/15/2030 | 2400000 | 2565072 |
| |  |  | 60163810 |
| | &nbsp;&nbsp;**UTILITIES — 5.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 4.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;AEP Texas, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | 5106000 | 5249581 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.10% due 7/1/2030 | 2612000 | 2355031 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AES Espana BV, 5.70% due 5/4/2028 | 20027000 | 19542347 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | 4659000 | 4864369 |

---

See notes to financial statements. Annual Financial Statements \| 161

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% due 3/15/2026 | $1500000 | $1477845 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 3/30/2029 | 3415000 | 3572124 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | 6776000 | 7102197 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% due 6/15/2030 | 1000000 | 920180 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 1/31/2031 | 4371000 | 4373929 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% due 5/15/2034 | 6135000 | 6550585 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | 6140000 | 5779643 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | 16177000 | 14589227 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 5846800 | 5433548 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% due 1/24/2035 | 4000000 | 4077040 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | 6112000 | 6174220 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 11/15/2032 | 5000000 | 5198300 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.35% (5-Yr. CMT + 3.20%) due 1/15/2027 | 19650000 | 19354660 |
| | &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | 9605000 | 9771743 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 10/1/2035 | 6155000 | 6119609 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 5700000 | 5874420 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp., 4.95% due 9/15/2035 | 11334000 | 11259082 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 4/22/2029 | 12614000 | 13143536 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 1/13/2035 | 25825000 | 26857742 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (SOFR 3 Month + 5.44%) due 6/15/2076 | 13999000 | 14084814 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International NV, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% due 7/12/2028 | 16900000 | 15959684 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/30/2030 | 3998000 | 3970614 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2032 | 3819000 | 3884954 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 6/26/2029 | 9739000 | 9976632 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Entergy Texas, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% due 9/1/2026 | 5866000 | 5704920 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2027 | 3000000 | 2951790 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 5.25% due 3/15/2035 | 3912000 | 3983511 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Evergy Metro, Inc., 4.95% due 4/15/2033 | 4663000 | 4734344 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2033 | 4950000 | 5019993 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 3/1/2028 | 5181000 | 5321198 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | 5230000 | 5248880 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Co., Inc., 6.00% due 10/1/2033 | 998000 | 1005864 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% due 5/14/2030 | 1742000 | 1632097 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/22/2027 | 4910000 | 4968674 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | 13817000 | 14275586 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 5/9/2034 | 21000000 | 21844200 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | 17064000 | 18671429 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC, 4.10% due 5/15/2028 | 945000 | 943951 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 5.65% due 8/15/2028 | 15000000 | 15607200 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.278% due 12/15/2028 | 7700000 | 7698922 |
| | &nbsp;&nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | 4000000 | 4090880 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 9034000 | 9270962 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | 6000000 | 6129780 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 5.20% due 4/1/2029 | 9543000 | 9846372 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | 6876000 | 6714620 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | 8255000 | 7899540 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | 6812000 | 7017790 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Southern Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 7/1/2026 | 6725000 | 6682296 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | 22174000 | 22093287 |
| | &nbsp;&nbsp;&nbsp;&nbsp;System Energy Resources, Inc., 6.00% due 4/15/2028 | 2212000 | 2300878 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Toledo Edison Co., 2.65% due 5/1/2028 | 4425000 | 4182023 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | $8325000 | $8480761 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | 5961000 | 6045527 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 5.45% due 8/15/2033 | 3183000 | 3296442 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Gas Utilities — 0.9%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | 9210000 | 9326691 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | 8931000 | 8897330 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp., 5.40% due 7/1/2034 | 6427000 | 6635299 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ENN Clean Energy International Investment Ltd., 3.375% due 5/12/2026 | 9524000 | 9446665 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 10857000 | 11500495 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | 4945000 | 5138003 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Snam SpA, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/28/2030 | 4200000 | 4261194 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.75% due 5/28/2035 | 3907000 | 4050621 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 6950000 | 7133202 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Southwest Gas Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% due 6/15/2030 | 7880000 | 7158901 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% due 3/15/2032 | 3026000 | 2906352 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/1/2027 | 4610000 | 4754754 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc., 5.30% due 3/1/2026 | 12927000 | 12975089 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.2%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | 18400000 | 19493512 |
| |  |  | 574859481 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $4,100,361,400) |  | 4155466852 |
| |  |  |  |
| | **CONVERTIBLE BONDS — 0.4%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | 1200000 | 1174524 |
| |  |  | 1174524 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.2%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Repay Holdings Corp., Zero Coupon due 2/1/2026 | 22785000 | 22222894 |
| |  |  | 22222894 |
| | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 26001000 | 15606840 |
| |  |  | 15606840 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $40,091,689) |  | 39004258 |
| |  |  |  |
| | **LONG-TERM MUNICIPAL BONDS — 0.0%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;California (California Mtg Insurance) HFFA, 7.875% due 2/1/2026 | 450000 | 451312 |
| | &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Research Foundation of State University of New York), 4.248% due 9/1/2035 | 1805000 | 1769689 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS (Cost $2,254,818) |  | 2221001 |
| |  |  |  |
| | **OTHER GOVERNMENT — 2.8%** |  |  |
| |  |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Albania Government International Bonds (EUR), 5.90% due 6/9/2028 | 9800000 | 12191321 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | 36873000 | 22455737 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | 98800000 | 17529267 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029 | 8725000 | 9092323 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% due 6/5/2026 | 315500000 | 5083508 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75% due 6/1/2036 | 1009000000 | 17533387 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco SARL, 5.50% due 8/17/2030 | 29325000 | 29769860 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027 | 580450000 | 12128797 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 3.625% due 3/10/2033 | 15632000 | 14011431 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031 | 14450000 | 17381354 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bonds (IDR), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 101, 6.875% due 4/15/2029 | 216734000000 | 13662110 |

---

See notes to financial statements. Annual Financial Statements \| 163

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series FR82, 7.00% due 9/15/2030 | $45000000000 | $2866904 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bonds, 5.375% due 3/22/2033 | 9750000 | 9747465 |
| | &nbsp;&nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 17550000 | 9883723 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government International Bonds, |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625% due 11/28/2047 | 10000000 | 8603000 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% due 9/28/2051 | 4300000 | 3868753 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | 12610000 | 11250768 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bonds, 2.252% due 9/29/2032 | 13300000 | 10800132 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50% due 2/25/2028 | 92000000000 | 7742224 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25% due 10/12/2026 | 15500000000 | 1326350 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.625% due 5/29/2027 | 95500000000 | 8273639 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bonds, 5.125% due 1/13/2028 | 18000000 | 18373500 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | 15218000 | 20504543 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $268,868,608) |  | 284080096 |
| |  |  |  |
| | **U.S. TREASURY SECURITIES — 10.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, 2/15/2051 | 57421910 | 31842244 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/2050 | 59782843 | 35344271 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, 1/15/2030 | 37666500 | 35962680 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | 166406848 | 167206381 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 4/15/2029 | 139313736 | 143792455 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 5/15/2040 - 8/15/2040 | 264700000 | 167474234 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040 | 207290000 | 135159558 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/31/2030 - 2/15/2034 | 25373000 | 25437712 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 - 5/15/2035 | 93262000 | 94227574 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 59640000 | 61671487 |
| | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.007%, 11/15/2041 | 25000000 | 11537999 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.233%, 5/15/2037 | 110000000 | 65557895 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.351%, 11/15/2036 | 50000000 | 30582874 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.105%, 8/15/2040 | 80000000 | 39603312 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.357%, 8/15/2038 | 25000000 | 13906067 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.438%, 8/15/2043 | 50000000 | 20825894 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.691%, 11/15/2042 | 40000000 | 17397452 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.699%, 8/15/2039 | 25000000 | 13125503 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $1,085,275,780) |  | 1110655592 |
| |  |  |  |
| | **U.S. GOVERNMENT AGENCIES — 0.3%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (SOFR + 4.66%), 10/1/2026 | 8064000 | 8087870 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 6, 7.00% (5-Yr. CMT + 3.01%), 9/15/2030 | 9500000 | 9948875 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 2.90%, 2/18/2037 | 22380000 | 18485656 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $35,848,452) |  | 36522401 |
| |  |  |  |
| | **MORTGAGE BACKED — 27.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 6.115% due 1/25/2061 | 3492023 | 3491253 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-G Class A, 4.875% due 6/25/2061 | 2595360 | 2593434 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | 3355901 | 3267459 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 4.25% due 10/25/2062 | 8221739 | 8128908 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | 8784526 | 8561436 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B1, 4.026% due 12/25/2066 | 4575000 | 3612527 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6 Class A3, 4.30% due 7/25/2067 | 3676016 | 3667766 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 4.75% due 9/26/2067 | 11451421 | 11393910 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A1, 4.65% due 10/25/2067 | 5588901 | 5560266 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AOA Mortgage Trust, CMBS, Series 2021-1177 Class A, 5.14% (TSFR1M + 0.99%) due 10/15/2038 | 12740000 | 12489231 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 5.822% (SOFR30A + 1.45%) due 1/15/2037 | 9893307 | 9893303 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | $445150 | $433755 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | 962506 | 920733 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1R Class A1, 1.175% due 10/25/2048 | 1945287 | 1674907 |
| | &nbsp;&nbsp;&nbsp;&nbsp;ATLX Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 3.85% due 4/25/2064 | 11186501 | 10843764 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | 10796869 | 10386082 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 12019838 | 11641764 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | 5004288 | 5002720 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 4.25% due 2/25/2028 | 14049566 | 13984357 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 6.375% due 8/25/2033 | 18343 | 18978 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.147% due 10/5/2038 | 4250000 | 4469695 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | 24764688 | 24413416 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 6.08% due 6/13/2047 | 23150000 | 23839019 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | 6760000 | 5856883 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 5080000 | 4667412 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B4, 3.88% due 3/25/2050 | 663465 | 580384 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B5, 3.88% due 3/25/2050 | 342311 | 268836 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B6, 3.88% due 3/25/2050 | 521093 | 336892 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 1935525 | 1785827 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.007% due 1/25/2067 | 17125861 | 16528697 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 4.554% due 1/25/2067 | 4700000 | 3926264 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B2, 4.594% due 3/25/2067 | 7015000 | 5288341 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | 5932599 | 5946346 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | 127174 | 118963 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO1, 0.44% due 10/25/2049 | 12270702 | 259014 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO2, 0.50% due 10/25/2049 | 10944385 | 292823 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIOS, 0.20% due 10/25/2049 | 15252535 | 161799 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B4, 3.44% due 10/25/2049 | 319529 | 273257 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B5, 3.44% due 10/25/2049 | 161529 | 103548 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B6, 3.44% due 10/25/2049 | 286799 | 135215 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AX1, 0.252% due 1/25/2051 | 94779912 | 1353467 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 101345022 | 1233470 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B4, 2.752% due 1/25/2051 | 491000 | 236402 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B5, 2.752% due 1/25/2051 | 164000 | 77315 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B6, 2.752% due 1/25/2051 | 654523 | 262217 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I1 Class M1, 7.051% due 4/25/2058 | 10705000 | 10740517 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I2 Class A1, 6.639% due 12/25/2067 | 9826071 | 9907240 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R1 Class A1, 4.75% due 6/25/2064 | 13917237 | 13864034 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-HYB2 Class B1, 6.369% due 3/25/2034 | 16141 | 7037 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-A Class A, 4.00% due 1/25/2035 | 267727 | 261620 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 1180900 | 976939 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 770600 | 630398 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 386242 | 253540 |
| <sup>e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class XS, due 5/25/2060 | 17035357 | 548368 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B5, 4.059% due 8/25/2050 | 153000 | 91267 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B6, 4.059% due 8/25/2050 | 372000 | 192092 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B4, 2.609% due 4/25/2051 | 425000 | 196398 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B5, 2.609% due 4/25/2051 | 666000 | 274421 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B6, 2.609% due 4/25/2051 | 503782 | 181846 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 10550858 | 9449522 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B4, 2.768% due 7/25/2051 | 2281541 | 1081623 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B5, 2.768% due 7/25/2051 | 623000 | 287411 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B6, 2.768% due 7/25/2051 | 1247350 | 491554 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.861% due 9/25/2051 | 1032000 | 564887 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B5, 2.861% due 9/25/2051 | 173000 | 80478 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.861% due 9/25/2051 | 573357 | 230918 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A5IX, 0.288% due 11/27/2051 | 178366634 | 2873130 |

---

See notes to financial statements. Annual Financial Statements \| 165

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class B4, 3.288% due 11/27/2051 | $1269095 | $1048475 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class B6, 3.288% due 11/27/2051 | 3199407 | 1550171 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B4, 2.903% due 2/25/2052 | 700598 | 371485 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B5, 2.903% due 2/25/2052 | 527000 | 244079 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B6, 2.903% due 2/25/2052 | 1404735 | 552261 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | 4370000 | 4537400 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 9000000 | 9483583 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-H1 Class A1, 6.615% due 3/25/2068 | 5453824 | 5497139 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-H4 Class A1, 6.147% due 7/25/2069 | 9157985 | 9279034 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-WEST Class A, 3.04% due 2/15/2035 | 22257500 | 18866013 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BPNY Class A, 7.98% (TSFR1M + 3.83%) due 8/15/2026 | 12573585 | 11968847 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-AFC1 Class B2, 5.141% due 7/25/2049 | 2366448 | 2241916 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 40856096 | 401035 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B3, 4.315% due 3/25/2056 | 146228 | 102741 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class XS, 3.233% due 3/25/2056 | 42977209 | 7052130 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 1927245 | 1655985 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class B2, 4.128% due 4/25/2066 | 2650000 | 2021380 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class B2, 4.256% due 10/25/2066 | 3478650 | 3075780 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RP11 Class A1, 2.25% due 10/25/2061 | 13004686 | 10942530 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 4436096 | 4417546 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 3123692 | 3110832 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 10082000 | 9231245 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B3, 6.423% due 5/25/2065 | 4825000 | 4876053 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1, 0.715% due 5/25/2065 | 418837 | 398711 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1, 2.739% due 11/25/2059 | 493785 | 478763 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 3.859% due 1/25/2067 | 6901000 | 4857472 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.694% due 10/1/2053 | 8827219 | 8574053 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0322, 6.147% (H15T1Y + 2.07%) due 2/1/2048 | 1868722 | 1921239 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 760025, 3.702% (5-Yr. CMT + 1.31%) due 10/1/2047 | 2976867 | 2906874 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841097, 3.256% (5-Yr. CMT + 1.30%) due 9/1/2048 | 4198990 | 4081317 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841355, 1.897% (2.16% - SOFR30A) due 11/1/2051 | 4358276 | 4138856 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841362, 1.705% (2.15% - SOFR30A) due 2/1/2052 | 5559690 | 5208110 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841377, 1.942% (2.24% - SOFR30A) due 4/1/2052 | 5751575 | 5397410 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841463, 2.158% (2.18% - SOFR30A) due 7/1/2052 | 14847321 | 13458505 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | 11379089 | 9013633 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN1497, 4.75% due 1/1/2030 | 8425000 | 8522196 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5461 Class PA, 4.50% due 8/25/2054 | 28024617 | 27555335 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5462 Class P, 4.50% due 10/25/2054 | 18998413 | 18715557 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 22267987 | 21951615 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.756% (SOFR30A + 1.40%) due 2/25/2055 | 21002338 | 21109978 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5552 Class PD, 5.00% due 9/25/2054 | 23350951 | 23470560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5565 Class QA, 4.50% due 8/25/2055 | 22921625 | 22819524 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
| <sup>d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KIR1 Class X, 1.142% due 3/25/2026 | 31227938 | 52937 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | 10518000 | 10812827 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | 7257000 | 7589883 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | 18483000 | 19168789 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | 2250265 | 2046688 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MTU, 2.50% due 5/25/2060 | 26737787 | 21767031 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 20158690 | 17396726 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | 9473694 | 7882976 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | 13187016 | 11360336 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA7373, 3.00% due 5/1/2052 | 2838621 | 2510150 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1374, 3.00% due 3/1/2052 | 7462642 | 6558506 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1588, 5.00% due 9/1/2052 | $4643263 | $4655111 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1626, 5.00% due 10/1/2052 | 6579612 | 6602196 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD3632, 2.50% due 7/1/2052 | 34551964 | 29253554 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | 39401132 | 33362172 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD4176, 3.00% due 9/1/2052 | 105337444 | 92835424 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD5171, 2.50% due 1/1/2054 | 31727341 | 26864533 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD6509, 6.00% due 8/1/2054 | 25122246 | 25742530 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | 31765809 | 25817401 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 14411473 | 12699366 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8367, 5.50% due 10/1/2053 | 14599065 | 14764160 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class M1, 3.651% due 12/25/2046 | 156154 | 153951 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class M1, 3.85% due 5/25/2047 | 14149 | 14069 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4523, 2.812% (5-Yr. CMT + 1.15%) due 4/1/2047 | 4472102 | 4328135 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 3.37% (5-Yr. CMT + 1.15%) due 6/1/2046 | 8430580 | 8191645 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BL8603, 2.07% due 10/1/2050 | 11237121 | 7936780 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6885, 1.606% (2.20% - SOFR30A) due 12/1/2051 | 6328021 | 5930964 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6899, 2.50% due 1/1/2052 | 9944436 | 8197208 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6929, 1.928% (2.13% - SOFR30A) due 7/1/2051 | 6407368 | 6114582 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BO9998, 2.736% (H15T1Y + 2.03%) due 3/1/2048 | 3435844 | 3406081 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS1289, 2.17% due 3/1/2051 | 15746794 | 10853076 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BU9934, 1.839% (2.37% - SOFR30A) due 2/1/2052 | 13794128 | 12436762 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3061, 5.26% due 2/1/2030 | 29454000 | 30326998 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.525% (2.20% - SOFR30A) due 11/1/2051 | 6959296 | 6537639 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | 13342218 | 13660943 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | 20642792 | 20424219 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 29200000 | 28278033 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | 48134325 | 40753112 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BW8669, 5.00% due 9/1/2052 | 4489260 | 4466288 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | 36028987 | 31661978 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB3050, 2.50% due 3/1/2052 | 23262891 | 19697419 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB3880, 5.00% due 6/1/2052 | 2407129 | 2416575 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | 26208807 | 22191817 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | 116185719 | 102423168 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7577, 2.50% due 1/1/2054 | 26953965 | 22822766 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7757, 2.50% due 2/1/2052 | 26185590 | 22097906 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | 19305128 | 16277245 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5138, 5.50% due 9/1/2053 | 8121889 | 8199169 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5139, 6.00% due 9/1/2053 | 6770723 | 6936488 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5166, 6.00% due 10/1/2053 | 13094986 | 13406030 |
| | &nbsp;&nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2IO, 1.241% due 4/25/2050 | 107080568 | 3114181 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B3, 2.881% due 4/25/2050 | 1384542 | 1256472 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B4, 2.881% due 4/25/2050 | 1325000 | 1182584 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B6, 2.881% due 4/25/2050 | 755000 | 515263 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 136261 | 126793 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3INV Class B4, 4.44% due 5/25/2048 | 4727763 | 4368889 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class B3, 4.00% due 12/25/2049 | 3338128 | 3025427 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX1, 0.652% due 8/25/2050 | 21775391 | 718222 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 3731719 | 100817 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B4, 3.652% due 8/25/2050 | 195036 | 169431 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B5, 3.652% due 8/25/2050 | 582437 | 505254 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B6C, 3.495% due 8/25/2050 | 778497 | 433856 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX1, 0.173% due 12/30/2051 | 149163298 | 1415604 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | 12331699 | 132249 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | 11278691 | 335988 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B4, 3.353% due 12/30/2051 | 2459497 | 2024767 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B5, 3.353% due 12/30/2051 | 448366 | 340620 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B6C, 3.203% due 12/30/2051 | 3907947 | 2487556 |

---

See notes to financial statements. Annual Financial Statements \| 167

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM3 Class A1, 3.686% due 11/25/2059 | $382696 | $374244 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 1990515 | 1903089 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 13468339 | 12600802 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class M1, 2.316% due 1/25/2066 | 6112000 | 4529658 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 3120414 | 2586617 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4 Class A1, 4.25% due 5/25/2067 | 16142963 | 15185249 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | 26417065 | 26712186 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | 20812302 | 18619523 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | 92472920 | 82687149 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 163850790 | 146393055 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | 8975341 | 6971480 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 24713903 | 24749787 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 5.285% (TSFR1M + 1.13%) due 7/15/2039 | 1105579 | 1104973 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | 8549430 | 8563377 |
| | &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A11X, 3.392% due 10/25/2050 | 800614 | 122008 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A12X, 2.907% due 10/25/2050 | 9586151 | 1252180 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AIOS, 0.189% due 10/25/2050 | 53436363 | 380536 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX1, due 10/25/2050 | 34829971 | 348 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX2, 0.407% due 10/25/2050 | 1727640 | 22851 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX4, 0.921% due 10/25/2050 | 1859783 | 57289 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B4, 3.828% due 10/25/2050 | 1181348 | 1033152 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B5, 3.828% due 10/25/2050 | 1184144 | 1045425 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B6, 3.828% due 10/25/2050 | 2932477 | 2010550 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class BX, 0.328% due 10/25/2050 | 13478785 | 205874 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ3 Class A11X, 3.50% due 10/25/2050 | 2051010 | 264194 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | 5996961 | 6017897 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 5646865 | 5504477 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | 4991425 | 4869482 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | 18202192 | 18651675 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | 7935160 | 8009891 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 6.427% due 5/25/2065 | 21906281 | 21522001 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 4449323 | 4432509 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 7.12% due 7/25/2029 | 22320000 | 22403959 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | 5870000 | 5497240 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class B2, 4.12% due 11/25/2056 | 5408000 | 4056686 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 3413695 | 2959912 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class B2, 4.10% due 1/25/2057 | 2500000 | 1824271 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.493% due 2/25/2067 | 13059488 | 11874331 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class B2, 4.20% due 3/25/2067 | 15600000 | 11766543 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 10635749 | 10593198 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A3, 5.04% due 6/25/2067 | 3221530 | 3207771 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM6 Class A1, 6.819% due 10/25/2067 | 11421006 | 11380828 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | 7151775 | 7172315 |
| | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BHR5 Class A, 5.844% (TSFR1M + 1.69%) due 3/15/2040 | 2624136 | 2624091 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BHR5 Class B, 6.293% (TSFR1M + 2.14%) due 3/15/2040 | 8240000 | 8225824 |
| | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4 Class B4, 3.507% due 6/25/2045 | 830166 | 609590 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5 Class B6, 4.967% due 10/26/2048 | 3073715 | 2375570 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-8 Class B4, 4.143% due 3/25/2050 | 3107803 | 2866642 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AX1, 0.133% due 8/25/2050 | 7755298 | 43428 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A11X, 0.813% (5.14% - TSFR1M) due 11/25/2050 | 1536780 | 50258 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 6966736 | 160723 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX1, 0.082% due 11/25/2050 | 25732611 | 64625 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 711913 | 116488 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 1643074 | 41650 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B4, 3.632% due 11/25/2050 | 1217471 | 1062652 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B5, 3.632% due 11/25/2050 | $561438 | $442144 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B6, 3.536% due 11/25/2050 | 1054996 | 533633 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B4, 3.509% due 1/25/2051 | 578586 | 500748 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B5, 3.509% due 1/25/2051 | 403603 | 246586 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B6, 3.509% due 1/25/2051 | 581120 | 282877 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-LTV1 Class B3A, 3.752% due 6/25/2050 | 2561279 | 2243592 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.02% due 1/25/2052 | 2217159 | 1743235 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.723% due 1/25/2052 | 2521504 | 1272047 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | 11499528 | 9485033 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 14856246 | 13165330 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B4, 3.122% due 8/25/2052 | 3096152 | 2449407 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B5, 3.122% due 8/25/2052 | 1646811 | 1078024 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B6, 2.394% due 8/25/2052 | 1806360 | 747240 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B4, 3.097% due 8/25/2052 | 2538660 | 1990495 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B5, 3.097% due 8/25/2052 | 1615176 | 780941 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B6, 2.319% due 8/25/2052 | 1460644 | 603244 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | 7149477 | 7117793 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A2, 5.50% due 6/25/2053 | 5676121 | 5696020 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A4B, 5.50% due 10/25/2053 | 6364644 | 6402371 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CCM1 Class A4, 5.50% due 6/25/2055 | 21469056 | 21699158 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Wealth Management, Whole Loan Securities Trust CMO, Series 2021-CL1 Class M1, 5.656% (SOFR30A + 1.30%) due 3/25/2051 | 3617360 | 3584037 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033 | 5400000 | 5435650 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 3698000 | 3523793 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.11% due 8/25/2051 | 89212321 | 375013 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 6112669 | 248930 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.31% due 8/25/2051 | 301567 | 239738 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 2.607% due 8/25/2051 | 1460776 | 798253 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.153% due 10/25/2051 | 108101590 | 708757 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 8793114 | 236796 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.203% due 10/25/2051 | 416366 | 325698 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.087% due 10/25/2051 | 1855078 | 1039483 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.123% due 8/25/2034 | 29292 | 27740 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 215062 | 213358 |
| | &nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A1, 1.381% due 4/25/2065 | 4233155 | 4118281 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class M1, 2.654% due 1/26/2065 | 800000 | 736901 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 1452728 | 1383887 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 6883168 | 6154788 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 6424112 | 6377371 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4950000 | 4613143 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | 24939722 | 25258980 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 5.57% due 9/25/2067 | 6245484 | 6224649 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 16426684 | 16446674 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | 12228485 | 11896050 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067 | 14635557 | 14635705 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | 9307153 | 8847193 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 14702586 | 15505149 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 6.152% due 12/25/2068 | 12069164 | 12170331 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.00% due 6/25/2064 | 20420322 | 19979328 |
| | &nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A Class A1, 4.00% due 4/25/2057 | 631492 | 610518 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1, 4.00% due 5/25/2057 | 541415 | 519780 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1, 5.772% (TSFR1M + 1.61%) due 6/25/2057 | 284196 | 287702 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A Class A1, 4.00% due 8/27/2057 | 280916 | 274934 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 529647 | 516082 |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.744% due 6/25/2051 | 89920622 | 3259344 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | 1125392 | 913479 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.177% due 6/25/2051 | 1980794 | 1191109 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 15332040 | 14522583 |

---

See notes to financial statements. Annual Financial Statements \| 169

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | $13566336 | $12902830 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 10000000 | 10075478 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NRM FHT1 Excess Owner LLC, Whole Loan Securities Trust CMO, Series 2025-FHT1 Class A, 6.545% due 3/25/2032 | 7998380 | 8064886 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 4450000 | 3846930 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | 11000000 | 11112266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | 5017062 | 4153142 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 13149768 | 11134644 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | 10141058 | 10222079 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 26914348 | 24766706 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 6.116% due 5/25/2065 | 18042582 | 18049626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN3 Class A1, 5.843% due 9/25/2051 | 8009366 | 8012301 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | 24915187 | 25140253 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 4635292 | 4484136 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 3702170 | 3113857 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B2, 3.95% due 8/25/2056 | 2729000 | 1917538 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 5097588 | 5176563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.50% due 5/25/2054 | 8228720 | 8096029 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A1, 5.993% due 4/25/2030 | 21240087 | 21236328 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL3 Class A1, 3.25% due 4/25/2055 | 13882161 | 13488028 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4 Class A1, 3.00% due 5/25/2055 | 17323903 | 16393325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 21982506 | 21734300 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.423% due 4/25/2067 | 7394042 | 7286248 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | 7272131 | 7247450 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | 11182376 | 11235079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 11101355 | 9882876 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J4 Class A5, 5.50% due 12/25/2054 | 25344589 | 25440900 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RFT Trust, Whole Loan Securities Trust CMO, Series RR1 Class A1, 6.767% due 6/27/2028 | 14617441 | 14642046 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | 11400000 | 11741548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 4755632 | 4386956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4 Class B4, 3.103% due 11/25/2030 | 1686000 | 1587196 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B3, 3.603% due 11/25/2046 | 2012815 | 1522714 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-7 Class B3, 3.724% due 10/25/2047 | 1171255 | 1048285 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-7 Class B4, 4.251% due 9/25/2048 | 1802000 | 1458474 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9 Class A1, 2.50% due 1/25/2052 | 12041853 | 10000166 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 6.00% due 9/25/2053 | 6563816 | 6664376 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.414% (TSFR1M + 1.26%) due 5/15/2038 | 14442000 | 14319281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 10409597 | 147800 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B2, 5.663% due 9/25/2059 | 1978000 | 1834214 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B3, 6.288% due 9/25/2059 | 842000 | 726641 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS1, due 9/25/2059 | 10238765 | 102 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS2, due 9/25/2059 | 9939778 | 554343 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 1.895% due 5/25/2065 | 783475 | 730538 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1, 1.737% due 12/25/2061 | 5451155 | 4673218 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 3.959% due 3/27/2062 | 4204000 | 3005658 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.521% due 11/25/2046 | 2144978 | 1673371 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.739% (TSFR1M + 2.59%) due 4/15/2042 | 19547018 | 19499941 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 18658000 | 16573445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | 2593966 | 2589524 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SH1 Class A1A, 4.10% due 7/25/2057 | 4849530 | 4907662 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | 12695174 | 10798841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class B3, 3.658% due 7/25/2048 | 2219933 | 2028727 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class B4, 3.658% due 7/25/2048 | 2040000 | 1419967 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039 | 11200000 | 11260536 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | $534565 | $527250 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 17735518 | 15790669 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 8876941 | 8857663 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.75% due 8/25/2057 | 10000000 | 9964818 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3, 3.201% due 3/25/2065 | 2801123 | 2788085 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A2, 1.986% due 4/25/2065 | 605461 | 585201 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;VOLT C LLC, Whole Loan Securities Trust CMO, Series 2021-NPL9 Class A1, 5.992% due 5/25/2051 | 6623794 | 6621755 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | 4050000 | 4056560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, CMBS, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C34 Class A2, 2.603% due 6/15/2049 | 563539 | 561645 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1745 Class A, 3.874% due 6/15/2036 | 4000000 | 3682872 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | 79384020 | 2271518 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.307% due 8/25/2051 | 1574579 | 1291502 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.307% due 8/25/2051 | 1263517 | 1019627 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.307% due 8/25/2051 | 962895 | 468402 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $2,782,241,419) |  | 2805953161 |
| |  |  |  |
| | **LOAN PARTICIPATIONS — 2.2%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**CAPITAL GOODS — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dynasty Acquisition Co., Inc., 6.163% (SOFR + 2.00%) due 10/31/2031 | 19843582 | 19842590 |
| |  |  | 19842590 |
| | &nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 7.308% (SOFR + 3.25%) due 3/12/2032 | 19850250 | 19850250 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., 5.913% (SOFR + 1.75%) due 10/30/2031 | 3473750 | 3473750 |
| |  |  | 23324000 |
| | &nbsp;&nbsp;**COMMERCIAL SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Belron Finance LLC, 6.742% (SOFR + 2.50%) due 10/16/2031 | 20628676 | 20719030 |
| |  |  | 20719030 |
| | &nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC, 6.413% (SOFR + 2.25%) due 12/21/2028 - 2/13/2032 | 19591432 | 19547975 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.166% (SOFR + 4.00%) due 11/25/2031 | 6899607 | 6938452 |
| |  |  | 26486427 |
| | &nbsp;&nbsp;**CONSUMER SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aramark Services, Inc., 6.163% - 6.199% (SOFR + 2.00%) due 6/22/2030 | 11227781 | 11239457 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TKC Holdings, Inc., 9.166% (SOFR + 5.00%) due 5/15/2028 | 4362861 | 4364694 |
| |  |  | 15604151 |
| | &nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 6.163% (SOFR + 2.00%) due 1/31/2031 | 4974684 | 4973440 |
| |  |  | 4973440 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Corpay Technologies Operating Co. LLC, 5.913% (SOFR + 1.75%) due 4/28/2028 | 9925000 | 9906440 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;IMC Financing LLC, 7.636% (SOFR + 3.50%) due 6/18/2032 | 997500 | 1003735 |
| |  |  | 10910175 |
| | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 0.2%** |  |  |

---

See notes to financial statements. Annual Financial Statements \| 171

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.2%** |  |  |
| <sup>j,k</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., 7.291% (SOFR + 3.00%) due 4/1/2032 | $21303333 | $21323358 |
| |  |  | 21323358 |
| | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Select Medical Corp., 6.163% (SOFR + 2.00%) due 12/3/2031 | 13102741 | 13110996 |
| |  |  | 13110996 |
| | &nbsp;&nbsp;**HOUSEHOLD & PERSONAL PRODUCTS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.135% (SOFR + 2.00%) due 3/19/2032 | 8229375 | 8225919 |
| |  |  | 8225919 |
| | &nbsp;&nbsp;**INDUSTRIALS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.1%** |  |  |
| <sup>k</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Green Infrastructure Partners, Inc., due 9/24/2032 | 9930000 | 9930000 |
| |  |  | 9930000 |
| | &nbsp;&nbsp;**MATERIALS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TPC Group, Inc., 9.773% (SOFR + 5.75%) due 12/16/2031 | 12935000 | 12433769 |
| |  |  | 12433769 |
| | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Century De Buyer LLC, 7.301% (SOFR + 3.00%) due 10/30/2030 | 3465088 | 3466162 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DirecTV Financing LLC, 9.57% (SOFR + 5.00%) due 8/2/2027 | 408415 | 408472 |
| |  |  | 3874634 |
| | &nbsp;&nbsp;**SOFTWARE & SERVICES — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, 6.002% (SOFR + 2.00%) due 1/31/2031 | 17803037 | 17810515 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments LLC, 6.502% (SOFR + 2.50%) due 6/30/2032 | 250000 | 251770 |
| |  |  | 18062285 |
| | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 9.218% (SOFR + 4.75%) due 4/28/2028 | 5024123 | 2728041 |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Xerox Holdings Corp., 8.002% - 8.163% (SOFR + 4.00%) due 11/19/2029 | 9177273 | 8500449 |
| |  |  | 11228490 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LOAN PARTICIPATIONS (Cost $222,914,196) |  | 220049264 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 4.7%** |  |  |
| |  |  |  |
| <sup>l</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 47534265 | 475342650 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $475,342,650) |  | 475342650 |
| |  |  |  |
| | **TOTAL INVESTMENTS — 99.8% (Cost $10,038,586,107)** |  | $10150737110 |
| |  |  |  |
| | **OTHER ASSETS LESS LIABILITIES — 0.2%** |  | 20318304 |
| |  |  |  |
| | **NET ASSETS — 100.0%** |  | $10171055414 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT SEPTEMBER 30, 2025** |
| | | | | | **VALUE** | | |
| **CONTRACT**<br>**DESCRIPTION** | **CONTRACT**<br>**PARTY\*** | <br>**BUY/SELL** | **CONTRACT**<br>**AMOUNT** | **CONTRACT**<br>**VALUE DATE** | **USD** | **UNREALIZED**<br>**APPRECIATION** | **UNREALIZED**<br>**DEPRECIATION** |
| Euro | SSB | Sell | 9078000 | 10/14/2025 | 10665844 | $— | $(537129) |
| Euro | SSB | Buy | 6362600 | 10/14/2025 | 7475490 | 27010 |  |
| Euro | SSB | Sell | 115007700 | 3/25/2026 | 136278016 | 785861 |  |
| Total |  |  |  |  |  | $812871 | $(537129) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | $275742 |  |

---

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

**Footnote Legend**

a Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

b Non-income producing.

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

d 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 September 30, 2025.

---

| | |
|:---|:---|
| e | 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $5,084,528,521, representing 49.99% of the Fund's net assets. |

---

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

g Interest only.

h When-issued security.

i Bond in default.

j The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;k This
position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of
settlement and will be based upon the Secured Overnight Financing Rate ("SOFR") plus a premium which was determined
at the time of purchase.

l Investment in Affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** | **Portfolio Abbreviations** |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |
| ABS | Asset Backed Securities | HFFA | Health Facilities Financing Authority |
| ACB | Agricultural Credit Bank | IDR | Denominated in Indonesian Rupiah |
| ARM | Adjustable Rate Mortgage | Mtg | Mortgage |
| AUD | Denominated in Australian Dollar | NZD | Dominated in New Zealand Dollar |
| BRL | Denominated in Brazilian Real | 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 | SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| DAC | Designated Activity Company | SOFRINDX | Secured Overnight Financing Rate Index |
| DOP | Denominated in Dominican Peso | TSFR1M | Term SOFR 1 Month |
| EGP | Denominated in Egyptian Pound | TSFR3M | Term SOFR 3 Month |
| EUR | Denominated in Euro | UMBS | Uniform Mortgage-Backed Securities |
| GBP | Denominated in Pound Sterling | UZS | Denominated in Uzbekistani Som |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |  |  |

---

---

| | |
|:---|:---|
| **COUNTRY EXPOSURE \*** |  |
| (percent of net assets) |  |
| &nbsp;&nbsp;United States | 81.5% |
| &nbsp;&nbsp;Canada | 2.2% |
| &nbsp;&nbsp;Mexico | 1.5% |
| &nbsp;&nbsp;United Kingdom | 1.0% |
| &nbsp;&nbsp;Brazil | 0.7% |
| &nbsp;&nbsp;Saudi Arabia | 0.7% |
| &nbsp;&nbsp;Turkey | 0.7% |
| &nbsp;&nbsp;France | 0.7% |
| &nbsp;&nbsp;Dominican Republic | 0.6% |
| &nbsp;&nbsp;United Arab Emirates | 0.5% |

---

See notes to financial statements. Annual Financial Statements \| 173

Schedule of Investments, Continued

Thornburg Strategic Income Fund \| September 30, 2025

---

| | | |
|:---|:---|:---|
| **COUNTRY EXPOSURE \*** | |  |
| (percent of net assets) |  |  |
| &nbsp;&nbsp;China | 0.5% |  |
| &nbsp;&nbsp;Australia | 0.5% |  |
| &nbsp;&nbsp;Italy | 0.4% |  |
| &nbsp;&nbsp;Germany | 0.4% |  |
| &nbsp;&nbsp;Uzbekistan | 0.4% |  |
| &nbsp;&nbsp;Japan | 0.3% |  |
| &nbsp;&nbsp;Indonesia | 0.3% |  |
| &nbsp;&nbsp;Guatemala | 0.2% |  |
| &nbsp;&nbsp;Panama | 0.2% |  |
| &nbsp;&nbsp;Bermuda | 0.2% |  |
| &nbsp;&nbsp;Israel | 0.2% |  |
| &nbsp;&nbsp;Colombia | 0.2% |  |
| &nbsp;&nbsp;Cayman Islands | 0.1% |  |
| &nbsp;&nbsp;Belgium | 0.1% |  |
| &nbsp;&nbsp;Russian Federation | 0.1% |  |
| &nbsp;&nbsp;Peru | 0.1% |  |
| &nbsp;&nbsp;Nigeria | 0.1% |  |
| &nbsp;&nbsp;Albania | 0.1% |  |
| &nbsp;&nbsp;Egypt | 0.1% |  |
| &nbsp;&nbsp;Morocco | 0.1% |  |
| &nbsp;&nbsp;South Korea | 0.1% |  |
| &nbsp;&nbsp;New Zealand | 0.1% |  |
| &nbsp;&nbsp;Norway | 0.1% |  |
| &nbsp;&nbsp;Ireland | 0.1% |  |
| &nbsp;&nbsp;Kuwait | 0.0% | \*\* |
| &nbsp;&nbsp;India | 0.0% | \*\* |
| &nbsp;&nbsp;South Africa | 0.0% | \*\* |
| &nbsp;&nbsp;Switzerland | 0.0% | \*\* |
| &nbsp;&nbsp;Netherlands | 0.0% | \*\* |
| &nbsp;&nbsp;Luxembourg | 0.0% | \*\* |
| &nbsp;&nbsp;Other Assets Less Liabilities | 4.9% |  |

---

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

\*\* Country percentage was less than 0.1%.

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

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Annual Financial Statements \| 175

**Statements of Assets and Liabilities**

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> ULTRA SHORT<br> INCOME FUND** | **THORNBURG<br> LIMITED TERM U.S.<br> GOVERNMENT FUND** | **THORNBURG<br> LIMITED TERM<br> INCOME FUND** | **THORNBURG<br> CORE PLUS<br> BOND FUND** | **THORNBURG<br> STRATEGIC<br> INCOME FUND** |
| **ASSETS** |  |  |  |  |  |
| Investments at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $247228970 | $95336329 | $5833147994 | $140578179 | $9563243457 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 16022573 | - | 319557446 | 4660895 | 475342650 |
| Investments at value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 247173019 | 91341633 | 5774119708 | 143163468 | 9675394460 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 16022573 |  | 319557446 | 4660895 | 475342650 |
| Cash | 1654964 | 3886084 | 6733930 | 30088 | 3028905 |
| Unrealized appreciation on forward currency contracts |  |  |  | 3875 | 812871 |
| Receivable for investments sold | 1222475 |  | 5600891 |  | 7984939 |
| Receivable for fund shares sold | 1142410 | 158804 | 9752548 | 107728 | 25906781 |
| Dividends receivable | 85548 | 2453 | 1184805 | 13953 | 1803278 |
| Principal and interest receivable | 1207263 | 315894 | 29653627 | 874872 | 75977904 |
| Prepaid expenses and other assets | 24839 | 38884 | 81869 | 65017 | 89641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 268533091 | 95743752 | 6146684824 | 148919896 | 10266341429 |
| **LIABILITIES** |  |  |  |  |  |
| Unrealized depreciation on forward currency contracts |  |  |  | 8448 | 537129 |
| Payable for investments purchased | 220548 |  | 19997501 | 1110489 | 69842994 |
| Payable for fund shares redeemed | 449193 | 80843 | 12263706 | 251425 | 16968585 |
| Payable to investment advisor and other affiliates | 28055 | 57632 | 2324400 | 4543 | 4076727 |
| Deferred taxes payable |  |  |  |  | 88682 |
| Accounts payable and accrued expenses | 144381 | 139659 | 1708573 | 157528 | 1650395 |
| Dividends payable | 1561 | 57305 | 2007148 | - | 2121503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 843738 | 335439 | 38301328 | 1532433 | 95286015 |
| **NET ASSETS** | $267689353 | $95408313 | $6108383496 | $147387463 | $10171055414 |
| **NET ASSETS CONSIST OF** |  |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $268287915 | $131778036 | $6574769962 | $145191384 | $10223599186 |
| Distributable earnings (accumulated loss) | (598562) | (36369723) | (466386466) | 2196079 | (52543772) |
| **NET ASSETS** | $267689353 | $95408313 | $6108383496 | $147387463 | $10171055414 |

---

176 \| Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> ULTRA SHORT<br> INCOME FUND** | **THORNBURG<br> LIMITED TERM U.S.<br> GOVERNMENT FUND** | **THORNBURG<br> LIMITED TERM<br> INCOME FUND** | **THORNBURG<br> CORE PLUS<br> BOND FUND** | **THORNBURG<br> STRATEGIC<br> INCOME FUND** |
| **NET ASSET VALUE** |  |  |  |  |  |
| **Class A Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | $31145958 | $32298937 | $421153955 | $433501 | $249870678 |
| Shares outstanding | 2553321 | 2639015 | 31888316 | 41173 | 21492991 |
| Net asset value and redemption price per share | $12.20 | $12.24 | $13.21 | $10.53 | $11.63 |
| Maximum offering price per share (net asset value, plus 2.25% of offering price) | $12.48 | $12.52 | $13.51 | $11.03 <sup>\*</sup> | $12.18 <sup>\*</sup> |
| **Class C Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 1911590 | 83078440 | 1018047 | 102672336 |
| Shares outstanding |  | 155324 | 6300609 | 96677 | 8848286 |
| Net asset value and redemption price per share<sup>\*\*</sup> | - | 12.31 | 13.19 | 10.53 | 11.60 |
| **Class C2 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 313818 | 4611800 |  |  |
| Shares outstanding |  | 25480 | 349724 |  |  |
| Net asset value and redemption price per share<sup>\*\*</sup> | - | 12.32 | 13.19 | - | - |
| **Class I Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 236543395 | 55755039 | 5328619860 | 145666400 | 9479520748 |
| Shares outstanding | 19410590 | 4555521 | 403361717 | 13836552 | 817382580 |
| Net asset value and redemption price per share | 12.19 | 12.24 | 13.21 | 10.53 | 11.60 |
| **Class R3 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 2453472 | 30452175 |  | 1225398 |
| Shares outstanding |  | 200244 | 2304198 |  | 105523 |
| Net asset value and redemption price per share | - | 12.25 | 13.22 | - | 11.61 |
| **Class R4 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 1319917 | 11366153 |  | 1942378 |
| Shares outstanding |  | 107897 | 860854 |  | 167323 |
| Net asset value and redemption price per share | - | 12.23 | 13.20 | - | 11.61 |
| **Class R5 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 1355540 | 46969773 |  | 139889622 |
| Shares outstanding |  | 110706 | 3556832 |  | 12057989 |
| Net asset value and redemption price per share | - | 12.24 | 13.21 | - | 11.60 |
| **Class R6 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  |  | 182131340 | 269515 | 195934254 |
| Shares outstanding |  |  | 13763089 | 25605 | 16841983 |
| Net asset value and redemption price per share | - | - | 13.23 | 10.53 | 11.63 |

---

\* Net asset value, plus 4.50% of offering price.

\*\* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See notes to financial statements.

Annual Financial Statements \| 177

**Statements of Operations**

Year Ended September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> ULTRA SHORT<br> INCOME FUND** | **THORNBURG<br> LIMITED TERM U.S.<br> GOVERNMENT FUND** | **THORNBURG<br> LIMITED TERM<br> INCOME FUND** | **THORNBURG**<br> **CORE PLUS**<br> **BOND FUND<sup>\*</sup>** | **THORNBURG<br> STRATEGIC<br> INCOME FUND** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| Dividend income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $- | $11928 | $1871624 | $34854 | $2904783 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 1142859 |  | 19750941 | 90733 | 18046693 |
| Interest income | 12445814 | 4090538 | 262330981 | 8127217 | 525323023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 13588673 | 4102466 | 283953546 | 8252804 | 546274499 |
| **EXPENSES** |  |  |  |  |  |
| Investment management fees | 643761 | 434209 | 20062184 | 730142 | 51240397 |
| Administration fees | 215518 | 97163 | 5198331 | 124864 | 8056808 |
| Distribution and service fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 66637 | 87425 | 1120801 | 776 | 658240 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 12000 | 462048 | 8997 | 1014076 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 1977 | 31375 |  |  |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  | 12604 | 167408 | 534 | 5754 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  | 3413 | 35791 | 268 | 5307 |
| Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 58311 | 47469 | 366989 | 34239 | 299285 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 6217 | 57267 | 2315 | 80143 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 2083 | 5267 |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 261816 | 45664 | 5010205 | 165232 | 7802480 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  | 6276 | 37867 | 1918 | 4517 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  | 4273 | 45063 | 886 | 13715 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  | 6353 | 158222 | 1918 | 174132 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 43711 | 1937 | 53850 |
| Registration and filing fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 24291 | 14606 | 25116 | 13863 | 27342 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 14256 | 15470 | 14666 | 18769 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 4735 | 14272 |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 29448 | 14380 | 76064 | 15801 | 199821 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  | 14009 | 15309 | 13389 | 15417 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  | 15022 | 15817 | 13388 | 15933 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  | 14504 | 15300 | 13388 | 15413 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 15803 | 13731 | 17493 |
| Custodian fees | 76014 | 65195 | 318690 | 103600 | 681025 |
| Audit and tax fees | 54750 | 57020 | 60220 | 59780 | 89001 |
| Legal fees | 3703 | 2989 | 91469 | 2745 | 141958 |
| Trustee and officer fees | 16779 | 8253 | 425052 | 10564 | 629185 |
| Other expenses | 56889 | 54797 | 767539 | 42387 | 1124295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1507917 | 1046892 | 34658650 | 1391328 | 72384356 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (589101) | (131353) | (2360368) | (426905) | (9645924) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | (79665) | - | - | (208774) | (2961235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 839151 | 915539 | 32298282 | 755649 | 59777197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $12749522 | $3186927 | $251655264 | $7497155 | $486497302 |

---

178 \| Annual Financial Statements

**Statements of Operations, Continued**

Year Ended September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> ULTRA SHORT<br> INCOME FUND** | **THORNBURG<br> LIMITED TERM U.S.<br> GOVERNMENT FUND** | **THORNBURG<br> LIMITED TERM<br> INCOME FUND** | **THORNBURG**<br> **CORE PLUS**<br> **BOND FUND<sup>\*</sup>** | **THORNBURG<br> STRATEGIC<br> INCOME FUND** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments | $80057 | $(118678) | $17881962 | $(330181) | $16118305 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | (32148) | (5965324) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 8 | - | - | 1064 | (177365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 80065 | (118678) | 17881962 | (361265) | 9975616 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | (627702) | 168747 | 11519738 | (2981377) | (30881044) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | (4381) | 401087 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (12) | - | - | 392 | 17753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | (627714) | 168747 | 11519738 | (2985366) | (30462204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (547649) | 50069 | 29401700 | (3346631) | (20486588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $12201873 | $3236996 | $281056964 | $4150524 | $466010714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $- | $- | $- | $- | $(32514) |

---

\* Class R3, R4, and R5 no longer offered as of September 18, 2025.

See notes to financial statements.

Annual Financial Statements \| 179

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG** | **THORNBURG** | **THORNBURG** | **THORNBURG** |
|  | **ULTRA SHORT INCOME FUND** | **ULTRA SHORT INCOME FUND** | **LIMITED TERM U.S. GOVERNMENT FUND** | **LIMITED TERM U.S. GOVERNMENT FUND** |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $12749522 | $14884783 | $3186927 | $4186854 |
| Net realized gain (loss) | 80065 | 140358 | (118678) | (4022061) |
| Net change in unrealized appreciation (depreciation) | (627714) | 1336181 | 168747 | 13501437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 12201873 | 16361322 | 3236996 | 13666230 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (1616081) | (1636744) | (939913) | (1070885) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | (58457) | (67642) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  |  | (7445) | (7543) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (11303793) | (13269924) | (2184170) | (3170675) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (67914) | (68263) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (36937) | (26575) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (42765) | (37684) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (18902949) | 21744350 | (6193226) | (7288906) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | (757400) | (812728) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  |  | 7445 | (286237) |
| &nbsp;&nbsp;&nbsp;Class I Shares | 23100071 | (22233932) | (37557216) | (32157692) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (134220) | (402064) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | 274581 | 44308 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | - | - | 141244 | (334971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 3479121 | 965072 | (44319397) | (32021327) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 264210232 | 263245160 | 139727710 | 171749037 |
| &nbsp;&nbsp;&nbsp;End of Year | $267689353 | $264210232 | $95408313 | $139727710 |

---

See notes to financial statements.

180 \| Annual Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG** | **THORNBURG** | **THORNBURG** | **THORNBURG** |
|  | **LIMITED TERM INCOME FUND** | **LIMITED TERM INCOME FUND** | **CORE PLUS BOND FUND** | **CORE PLUS BOND FUND** |
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** | **YEAR ENDED**<br> **SEPTEMBER 30, 2025<sup>\*</sup>** | **PERIOD ENDED**<br> **SEPTEMBER 30, 2024<sup>†</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $251655264 | $255367710 | $7497155 | $3950119 |
| Net realized gain (loss) | 17881962 | (132603380) | (361265) | 181980 |
| Net change in unrealized appreciation (depreciation) | 11519738 | 512857936 | (2985366) | 5566403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 281056964 | 635622266 | 4150524 | 9698502 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (17150529) | (18591860) | (15189) | (7136) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (3307482) | (4165084) | (37474) | (15524) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | (161987) | (181629) |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (220626320) | (222070996) | (7649765) | (3857677) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (1207202) | (1322749) | (4958) | (4781) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (514992) | (583088) | (5242) | (5051) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (2548428) | (2856128) | (5529) | (5320) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (7363100) | (6717354) | (17383) | (21918) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (60899123) | (82682858) | 164463 | 261797 |
| &nbsp;&nbsp;&nbsp;Class C Shares | (23315038) | (41573185) | 212412 | 791278 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | (567322) | (1896840) |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (240279425) | (550128321) | (14169682) | 157693678 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (5364062) | (3908688) | (110683) | 104780 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (4953514) | (3445473) | (110961) | 105040 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (24057122) | (4040027) | (111244) | 105320 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 9482561 | 4541187 | (376932) | 632118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (321776121) | (304000827) | (18087643) | 165475106 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 6430159617 | 6734160444 | 165475106 | - |
| &nbsp;&nbsp;&nbsp;End of Year | $6108383496 | $6430159617 | $147387463 | $165475106 |

---

\* Class R3, R4, and R5 no longer offered as of September 18, 2025.

† The Fund commenced operations on October 2, 2023.

See notes to financial statements.

Annual Financial Statements \| 181

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

---

| | | |
|:---|:---|:---|
|  | **THORNBURG<br> STRATEGIC INCOME FUND** | **THORNBURG<br> STRATEGIC INCOME FUND** |
|  | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $486497302 | $406502336 |
| Net realized gain (loss) | 9975616 | (103899014) |
| Net change in unrealized appreciation (depreciation) | (30462204) | 564384426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 466010714 | 866987748 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (12793380) | (13391194) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (4167692) | (3777260) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (467647304) | (372843601) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (52552) | (38871) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (97341) | (120909) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (4848142) | (3342014) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (9947580) | (8168383) |
| **FUND SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (43053282) | 6293504 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 1965759 | 2440741 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 731064983 | 1921586003 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 99640 | 407259 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (474536) | (525276) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 48324710 | 25093125 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 12475360 | 36590491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 716859357 | 2457191363 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 9454196057 | 6997004694 |
| &nbsp;&nbsp;&nbsp;End of Year | $10171055414 | $9454196057 |

---

See notes to financial statements.

182 \| Annual Financial Statements

**Notes to Financial Statements**

September 30, 2025

**NOTE 1 – ORGANIZATION**

Thornburg Ultra Short Income Fund (the "Ultra Short Income Fund"), Thornburg Limited Term U.S. Government Fund (the "Limited Term U.S. Government Fund"), Thornburg Limited Term Income Fund (the "Limited Term Income Fund"), Thornburg Core Plus Bond Fund (the "Core Plus Bond Fund") and Thornburg Strategic Income Fund (the "Strategic Income Fund"), collectively the "Funds", are diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of September 30, 2025, the Funds are five of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

**Ultra Short Income Fund:** The Fund's investment goal is to seek current income, consistent with preservation of capital. 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 credit risk, cybersecurity and operational risk, derivatives risk, foreign government obligations risk, foreign investment risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, redemption risk, risks affecting specific issuers, structured products risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Limited Term U.S. Government Fund:** The Fund's primary investment goal is to provide as high a level of current income as is consistent, in the view of the Trust's investment advisor, Thornburg Investment Management, Inc. (the "Advisor"), with safety of capital. As a secondary goal, the Fund seeks to reduce changes in its share price compared to longer term portfolios. 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 credit risk, cybersecurity and operational risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, redemption risk, structured products risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Limited Term Income Fund:** The Fund's primary investment goal is to provide as high a level of current income as is consistent, in the view of the Advisor, with safety of capital. As a secondary goal, the Fund seeks to reduce changes in its share prices compared to longer term portfolios. 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 credit risk, cybersecurity and operational risk, foreign government obligations risk, foreign investment risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, redemption risk, risks affecting specific issuers, structured products risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Core Plus Bond Fund:** The Fund's investment goal is to seek to maximize total return, consistent with the long-term preservation of capital. 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 credit risk, cybersecurity and operational risk, derivatives risk, emerging markets risk, foreign currency risk, foreign government obligations risk, foreign investment risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, redemption risk, risks affecting specific issuers, small and mid-cap company risk, structured products risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Strategic Income Fund:** The Fund's primary investment goal is to seek a high level of current income. As a secondary investment goal, the Fund seeks some 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 convertible debt obligation risk, credit risk, cybersecurity and operational risk, developing country risk, foreign currency risk, foreign government obligations risk, foreign investment risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, redemption risk, risks affecting specific issuers, small and mid-cap company risk, structured products risk, U.S. government obligations risk, and zero coupon bonds and stripped securities risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

As of September 30, 2025, the Funds each currently offer up to eight classes of shares of beneficial interest.

Each class of shares of the Funds represents an interest in the same portfolio of investments, except that (i) Class A shares are sold subject to a front-end sales charge collected at the time the shares are purchased and bear a service fee, (ii) Class C and Class C2 shares are sold at net asset value without a sales charge at the time of purchase, but are subject to a contingent deferred sales charge upon redemption within one year of purchase, and bear both a service fee and a distribution fee, (iii) Class I and Class R5 shares are sold at net asset value without a sales charge at the time of purchase and may be subject to a service fee, (iv) Class R3 shares are sold at net asset value without a sales charge, but bear both a service fee and a distribution fee, (v) Class R4 shares are sold at net asset value without a sales charge at the time of purchase but bear a service fee, (vi) Class R6 shares are sold at net asset value without a sales charge at the time of purchase, and (vii) the respective classes may have different reinvestment privileges and conversion rights. Additionally, each Fund may allocate among its classes certain expenses, to the extent allocable to specific classes, including administration fees, transfer agent fees,

Annual Financial Statements \| 183

**Notes to Financial Statements, Continued**

September 30, 2025

government registration fees, certain printing and postage costs, and legal expenses. Currently, class specific expenses of the Funds are limited to distribution and service fees, transfer agent fees, and certain registration and filing fees.

At September 30, 2025, the following class of shares are offered in each respective Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS C2** | **CLASS I** | **CLASS R3** | **CLASS R4** | **CLASS R5** | **CLASS R6** |
| Ultra Short Income Fund | X |  |  | X |  |  |  |  |
| Limited Term U.S. Government Fund | X | X | X | X | X | X | X |  |
| Limited Term Income Fund | X | X | X | X | X | X | X | X |
| Core Plus Bond Fund | X | X |  | X |  |  |  | X |
| Strategic Income Fund | X | X |  | X | X | X | X | X |

---

**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 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 (other than class specific expenses) and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares (or the value of the dividend-eligible shares, as appropriate) of each class of shares at the beginning of the day (after adjusting for the current capital shares activity of the respective class). Expenses common to all Funds are allocated daily among the Funds comprising the Trust based upon their relative net asset values or other appropriate allocation methods. Operating expenses directly attributable to a specific class are charged against the operating income of that class.

<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, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually and more often if deemed necessary by the Advisor. Dividends and distributions are paid and are reinvested in additional shares of the Funds at net asset value per share at the close of business on the ex-dividend date, or at the shareholder's option, paid in cash.

<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) from investments in the Statement of Operations.

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

184 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

<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 year ended September 30, 2025, the Funds did not enter into repurchase agreements.

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

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

<u>When-Issued and Delayed Delivery Transactions:</u> The Funds may engage in when-issued or delayed delivery transactions. To the extent the Funds engage in such transactions, they will do so for the purpose of acquiring portfolio investments consistent with the Funds' investment objectives and not for the purpose of investment leverage or to speculate on interest rate or market changes. At the time the Funds make a commitment to purchase an investment on a when-issued or delayed delivery basis, the Funds will record the transaction and reflect the value in determining its net asset value. Pursuant to current U.S. Securities and Exchange Commission ("SEC") guidance, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Funds intend to settle the transaction physically and the transaction settles within 35 days. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. The values of these securities held at September 30, 2025 are detailed in the Schedule of Investments.

**NOTE 3 – SECURITY VALUATION**

Valuation of the Funds' portfolio investment securities is performed by 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

Annual Financial Statements \| 185

**Notes to Financial Statements, Continued**

September 30, 2025

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

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

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

Securities held with a maturity of less than 60 days from trade date and other short-term investments are valued using the amortized cost method unless the Committee determines such method does not represent fair value. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can be expected to vary inversely with changes in prevailing interest rates.

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

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.

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

186 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

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.

On days when market volatility thresholds established by the Committee are exceeded, foreign securities for which valuations are obtained from pricing service providers are fair valued. On these days, the foreign securities are characterized as Level 2 within the valuation hierarchy and revert to Level 1 after the threshold is no longer exceeded.

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.

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 tables display a summary of the fair value hierarchy measurements of each Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ULTRA SHORT INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $20445490 | $7540136 | $12905354 | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 8630 |  | 8630 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 10496768 |  | 10496768 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 104637449 |  | 104637449 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 110116527 |  | 110116527 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 1468155 |  | 1468155 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 16022573 | 16022573 |  |  |
| Total Investments in Securities | $263195592 | $23562709 | $239632883 | $— |
| **Total Assets** | $**263195592** | $**23562709** | $**239632883** | $**—** |

---

Annual Financial Statements \| 187

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIMITED TERM U.S. GOVERNMENT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $14155935 | $14155935 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 7032638 |  | 7032638 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 64003439 |  | 64003439 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 2737016 |  | 2737016 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 119199 | 119199 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 3293406 |  | 3293406 |  |
| Total Investments in Securities | $91341633 | $14275134 | $77066499 | $— |
| **Total Assets** | $**91341633** | $**14275134** | $**77066499** | $**—** |
| **LIMITED TERM INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $395520498 | $395520498 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 33956193 |  | 33956193 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 27686382 |  | 27686382 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 2376761950 |  | 2376761950 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 874686376 |  | 874686376 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 2022635686 |  | 2022635686 |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | 5315601 |  | 5315601 |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 37557022 |  |  | 37557022 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 319557446 | 319557446 |  |  |
| Total Investments in Securities | $6093677154 | $715077944 | $5341042188 | $37557022 |
| **Total Assets** | $**6093677154** | $**715077944** | $**5341042188** | $**37557022** **<sup>(a)</sup>** |

---

(a) Level 3 investments at the beginning and/or end of
the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended
September 30, 2025 is not presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CORE PLUS BOND FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $31821839 | $31821839 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 778056 |  | 778056 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 2433447 |  | 2433447 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 45794007 |  | 45794007 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 14152255 |  | 14152255 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 47147936 |  | 47147936 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 288115 |  | 288115 |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | 102941 |  | 102941 |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 644872 |  |  | 644872 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4660895 | 4660895 |  |  |
| Total Investments in Securities | $147824363 | $36482734 | $110696757 | $644872 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $3875 | $— | $3875 | $— |
| **Total Assets** | $**147828238** | $**36482734** | $**110700632** | $**644872** **<sup>(a)</sup>** |
| **Liabilities** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $(8448) | $— | $(8448) | $— |
| **Total Liabilities** | $**(8448)** | $**—** | $**(8448)** | $**—** |

---

(a) Level 3 investments at the beginning and/or end of
the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended
September 30, 2025 is not presented.

188 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STRATEGIC INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $634194 | $— | $— | $634194 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 37258881 |  | 3402597 | 33856284 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 983548760 |  | 981792387 | 1756373 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 4155466852 |  | 4140296807 | 15170045 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 39004258 |  | 39004258 |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | 2221001 |  | 2221001 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 284080096 |  | 284080096 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 1110655592 | 1110655592 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 36522401 |  | 36522401 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 2805953161 |  | 2805953161 |  |
| &nbsp;&nbsp;&nbsp;Loan Participations | 220049264 |  | 220049264 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 475342650 | 475342650 |  |  |
| Total Investments in Securities | $10150737110 | $1585998242 | $8513321972 | $51416896 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $812871 | $— | $812871 | $— |
| **Total Assets** | $**10151549981** | $**1585998242** | $**8514134843** | $**51416896** **<sup>(b)</sup>** |
| **Liabilities** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $(537129) | $— | $(537129) | $— |
| Total Other Financial Instruments | $(537129) | $— | $(537129) | $— |
| **Total Liabilities** | $**(537129)** | $**—** | $**(537129)** | $**—** |

---

<sup>(a)</sup> Includes securities categorized as Level 3 valued at zero as of September 30, 2025.

<sup>(b)</sup> Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2025 is not presented.

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

Pursuant to an investment advisory agreement with the Trust, the Advisor serves as the investment advisor and performs advisory services for the Funds for which the Advisor's management fees are payable at the end of each month. Under the investment advisory agreement, each Fund pays the Advisor a management fee based on the average daily net assets of that Fund at an annual rate as shown in the following table:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ULTRA SHORT INCOME FUND** | **ULTRA SHORT INCOME FUND** | **LIMITED TERM U.S.**<br> **GOVERNMENT FUND** | **LIMITED TERM U.S.**<br> **GOVERNMENT FUND** | **LIMITED TERM INCOME** <br> **FUND** | **LIMITED TERM INCOME** <br> **FUND** | **CORE PLUS BOND FUND** | **CORE PLUS BOND FUND** | **STRATEGIC INCOME FUND** | **STRATEGIC INCOME FUND** |
| **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** |
| Up to $5 billion | 0.250% | Up to $1 billion | 0.375% | Up to $500 million | 0.500% | Up to $500 million | 0.490% | Up to $500 million | 0.750% |
| Next $5 billion | 0.225 | Next $1 billion | 0.325 | Next $500 million | 0.450 | Next $500 million | 0.460 | Next $500 million | 0.675 |
| Over $10 billion | 0.200 | Over $2 billion | 0.275 | Next $500 million | 0.400 | Next $500 million | 0.430 | Next $500 million | 0.625 |
|  |  |  |  | Next $500 million | 0.350 | Next $500 million | 0.400 | Next $500 million | 0.575 |
|  |  |  |  | Over $2 billion | 0.275 | Over $2 billion | 0.370 | Over $2 billion | 0.500 |

---

The Funds' effective management fees, calculated on the basis of the Funds' average daily net assets (before applicable management fee waivers) for the year ended September 30, 2025 were as shown in the following table. Total management fees incurred by the Funds for the year ended September 30, 2025 are set forth in the Statement of Operations.

Annual Financial Statements \| 189

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | |
|:---|:---|
| | **EFFECTIVE<br> MANAGEMENT<br> FEE** |
| Ultra Short Income Fund | 0.250% |
| Limited Term U.S. Government Fund | 0.375 |
| Limited Term Income Fund | 0.323 |
| Core Plus Bond Fund | 0.490 |
| Strategic Income Fund | 0.532 |

---

The Trust has entered into an administrative services agreement with the Advisor, whereby the Advisor will perform certain administrative services. The administrative services fees are computed as an annual percentage of the aggregate average daily net assets of all applicable Funds in the Trust as follows:

**ADMINISTRATIVE SERVICES FEE SCHEDULE**

---

| | |
|:---|:---|
| **DAILY NET ASSETS** | **FEE RATE** |
| Up to $20 billion | 0.100% |
| $20 billion to $40 billion | 0.075 |
| $40 billion to $60 billion | 0.040 |
| Over $60 billion | 0.030 |

---

The aggregate administrative services fee amount is allocated on a daily basis to each Fund based on net assets and subsequently allocated to each class of shares of the Funds. Total administrative services fees incurred by each class of shares of the Funds for the year ended September 30, 2025, are set forth in the Statement of Operations.

The Trust has an underwriting agreement with Thornburg Securities LLC (the "Distributor"), an affiliate of the Advisor, which acts as the distributor of the Funds' shares. For the year ended September 30, 2025, the Distributor has advised the Funds that they earned net commissions from the sale of Class A shares and collected contingent deferred sales charges ("CDSC Fees") from redemptions of Class C and Class C2 shares as follows:

---

| | | |
|:---|:---|:---|
| | **COMMISSIONS** | **CDSC FEES** |
| Ultra Short Income Fund | $898 | $— |
| Limited Term U.S. Government Fund | 119 | 226 |
| Limited Term Income Fund | 4762 | 1049 |
| Core Plus Bond Fund | 624 |  |
| Strategic Income Fund | 25250 | 5896 |

---

Pursuant to a service plan under Rule 12b-1 of the 1940 Act, the Funds may reimburse to the Distributor an amount not to exceed .25 of 1% per annum of the average daily net assets attributable to the applicable Class A, Class C, Class C2, Class I, Class R3, Class R4, and Class R5 shares of the Limited Term U.S. Government Fund and Limited Term Income Fund, Class A, Class C, Class I, Class R3, Class R4, and Class R5 shares of the Core Plus Bond Fund and Strategic Income Fund and .20 of 1% per annum of the average daily net assets attributable to the applicable Class A and Class I of the Ultra Short Income Fund for payments made by the Distributor to securities dealers and other financial institutions to obtain various shareholder and distribution related services. For the year ended September 30, 2025, there were no 12b-1 service plan fees charged for Class I or Class R5 shares. Class R6 shares are not subject to a service plan. The Advisor and Distributor each may pay out of its own resources additional expenses for distribution of each Funds' shares and shareholder services.

The Trust has also adopted a distribution plan pursuant to Rule 12b-1, applicable only to the Funds' Class C, Class C2, and Class R3 shares, under which the Funds compensate the Distributor for services in promoting the sale of Class C, Class C2 and Class R3 shares of the Funds at an annual rate of up to .25 of 1% per annum of the average daily net assets attributable to Class C shares of Limited Term U.S. Government Fund and Limited Term Income Fund, .40 of 1% per annum of the average daily net assets attributable to Class C2 shares of the Limited Term U.S. Government Fund and Limited Term Income Fund, .75 of 1% per annum of the average daily net assets attributable to Class C shares of Core Plus Bond Fund and Strategic Income Fund, and .25 of 1% per annum of the average daily net assets attributable to Class R3 shares. Total fees incurred by each class of shares of the Funds under their respective service and distribution plans for the year ended September 30, 2025 are set forth in the Statements of Operations.

The Advisor has contractually agreed to waive certain fees and reimburse certain expenses incurred by certain classes of the Funds. The agreement may be terminated by the Trust at any time, but may not be terminated by the Advisor before February 1, 2026 unless the

190 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

Advisor ceases to be the investment advisor to the Funds prior to that date. The Advisor may recoup amounts waived or reimbursed during the year ended September 30, 2025 if, during the fiscal year, expenses fall below the contractual limit that was in place at the time these fees and expenses were waived or reimbursed. The Advisor will not recoup fees or expenses as described in the preceding sentence if that recoupment would cause the Funds' total annual operating expenses (after the recoupment is taken into account) to exceed the lesser of: (a) the expense cap that was in place at the time the waiver or reimbursement occurred; or (b) the expense cap that is in place at the time of the recoupment. Expense caps exclude taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs.

Actual expenses of certain share classes do not exceed levels as specified in each Fund's most recent prospectus as shown on the following table:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS C** | **CLASS C2** | **CLASS I** | **CLASS R3** | **CLASS R4** | **CLASS R5** | **CLASS R6** |
| Ultra Short Income Fund | 0.50% | —% | —% | 0.30% | —% | —% | —% | —% |
| Limited Term U.S. Government Fund | 0.99 | 1.24 | 1.24 |  | 0.99 | 0.99 | 0.67 |  |
| Limited Term Income Fund |  |  | 1.24 | 0.49 | 0.99 | 0.99 | 0.49 | 0.42 |
| Core Plus Bond Fund<sup>\*</sup> | 0.75 | 1.50 |  | 0.50 | 1.00 | 0.75 | 0.50 | 0.49 |
| Strategic Income Fund |  |  |  | 0.60 | 1.25 | 1.25 | 0.60 | 0.53 |

---

\* Class R3, R4, and R5 no longer offered as of September 18, 2025.

For the year ended September 30, 2025, the Advisor contractually reimbursed certain class specific expenses and distribution fees and voluntarily waived certain expenses as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONTRACTUAL:** | **CLASS <br> A** | **CLASS<br> C** | **CLASS <br> C2** | **CLASS<br> I** | **CLASS <br> R3** | **CLASS<br> R4** | **CLASS<br> R5** | **CLASS<br> R6** | **TOTAL** |
| Ultra Short Income Fund | $110232 | $— | $— | $478869 | $— | $— | $— | $— | $589101 |
| Limited Term U.S. Government Fund | 17191 | 17644 | 6929 |  | 23684 | 17744 | 20246 |  | 103438 |
| Limited Term Income Fund |  |  | 12013 | 2073781 | 34427 | 17002 | 138176 | 84969 | 2360368 |
| Core Plus Bond Fund\* | 48359 | 17740 |  | 299759 | 15377 | 14344 | 15377 | 15949 | 426905 |
| Strategic Income Fund | 58191 | 22407 |  | 11155329 | 18621 | 21901 | 223787 | 270689 | 11770925 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **VOLUNTARY:** | **CLASS<br> A** | **CLASS<br> C** | **CLASS<br> I** | **CLASS <br> R3** | **CLASS <br> R4** | **CLASS <br> R5** | **CLASS<br> R6** | **TOTAL** |
| Ultra Short Income Fund | $10302 | $— | $69363 | $— | $— | $— | $— | $79665 |
| Limited Term U.S. Government Fund | 4143 |  | 23772 |  |  |  |  | 27915 |
| Core Plus Bond Fund\* | 435 | 1262 | 206140 | 155 | 156 | 156 | 470 | 208774 |
| Strategic Income Fund | 22874 | 8815 | 779769 | 100 | 184 | 8115 | 16377 | 836234 |

---

\* Class R3, R4, and R5 no longer offered as of September 18, 2025.

Certain officers and Trustees of the Trust are also officers or directors of the Advisor and Distributor. The compensation of the independent Trustees is borne by the Trust. The Trust also pays a portion of the Chief Compliance Officer's compensation. These amounts are reflected as Trustee and officer fees in the Statement of Operations.

As of September 30, 2025, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
|  | **PERCENTAGE OF DIRECT INVESTMENTS** |
| Ultra Short Income Fund | 1.18% |
| Limited Term U.S. Government Fund | 11.43 |
| Limited Term Income Fund | 0.22 |
| Core Plus Bond Fund | 0.37 |
| Strategic Income Fund | 0.15 |

---

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 year ended September 30, 2025, the Funds had no such transactions with affiliated funds.

Annual Financial Statements \| 191

**Notes to Financial Statements, Continued**

September 30, 2025

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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **ULTRA SHORT INCOME FUND** | **MARKET VALUE<br> 9/30/24** | **PURCHASES<br> AT COST** | **SALES<br> PROCEEDS** | **REALIZED<br> GAIN<br> (LOSS)** | **CHANGE IN<br> UNREALIZED<br> APPR./(DEPR.)** | **MARKET VALUE<br> 9/30/25** | **DIVIDEND<br> INCOME** |
| Thornburg Capital Mgmt. Fund | $24144899 | $301978295 | $(310100621) | $- | $- | $16022573 | $1142859 |
| **LIMITED TERM INCOME FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $521539993 | $1893582959 | $(2095565506) | $- | $- | $319557446 | $19750941 |
| **CORE PLUS BOND FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $6292172 | $47647038 | $(49278315) | $- | $- | $4660895 | $90733 |
| **STRATEGIC INCOME FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $603113236 | $2428914681 | $(2556685267) | $- | $- | $475342650 | $18046693 |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the fiscal year ended September 30, 2025, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

At September 30, 2025, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **COST** | **UNREALIZED<br> APPRECIATION** | **UNREALIZED<br> DEPRECIATION** | **NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** |
| Ultra Short Income Fund | $263259715 | $480978 | $(545101) | $(64123) |
| Limited Term U.S. Government Fund | 95336398 | 945377 | (4940142) | (3994765) |
| Limited Term Income Fund | 6153124020 | 83731265 | (143178131) | (59446866) |
| Core Plus Bond Fund | 145271002 | 2979517 | (430729) | 2548788 |
| Strategic Income Fund | 10038853703 | 250692204 | (138533055) | 112159149 |

---

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

At September 30, 2025, 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** |
| Ultra Short Income Fund | $506022 | $103305 |
| Limited Term U.S. Government Fund | 6024948 | 26320281 |
| Limited Term Income Fund | 142765879 | 262689190 |
| Core Plus Bond Fund | 266503 | 93926 |
| Strategic Income Fund | 72329953 | 90723009 |

---

192 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

During the year ended September 30, 2025, the Funds utilized capital loss carryforwards as shown on the following table.

---

| | |
|:---|:---|
| | **UTILIZED CAPITAL LOSS CARRYFORWARDS** |
| Limited Term Income Fund | $16639065 |
| Strategic Income Fund | 7492428 |

---

<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 amendments under this ASU are required to be applied prospectively and are effective for annual periods beginning after December 15, 2024. Early adoption of ASU 2023-09 was permitted.

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund's net assets were not significant and accordingly, a reconciliation of income taxes paid for the year ended September 30, 2025 is not presented.

<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) from investments in the Statement of Operations, if any.

At September 30, 2025, the Funds had undistributed tax basis ordinary investment income and undistributed tax basis capital gains as follows:

---

| | | |
|:---|:---|:---|
| | **UNDISTRIBUTED TAX<br> BASIS ORDINARY<br> INVESTMENT INCOME** | **UNDISTRIBUTED TAX BASIS<br> CAPITAL GAINS** |
| Ultra Short Income Fund | $76448 | $— |
| Limited Term U.S. Government Fund | 27575 |  |
| Limited Term Income Fund | 522619 |  |
| Core Plus Bond Fund | 7405 |  |
| Strategic Income Fund | 671667 |  |

---

The tax character of distributions paid for the Funds during the years ended September 30, 2025, and September 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** |
|  | **ORDINARY INCOME** | **ORDINARY INCOME** | **CAPITAL GAINS** | **CAPITAL GAINS** |
|  | **2025** | **2024** | **2025** | **2024** |
| Ultra Short Income Fund | $12919874 | $14906668 | $— | $— |
| Limited Term U.S. Government Fund | 3337601 | 4449267 |  |  |
| Limited Term Income Fund | 252880040 | 256488888 |  |  |
| Core Plus Bond Fund | 7731774 | 3917407 | 3766 |  |
| Strategic Income Fund | 499553991 | 401682232 |  |  |

---

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At September 30, 2025, there were an unlimited number of shares of each Fund with no par value of beneficial interest authorized. Transactions in each Fund's shares of beneficial interest were as follows:

Annual Financial Statements \| 193

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| <br>**ULTRA SHORT INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 998410 | $12194562 | 2182583 | $26661777 |
| Shares issued to shareholders in reinvestment of dividends | 132136 | 1613436 | 133703 | 1632242 |
| Shares repurchased | (2677645) | (32710947) | (536688) | (6549669) |
| Net increase (decrease) | (1547099) | $(18902949) | 1779598 | $21744350 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 11966231 | $145931786 | 11210970 | $136639043 |
| Shares issued to shareholders in reinvestment of dividends | 926459 | 11298981 | 1086862 | 13255212 |
| Shares repurchased | (10997847) | (134130696) | (14114344) | (172128187) |
| Net increase (decrease) | 1894843 | $23100071 | (1816512) | $(22233932) |
|  | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| **LIMITED TERM U.S. GOVERNMENT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 195101 | $2335322 | 305317 | $3591544 |
| Shares issued to shareholders in reinvestment of dividends | 74334 | 896125 | 87029 | 1024478 |
| Shares repurchased | (784848) | (9424673) | (1013271) | (11904928) |
| Net increase (decrease) | (515413) | $(6193226) | (620925) | $(7288906) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 24514 | $294582 | 47675 | $570108 |
| Shares issued to shareholders in reinvestment of dividends | 4635 | 56175 | 5377 | 63608 |
| Shares repurchased | (91232) | (1108157) | (122518) | (1446444) |
| Net increase (decrease) | (62083) | $(757400) | (69466) | $(812728) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold |  | $- |  | $- |
| Shares issued to shareholders in reinvestment of dividends | 613 | 7445 | 638 | 7543 |
| Shares repurchased | - | - | (25627) | (293780) |
| Net increase (decrease) | 613 | $7445 | (24989) | $(286237) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 768555 | $9240182 | 1618955 | $19180589 |
| Shares issued to shareholders in reinvestment of dividends | 120280 | 1449043 | 189900 | 2233776 |
| Shares repurchased | (4004142) | (48246441) | (4537015) | (53572057) |
| Net increase (decrease) | (3115307) | $(37557216) | (2728160) | $(32157692) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 35709 | $429480 | 44353 | $524193 |
| Shares issued to shareholders in reinvestment of dividends | 5620 | 67844 | 5717 | 67421 |
| Shares repurchased | (52462) | (631544) | (84256) | (993678) |
| Net increase (decrease) | (11133) | $(134220) | (34186) | $(402064) |

---

194 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| <br>**LIMITED TERM U.S. GOVERNMENT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 43978 | $530372 | 14989 | $175957 |
| Shares issued to shareholders in reinvestment of dividends | 3066 | 36968 | 2256 | 26570 |
| Shares repurchased | (24115) | (292759) | (13409) | (158219) |
| Net increase (decrease) | 22929 | $274581 | 3836 | $44308 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 60877 | $735876 | 8248 | $97043 |
| Shares issued to shareholders in reinvestment of dividends | 3533 | 42641 | 3177 | 37414 |
| Shares repurchased | (52796) | (637273) | (39535) | (469428) |
| Net increase (decrease) | 11614 | $141244 | (28110) | $(334971) |
|  | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| **LIMITED TERM INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 5010006 | $65120561 | 4348986 | $55363238 |
| Shares issued to shareholders in reinvestment of dividends | 1162390 | 15158391 | 1287268 | 16455807 |
| Shares repurchased | (10846657) | (141178075) | (12139047) | (154501903) |
| Net increase (decrease) | (4674261) | $(60899123) | (6502793) | $(82682858) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 466506 | $6058991 | 456256 | $5821819 |
| Shares issued to shareholders in reinvestment of dividends | 230961 | 3006963 | 292785 | 3733818 |
| Shares repurchased | (2494107) | (32380992) | (4027966) | (51128822) |
| Net increase (decrease) | (1796640) | $(23315038) | (3278925) | $(41573185) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold | 30042 | $392963 | 30438 | $388438 |
| Shares issued to shareholders in reinvestment of dividends | 12438 | 161984 | 14241 | 181629 |
| Shares repurchased | (86099) | (1122269) | (195611) | (2466907) |
| Net increase (decrease) | (43619) | $(567322) | (150932) | $(1896840) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 91357382 | $1188192503 | 109034980 | $1393542594 |
| Shares issued to shareholders in reinvestment of dividends | 15331717 | 200009624 | 15548347 | 198857654 |
| Shares repurchased | (125142667) | (1628481552) | (168298127) | (2142528569) |
| Net increase (decrease) | (18453568) | $(240279425) | (43714800) | $(550128321) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 1022759 | $13297711 | 980546 | $12461660 |
| Shares issued to shareholders in reinvestment of dividends | 92035 | 1200975 | 102718 | 1313888 |
| Shares repurchased | (1527019) | (19862748) | (1383168) | (17684236) |
| Net increase (decrease) | (412225) | $(5364062) | (299904) | $(3908688) |

---

Annual Financial Statements \| 195

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| <br>**LIMITED TERM INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 225112 | $2926986 | 508077 | $6506932 |
| Shares issued to shareholders in reinvestment of dividends | 5629 | 73383 | 7862 | 100154 |
| Shares repurchased | (610939) | (7953883) | (790839) | (10052559) |
| Net increase (decrease) | (380198) | $(4953514) | (274900) | $(3445473) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 2125728 | $27617445 | 1980357 | $25107698 |
| Shares issued to shareholders in reinvestment of dividends | 190166 | 2478788 | 215351 | 2753112 |
| Shares repurchased | (4150551) | (54153355) | (2502466) | (31900837) |
| Net increase (decrease) | (1834657) | $(24057122) | (306758) | $(4040027) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 5927691 | $77274273 | 4699966 | $60019507 |
| Shares issued to shareholders in reinvestment of dividends | 524936 | 6861122 | 493056 | 6318652 |
| Shares repurchased | (5724418) | (74652834) | (4834285) | (61796972) |
| Net increase (decrease) | 728209 | $9482561 | 358737 | $4541187 |
|  | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **PERIOD ENDED <br> SEPTEMBER 30, 2024<sup>†</sup>** | **PERIOD ENDED <br> SEPTEMBER 30, 2024<sup>†</sup>** |
| **CORE PLUS BOND FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 25318 | $263372 | 28326 | $292048 |
| Shares issued to shareholders in reinvestment of dividends | 1437 | 14952 | 679 | 7080 |
| Shares repurchased | (10944) | (113861) | (3643) | (37331) |
| Net increase (decrease) | 15811 | $164463 | 25362 | $261797 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 19979 | $207777 | 81686 | $846394 |
| Shares issued to shareholders in reinvestment of dividends | 3601 | 37474 | 1473 | 15402 |
| Shares repurchased | (3173) | (32839) | (6889) | (70518) |
| Net increase (decrease) | 20407 | $212412 | 76270 | $791278 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 2195265 | $22823417 | 15423496 | $159850278 |
| Shares issued to shareholders in reinvestment of dividends | 735477 | 7650303 | 368142 | 3854232 |
| Shares repurchased | (4312485) | (44643402) | (573343) | (6010832) |
| Net increase (decrease) | (1381743) | $(14169682) | 15218295 | $157693678 |
| **Class R3 Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold |  | $- | 10000 | $100000 |
| Shares issued to shareholders in reinvestment of dividends | 454 | 4714 | 460 | 4780 |
| Shares repurchased | (10914) | (115397) | - | - |
| Net increase (decrease) | (10460) | $(110683) | 10460 | $104780 |

---

196 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **PERIOD ENDED <br> SEPTEMBER 30, 2024<sup>†</sup>** | **PERIOD ENDED <br> SEPTEMBER 30, 2024<sup>†</sup>** |
| <br>**CORE PLUS BOND FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R4 Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold |  | $- | 10206 | $102144 |
| Shares issued to shareholders in reinvestment of dividends | 480 | 4984 | 486 | 5051 |
| Shares repurchased | (10966) | (115945) | (206) | (2155) |
| Net increase (decrease) | (10486) | $(110961) | 10486 | $105040 |
| **Class R5 Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold |  | $- | 10000 | $100000 |
| Shares issued to shareholders in reinvestment of dividends | 506 | 5256 | 512 | 5320 |
| Shares repurchased | (11018) | (116500) | - | - |
| Net increase (decrease) | (10512) | $(111244) | 10512 | $105320 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold |  | $- | 59247 | $610200 |
| Shares issued to shareholders in reinvestment of dividends | 1672 | 17383 | 2101 | 21918 |
| Shares repurchased | (37415) | (394315) | - | - |
| Net increase (decrease) | (35743) | $(376932) | 61348 | $632118 |

---

<sup>†</sup> The Fund commenced operations on October 2, 2023.

<sup>\*</sup> Class no longer offered as of September 18, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| <br>**STRATEGIC INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 5835928 | $67022992 | 7900567 | $89120269 |
| Shares issued to shareholders in reinvestment of dividends | 1044217 | 11992308 | 1114529 | 12656188 |
| Shares repurchased | (10653291) | (122068582) | (8408976) | (95482953) |
| Net increase (decrease) | (3773146) | $(43053282) | 606120 | $6293504 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 1607099 | $18393410 | 2216211 | $25044729 |
| Shares issued to shareholders in reinvestment of dividends | 348168 | 3990617 | 316760 | 3590531 |
| Shares repurchased | (1783399) | (20418268) | (2313861) | (26194519) |
| Net increase (decrease) | 171868 | $1965759 | 219110 | $2440741 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 280403543 | $3207277512 | 354012172 | $4002206085 |
| Shares issued to shareholders in reinvestment of dividends | 38270356 | 438519960 | 30849100 | 349781098 |
| Shares repurchased | (255139740) | (2914732489) | (215528422) | (2430401180) |
| Net increase (decrease) | 63534159 | $731064983 | 169332850 | $1921586003 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 19237 | $221230 | 47387 | $534898 |
| Shares issued to shareholders in reinvestment of dividends | 4541 | 52090 | 3374 | 38331 |
| Shares repurchased | (15143) | (173680) | (14707) | (165970) |
| Net increase (decrease) | 8635 | $99640 | 36054 | $407259 |

---

Annual Financial Statements \| 197

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| <br>**STRATEGIC INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 18544 | $212207 | 95966 | $1085320 |
| Shares issued to shareholders in reinvestment of dividends | 7441 | 85333 | 9288 | 105233 |
| Shares repurchased | (67102) | (772076) | (151714) | (1715829) |
| Net increase (decrease) | (41117) | $(474536) | (46460) | $(525276) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 5813026 | $67136774 | 3962219 | $45357741 |
| Shares issued to shareholders in reinvestment of dividends | 415657 | 4764727 | 292397 | 3316314 |
| Shares repurchased | (2065455) | (23576791) | (2078594) | (23580930) |
| Net increase (decrease) | 4163228 | $48324710 | 2176022 | $25093125 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 7635568 | $87710815 | 6631922 | $75205503 |
| Shares issued to shareholders in reinvestment of dividends | 668005 | 7677850 | 533798 | 6072389 |
| Shares repurchased | (7209560) | (82913305) | (3938579) | (44687401) |
| Net increase (decrease) | 1094013 | $12475360 | 3227141 | $36590491 |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the year ended September 30, 2025, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments and U.S. Government obligations).

---

| | | |
|:---|:---|:---|
| | **PURCHASES** | **SALES** |
| Ultra Short Income Fund | $240016882 | $102113806 |
| Limited Term U.S. Government Fund | 24573495 | 46908299 |
| Limited Term Income Fund | 2423659452 | 1895262522 |
| Core Plus Bond Fund | 49696964 | 48112068 |
| Strategic Income Fund | 4311186906 | 2759201313 |

---

**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. The Funds do not designate any derivative instruments as hedging instruments under ASC 815. During the year ended September 30, 2025, the Funds' principal exposure to derivative financial instruments of the type addressed by ASC 815 was investment in foreign currency contracts.

During the year ended September 30, 2025, some of the Funds 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 Funds' 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.

198 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

The monthly average value of open forward currency contracts for the year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **CONTRACTS PURCHASED** | **CONTRACTS SOLD** |
| Core Plus Bond Fund | $— | $415994 |
| Strategic Income Fund | 2921526 | 126563508 |

---

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.

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

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

The unrealized appreciation (depreciation) of the outstanding forward currency contracts recognized in each Fund's Statement of Assets and Liabilities at September 30, 2025 is disclosed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **TYPE OF DERIVATIVE<sup>(a)</sup>** | **PRINCIPAL<br> RISK** | **COUNTER<br> PARTY** | **ASSET<br> DERIVATIVES** | **LIABILITY<br> DERIVATIVES** | **NET<br> AMOUNT** |
| Core Plus Bond Fund | Forward currency contracts | Foreign currency risk | SSB | $3875 | $(8448) | $(4573) |
| Strategic Income Fund | Forward currency contracts | Foreign currency risk | SSB | 812871 | (537129) | 275742 |

---

(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.

Because the Funds did not receive or post cash collateral in connection with their forward currency contracts during the period, the net amounts of each Fund's assets and liabilities which are attributable to those contracts at September 30, 2025 can be determined by offsetting the dollar amounts shown in the asset and liability columns in the preceding table, the results of which are reflected in the "Net Amount" column. The Funds' forward currency contracts are valued each day, and the net amounts of each Fund's assets and liabilities which are attributable to those contracts are expected to vary over time.

The net realized gain (loss) from forward currency contracts and the net change in unrealized appreciation (depreciation) on outstanding forward currency contracts recognized in each Fund's Statement of Operations for the year ended September 30, 2025 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 Fund | Forward currency contracts | Foreign currency risk | $(32148) | $(4381) |
| Strategic Income Fund | Forward currency contracts | Foreign currency risk | (5965324) | 401087 |

---

(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.

Annual Financial Statements \| 199

Financial Highlights

Ultra Short Income Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)<sup>+</sup>** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> PERIOD** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.23 | 0.59 | (0.03) | 0.56 | (0.59) |  |  | (0.59) | $12.20 |
| &nbsp;&nbsp;&nbsp;2024 | $12.17 | 0.66 | 0.07 | 0.73 | (0.67) |  |  | (0.67) | $12.23 |
| &nbsp;&nbsp;&nbsp;2023 | $12.13 | 0.52 | 0.05 | 0.57 | (0.53) |  |  | (0.53) | $12.17 |
| &nbsp;&nbsp;&nbsp;2022 | $12.44 | 0.19 | (0.31) | (0.12) | (0.19) |  |  | (0.19) | $12.13 |
| &nbsp;&nbsp;&nbsp;2021 | $12.59 | 0.15 | (0.08) | 0.07 | (0.18) | (0.04) |  | (0.22) | $12.44 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.22 | 0.61 | (0.02) | 0.59 | (0.62) |  |  | (0.62) | $12.19 |
| &nbsp;&nbsp;&nbsp;2024 | $12.16 | 0.69 | 0.06 | 0.75 | (0.69) |  |  | (0.69) | $12.22 |
| &nbsp;&nbsp;&nbsp;2023 | $12.12 | 0.55 | 0.04 | 0.59 | (0.55) |  |  | (0.55) | $12.16 |
| &nbsp;&nbsp;&nbsp;2022 | $12.43 | 0.21 | (0.31) | (0.10) | (0.21) |  |  | (0.21) | $12.12 |
| &nbsp;&nbsp;&nbsp;2021 | $12.58 | 0.18 | (0.08) | 0.10 | (0.21) | (0.04) |  | (0.25) | $12.43 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

+ Based on weighted average shares outstanding.

See notes to financial statements.

200 \| Annual Financial Statements

**Financial Highlights, Continued**

Ultra Short Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT<br> INCOME (LOSS) (%)** | **EXPENSES, AFTER<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(a)</sup>** | **NET<br> ASSETS<br> AT END OF PERIOD<br> (THOUSANDS)** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4.79 | 0.50 | 0.86 | 4.71 | 58.28 | $31146 |
| &nbsp;&nbsp;&nbsp;2024 | 5.46 | 0.50 | 0.88 | 6.12 | 44.59 | $50154 |
| &nbsp;&nbsp;&nbsp;2023 | 4.29 | 0.50 | 0.86 | 4.77 | 29.46 | $28234 |
| &nbsp;&nbsp;&nbsp;2022 | 1.54 | 0.50 | 1.05 | (0.96) | 39.29 | $34147 |
| &nbsp;&nbsp;&nbsp;2021 | 1.22 | 0.50 | 1.38 | 0.54 | 37.51 | $10930 |
| **CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4.98 | 0.30 | 0.54 | 4.92 | 58.28 | $236543 |
| &nbsp;&nbsp;&nbsp;2024 | 5.65 | 0.30 | 0.54 | 6.35 | 44.59 | $214056 |
| &nbsp;&nbsp;&nbsp;2023 | 4.56 | 0.30 | 0.52 | 4.98 | 29.46 | $235011 |
| &nbsp;&nbsp;&nbsp;2022 | 1.75 | 0.30 | 0.60 | (0.77) | 39.29 | $145743 |
| &nbsp;&nbsp;&nbsp;2021 | 1.40 | 0.30 | 0.76 | 0.74 | 37.51 | $42587 |

---

Annual Financial Statements \| 201

**Financial Highlights**

Limited Term U.S. Government Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> PERIOD** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.19 | 0.31 | 0.06 | 0.37 | (0.32) |  |  | (0.32) | $12.24 |
| &nbsp;&nbsp;&nbsp;2024 | $11.48 | 0.29 | 0.73 | 1.02 | (0.31) |  |  | (0.31) | $12.19 |
| &nbsp;&nbsp;&nbsp;2023 | $11.64 | 0.22 | (0.13) | 0.09 | (0.25) |  |  | (0.25) | $11.48 |
| &nbsp;&nbsp;&nbsp;2022 | $13.06 | 0.13 | (1.36) | (1.23) | (0.19) |  |  | (0.19) | $11.64 |
| &nbsp;&nbsp;&nbsp;2021 | $13.38 | 0.08 | (0.24) | (0.16) | (0.16) |  |  | (0.16) | $13.06 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.26 | 0.28 | 0.07 | 0.35 | (0.30) |  |  | (0.30) | $12.31 |
| &nbsp;&nbsp;&nbsp;2024 | $11.54 | 0.26 | 0.74 | 1.00 | (0.28) |  |  | (0.28) | $12.26 |
| &nbsp;&nbsp;&nbsp;2023 | $11.71 | 0.19 | (0.14) | 0.05 | (0.22) |  |  | (0.22) | $11.54 |
| &nbsp;&nbsp;&nbsp;2022 | $13.13 | 0.09 | (1.36) | (1.27) | (0.15) |  |  | (0.15) | $11.71 |
| &nbsp;&nbsp;&nbsp;2021 | $13.46 | 0.03 | (0.25) | (0.22) | (0.11) |  |  | (0.11) | $13.13 |
| **CLASS C2 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.27 | 0.28 | 0.07 | 0.35 | (0.30) |  |  | (0.30) | $12.32 |
| &nbsp;&nbsp;&nbsp;2024 | $11.55 | 0.26 | 0.74 | 1.00 | (0.28) |  |  | (0.28) | $12.27 |
| &nbsp;&nbsp;&nbsp;2023 | $11.71 | 0.20 | (0.14) | 0.06 | (0.22) |  |  | (0.22) | $11.55 |
| &nbsp;&nbsp;&nbsp;2022 | $13.14 | 0.08 | (1.36) | (1.28) | (0.15) |  |  | (0.15) | $11.71 |
| &nbsp;&nbsp;&nbsp;2021<sup>(e)</sup> | $13.46 | 0.04 | (0.25) | (0.21) | (0.11) |  |  | (0.11) | $13.14 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.19 | 0.35 | 0.06 | 0.41 | (0.36) |  |  | (0.36) | $12.24 |
| &nbsp;&nbsp;&nbsp;2024 | $11.47 | 0.33 | 0.74 | 1.07 | (0.35) |  |  | (0.35) | $12.19 |
| &nbsp;&nbsp;&nbsp;2023 | $11.64 | 0.26 | (0.14) | 0.12 | (0.29) |  |  | (0.29) | $11.47 |
| &nbsp;&nbsp;&nbsp;2022 | $13.06 | 0.16 | (1.36) | (1.20) | (0.22) |  |  | (0.22) | $11.64 |
| &nbsp;&nbsp;&nbsp;2021 | $13.38 | 0.11 | (0.24) | (0.13) | (0.19) |  |  | (0.19) | $13.06 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.20 | 0.31 | 0.06 | 0.37 | (0.32) |  |  | (0.32) | $12.25 |
| &nbsp;&nbsp;&nbsp;2024 | $11.49 | 0.29 | 0.73 | 1.02 | (0.31) |  |  | (0.31) | $12.20 |
| &nbsp;&nbsp;&nbsp;2023 | $11.65 | 0.22 | (0.13) | 0.09 | (0.25) |  |  | (0.25) | $11.49 |
| &nbsp;&nbsp;&nbsp;2022 | $13.06 | 0.11 | (1.34) | (1.23) | (0.18) |  |  | (0.18) | $11.65 |
| &nbsp;&nbsp;&nbsp;2021 | $13.39 | 0.06 | (0.25) | (0.19) | (0.14) |  |  | (0.14) | $13.06 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.18 | 0.31 | 0.06 | 0.37 | (0.32) |  |  | (0.32) | $12.23 |
| &nbsp;&nbsp;&nbsp;2024 | $11.47 | 0.29 | 0.73 | 1.02 | (0.31) |  |  | (0.31) | $12.18 |
| &nbsp;&nbsp;&nbsp;2023 | $11.64 | 0.22 | (0.15) | 0.07 | (0.24) |  |  | (0.24) | $11.47 |
| &nbsp;&nbsp;&nbsp;2022 | $13.05 | 0.12 | (1.35) | (1.23) | (0.18) |  |  | (0.18) | $11.64 |
| &nbsp;&nbsp;&nbsp;2021 | $13.37 | 0.06 | (0.24) | (0.18) | (0.14) |  |  | (0.14) | $13.05 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.20 | 0.35 | 0.05 | 0.40 | (0.36) |  |  | (0.36) | $12.24 |
| &nbsp;&nbsp;&nbsp;2024 | $11.48 | 0.33 | 0.74 | 1.07 | (0.35) |  |  | (0.35) | $12.20 |
| &nbsp;&nbsp;&nbsp;2023 | $11.65 | 0.25 | (0.14) | 0.11 | (0.28) |  |  | (0.28) | $11.48 |
| &nbsp;&nbsp;&nbsp;2022 | $13.07 | 0.16 | (1.36) | (1.20) | (0.22) |  |  | (0.22) | $11.65 |
| &nbsp;&nbsp;&nbsp;2021 | $13.39 | 0.11 | (0.25) | (0.14) | (0.18) |  |  | (0.18) | $13.07 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

(c) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is 8.81%.

(d) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is 0.46%.

(e) Effective date of this class of shares was October
1, 2020.

+ Based on weighted average shares outstanding.

See notes to financial statements.

202 \| Annual Financial Statements

**Financial Highlights, Continued**

Limited Term U.S. Government Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT<br> INCOME (LOSS) (%)** | **EXPENSES, AFTER<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(a)</sup>** | **NET<br> ASSETS<br> AT END OF PERIOD<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.56 | 0.99 | 1.05 | 3.14 | 22.17 | $32299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.48 | 0.99 | 1.00 | 9.03 | 32.26 | $38447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.89 | 0.95 | 0.95 | 0.74 | 38.65 | $43326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.01 | 0.92 | 0.92 | (9.51) | 28.92 | $57028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.60 | 0.87 | 0.87 | (1.22) | 9.50 | $92786 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.31 | 1.24 | 1.98 | 2.88 | 22.17 | $1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.22 | 1.24 | 1.84 | 8.82 | 32.26 | $2665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.57 | 1.24 | 1.56 | 0.37 | 38.65 | $3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.68 | 1.24 | 1.39 | (9.74) | 28.92 | $5821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.21 | 1.24 | 1.24 | (1.65) | 9.50 | $10084 |
| &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.32 | 1.24 | 3.52 | 2.88 | 22.17 | $314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.23 | 1.24 | 3.49 | 8.90 <sup>(c)</sup> | 32.26 | $305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.69 | 1.24 | 2.63 | 0.37 <sup>(d)</sup> | 38.65 | $576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.62 | 1.24 | 2.28 | (9.81) | 28.92 | $230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021<sup>(e)</sup> | 0.28 | 1.24 | 3.37 | (1.58) | 9.50 | $680 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.87 | 0.67 | 0.70 | 3.47 | 22.17 | $55754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.82 | 0.65 | 0.65 | 9.49 | 32.26 | $93488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.18 | 0.65 | 0.65 | 0.96 | 38.65 | $119323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.31 | 0.62 | 0.62 | (9.24) | 28.92 | $155928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.85 | 0.61 | 0.61 | (0.96) | 9.50 | $219833 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.56 | 0.99 | 1.93 | 3.14 | 22.17 | $2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.46 | 0.99 | 1.92 | 9.03 | 32.26 | $2579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.86 | 0.99 | 1.75 | 0.70 | 38.65 | $2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.89 | 0.99 | 1.52 | (9.50) | 28.92 | $3471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.46 | 0.99 | 1.31 | (1.41) | 9.50 | $7601 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.58 | 0.99 | 2.29 | 3.14 | 22.17 | $1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.48 | 0.99 | 2.65 | 9.04 | 32.26 | $1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.85 | 0.99 | 2.91 | 0.61 | 38.65 | $931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.92 | 0.99 | 2.30 | (9.51) | 28.92 | $1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.47 | 0.99 | 1.63 | (1.34) | 9.50 | $2011 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.91 | 0.67 | 2.11 | 3.39 | 22.17 | $1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.79 | 0.67 | 2.24 | 9.47 | 32.26 | $1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.16 | 0.67 | 2.01 | 0.94 | 38.65 | $1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.30 | 0.67 | 1.64 | (9.27) | 28.92 | $1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.80 | 0.67 | 1.56 | (1.02) | 9.50 | $2198 |

---

Annual Financial Statements \| 203

**Financial Highlights**

Limited Term Income Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> PERIOD** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.14 | 0.50 | 0.07 | 0.57 | (0.50) |  |  | (0.50) | $13.21 |
| &nbsp;&nbsp;&nbsp;2024 | $12.39 | 0.47 | 0.76 | 1.23 | (0.48) |  |  | (0.48) | $13.14 |
| &nbsp;&nbsp;&nbsp;2023 | $12.38 | 0.36 | 0.02 | 0.38 | (0.37) |  |  | (0.37) | $12.39 |
| &nbsp;&nbsp;&nbsp;2022 | $13.83 | 0.21 | (1.43) | (1.22) | (0.23) |  |  | (0.23) | $12.38 |
| &nbsp;&nbsp;&nbsp;2021 | $14.14 | 0.16 | (0.11) | 0.05 | (0.19) | (0.17) |  | (0.36) | $13.83 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.12 | 0.46 | 0.08 | 0.54 | (0.47) |  |  | (0.47) | $13.19 |
| &nbsp;&nbsp;&nbsp;2024 | $12.37 | 0.44 | 0.75 | 1.19 | (0.44) |  |  | (0.44) | $13.12 |
| &nbsp;&nbsp;&nbsp;2023 | $12.36 | 0.33 | 0.02 | 0.35 | (0.34) |  |  | (0.34) | $12.37 |
| &nbsp;&nbsp;&nbsp;2022 | $13.81 | 0.18 | (1.43) | (1.25) | (0.20) |  |  | (0.20) | $12.36 |
| &nbsp;&nbsp;&nbsp;2021 | $14.12 | 0.13 | (0.11) | 0.02 | (0.16) | (0.17) |  | (0.33) | $13.81 |
| **CLASS C2 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.12 | 0.43 | 0.08 | 0.51 | (0.44) |  |  | (0.44) | $13.19 |
| &nbsp;&nbsp;&nbsp;2024 | $12.37 | 0.41 | 0.76 | 1.17 | (0.42) |  |  | (0.42) | $13.12 |
| &nbsp;&nbsp;&nbsp;2023 | $12.36 | 0.30 | 0.02 | 0.32 | (0.31) |  |  | (0.31) | $12.37 |
| &nbsp;&nbsp;&nbsp;2022 | $13.81 | 0.15 | (1.43) | (1.28) | (0.17) |  |  | (0.17) | $12.36 |
| &nbsp;&nbsp;&nbsp;2021<sup>(c)</sup> | $14.12 | 0.09 | (0.11) | (0.02) | (0.12) | (0.17) |  | (0.29) | $13.81 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.14 | 0.53 | 0.08 | 0.61 | (0.54) |  |  | (0.54) | $13.21 |
| &nbsp;&nbsp;&nbsp;2024 | $12.39 | 0.51 | 0.75 | 1.26 | (0.51) |  |  | (0.51) | $13.14 |
| &nbsp;&nbsp;&nbsp;2023 | $12.38 | 0.40 | 0.02 | 0.42 | (0.41) |  |  | (0.41) | $12.39 |
| &nbsp;&nbsp;&nbsp;2022 | $13.84 | 0.25 | (1.44) | (1.19) | (0.27) |  |  | (0.27) | $12.38 |
| &nbsp;&nbsp;&nbsp;2021 | $14.15 | 0.20 | (0.11) | 0.09 | (0.23) | (0.17) |  | (0.40) | $13.84 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.15 | 0.47 | 0.07 | 0.54 | (0.47) |  |  | (0.47) | $13.22 |
| &nbsp;&nbsp;&nbsp;2024 | $12.40 | 0.44 | 0.76 | 1.20 | (0.45) |  |  | (0.45) | $13.15 |
| &nbsp;&nbsp;&nbsp;2023 | $12.38 | 0.33 | 0.03 | 0.36 | (0.34) |  |  | (0.34) | $12.40 |
| &nbsp;&nbsp;&nbsp;2022 | $13.84 | 0.18 | (1.44) | (1.26) | (0.20) |  |  | (0.20) | $12.38 |
| &nbsp;&nbsp;&nbsp;2021 | $14.15 | 0.13 | (0.11) | 0.02 | (0.16) | (0.17) |  | (0.33) | $13.84 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.14 | 0.47 | 0.06 | 0.53 | (0.47) |  |  | (0.47) | $13.20 |
| &nbsp;&nbsp;&nbsp;2024 | $12.38 | 0.44 | 0.77 | 1.21 | (0.45) |  |  | (0.45) | $13.14 |
| &nbsp;&nbsp;&nbsp;2023 | $12.37 | 0.34 | 0.01 | 0.35 | (0.34) |  |  | (0.34) | $12.38 |
| &nbsp;&nbsp;&nbsp;2022 | $13.83 | 0.20 | (1.46) | (1.26) | (0.20) |  |  | (0.20) | $12.37 |
| &nbsp;&nbsp;&nbsp;2021 | $14.14 | 0.13 | (0.11) | 0.02 | (0.16) | (0.17) |  | (0.33) | $13.83 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.14 | 0.53 | 0.08 | 0.61 | (0.54) |  |  | (0.54) | $13.21 |
| &nbsp;&nbsp;&nbsp;2024 | $12.39 | 0.51 | 0.75 | 1.26 | (0.51) |  |  | (0.51) | $13.14 |
| &nbsp;&nbsp;&nbsp;2023 | $12.37 | 0.40 | 0.02 | 0.42 | (0.40) |  |  | (0.40) | $12.39 |
| &nbsp;&nbsp;&nbsp;2022 | $13.83 | 0.25 | (1.44) | (1.19) | (0.27) |  |  | (0.27) | $12.37 |
| &nbsp;&nbsp;&nbsp;2021 | $14.14 | 0.20 | (0.11) | 0.09 | (0.23) | (0.17) |  | (0.40) | $13.83 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.17 | 0.54 | 0.07 | 0.61 | (0.55) |  |  | (0.55) | $13.23 |
| &nbsp;&nbsp;&nbsp;2024 | $12.41 | 0.52 | 0.76 | 1.28 | (0.52) |  |  | (0.52) | $13.17 |
| &nbsp;&nbsp;&nbsp;2023 | $12.40 | 0.41 | 0.01 | 0.42 | (0.41) |  |  | (0.41) | $12.41 |
| &nbsp;&nbsp;&nbsp;2022 | $13.86 | 0.26 | (1.44) | (1.18) | (0.28) |  |  | (0.28) | $12.40 |
| &nbsp;&nbsp;&nbsp;2021 | $14.17 | 0.21 | (0.11) | 0.10 | (0.24) | (0.17) |  | (0.41) | $13.86 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

(c) Effective date of this class of shares was October
1, 2020.

(d) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is (8.70)%.

(e) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is 0.61%.

+ Based on weighted average shares outstanding.

See notes to financial statements.

204 \| Annual Financial Statements

**Financial Highlights, Continued**

Limited Term Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT<br> INCOME (LOSS) (%)** | **EXPENSES, AFTER<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(a)</sup>** | **NET<br> ASSETS<br> AT END OF PERIOD<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.81 | 0.77 | 0.77 | 4.44 | 32.96 | $421154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.71 | 0.76 | 0.76 | 10.08 | 59.42 | $480422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.90 | 0.78 | 0.78 | 3.06 | 37.65 | $533551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.58 | 0.77 | 0.77 | (8.89) | 46.77 | $598675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.17 | 0.77 | 0.77 | 0.33 | 33.37 | $818846 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.56 | 1.01 | 1.01 | 4.19 | 32.96 | $83078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.45 | 1.01 | 1.01 | 9.82 | 59.42 | $106222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.64 | 1.01 | 1.01 | 2.83 | 37.65 | $140716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.33 | 0.99 | 0.99 | (9.11) | 46.77 | $221057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.94 | 0.99 | 0.99 | 0.11 | 33.37 | $360840 |
| &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.34 | 1.24 | 1.49 | 3.96 | 32.96 | $4612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.23 | 1.24 | 1.42 | 9.57 | 59.42 | $5160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.43 | 1.24 | 1.44 | 2.59 | 37.65 | $6733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.10 | 1.24 | 1.30 | (9.33) | 46.77 | $9615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021<sup>(c)</sup> | 0.65 | 1.24 | 1.32 | (0.17) | 33.37 | $12902 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.09 | 0.49 | 0.53 | 4.74 | 32.96 | $5328620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.99 | 0.49 | 0.52 | 10.38 | 59.42 | $5543890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.18 | 0.49 | 0.54 | 3.36 | 37.65 | $5769043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.86 | 0.49 | 0.51 | (8.63)<sup>(d)</sup> | 46.77 | $6890513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.44 | 0.49 | 0.50 | 0.53 <sup>(e)</sup> | 33.37 | $8840331 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.59 | 0.99 | 1.09 | 4.22 | 32.96 | $30452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.48 | 0.99 | 1.08 | 9.83 | 59.42 | $35717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.66 | 0.99 | 1.06 | 2.93 | 37.65 | $37395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.39 | 0.99 | 1.04 | (9.16) | 46.77 | $49513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.94 | 0.99 | 1.02 | 0.11 | 33.37 | $51825 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.58 | 0.99 | 1.11 | 4.14 | 32.96 | $11366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.46 | 0.99 | 1.21 | 9.92 | 59.42 | $16303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.71 | 0.99 | 1.15 | 2.84 | 37.65 | $18774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.51 | 0.99 | 1.24 | (9.16) | 46.77 | $17988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.94 | 0.99 | 1.19 | 0.11 | 33.37 | $10777 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.08 | 0.49 | 0.71 | 4.73 | 32.96 | $46970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.98 | 0.49 | 0.66 | 10.38 | 59.42 | $70839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.15 | 0.49 | 0.74 | 3.44 | 37.65 | $70594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.88 | 0.49 | 0.71 | (8.71) | 46.77 | $111149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.44 | 0.49 | 0.69 | 0.61 | 33.37 | $134974 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.17 | 0.42 | 0.47 | 4.73 | 32.96 | $182131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.07 | 0.42 | 0.47 | 10.53 | 59.42 | $171607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.25 | 0.42 | 0.46 | 3.43 | 37.65 | $157354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.00 | 0.42 | 0.45 | (8.62) | 46.77 | $180359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.51 | 0.42 | 0.43 | 0.68 | 33.37 | $127763 |

---

Annual Financial Statements \| 205

**Financial Highlights**

Core Plus Bond Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.73 | 0.49 | (0.19) | 0.30 | (0.49) | (0.01) |  | (0.50) | $10.53 |
| &nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | $10.00 | 0.50 | 0.72 | 1.22 | (0.49) |  |  | (0.49) | $10.73 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.74 | 0.42 | (0.20) | 0.22 | (0.42) | (0.01) |  | (0.43) | $10.53 |
| &nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | $10.00 | 0.44 | 0.72 | 1.16 | (0.42) |  |  | (0.42) | $10.74 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.74 | 0.52 | (0.20) | 0.32 | (0.52) | (0.01) |  | (0.53) | $10.53 |
| &nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | $10.00 | 0.54 | 0.72 | 1.26 | (0.52) |  |  | (0.52) | $10.74 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.73 | 0.52 | (0.19) | 0.33 | (0.52) | (0.01) |  | (0.53) | $10.53 |
| &nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | $10.00 | 0.54 | 0.71 | 1.25 | (0.52) |  |  | (0.52) | $10.73 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

(c) The Fund commenced operations on October 2, 2023.

(d) Annualized.

(e) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is 12.91% for 2024 and 3.26% for 2025.

+ Based on weighted average shares outstanding.

See notes to financial statements.

206 \| Annual Financial Statements

**Financial Highlights, Continued**

Core Plus Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT<br> INCOME (LOSS) (%)** | **EXPENSES, AFTER<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(a)</sup>** | **NET<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.77 | 0.75 | 16.46 | 3.05 | 32.74 | $434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | 4.80 <sup>(d)</sup> | 0.75 <sup>(d)</sup> | 10.92 <sup>(d)</sup> | 12.50 | 73.32 | $272 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.04 | 1.50 | 3.61 | 2.21 | 32.74 | $1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | 4.21 <sup>(d)</sup> | 1.50 <sup>(d)</sup> | 3.45 <sup>(d)</sup> | 11.78 | 73.32 | $819 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5.04 | 0.50 | 0.84 | 3.35 <sup>(e)</sup> | 32.74 | $145665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | 5.23 <sup>(d)</sup> | 0.46 <sup>(d)</sup> | 1.11 <sup>(d)</sup> | 12.80 <sup>(e)</sup> | 73.32 | $163388 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5.02 | 0.49 | 5.37 | 3.32 | 32.74 | $270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | 5.26 <sup>(d)</sup> | 0.49 <sup>(d)</sup> | 2.23 <sup>(d)</sup> | 12.82 | 73.32 | $658 |

---

Annual Financial Statements \| 207

**Financial Highlights**

Strategic Income Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> PERIOD** |
| **CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.67 | 0.54 | (0.02) | 0.52 | (0.56) |  |  | (0.56) | $11.63 |
| &nbsp;&nbsp;&nbsp;2024 | $11.02 | 0.52 | 0.65 | 1.17 | (0.52) |  |  | (0.52) | $11.67 |
| &nbsp;&nbsp;&nbsp;2023 | $10.99 | 0.45 | 0.03 | 0.48 | (0.45) |  |  | (0.45) | $11.02 |
| &nbsp;&nbsp;&nbsp;2022 | $12.41 | 0.36 | (1.38) | (1.02) | (0.37) | (0.03) |  | (0.40) | $10.99 |
| &nbsp;&nbsp;&nbsp;2021 | $12.24 | 0.43 | 0.21 | 0.64 | (0.47) |  |  | (0.47) | $12.41 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.65 | 0.45 | (0.03) | 0.42 | (0.47) |  |  | (0.47) | $11.60 |
| &nbsp;&nbsp;&nbsp;2024 | $11.00 | 0.44 | 0.64 | 1.08 | (0.43) |  |  | (0.43) | $11.65 |
| &nbsp;&nbsp;&nbsp;2023 | $10.97 | 0.37 | 0.03 | 0.40 | (0.37) |  |  | (0.37) | $11.00 |
| &nbsp;&nbsp;&nbsp;2022 | $12.39 | 0.27 | (1.38) | (1.11) | (0.28) | (0.03) |  | (0.31) | $10.97 |
| &nbsp;&nbsp;&nbsp;2021 | $12.22 | 0.33 | 0.21 | 0.54 | (0.37) |  |  | (0.37) | $12.39 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.65 | 0.58 | (0.03) | 0.55 | (0.60) |  |  | (0.60) | $11.60 |
| &nbsp;&nbsp;&nbsp;2024 | $11.00 | 0.56 | 0.65 | 1.21 | (0.56) |  |  | (0.56) | $11.65 |
| &nbsp;&nbsp;&nbsp;2023 | $10.96 | 0.49 | 0.04 | 0.53 | (0.49) |  |  | (0.49) | $11.00 |
| &nbsp;&nbsp;&nbsp;2022 | $12.38 | 0.40 | (1.38) | (0.98) | (0.41) | (0.03) |  | (0.44) | $10.96 |
| &nbsp;&nbsp;&nbsp;2021 | $12.20 | 0.47 | 0.22 | 0.69 | (0.51) |  |  | (0.51) | $12.38 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.66 | 0.51 | (0.04) | 0.47 | (0.52) |  |  | (0.52) | $11.61 |
| &nbsp;&nbsp;&nbsp;2024 | $11.01 | 0.49 | 0.64 | 1.13 | (0.48) |  |  | (0.48) | $11.66 |
| &nbsp;&nbsp;&nbsp;2023 | $10.98 | 0.42 | 0.03 | 0.45 | (0.42) |  |  | (0.42) | $11.01 |
| &nbsp;&nbsp;&nbsp;2022 | $12.40 | 0.33 | (1.38) | (1.05) | (0.34) | (0.03) |  | (0.37) | $10.98 |
| &nbsp;&nbsp;&nbsp;2021 | $12.22 | 0.40 | 0.21 | 0.61 | (0.43) |  |  | (0.43) | $12.40 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.66 | 0.51 | (0.04) | 0.47 | (0.52) |  |  | (0.52) | $11.61 |
| &nbsp;&nbsp;&nbsp;2024 | $11.01 | 0.49 | 0.64 | 1.13 | (0.48) |  |  | (0.48) | $11.66 |
| &nbsp;&nbsp;&nbsp;2023 | $10.97 | 0.42 | 0.04 | 0.46 | (0.42) |  |  | (0.42) | $11.01 |
| &nbsp;&nbsp;&nbsp;2022 | $12.39 | 0.32 | (1.37) | (1.05) | (0.34) | (0.03) |  | (0.37) | $10.97 |
| &nbsp;&nbsp;&nbsp;2021 | $12.22 | 0.40 | 0.20 | 0.60 | (0.43) |  |  | (0.43) | $12.39 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.65 | 0.58 | (0.03) | 0.55 | (0.60) |  |  | (0.60) | $11.60 |
| &nbsp;&nbsp;&nbsp;2024 | $11.00 | 0.56 | 0.65 | 1.21 | (0.56) |  |  | (0.56) | $11.65 |
| &nbsp;&nbsp;&nbsp;2023 | $10.96 | 0.50 | 0.03 | 0.53 | (0.49) |  |  | (0.49) | $11.00 |
| &nbsp;&nbsp;&nbsp;2022 | $12.39 | 0.40 | (1.39) | (0.99) | (0.41) | (0.03) |  | (0.44) | $10.96 |
| &nbsp;&nbsp;&nbsp;2021 | $12.21 | 0.47 | 0.22 | 0.69 | (0.51) |  |  | (0.51) | $12.39 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.68 | 0.59 | (0.03) | 0.56 | (0.61) |  |  | (0.61) | $11.63 |
| &nbsp;&nbsp;&nbsp;2024 | $11.03 | 0.58 | 0.64 | 1.22 | (0.57) |  |  | (0.57) | $11.68 |
| &nbsp;&nbsp;&nbsp;2023 | $10.99 | 0.50 | 0.04 | 0.54 | (0.50) |  |  | (0.50) | $11.03 |
| &nbsp;&nbsp;&nbsp;2022 | $12.42 | 0.41 | (1.39) | (0.98) | (0.42) | (0.03) |  | (0.45) | $10.99 |
| &nbsp;&nbsp;&nbsp;2021 | $12.24 | 0.48 | 0.22 | 0.70 | (0.52) |  |  | (0.52) | $12.42 |

---

(a) Net investment income (loss) includes income from
foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the
Net Investment Income (Loss) ratios would have been as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| 2024 | 4.61% | 3.86% | 4.99% | 4.36% | 4.35% | 4.98% | 5.08% |
| 2021 | 3.48% | 2.71% | 3.81% | 3.19% | 3.21% | 3.84% | 3.89% |

---

(b) Not annualized for periods less than one year.

(c) Sales loads are not reflected in computing total return.

+ Based on weighted average shares outstanding.

See notes to financial statements.

208 \| Annual Financial Statements

**Financial Highlights, Continued**

Strategic Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT<br> INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(b)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(b)</sup>** | **NET<br> ASSETS<br> AT END OF PERIOD<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.69 | 0.99 | 1.02 | 4.59 | 30.03 | $249871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.61 | 0.97 | 1.00 | 10.81 | 60.47 | $294970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.00 | 1.02 | 1.07 | 4.39 | 22.34 | $271826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3.03 | 0.99 | 1.06 | (8.37) | 27.19 | $321614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3.48 | 0.95 | 1.05 | 5.30 | 28.55 | $376252 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.97 | 1.71 | 1.74 | 3.74 | 30.03 | $102672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.86 | 1.72 | 1.75 | 10.02 | 60.47 | $101094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.31 | 1.72 | 1.77 | 3.69 | 22.34 | $93062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.29 | 1.72 | 1.79 | (9.08) | 27.19 | $80326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2.71 | 1.73 | 1.83 | 4.49 | 28.55 | $100385 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5.08 | 0.60 | 0.73 | 4.89 | 30.03 | $9479521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.99 | 0.60 | 0.74 | 11.24 | 60.47 | $8778651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.44 | 0.60 | 0.77 | 4.90 | 22.34 | $6427625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3.45 | 0.60 | 0.77 | (8.07) | 27.19 | $4180742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3.81 | 0.60 | 0.81 | 5.74 | 28.55 | $3255002 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.43 | 1.25 | 2.88 | 4.21 | 30.03 | $1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.36 | 1.25 | 3.37 | 10.52 | 60.47 | $1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.78 | 1.25 | 4.49 | 4.15 | 22.34 | $670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.77 | 1.25 | 3.96 | (8.64) | 27.19 | $641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3.20 | 1.25 | 3.16 | 5.06 | 28.55 | $837 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.42 | 1.25 | 2.29 | 4.21 | 30.03 | $1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.35 | 1.25 | 2.07 | 10.52 | 60.47 | $2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.81 | 1.25 | 2.10 | 4.24 | 22.34 | $2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.76 | 1.25 | 2.44 | (8.65) | 27.19 | $2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3.21 | 1.25 | 2.28 | 4.98 | 28.55 | $2139 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5.09 | 0.60 | 0.85 | 4.89 | 30.03 | $139890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.98 | 0.60 | 0.87 | 11.24 | 60.47 | $91965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.46 | 0.60 | 0.88 | 4.90 | 22.34 | $62908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3.38 | 0.60 | 0.96 | (8.14) | 27.19 | $40507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3.84 | 0.60 | 0.92 | 5.74 | 28.55 | $64449 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5.15 | 0.53 | 0.68 | 4.97 | 30.03 | $195934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5.08 | 0.53 | 0.69 | 11.30 | 60.47 | $183956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.52 | 0.53 | 0.70 | 4.97 | 22.34 | $138108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3.53 | 0.53 | 0.72 | (8.05) | 27.19 | $109349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3.89 | 0.53 | 0.75 | 5.81 | 28.55 | $77415 |

---

Annual Financial Statements \| 209

Report of Independent Registered Public Accounting Firm

Thornburg Taxable Fixed Income Funds

To the Board of Trustees of Thornburg Investment Trust and Shareholders of Thornburg Ultra Short Income Fund, Thornburg Limited Term U.S. Government Fund, Thornburg Limited Term Income Fund, Thornburg Core Plus Bond Fund, and Thornburg Strategic Income Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Thornburg Ultra Short Income Fund, Thornburg Limited Term U.S. Government Fund, Thornburg Limited Term Income Fund, Thornburg Core Plus Bond Fund, and Thornburg Strategic Income Fund (five of the funds constituting Thornburg Investment trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of September 30, 2025, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Funds**

Thornburg Ultra Short Income Fund (1)

Thornburg Limited Term U.S. Government Fund (1)

Thornburg Limited Term Income Fund (1)

Thornburg Core Plus Bond Fund (2)

Thornburg Strategic Income Fund (1)

(1) Statement of operations for the year ended September 30, 2025 and statements of changes in net assets for years ended September 30, 2025 and 2024

(2) Statement of operations for the year ended September 30, 2025, and statements of changes in net assets for year ended September 30, 2025 and the period October 2, 2023 (commencement of operations) through September 30, 2024

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 17, 2025

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

210 \| Annual Financial Statements

**Tax Information**

September 30, 2025

For the tax year ended September 30, 2025, taxable ordinary income dividends and long term capital gain dividends paid by the Funds for federal income tax purposes are as follows:

---

| | | |
|:---|:---|:---|
| | **TAXABLE ORDINARY** | **LONG TERM CAPITAL GAIN** |
| Ultra Short Income Fund | $12919874 | $— |
| Limited Term U.S. Government Fund | 3337601 |  |
| Limited Term Income Fund | 252880040 |  |
| Core Plus Bond Fund | 7731774 | 3766 |
| Strategic Income Fund | 499553991 |  |

---

For the tax year ended September 30, 2025, the dividend ratio (or the maximum allowed) paid from tax basis net ordinary income as qualifying for the reduced rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003 and the ordinary income distributions ratio (or the maximum allowed) paid as qualified for the corporate dividend received deduction are as follows:

---

| | | |
|:---|:---|:---|
| | **QUALIFIED<br> DIVIDEND INCOME** | **DIVIDENDS<br> RECEIVED DEDUCTION** |
| Limited Term Income Fund | 0.32% | 0.21% |
| Core Plus Bond Fund | 0.27 | 0.27 |
| Strategic Income Fund | 0.44 | 0.31 |

---

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

Annual Financial Statements \| 211

Schedule of Investments

Thornburg Short Duration Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | **LONG-TERM MUNICIPAL BONDS — 99.9%** |  |  |
| |  |  |  |
| | **ALABAMA — 6.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.25% due 12/1/2053 (put 12/1/2030) | $1000000 | $1084432 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.375% due 8/1/2037 (put 2/2/2026) | 2000000 | 2024874 |
| | &nbsp;&nbsp;&nbsp;City of Mobile Alabama (Alabama Power Co.) IDB, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.30% due 7/15/2034 (put 3/12/2026) | 1000000 | 1000506 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.375% due 6/1/2034 (put 6/26/2029) | 1000000 | 1014377 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 1115000 | 1120247 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lower Alabama Gas District (Guaranty: Goldman Sachs Group, Inc.), 4.00% due 12/1/2050 (put 12/1/2025) | 825000 | 826249 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 240000 | 260434 |
| | **ARIZONA — 2.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Arizona (Banner Health Obligated Group) HFA, Series B, 3.14% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 155000 | 154987 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Arizona (Gunsmoke Ranch Apartments LP) IDA, 5.00% due 3/1/2058 (put 11/1/2026) | 1500000 | 1535243 |
| | &nbsp;&nbsp;&nbsp;Arizona HFA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.14% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 35000 | 34924 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.14% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 810000 | 809286 |
| | **CALIFORNIA — 9.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 | 365000 | 378539 |
| | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: American General Life) (Green Bond), Series C, 5.00% due 4/1/2031 | 1750000 | 1884222 |
| | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00% due 5/1/2053 (put 8/1/2028) | 1000000 | 1021666 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 7/1/2053 (put 8/1/2029) | 1000000 | 1061882 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 12/1/2044 (put 12/1/2025) | 2000000 | 2000891 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 3.80% due 7/1/2043 (put 2/17/2026) | 1000000 | 990365 |
| | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2030 | 2000000 | 2191532 |
| | &nbsp;&nbsp;&nbsp;Tulare Public Financing Authority (BAM), 5.00% due 4/1/2027 - 4/1/2028 | 1055000 | 1067251 |
| | **COLORADO — 1.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | 1000000 | 1001815 |
| | &nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority, 5.00% due 12/1/2030 | 350000 | 355266 |
| | **CONNECTICUT — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority (Green Bond), Series C-2, 4.40% due 5/15/2066 (put 11/15/2026) | 185000 | 185134 |
| | **FLORIDA — 5.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026) | 500000 | 502443 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | 275000 | 278172 |
| | &nbsp;&nbsp;&nbsp;City of Orlando (Senior Tourist Development) (AG), Series A, 5.00% due 11/1/2025 | 1000000 | 1001687 |
| | &nbsp;&nbsp;&nbsp;City of Tampa (State of Florida Cigarette Tax Revenue), Series A, 5.00% due 9/1/2026 | 300000 | 306070 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series B-2, 4.50% due 1/1/2030 | 575000 | 573745 |
| | &nbsp;&nbsp;&nbsp;County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2026 | 370000 | 370669 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (GNMA), Series B, 3.35% due 10/1/2027 (put 10/1/2026) | 1000000 | 1004373 |
| | &nbsp;&nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, Series B-2, 4.375% due 11/15/2029 | 1000000 | 1006383 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (St. Mary Towers Apartments LLLP) (HUD), 3.40% due 4/1/2041 (put 10/1/2026) | 1000000 | 1000286 |
| | **GEORGIA — 6.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 1300000 | 1330446 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Development Authority of Burke County (Georgia Power Co.), Series 1994, 3.80% due 10/1/2032 (put 5/21/2026) | 1000000 | 1003529 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Development Authority of Burke County (Oglethorpe Power Corp.), Series A, 3.60% due 1/1/2040 (put 2/1/2030) | 620000 | 633771 |
| | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 6/1/2053 (put 6/1/2030) | 800000 | 849921 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2030 | 810000 | 867200 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), Series C, 5.00% due 9/1/2053 (put 9/1/2030) | 1500000 | 1609854 |
| | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2026 | 495000 | 505920 |
| | **ILLINOIS — 6.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, Series E, 5.00% due 1/1/2027 | 1380000 | 1412565 |
| | &nbsp;&nbsp;&nbsp;Chicago Park District GO, Series A, 5.00% due 1/1/2027 | 825000 | 829304 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Chicago (New City Redevelopment LP), 3.50% due 8/1/2027 (put 8/1/2026) | 1270000 | 1272854 |
| | &nbsp;&nbsp;&nbsp;City of Chicago (Water System), 5.00% due 11/1/2027 | 560000 | 573161 |
| | &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue, 5.00% due 11/1/2029 | 385000 | 393504 |
| | &nbsp;&nbsp;&nbsp;Greene Jersey & Macoupin Counties Community Unit School District No. 9 Southwest (BAM) GO, 5.00% due 12/1/2029 | 350000 | 379531 |
| | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), Series C, 5.00% due 2/15/2029 | 275000 | 282057 |

---

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

**Schedule of Investments, Continued**

Thornburg Short Duration Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2028 | $440000 | $460118 |
| | &nbsp;&nbsp;State of Illinois GO, Series B, 5.00% due 3/1/2027 - 9/1/2027 | 1495000 | 1548652 |
| | **INDIANA — 4.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;City of Rockport (Indiana Michigan Power Co.), Series A, 3.70% due 6/1/2047 (put 6/1/2029) | 1200000 | 1229302 |
| <sup>a</sup> | &nbsp;&nbsp;Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 3.80% due 5/1/2028 (put 12/1/2025) | 3500000 | 3500000 |
| | &nbsp;&nbsp;Westfield-Washington Schools (State Intercept) GO, Series C, 6.00% due 1/15/2026 | 340000 | 343075 |
| | **IOWA — 2.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 3000000 | 3051567 |
| | **KENTUCKY — 3.2%** |  |  |
| | &nbsp;&nbsp;County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 1000000 | 1004909 |
| | &nbsp;&nbsp;Kentucky (Norton Healthcare Obligated Group) (NPFG) EDFA, Series B, Zero Coupon Zero Coupon due 10/1/2025 | 125000 | 124990 |
| <sup>a</sup> | &nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Finance), Series A, 5.25% due 6/1/2055 (put 12/1/2029) | 2300000 | 2465494 |
| | **LOUISIANA — 2.2%** |  |  |
| | &nbsp;&nbsp;City of Shreveport (AG) GO, Series A, 5.00% due 3/1/2026 | 500000 | 503959 |
| <sup>a</sup> | &nbsp;&nbsp;Louisiana Offshore Terminal Authority (Loop LLC), Series A-R, 4.20% due 9/1/2033 (put 9/1/2028) | 1000000 | 1018776 |
| <sup>a</sup> | &nbsp;&nbsp;State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 3.412% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026) | 965000 | 963025 |
| | **MASSACHUSETTS — 2.6%** |  |  |
| | &nbsp;&nbsp;City of Quincy GO, 5.00% due 9/29/2026 | 500000 | 510904 |
| <sup>a,b</sup> | &nbsp;&nbsp;Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 3.49% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | 2500000 | 2490347 |
| | **MICHIGAN — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | 110000 | 109146 |
| | **MONTANA — 0.9%** |  |  |
| | &nbsp;&nbsp;City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1000000 | 1020259 |
| | **NEBRASKA — 2.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 1000000 | 1053913 |
| <sup>a</sup> | &nbsp;&nbsp;Central Plains Energy Project (Guaranty: Royal Bank of Canada), Series A-1, 5.00% due 8/1/2055 (put 8/1/2031) | 920000 | 994903 |
| | &nbsp;&nbsp;Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 500000 | 502326 |
| | **NEVADA — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | 1000000 | 1002190 |
| | &nbsp;&nbsp;Reno-Tahoe Airport Authority AMT, Series A, 5.00% due 7/1/2029 | 500000 | 527355 |
| | **NEW MEXICO — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series B, 3.875% due 6/1/2040 (put 6/1/2029) | 1000000 | 1021548 |
| | &nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030 | 525000 | 566988 |
| | **NEW YORK — 2.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;New York City Housing Development Corp. (FHA) (Green Bond), Series F-2A, 3.40% due 11/1/2062 (put 12/22/2026) | 1100000 | 1096354 |
| <sup>a</sup> | &nbsp;&nbsp;New York State Housing Finance Agency (HUD, SONYMA) (Green Bond), Series A-2, 3.65% due 11/1/2062 (put 11/1/2028) | 400000 | 399122 |
| <sup>a</sup> | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B2, 5.00% due 5/15/2050 (put 5/15/2026) | 500000 | 506928 |
| | &nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2027 | 270000 | 275965 |
| | **NORTH CAROLINA — 1.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;North Carolina Medical Care Commission (Maryfield, Inc. Obligated Group), 5.00% due 10/1/2031 | 500000 | 534948 |
| | &nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series 2024B-1, 4.25% due 10/1/2028 | 150000 | 150099 |
| | &nbsp;&nbsp;&nbsp;Series 2024B-2, 3.75% due 10/1/2028 | 500000 | 500169 |
| | **OHIO — 3.0%** |  |  |
| | &nbsp;&nbsp;Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group) ETM, 5.00% due 11/15/2027 - 11/15/2028 | 510000 | 543165 |
| | &nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), 5.00% due 1/1/2030 | 750000 | 797548 |
| | &nbsp;&nbsp;County of Lake GO, 3.75% due 9/16/2026 | 760000 | 767286 |
| | &nbsp;&nbsp;Northeast Ohio Medical University (BAM), 5.00% due 12/1/2029 | 260000 | 284549 |
| | &nbsp;&nbsp;Ohio Air Quality Development Authority (American Electric Power Co., Inc.) AMT, Series A, 3.75% due 1/1/2029 | 1000000 | 1003157 |
| | **OKLAHOMA — 2.7%** |  |  |
| | &nbsp;&nbsp;Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 | 1000000 | 1018373 |
| | &nbsp;&nbsp;Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 | 500000 | 528947 |
| | &nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2027 | 475000 | 490291 |
| | &nbsp;&nbsp;Oklahoma County Finance Authority (Oklahoma County ISD No. 41 Western Heights), 5.00% due 9/1/2030 | 1000000 | 1059707 |
| | **PENNSYLVANIA — 4.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 1220000 | 1251371 |
| | &nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2026 | 485000 | 488872 |
| | &nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, 5.00% due 3/15/2026 | 220000 | 222157 |
| <sup>a</sup> | &nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA AMT, 4.25% due 7/1/2041 (put 7/1/2027) | 740000 | 753263 |

---

See notes to financial statements. Annual Financial Statements \| 213

**Schedule of Investments, Continued**

Thornburg Short Duration Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 3.875% due 8/1/2037 (put 8/3/2026) | $1500000 | $1505875 |
| <sup>a</sup> | &nbsp;&nbsp;Pennsylvania Housing Finance Agency (Cambridge Community Partners LP) (HUD), Series B, 5.00% due 11/1/2026 (put 11/1/2025) | 500000 | 500835 |
| | **SOUTH CAROLINA — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 1000000 | 1001783 |
| | **TENNESSEE — 4.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Gleason Partners LP) (HUD), 3.95% due 12/1/2027 (put 12/1/2025) | 2000000 | 2002520 |
| | &nbsp;&nbsp;Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare) (AG), Series A, 5.00% due 6/1/2030 | 1000000 | 1085577 |
| <sup>a</sup> | &nbsp;&nbsp;Tennergy Corp. (Guaranty: Royal Bank of Canada), Series A, 5.00% due 10/1/2054 (put 12/1/2029) | 2040000 | 2161682 |
| | **TEXAS — 15.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Boerne School District (PSF-GTD) ISD GO, 3.125% due 2/1/2053 (put 2/1/2027) | 980000 | 985095 |
| <sup>a</sup> | &nbsp;&nbsp;Capital Area Housing Finance Corp. (LDG Redwood LP), 3.65% due 1/1/2041 (put 1/1/2026) | 1000000 | 1000300 |
| <sup>a</sup> | &nbsp;&nbsp;Central Texas Turnpike System, Series B, 5.00% due 8/15/2042 (put 8/15/2030) | 105000 | 113208 |
| <sup>a</sup> | &nbsp;&nbsp;City of Dallas Housing Finance Corp. (Ash Creek Housing LLC) (FHA), 5.00% due 7/1/2026 (put 12/1/2025) | 500000 | 501191 |
| | &nbsp;&nbsp;City of Georgetown Utility System Revenue (BAM), 5.00% due 8/15/2026 | 400000 | 408758 |
| <sup>a</sup> | &nbsp;&nbsp;Dickinson (PSF-GTD) ISD GO, 3.10% due 8/1/2037 (put 8/2/2027) | 825000 | 827118 |
| <sup>a</sup> | &nbsp;&nbsp;Fort Bend (PSF-GTD) ISD GO, Series B, 3.80% due 8/1/2055 (put 8/1/2028) | 750000 | 769693 |
| | &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.), 5.00% due 11/15/2029 | 325000 | 339228 |
| | &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2027 | 2000000 | 2077496 |
| | &nbsp;&nbsp;Hays Consolidated (PSF-GTD) ISD GO, 5.00% due 8/15/2027 (pre-refunded 8/15/2026) | 385000 | 393552 |
| <sup>a</sup> | &nbsp;&nbsp;Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | 1000000 | 1012333 |
| | &nbsp;&nbsp;Main Street Market Square Redevelopment Authority (Houston Reinvestment Zone No. 3) (BAM), 5.00% due 9/1/2030 | 1000000 | 1001593 |
| <sup>a</sup> | &nbsp;&nbsp;North East (PSF-GTD) ISD GO, 3.75% due 8/1/2049 (put 8/1/2027) | 960000 | 976123 |
| <sup>a</sup> | &nbsp;&nbsp;Northside (PSF-GTD) ISD GO, Series B, 3.45% due 8/1/2054 (put 8/1/2027) | 990000 | 1004634 |
| | &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2025 - 12/15/2029 | 2125000 | 2207205 |
| <sup>a</sup> | &nbsp;&nbsp;Texas State Affordable Housing Corp. (AHFC-FC Norman Housing LP), 3.625% due 1/1/2045 (put 1/1/2027) | 1000000 | 1006318 |
| <sup>a</sup> | &nbsp;&nbsp;Texas State Affordable Housing Corp. (Eden Court Senior Housing LP) (HUD), 5.00% due 4/1/2043 (put 4/1/2026) | 1000000 | 1001213 |
| <sup>a</sup> | &nbsp;&nbsp;Travis County Housing Finance Corp. (Austin Gateway Apartments LP), 4.125% due 6/1/2045 (put 6/1/2027) | 2120000 | 2124227 |
| | **UTAH — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Utah Housing Corp. (Liberty Corner Associates LLC), 3.00% due 9/1/2045 (put 9/1/2029) | 590000 | 586806 |
| | **VIRGINIA — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | 1610000 | 1634810 |
| <sup>a</sup> | &nbsp;&nbsp;Harrisonburg Redevelopment & Housing Authority (John Early Seniors Housing LP) (FHA), 4.00% due 12/1/2027 (put 12/1/2025) | 910000 | 910593 |
| | &nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2027 | 400000 | 410720 |
| | **WASHINGTON — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | 1000000 | 1010704 |
| <sup>b,c</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series B-1, 4.50% due 7/1/2031 | 500000 | 498761 |
| | **WEST VIRGINIA — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;West Virginia (Appalachian Power Co.) EDA AMT, Series A, 3.30% due 1/1/2041 (put 9/1/2028) | 600000 | 596313 |
| | **WISCONSIN — 2.9%** |  |  |
| | &nbsp;&nbsp;Peshtigo School District, 4.75% due 3/1/2027 | 975000 | 976400 |
| | &nbsp;&nbsp;Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 | 350000 | 362835 |
| | &nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2025 - 10/1/2026 | 590000 | 593273 |
| <sup>a</sup> | &nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP), Series F, 5.00% due 12/1/2027 (put 12/1/2026) | 350000 | 358693 |
| <sup>a</sup> | &nbsp;&nbsp;Wisconsin Housing & EDA Housing Revenue (HUD), Series E, 3.875% due 11/1/2054 (put 5/1/2027) | 970000 | 970501 |
| | &nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 99.9% (Cost $112,553,001) |  | 113595550 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| | **MUNICIPAL BONDS — 0.5%** |  |  |
| | **MISSOURI — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (St. Louis University; LOC Barclays Bank plc), Series B-1 3.65% due 10/1/2035 (put 10/1/2025) | 535000 | 535000 |
| | &nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 0.5% (Cost $535,000) |  | 535000 |
| |  |  |  |
| | **MUTUAL FUND — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 130236 | 130236 |
| | &nbsp;&nbsp;TOTAL MUTUAL FUND — 0.1% (Cost $130,236) |  | 130236 |
| | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 0.6% (Cost $665,236) |  | 665236 |

---

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

**Schedule of Investments, Continued**

Thornburg Short Duration Municipal Fund \| September 30, 2025

---

| | | |
|:---|:---|:---|
| <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| TOTAL INVESTMENTS — 100.5% (Cost $113,218,237) |  | $114260786 |
| LIABILITIES NET OF OTHER ASSETS — (0.5)% |  | (609291) |
| NET ASSETS — 100.0% |  | $113651495 |

---

**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 September 30, 2025.

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $4,831,390, representing 4.25% of the Fund's net assets. |

---

c When-issued security.

d Rate represents the money market fund annualized seven-day yield at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **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: |  |  |
| AG | Insured by Assured Guaranty, Inc. | HUD | Insured by Housing and Urban Development |
| AMT | Alternative Minimum Tax | IDA | Industrial Development Authority/Agency |
| BAM | Insured by Build America Mutual Insurance Co. | IDB | Industrial Development Board |
| DFA | Development Finance Authority/Agency | ISD | Independent School District |
| EDA | Economic Development Authority | LOC | Letter of Credit |
| EDFA | Economic Development Financing Authority | MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap |
| ETM | Escrowed to Maturity |  | Index |
| FHA | Insured by Federal Housing Administration | NPFG | Insured by National Public Finance Guarantee Corp. |
| GNMA | Collateralized by Government National Mortgage Association | PSF-GTD | Guaranteed by Permanent School Fund |
| GO | General Obligation | SOFR | Secured Overnight Financing Rate |
| HFA | Health Facilities Authority | SONYMA | State of New York Mortgage Agency |
| HFFA | Health Facilities Financing Authority | SPA | Stand-by Purchase Agreement |

---

See notes to financial statements. Annual Financial Statements \| 215

Schedule of Investments

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| | **LONG-TERM MUNICIPAL BONDS — 96.2%** |  |  |
| | **ALABAMA — 3.9%** |  |  |
| | &nbsp;&nbsp;Alabama Special Care Facilities Financing Authority-Birmingham (Children's Hospital of Alabama Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;4.00% due 6/1/2032 | $905000 | $905525 |
| | &nbsp;&nbsp;&nbsp;5.00% due 6/1/2033 | 3470000 | 3476305 |
| | &nbsp;&nbsp;Alabama State University (AG), 5.00% due 9/1/2035 | 600000 | 675535 |
| <sup>a</sup> | &nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Canadian Imperial Bank), Series E, 5.00% due 5/1/2053 (put 6/1/2028) | 1750000 | 1830173 |
| <sup>a</sup> | &nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series F, 5.50% due 11/1/2053 (put 12/1/2028) | 4825000 | 5146031 |
| <sup>a</sup> | &nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series C-1, 5.25% due 2/1/2053 (put 6/1/2029) | 13240000 | 14049917 |
| | &nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), |  |  |
| | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2030 | 1750000 | 1880433 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2053 (put 12/1/2030) | 4000000 | 4337728 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D1, 4.00% due 7/1/2052 (put 6/1/2027) | 14500000 | 14733696 |
| <sup>a</sup> | &nbsp;&nbsp;Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.375% due 8/1/2037 (put 2/2/2026) | 4000000 | 4049748 |
| <sup>a</sup> | &nbsp;&nbsp;City of Mobile Alabama (Alabama Power Co.) IDB, Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 2000000 | 2009412 |
| | &nbsp;&nbsp;County of Jefferson, 5.00% due 9/15/2032 - 9/15/2035 | 7375000 | 7577879 |
| <sup>a</sup> | &nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B-1, 5.75% due 4/1/2054 (put 11/1/2031) | 7000000 | 7823676 |
| | &nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.25% due 10/1/2034 | 260000 | 282466 |
| | &nbsp;&nbsp;Jacksonville Public Educational Building Authority (Jacksonville State University) (BAM), Series A, 5.00% due 8/1/2033 - 8/1/2035 | 3150000 | 3526763 |
| <sup>a</sup> | &nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Goldman Sachs Groups, Inc.), Series B-1, 5.00% due 5/1/2053 (put 8/1/2028) | 5000000 | 5250600 |
| <sup>a</sup> | &nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 3500000 | 3797986 |
| | &nbsp;&nbsp;UAB Medicine Finance Authority (UAB Medicine Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 9/1/2035 | 1000000 | 1067048 |
| | &nbsp;&nbsp;&nbsp;Series B2, 5.00% due 9/1/2030 | 560000 | 575387 |
| | **ARIZONA — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Arizona (Banner Health Obligated Group) HFA, Series B, 3.14% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 630000 | 629949 |
| <sup>a</sup> | &nbsp;&nbsp;Arizona (Ironwood Ranch Apartments LP) IDA, 5.00% due 2/1/2058 (put 9/1/2026) | 3200000 | 3253958 |
| <sup>a</sup> | &nbsp;&nbsp;Arizona (TWG Glendale LP) IDA, 5.00% due 3/1/2045 (put 9/1/2026) | 1215000 | 1230178 |
| | &nbsp;&nbsp;Arizona HFA, |  |  |
| | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.14% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 130000 | 129718 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.14% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 3240000 | 3237146 |
| <sup>a</sup> | &nbsp;&nbsp;Chandler (Intel Corp.) IDA, 3.80% due 12/1/2035 (put 6/15/2028) | 7500000 | 7606552 |
| <sup>a</sup> | &nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.00% due 6/1/2049 (put 6/1/2029) | 4840000 | 4909241 |
| | &nbsp;&nbsp;County of Pima (TMC HealthCare Obligated Group) IDA, Series A, 4.00% due 4/1/2035 | 485000 | 493215 |
| | &nbsp;&nbsp;Maricopa County (Banner Health Obligated Group) IDA, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2031 - 1/1/2035 | 3190000 | 3262151 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | 12960000 | 14187144 |
| | **CALIFORNIA — 5.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 3.30% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 4000000 | 3976816 |
| | &nbsp;&nbsp;California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2028 - 6/1/2030 | 2950000 | 3202022 |
| | &nbsp;&nbsp;California (Providence St. Joseph Health Obligated Group) HFFA, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/1/2034 | 1575000 | 1583127 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2039 (put 10/1/2027) | 1000000 | 1038651 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 5.25% due 10/1/2050 (put 10/1/2035) | 2170000 | 2453385 |
| <sup>a</sup> | &nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: American General Life) (Green Bond), Series C, 5.00% due 12/1/2055 (put 10/1/2033) | 4500000 | 4824117 |
| <sup>a</sup> | &nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 16955000 | 17990967 |
| | &nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 13175000 | 13477221 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 9980000 | 10729777 |
| | &nbsp;&nbsp;California Municipal Finance Authority (Alexander Napa LP) (FNMA), Series A, 3.60% due 11/1/2034 | 2000000 | 2001078 |
| | &nbsp;&nbsp;California Municipal Finance Authority (Biola University), 5.00% due 10/1/2025 | 300000 | 300016 |
| | &nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM), 5.00% due 5/15/2028 | 2905000 | 3064627 |
| | &nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.80% due 10/1/2045 - 11/1/2046 (put 12/1/2025) | 3750000 | 3750000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 12/1/2044 (put 12/1/2025) | 5000000 | 5002228 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 3.85% due 11/1/2041 (put 6/1/2026) | 1000000 | 1000016 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;California Statewide Communities Development Authority (CHF-Irvine LLC), Series A, 5.00% due 5/15/2027 | $500000 | $516295 |
| | &nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2034 - 5/15/2035 | 6000000 | 6760521 |
| | &nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2035 | 2850000 | 3037742 |
| | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2034 | 1225000 | 1260574 |
| | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/15/2035 | 2000000 | 2078650 |
| <sup>a</sup> | &nbsp;&nbsp;Los Angeles County Development Authority (2111 Firestone LP) (HUD), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | 2450000 | 2477050 |
| | &nbsp;&nbsp;Los Angeles Department of Water & Power, Series B, 5.00% due 7/1/2033 | 1050000 | 1073164 |
| | &nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) (AG) USD GO, Series A, 4.00% due 8/1/2035 | 1500000 | 1520548 |
| | &nbsp;&nbsp;Riverside County Public Financing Authority (Redevelopment Project Area No. 1) (AG), Series A, 5.00% due 10/1/2033 - 10/1/2034 | 1600000 | 1859935 |
| | &nbsp;&nbsp;San Diego County Regional Airport Authority AMT, Series B, 5.00% due 7/1/2028 | 1000000 | 1034887 |
| | &nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2034 - 5/1/2035 | 10750000 | 12048076 |
| | &nbsp;&nbsp;Santa Clara County Financing Authority, Series Q, 4.00% due 5/15/2032 | 1000000 | 1000417 |
| | &nbsp;&nbsp;Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2027 | 350000 | 362978 |
| | &nbsp;&nbsp;Semitropic Water Storage Improvement District (Irrigation Water System) (AG), Series A, 5.00% due 12/1/2025 | 1110000 | 1114868 |
| | &nbsp;&nbsp;State of California GO, |  |  |
| | &nbsp;&nbsp;&nbsp;4.00% due 8/1/2033 - 9/1/2034 | 3500000 | 3529469 |
| | &nbsp;&nbsp;&nbsp;5.00% due 8/1/2035 - 11/1/2035 | 4000000 | 4115418 |
| | &nbsp;&nbsp;Tustin (Community Facilities) (BAM) USD, Series A, 5.00% due 9/1/2033 | 1500000 | 1502967 |
| | &nbsp;&nbsp;University of California, Series AV, 5.00% due 5/15/2035 | 1000000 | 1033826 |
| | **COLORADO — 2.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | 3500000 | 3506352 |
| | &nbsp;&nbsp;Boulder Valley School District No. Re-2 Boulder (State Aid Withholding) GO, Series A, 5.00% due 12/1/2035 | 1500000 | 1544138 |
| | &nbsp;&nbsp;City & County of Denver Airport System Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A 5.00% due 12/1/2034 | 785000 | 816463 |
| | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 12/1/2033 | 3500000 | 3539273 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2035 | 2500000 | 2592905 |
| | &nbsp;&nbsp;Colorado (AdventHealth Obligated Group) HFA, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2059 (put 11/15/2031) | 2750000 | 3096756 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2049 (put 11/19/2026) | 7000000 | 7156919 |
| <sup>a</sup> | &nbsp;&nbsp;Colorado (Adventhealth Obligation Group) HFA, Series A-2, 5.00% due 11/15/2057 (put 11/15/2033) | 3260000 | 3652657 |
| | &nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
| | &nbsp;&nbsp;&nbsp;5.00% due 11/1/2029 - 11/1/2032 | 4550000 | 5043617 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2034 | 4000000 | 4473992 |
| | &nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2031 | 850000 | 915725 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 8/1/2049 (put 8/1/2026) | 5475000 | 5523859 |
| <sup>a</sup> | &nbsp;&nbsp;Colorado (Intermountain Healthcare Obligated Group) HFA, Series B, 5.00% due 5/15/2062 (put 8/17/2026) | 1590000 | 1619242 |
| | &nbsp;&nbsp;Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1000000 | 1017591 |
| | &nbsp;&nbsp;Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 1/15/2030 - 7/15/2032 | 2690000 | 2897398 |
| | &nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, Series A, 5.00% due 12/1/2033 - 12/1/2035 | 10505000 | 11523048 |
| | **CONNECTICUT — 2.5%** |  |  |
| | &nbsp;&nbsp;City of New Haven (AG) GO, Series B, 5.00% due 2/1/2028 - 2/1/2030 | 1470000 | 1583210 |
| | &nbsp;&nbsp;City of New Haven (BAM) GO, 5.00% due 8/1/2032 - 8/1/2033 | 1100000 | 1250665 |
| | &nbsp;&nbsp;Connecticut Housing Finance Authority (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D2, 3.85% due 11/15/2064 (put 5/15/2027) | 8500000 | 8505933 |
| | &nbsp;&nbsp;&nbsp;Series F-1, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;3.95% due 5/15/2034 | 2460000 | 2504319 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.05% due 5/15/2035 | 2710000 | 2753867 |
| | &nbsp;&nbsp;New Canaan Housing Authority (HANC Lakeview LLC) (FNMA), Series A, 4.00% due 12/1/2034 | 5508000 | 5594944 |
| | &nbsp;&nbsp;State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 8615000 | 8737600 |
| | &nbsp;&nbsp;State of Connecticut GO, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2029 | 1100000 | 1137124 |
| | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2027 | 4860000 | 5063002 |
| | &nbsp;&nbsp;&nbsp;Series D, 4.00% due 8/15/2029 | 2325000 | 2347857 |
| | &nbsp;&nbsp;&nbsp;Series F, 5.00% due 11/15/2031 | 2500000 | 2505287 |
| | &nbsp;&nbsp;State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2033 | 705000 | 705921 |
| | &nbsp;&nbsp;State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes) (BAM), Series A, 5.00% due 9/1/2031 | 10600000 | 10793408 |
| | **DELAWARE — 0.3%** |  |  |
| | &nbsp;&nbsp;Delaware State (Beebe Medical Center, Inc.) HFA, 5.00% due 6/1/2031 - 6/1/2034 | 3400000 | 3500876 |
| | &nbsp;&nbsp;Delaware State Housing Authority (FHLMC, FNMA, GNMA), |  |  |
| | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2031 | 650000 | 675308 |

---

See notes to financial statements. Annual Financial Statements \| 217

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | $550000 | $575998 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.40% due 7/1/2035 | 1040000 | 1082600 |
| | **DISTRICT OF COLUMBIA — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;District of Columbia Housing Finance Agency (Barry Farm Building 1A LLC), 5.00% due 12/1/2028 (put 12/1/2027) | 3750000 | 3927037 |
| <sup>a</sup> | &nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC), Series B, 5.00% due 3/1/2029 (put 2/1/2028) | 2000000 | 2081964 |
| <sup>a</sup> | &nbsp;&nbsp;District of Columbia Housing Finance Agency (ECD Edgewood Commons 5 LP) (FHA, HUD), 5.00% due 6/1/2027 (put 6/1/2026) | 2000000 | 2005116 |
| <sup>a</sup> | &nbsp;&nbsp;District of Columbia Housing Finance Agency (Wesley Hawaii LLC), 3.65% due 7/1/2028 (put 7/1/2027) | 3705000 | 3751865 |
| | &nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;5.00% due 10/1/2034 | 2000000 | 2045964 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2033 - 10/1/2035 | 5105000 | 5607940 |
| | **FLORIDA — 3.8%** |  |  |
| | &nbsp;&nbsp;Alachua County (Oak Hammock at the University of Florida Obligated Group) HFA, Series B-1, 4.00% due 10/1/2030 | 735000 | 739120 |
| <sup>a</sup> | &nbsp;&nbsp;Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026) | 2150000 | 2160505 |
| | &nbsp;&nbsp;Broward County School Board COP, Series A, 5.00% due 7/1/2030 | 2345000 | 2376564 |
| | &nbsp;&nbsp;Capital Trust Authority (Shands Teaching Hospital & Clinics Obligated Group) (AG), Series A, 5.00% due 12/1/2035 | 2000000 | 2256500 |
| | &nbsp;&nbsp;City of Orlando (Senior Tourist Development) (AG), Series A, 5.00% due 11/1/2025 | 1675000 | 1677826 |
| <sup>b</sup> | &nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series B-1, 4.625% due 1/1/2030 | 750000 | 750332 |
| | &nbsp;&nbsp;County of Broward Airport System Revenue AMT, Series A, 5.00% due 10/1/2032 | 1500000 | 1583996 |
| | &nbsp;&nbsp;County of Broward Port Facilities Revenue AMT, Series B, 5.00% due 9/1/2034 - 9/1/2035 | 2925000 | 3045481 |
| | &nbsp;&nbsp;County of Lee Airport Revenue, 5.00% due 10/1/2033 | 3305000 | 3309280 |
| | &nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, Series A, 5.00% due 10/1/2034 - 10/1/2035 | 10195000 | 11286119 |
| | &nbsp;&nbsp;County of Miami-Dade Transit System, 4.00% due 7/1/2035 | 2950000 | 3024532 |
| <sup>a</sup> | &nbsp;&nbsp;County of Okeechobee (Waste Management, Inc.), Series A, 3.80% due 7/1/2039 (put 7/2/2029) | 4000000 | 3952292 |
| | &nbsp;&nbsp;Duval County Public Schools (AG) COP, Series A, 5.00% due 7/1/2030 - 7/1/2033 | 3640000 | 3999783 |
| | &nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2026 |  |  |
| | &nbsp;&nbsp;&nbsp;- 6/15/2027 | 555000 | 568854 |
| <sup>a</sup> | &nbsp;&nbsp;Florida Development Finance Corp. (Waste Management, Inc.) AMT, Series A, 3.40% due 9/1/2050 (put 9/1/2028) | 1500000 | 1490415 |
| <sup>a</sup> | &nbsp;&nbsp;Florida Housing Finance Corp. (Hermosa NFTM 41 II Ltd.), Series L, 3.50% due 7/1/2058 (put 7/1/2027) | 1000000 | 1010266 |
| <sup>a</sup> | &nbsp;&nbsp;Florida Housing Finance Corp. (Vineland Family Apartments Ltd.), Series E, 3.80% due 6/1/2042 (put 6/1/2027) | 5280000 | 5303918 |
| | &nbsp;&nbsp;JEA Electric System Revenue, Series III-B, 5.00% due 10/1/2031 | 2110000 | 2198090 |
| | &nbsp;&nbsp;JEA Water & Sewer System Revenue, Series A, 4.00% due 10/1/2035 | 3655000 | 3692113 |
| | &nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, Series B-2, 4.375% due 11/15/2029 | 1500000 | 1509575 |
| | &nbsp;&nbsp;Miami-Dade County (Nicklaus Children's Hospital) HFA, 5.00% due 8/1/2035 | 1020000 | 1053131 |
| <sup>a</sup> | &nbsp;&nbsp;Miami-Dade County (Waste Management, Inc.) IDA AMT, 4.25% due 11/1/2041 (put 11/3/2025) | 2500000 | 2500215 |
| | &nbsp;&nbsp;Miami-Dade County Transit System, 4.00% due 7/1/2034 | 3425000 | 3452266 |
| | &nbsp;&nbsp;Orange County School Board COP, Series C, 5.00% due 8/1/2033 (pre-refunded 8/1/2026) | 2000000 | 2042400 |
| | &nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, |  |  |
| | &nbsp;&nbsp;&nbsp;5.00% due 11/1/2033 - 11/1/2036 | 4255000 | 4641239 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2028 - 11/1/2031 | 1415000 | 1521458 |
| <sup>a</sup> | &nbsp;&nbsp;Polk County Housing Finance Authority (Episcopal Catholic Apartments Owner LLLP) (HUD), 4.15% due 12/1/2040 (put 6/1/2026) | 2000000 | 2017766 |
| | &nbsp;&nbsp;School Board of Miami-Dade County COP, Series C, 5.00% due 2/1/2033 | 5220000 | 5247462 |
| | &nbsp;&nbsp;Southeast Overtown Park West Community Redevelopment Agency (AG), Series A, 5.00% due 3/1/2036 | 2300000 | 2544166 |
| | &nbsp;&nbsp;Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | 400000 | 418226 |
| | &nbsp;&nbsp;Volusia County School Board (BAM) COP, Series A, 5.00% due 8/1/2032 | 950000 | 955883 |
| | **GEORGIA — 9.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 3060000 | 3131665 |
| | &nbsp;&nbsp;City of Atlanta (Airport Passenger Facility) (Green Bond) AMT, Series D, 4.00% due 7/1/2035 - 7/1/2036 | 7500000 | 7496797 |
| | &nbsp;&nbsp;City of Atlanta Department of Aviation (Green Bond) AMT, Series B-1, 5.00% due 7/1/2036 | 1000000 | 1091334 |
| | &nbsp;&nbsp;Development Authority of Burke County (Georgia Power Co.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 1994, 3.80% due 10/1/2032 (put 5/21/2026) | 2100000 | 2107411 |
| | &nbsp;&nbsp;&nbsp;Series 1995, 2.20% due 10/1/2032 | 1225000 | 1074618 |
| <sup>a</sup> | &nbsp;&nbsp;Development Authority of Burke County (Oglethorpe Power Corp.), Series A, 3.60% due 1/1/2040 (put 2/1/2030) | 2000000 | 2044422 |
| <sup>a</sup> | &nbsp;&nbsp;Development Authority of Monroe County (Georgia Power Co.), Series 1, 3.875% due 6/1/2042 (put 3/6/2026) | 2075000 | 2080733 |
| | &nbsp;&nbsp;Forsyth County School District GO, 5.00% due 2/1/2035 | 1000000 | 1046796 |
| | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 9/1/2052 (put 12/1/2029) | 29500000 | 30053538 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2055 (put 12/1/2035) | 11500000 | 12446289 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 5160000 | 5236647 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 44530000 | 47577678 |
| | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2028 | 2350000 | 2470000 |
| | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 12645000 | 12891489 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2053 (put 3/1/2030) | $26675000 | $28692804 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | 5000000 | 5416025 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 9/1/2053 (put 9/1/2030) | 1500000 | 1609854 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 25250000 | 27248386 |
| <sup>a</sup> | &nbsp;&nbsp;Savannah (International Paper Co.) EDA, Series A, 3.45% due 11/1/2033 (put 10/1/2031) | 830000 | 831471 |
| | &nbsp;&nbsp;State of Georgia GO, Series A, 4.00% due 2/1/2033 | 500000 | 500450 |
| | **HAWAII — 0.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;City & County of Honolulu (Komohale Maunakea Venture LP) (HUD), 5.00% due 6/1/2027 (put 6/1/2026) | 1000000 | 1012921 |
| | **IDAHO — 0.1%** |  |  |
| | &nbsp;&nbsp;Idaho Housing & Finance Association (FHLMC, FNMA, GNMA), Series C, 4.45% due 1/1/2036 | 2155000 | 2222687 |
| | **ILLINOIS — 8.5%** |  |  |
| | &nbsp;&nbsp;Boone McHenry & Dekalb Counties Community Unit School District 100 (AG) GO, Series A, 5.00% due 1/1/2032 - 1/1/2035 | 2370000 | 2671272 |
| | &nbsp;&nbsp;Chicago Midway International Airport AMT, Series A, 4.00% due 1/1/2033 | 3500000 | 3500262 |
| | &nbsp;&nbsp;Chicago O'Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 | 2000000 | 2043102 |
| | &nbsp;&nbsp;Chicago O'Hare International Airport AMT, Series C, 5.00% due 1/1/2027 | 1500000 | 1538049 |
| | &nbsp;&nbsp;Chicago Park District GO, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2033 | 935000 | 1055339 |
| | &nbsp;&nbsp;&nbsp;Series C, 4.00% due 1/1/2036 | 1000000 | 1004414 |
| | &nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport Customer Facility Charge Revenue) (BAM), 5.00% due 1/1/2031 | 1000000 | 1097626 |
| | &nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport), Series C, 5.00% due 1/1/2031 | 500000 | 502256 |
| | &nbsp;&nbsp;City of Chicago (Wastewater Transmission System) (AG), Series B, 5.00% due 1/1/2034 | 1375000 | 1401485 |
| | &nbsp;&nbsp;City of Chicago (Water System), 5.00% due 11/1/2027 | 1250000 | 1279378 |
| | &nbsp;&nbsp;City of Chicago GO, Series B, 5.00% due 1/1/2035 | 2145000 | 2268664 |
| | &nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue, Series B, 5.00% due 1/1/2033 | 2710000 | 2764653 |
| | &nbsp;&nbsp;City of Chicago Waterworks Revenue, |  |  |
| | &nbsp;&nbsp;&nbsp;5.00% due 11/1/2028 | 1250000 | 1279123 |
| | &nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 11/1/2030 | 1495000 | 1523916 |
| | &nbsp;&nbsp;City of Joliet (Rock Run Crossing Project) (BAM) GO, 5.00% due 12/15/2032 | 1000000 | 1121004 |
| | &nbsp;&nbsp;Illinois (FHLMC, FNMA, GNMA) HDA (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;Series K, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 4/1/2031 | 1700000 | 1823896 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.65% due 10/1/2031 | 1700000 | 1829280 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.70% due 4/1/2032 | 1980000 | 2137289 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 10/1/2032 | 1650000 | 1786013 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.80% due 4/1/2033 | 1000000 | 1082415 |
| <sup>a</sup> | &nbsp;&nbsp;Illinois (South Shore HHDC LIHTC LLC) (HUD) HDA, 5.00% due 2/1/2027 (put 2/1/2026) | 1000000 | 1005457 |
| <sup>a</sup> | &nbsp;&nbsp;Illinois (Waste Management, Inc.; Guaranty: Waste Management Holdings) DFA AMT, Series A, 4.25% due 11/1/2044 (put 11/3/2025) | 6750000 | 6775906 |
| <sup>a</sup> | &nbsp;&nbsp;Illinois Finance Authority, Series 2020-REMK, 3.875% due 5/1/2040 (put 9/1/2028) | 2500000 | 2486312 |
| | &nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series C, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2029 - 2/15/2033 | 1695000 | 1736427 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2033 (pre-refunded 2/15/2027) | 205000 | 212174 |
| <sup>a</sup> | &nbsp;&nbsp;Illinois Finance Authority (Carle Foundation Obligated Group), Series B, 5.00% due 8/15/2053 (put 8/15/2031) | 525000 | 570579 |
| | &nbsp;&nbsp;Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2032 | 800000 | 890737 |
| | &nbsp;&nbsp;Illinois Finance Authority (Peoples Gas Light & Coke Co.), 3.90% due 3/1/2030 | 5000000 | 5004495 |
| | &nbsp;&nbsp;Illinois Finance Authority (Rush Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2029 - 11/15/2034 | 2275000 | 2276298 |
| | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2033 | 805000 | 805495 |
| | &nbsp;&nbsp;Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700000 | 714688 |
| | &nbsp;&nbsp;Illinois State Toll Highway Authority, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2031 | 3000000 | 3012852 |
| | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 1/1/2031 - 1/1/2033 | 1950000 | 1958420 |
| | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 1/1/2029 | 1500000 | 1502516 |
| | &nbsp;&nbsp;Illinois State University (AG) COP, 5.00% due 4/1/2034 | 2050000 | 2339952 |
| | &nbsp;&nbsp;Madison-Macoupin Etc Counties Community College District No. 536 (AG) GO, Series A, 5.00% due 11/1/2032 | 1620000 | 1648379 |
| | &nbsp;&nbsp;Marshall Putnam & Bureau Counties Community Unit School District No. 5 Henry (BAM) GO, 5.00% due 12/1/2033 - 12/1/2035 | 685000 | 768220 |
| | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2027 - 12/15/2028 | 6000000 | 6273042 |
| | &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO, Series B, 5.00% due 12/1/2031 | 775000 | 793180 |
| | &nbsp;&nbsp;Peoria Tazewell Etc Counties Community College District No. 514 GO, Series B, 6.25% due 12/1/2027 - 12/1/2028 | 5000000 | 5484460 |
| | &nbsp;&nbsp;Rock Island County School District No. 41 Milan (AG) GO, Series A, 5.00% due 1/1/2033 - 1/1/2034 | 555000 | 625471 |
| | &nbsp;&nbsp;Sales Tax Securitization Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2028 - 1/1/2029 | 6445000 | 6760715 |

---

See notes to financial statements. Annual Financial Statements \| 219

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;Series C, 5.25% due 1/1/2035 | $3000000 | $3194979 |
| | &nbsp;&nbsp;Sangamon County School District No. 186 Springfield (AG) GO, |  |  |
| | &nbsp;&nbsp;&nbsp;4.00% due 2/1/2035 | 2160000 | 2253725 |
| | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 2/1/2030 | 1570000 | 1719580 |
| | &nbsp;&nbsp;Southern Illinois University (BAM), Series A, 5.00% due 4/1/2028 - 4/1/2032 | 3575000 | 3929669 |
| | &nbsp;&nbsp;Southwestern Illinois Community College District No. 522 GO, Series D, 5.00% due 12/1/2035 | 1500000 | 1689010 |
| | &nbsp;&nbsp;State of Illinois GO, |  |  |
| | &nbsp;&nbsp;&nbsp;4.00% due 6/1/2032 - 6/1/2033 | 3400000 | 3412997 |
| | &nbsp;&nbsp;&nbsp;5.00% due 11/1/2034 | 1500000 | 1521603 |
| | &nbsp;&nbsp;&nbsp;5.50% due 5/1/2030 | 1050000 | 1135981 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/1/2031 - 3/1/2032 | 8170000 | 9035529 |
| | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2033 - 11/1/2034 | 5430000 | 5522377 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/1/2029 - 12/1/2032 | 2500000 | 2737722 |
| | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2027 - 11/1/2028 | 35470000 | 37028309 |
| | &nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20000000 | 20803360 |
| | &nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM), Series A, 5.00% due 6/15/2031 | 1200000 | 1265826 |
| | &nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM, NPFG), Series 1st, 6.00% due 6/15/2026 | 235000 | 240581 |
| | &nbsp;&nbsp;Yorkville-Bristol Sanitation District (BAM) (Green Bond) GO, 5.00% due 12/15/2033 - 12/15/2035 | 1110000 | 1232085 |
| | **INDIANA — 2.0%** |  |  |
| | &nbsp;&nbsp;City of Indianapolis Department of Public Utilities Gas Utility Revenue, Series A, 5.00% due 8/15/2027 | 6865000 | 7181779 |
| <sup>a</sup> | &nbsp;&nbsp;City of Rockport (Indiana Michigan Power Co.), Series A, 3.70% due 6/1/2047 (put 6/1/2029) | 1000000 | 1024418 |
| | &nbsp;&nbsp;Clark-Pleasant Community School Building Corp. (State Intercept), 5.00% due 7/15/2033 | 955000 | 1063378 |
| | &nbsp;&nbsp;Indiana Finance Authority (Indiana Department of Transportation), Series C, 5.00% due 6/1/2027 | 1120000 | 1151295 |
| | &nbsp;&nbsp;Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 10/1/2060 (put 7/1/2030) | 13395000 | 14624701 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 10/1/2057 (put 10/1/2035) | 4000000 | 4495712 |
| <sup>a</sup> | &nbsp;&nbsp;Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 3.80% due 5/1/2028 (put 12/1/2025) | 1000000 | 1000000 |
| | &nbsp;&nbsp;Indiana Finance Authority (Westminster Village Greenwood, Inc. Obligated Group), 4.125% due 5/15/2032 | 3200000 | 3182144 |
| | &nbsp;&nbsp;Mount Vernon of Hancock County Multi-School Building Corp. (State Intercept), 5.00% due 1/15/2031 | 500000 | 556393 |
| | &nbsp;&nbsp;Noblesville Redevelopment Authority, 5.00% due 1/15/2028 | 300000 | 316604 |
| | &nbsp;&nbsp;Warsaw Community Schools (State Intercept) GO, 5.00% due 1/15/2026 | 1970000 | 1982472 |
| | &nbsp;&nbsp;West Lafayette Redevelopment Authority (City of West Lafayette Redevelopment Commission), 5.00% due 2/1/2035 - 2/1/2036 | 4970000 | 5526821 |
| | **IOWA — 2.5%** |  |  |
| | &nbsp;&nbsp;Clinton Community School District/IA Infrastructure Sales Services & Use Tax (AG), 5.00% due 7/1/2032 - 7/1/2033 | 3050000 | 3417313 |
| | &nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series A, 4.00% due 5/15/2029 | 1000000 | 1012953 |
| | &nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.00% due 12/1/2033 - 12/1/2035 | 1910000 | 2104062 |
| <sup>a</sup> | &nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 46720000 | 47523070 |
| | **KANSAS — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;City of Burlington (Evergy Metro, Inc.), 4.30% due 3/1/2045 (put 6/1/2026) | 7740000 | 7788661 |
| <sup>a</sup> | &nbsp;&nbsp;Kansas (Terrace Pointe LP) DFA, Series K-2, 5.00% due 9/1/2028 (put 9/1/2027) | 1000000 | 1039728 |
| | **KENTUCKY — 2.9%** |  |  |
| | &nbsp;&nbsp;County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 5000000 | 5024545 |
| <sup>a</sup> | &nbsp;&nbsp;County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | 2350000 | 2334203 |
| | &nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2052 (put 8/1/2030) | 18690000 | 19131383 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | 11000000 | 11969408 |
| | &nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2027 - 10/1/2033 | 7220000 | 7345952 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 10/1/2047 (put 10/1/2026) | 8500000 | 8673808 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 10/1/2047 (put 10/1/2029) | 6575000 | 7080762 |
| | **LOUISIANA — 0.7%** |  |  |
| | &nbsp;&nbsp;City of Shreveport (AG) GO, Series A, 5.00% due 3/1/2031 - 3/1/2032 | 2000000 | 2196233 |
| | &nbsp;&nbsp;City of Shreveport (Water & Sewer System) (BAM), Series C, 5.00% due 12/1/2029 | 1500000 | 1589583 |
| | &nbsp;&nbsp;Lake Charles Harbor & Terminal District AMT, Series B, 5.00% due 1/1/2032 - 1/1/2035 | 2270000 | 2510847 |
| <sup>a</sup> | &nbsp;&nbsp;Louisiana Offshore Terminal Authority (Loop LLC), Series A-R, 4.20% due 9/1/2033 (put 9/1/2028) | 2000000 | 2037552 |
| <sup>b</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 5.00% due 6/15/2035 | 3620000 | 3785311 |
| | &nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2031 | 875000 | 946776 |
| <sup>a</sup> | &nbsp;&nbsp;State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 3.412% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026) | 2885000 | 2879094 |
| | **MAINE — 0.0%** |  |  |
| | &nbsp;&nbsp;Maine Governmental Facilities Authority (State of Maine), Series A, 5.00% due 10/1/2035 | 500000 | 573310 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| | **MARYLAND — 0.6%** |  |  |
| | &nbsp;&nbsp;County of Howard GO, Series A, 4.00% due 2/15/2033 | $1500000 | $1524818 |
| | &nbsp;&nbsp;Maryland Department of Housing & Community Development (Green Bond), Series E, 4.35% due 3/1/2036 | 930000 | 946770 |
| | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group), 5.00% due 7/1/2035 | 3750000 | 4211047 |
| | &nbsp;&nbsp;Maryland State Transportation Authority Passenger Facility Charge Revenue AMT, 4.00% due 6/1/2035 | 3000000 | 2964360 |
| | &nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) (AG) AMT, Series A, 5.00% due 8/1/2034 - 8/1/2035 | 2325000 | 2559094 |
| | **MASSACHUSETTS — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Massachusetts (Brandeis University) DFA, Series T, 5.00% due 10/1/2055 (put 10/1/2035) | 2800000 | 3174270 |
| | &nbsp;&nbsp;Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2027 | 1900000 | 1929914 |
| <sup>b</sup> | &nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series B-2, 5.00% due 12/1/2029 | 2000000 | 1972368 |
| | &nbsp;&nbsp;Massachusetts Port Authority AMT, Series A, 5.00% due 7/1/2035 | 1500000 | 1577853 |
| | &nbsp;&nbsp;Massachusetts School Building Authority, Series D, 4.75% due 8/15/2032 | 2700000 | 2702886 |
| | **MICHIGAN — 1.3%** |  |  |
| | &nbsp;&nbsp;City of Detroit GO, 5.00% due 4/1/2036 | 1400000 | 1428442 |
| | &nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2032 | 215000 | 243008 |
| <sup>a</sup> | &nbsp;&nbsp;Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | 1730000 | 1753658 |
| | &nbsp;&nbsp;Michigan Finance Authority (Detroit Public Lighting Authority Utility Users Tax Revenue) (BAM), Series A, 5.00% due 7/1/2036 | 950000 | 1060885 |
| | &nbsp;&nbsp;Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), Series A, 5.00% due 5/15/2032 | 1000000 | 1001063 |
| | &nbsp;&nbsp;Michigan State (Green Bond) HDA, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;3.95% due 12/1/2033 | 1585000 | 1627132 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2034 - 12/1/2034 | 2500000 | 2555717 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/1/2035 | 1360000 | 1386501 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.125% due 12/1/2035 | 375000 | 380928 |
| <sup>a</sup> | &nbsp;&nbsp;Michigan State Hospital Finance Authority (Corewell Health Obligated Group), Series B2, 5.00% due 8/15/2055 (put 6/1/2035) | 5000000 | 5560675 |
| <sup>a</sup> | &nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | 2500000 | 2480598 |
| | &nbsp;&nbsp;Michigan Strategic Fund (Waste Management of Michigan, Inc.; Guaranty: Waste Management, Inc.) AMT, 4.125% due 8/1/2027 | 4300000 | 4341095 |
| | &nbsp;&nbsp;Wayne State University, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2034 | 1875000 | 1883513 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2036 | 1300000 | 1459844 |
| | **MISSISSIPPI — 0.3%** |  |  |
| | &nbsp;&nbsp;County of Warren (International Paper Co), Series A, 4.20% due 5/1/2034 | 2000000 | 2057284 |
| | &nbsp;&nbsp;Mississippi Business Finance Corp. (Waste Management, Inc.) AMT, 4.25% due 3/1/2027 | 2500000 | 2521120 |
| | &nbsp;&nbsp;Mississippi Home Corp. (FHLMC, FNMA, GNMA), Series A, 3.80% due 6/1/2033 | 1315000 | 1335259 |
| | **MISSOURI — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group), Series C, 5.00% due 4/1/2059 (put 4/1/2035) | 4000000 | 4589648 |
| | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.00% due 2/1/2026 - 2/1/2027 | 1235000 | 1252115 |
| | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (SSM Health Care Obligated Group), Series A, 5.00% due 6/1/2031 | 680000 | 751764 |
| | &nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), |  |  |
| | &nbsp;&nbsp;&nbsp;Series C, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;3.95% due 11/1/2033 | 1500000 | 1534206 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/1/2034 | 1435000 | 1465198 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.05% due 11/1/2034 | 630000 | 642254 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 5/1/2035 | 1645000 | 1675031 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.15% due 11/1/2035 | 1525000 | 1550745 |
| | &nbsp;&nbsp;&nbsp;Series D, 4.40% due 5/1/2036 | 1875000 | 1929559 |
| <sup>a</sup> | &nbsp;&nbsp;Missouri State Environmental Improvement & Energy Resources Authority (Evergy Metro, Inc.) AMT, 4.05% due 5/1/2038 (put 7/1/2030) | 2025000 | 2060342 |
| | &nbsp;&nbsp;Poplar Bluff R-I School District (AG) COP, 5.00% due 3/1/2031 - 3/1/2033 | 1575000 | 1744992 |
| | **MONTANA — 0.5%** |  |  |
| | &nbsp;&nbsp;City of Forsyth (Avista Corp.), Series A, 3.875% due 10/1/2032 | 6350000 | 6474269 |
| | &nbsp;&nbsp;City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1000000 | 1020259 |
| | &nbsp;&nbsp;Montana Facility Finance Authority (Billings Clinic Obligated Group), Series A, 4.00% due 8/15/2035 | 1225000 | 1242314 |
| | &nbsp;&nbsp;Montana Facility Finance Authority (Intermountain Healthcare Obligated Group), Series A, 4.00% due 1/1/2036 | 1595000 | 1615882 |
| | **NEBRASKA — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | 11500000 | 12172520 |
| <sup>a</sup> | &nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 7825000 | 8246869 |
| | &nbsp;&nbsp;Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 3000000 | 3013956 |
| | **NEVADA — 0.8%** |  |  |
| | &nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2027 - 9/1/2032 | 1090000 | 1122983 |

---

See notes to financial statements. Annual Financial Statements \| 221

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;City of Las Vegas GO, Series C, 5.00% due 9/1/2031 | $1000000 | $1007422 |
| | &nbsp;&nbsp;&nbsp;Clark County School District GO, Series A, 4.00% due 6/15/2034 | 2500000 | 2535650 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | 1000000 | 1002190 |
| | &nbsp;&nbsp;&nbsp;County of Clark GO, Series C, 4.00% due 7/1/2032 | 1985000 | 2068592 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 2000000 | 2014008 |
| | &nbsp;&nbsp;&nbsp;Reno-Tahoe Airport Authority AMT, Series A, 5.00% due 7/1/2033 | 1125000 | 1221020 |
| | &nbsp;&nbsp;&nbsp;Truckee Meadows Water Authority, 5.00% due 7/1/2033 (pre-refunded 7/1/2026) | 5070000 | 5166878 |
| | &nbsp;&nbsp;**NEW HAMPSHIRE — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (United Illuminating Co.), Series A, 4.50% due 10/1/2033 | 7000000 | 7342475 |
| | &nbsp;&nbsp;**NEW JERSEY — 3.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Camden County Improvement Authority (HUD), 5.00% due 3/1/2027 (put 3/1/2026) | 3200000 | 3223939 |
| | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2029 - 11/1/2032 | 3630000 | 4094005 |
| | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) EDA, 5.00% due 6/15/2028 | 900000 | 958076 |
| | &nbsp;&nbsp;&nbsp;New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 (pre-refunded 6/15/2027) | 1500000 | 1565354 |
| | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-BB-2, 5.00% due 6/15/2030 | 1200000 | 1326540 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2032 - 6/15/2033 | 7100000 | 7654331 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2033 | 1425000 | 1513592 |
| | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 29985000 | 30460982 |
| | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2025 - 12/15/2034 | 26665000 | 28359374 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2031 | 2500000 | 2669407 |
| | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series G, 4.00% due 1/1/2033 | 2500000 | 2565520 |
| | &nbsp;&nbsp;**NEW MEXICO — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Albuquerque Bernalillo County Water Utility Authority, 5.00% due 7/1/2032 | 1575000 | 1629712 |
| | &nbsp;&nbsp;&nbsp;Albuquerque Bernalillo County Water Utility Authority (2005 NMFA Loan & Joint Water & Sewer System Improvements), Series A, 5.00% due 7/1/2026 | 2000000 | 2003518 |
| | &nbsp;&nbsp;&nbsp;Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series 2017, 5.00% due 8/1/2026 | 550000 | 561653 |
| | &nbsp;&nbsp;&nbsp;City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870000 | 887186 |
| | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 0.875% due 6/1/2040 (put 10/1/2026) | 1000000 | 976444 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2000000 | 2033362 |
| | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | 720000 | 720176 |
| | &nbsp;&nbsp;&nbsp;City of Santa Fe (Public Facilities) GRT, 5.00% due 6/1/2029 | 950000 | 951649 |
| | &nbsp;&nbsp;&nbsp;County of Sandoval GO, 5.00% due 8/1/2027 | 210000 | 219245 |
| | &nbsp;&nbsp;&nbsp;Hobbs School District No. 16 (State Aid Withholding) ETM GO, 5.00% due 9/15/2030 | 245000 | 274445 |
| | &nbsp;&nbsp;&nbsp;Hobbs School District No. 16 (State Aid Withholding) GO, 5.00% due 9/15/2028 - 9/15/2029 | 1110000 | 1194369 |
| | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority (Public Project Revolving Fund), Series A, 5.00% due 6/15/2031 | 1000000 | 1001531 |
| | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2026 | 1500000 | 1526602 |
| | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2035 | 1190000 | 1194633 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2032 | 1000000 | 1072390 |
| | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2031 | 690000 | 740525 |
| | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series A Class I, 3.95% due 3/1/2035 - 9/1/2035 | 715000 | 705318 |
| | &nbsp;&nbsp;&nbsp;Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2035 | 1500000 | 1536454 |
| | &nbsp;&nbsp;&nbsp;Village of Los Ranchos de Albuquerque (Albuquerque Academy), 5.00% due 9/1/2029 - 9/1/2032 | 1030000 | 1130919 |
| | &nbsp;&nbsp;**NEW YORK — 5.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of New York GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 9/1/2033 | 1300000 | 1468965 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 5.00% due 10/1/2035 | 2000000 | 2069898 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C1, 5.00% due 8/1/2032 | 1000000 | 1101908 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G-1, 5.00% due 2/1/2035 | 1250000 | 1441580 |
| | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1350000 | 1386368 |
| | &nbsp;&nbsp;&nbsp;Long Island Power Authority, 5.00% due 9/1/2033 | 400000 | 424794 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2026 | 1660000 | 1682843 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2028 | 1230000 | 1257104 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C1, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2027 | 1070000 | 1072203 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 11/15/2028 - 11/15/2029 | 16100000 | 16144898 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00% due 11/15/2028 - 11/15/2029 | $4990000 | $5002290 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 11/15/2025 | 1055000 | 1057593 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A2, 5.00% due 11/15/2027 | 3450000 | 3528042 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2025 - 11/15/2027 | 6650000 | 6747461 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C1, 5.00% due 11/15/2025 - 11/15/2026 | 4840000 | 4913512 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund (Green Bond), Series B-2, 4.00% due 11/15/2034 | 500000 | 502519 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp. (Andrews Terrace Community Partners LP) (HUD), Series B-2, 5.00% due 7/1/2028 (put 7/1/2027) | 4000000 | 4164196 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bond), Series D, 4.30% due 11/1/2063 (put 11/1/2028) | 2250000 | 2299541 |
| | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System), Series AA-2, 5.00% due 6/15/2029 | 4495000 | 4732808 |
| | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 8/1/2034 | 1000000 | 1033890 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-1, 5.00% due 5/1/2030 | 3705000 | 3829384 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-3, 4.00% due 2/1/2034 | 4000000 | 4013524 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory (Roswell Park Cancer Institute Corp. Obligated Group) (AG), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2036 | 500000 | 557592 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 7/1/2035 | 500000 | 565050 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2028 | 370000 | 378563 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2028 (pre-refunded 9/15/2026) | 810000 | 829787 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (AG), Series A, 5.00% due 10/1/2032 | 400000 | 426652 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (BAM), Series A, 5.00% due 10/1/2032 | 3500000 | 3873940 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2029 | 1000000 | 1043076 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2034 - 3/15/2036 | 6405000 | 6485732 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2030 | 750000 | 801677 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00% due 3/15/2031 | 3545000 | 3996271 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 3/15/2033 | 2000000 | 2256900 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Sales Tax Revenue), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/15/2032 - 3/15/2033 | 3465000 | 3544285 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 3/15/2029 (pre-refunded 9/15/2028) | 2135000 | 2296310 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency (325 Kent LLC) (FNMA), Series A, 3.95% due 11/1/2050 (put 1/1/2035) | 4365000 | 4363215 |
| | &nbsp;&nbsp;&nbsp;New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series C-2, 5.00% due 3/15/2032 | 3715000 | 3867426 |
| | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2035 | 2000000 | 2034506 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2032 | 2000000 | 2078748 |
| | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, Series 248, 4.05% due 10/1/2031 | 2035000 | 2054286 |
| | &nbsp;&nbsp;&nbsp;Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2034 | 250000 | 258481 |
| | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series B, 5.00% due 11/15/2031 | 4170000 | 4312239 |
| | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) (Green Bond), Series E, 5.00% due 11/15/2032 | 2000000 | 2278654 |
| | &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, 5.00% due 12/15/2034 | 2870000 | 2878085 |
| | &nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2034 | 200000 | 205479 |
| | &nbsp;&nbsp;**NORTH CAROLINA — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% due 1/15/2048 (put 6/15/2027) | 1350000 | 1362141 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/15/2049 (put 12/1/2031) | 7000000 | 7779471 |
| | &nbsp;&nbsp;&nbsp;Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), 4.20% due 5/1/2034 | 3900000 | 4012074 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority (American Titanium Metal LLC) AMT, 3.75% due 12/1/2027 (put 11/1/2025) | 3000000 | 3000207 |
| | &nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency (Green Bond), Series 51, 3.85% due 7/1/2032 | 1495000 | 1517576 |
| | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.75% due 9/1/2029 | 410000 | 410051 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 4.50% due 9/1/2029 | 625000 | 624884 |
| | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, 5.00% due 1/1/2030 | 500000 | 531628 |
| | &nbsp;&nbsp;&nbsp;Raleigh Durham Airport Authority AMT, Series A, 5.00% due 5/1/2034 | 2150000 | 2290034 |
| | &nbsp;&nbsp;**NORTH DAKOTA — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |

---

See notes to financial statements. Annual Financial Statements \| 223

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 1/1/2034 | $1500000 | $1562030 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | 1800000 | 1870879 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 1/1/2035 | 2110000 | 2186169 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 7/1/2035 | 1240000 | 1281294 |
| | &nbsp;&nbsp;**OHIO — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2031 - 11/15/2032 (Pre-refunded 11/15/2030) | 1100000 | 1210216 |
| | &nbsp;&nbsp;&nbsp;Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group) ETM, 5.00% due 11/15/2027 - 11/15/2030 | 1485000 | 1605080 |
| | &nbsp;&nbsp;&nbsp;City of Cincinnati Water System Revenue, Series C, 4.00% due 12/1/2030 | 1000000 | 1014314 |
| | &nbsp;&nbsp;&nbsp;City of Columbus GO, Series A, 4.00% due 4/1/2031 | 600000 | 611441 |
| | &nbsp;&nbsp;&nbsp;Cleveland State University (BAM), Series C, 5.00% due 6/1/2036 | 1000000 | 1126211 |
| | &nbsp;&nbsp;&nbsp;Columbus Metropolitan Housing Authority, 4.00% due 12/1/2034 | 2500000 | 2499282 |
| | &nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority AMT, Series A, 5.00% due 1/1/2034 - 1/1/2035 | 6235000 | 6785140 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority (Dering Family Homes Owner LLC), 5.00% due 7/1/2045 (put 2/1/2027) | 2000000 | 2043110 |
| | &nbsp;&nbsp;&nbsp;County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 10/1/2049 (put 8/3/2027) | 3765000 | 3893232 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 10/1/2051 (put 6/4/2030) | 6590000 | 7110696 |
| | &nbsp;&nbsp;&nbsp;County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2032 | 375000 | 400939 |
| | &nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), 5.25% due 1/1/2036 | 400000 | 429570 |
| | &nbsp;&nbsp;&nbsp;County of Hamilton Sales Tax Revenue, Series A, 4.00% due 12/1/2031 | 1100000 | 1116454 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (Duke Energy Corp.), Series B, 4.00% due 9/1/2030 (put 6/1/2027) | 4515000 | 4601747 |
| | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Case Western Reserve University), 4.00% due 12/1/2033 | 1255000 | 1266124 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (At Main LLC), 3.70% due 11/1/2047 (put 5/1/2028) | 1000000 | 1012493 |
| | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority, 4.00% due 12/1/2032 | 2000000 | 2028154 |
| | &nbsp;&nbsp;&nbsp;State of Ohio (Cleveland Clinic Health System Obligated Group), Series A, 5.00% due 1/1/2032 | 800000 | 836284 |
| | &nbsp;&nbsp;**OKLAHOMA — 2.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Caddo County Educational Facilities Authority (Fort Cobb-Broxton Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2034 | 3730000 | 3984164 |
| | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series A, 5.00% due 9/1/2032 - 9/1/2033 | 11000000 | 12416191 |
| | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Yukon Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2029 | 10850000 | 11630763 |
| | &nbsp;&nbsp;&nbsp;Chouteau Educational Facilities Authority (Mayes County ISD No. 32 Chouteau-Mazie), 4.00% due 9/1/2028 | 975000 | 976770 |
| | &nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, 4.00% due 6/1/2030 | 4000000 | 4246776 |
| | &nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority (Norman Public Schools) ISD, Series A, 5.00% due 6/1/2032 | 2500000 | 2810245 |
| | &nbsp;&nbsp;&nbsp;Clinton Public Works Authority, 5.00% due 10/1/2030 - 10/1/2032 | 2675000 | 2915422 |
| | &nbsp;&nbsp;&nbsp;Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 | 4400000 | 4654738 |
| | &nbsp;&nbsp;&nbsp;Love County Educational Facilities Authority (Love County ISD No. 4 Thackerville), 4.50% due 9/1/2034 | 335000 | 347645 |
| | &nbsp;&nbsp;&nbsp;Mcintosh County Educational Facilities Authority (District No. 1 Eufaula) ISD, 5.00% due 9/1/2035 | 380000 | 410220 |
| | &nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2026 | 475000 | 482288 |
| | &nbsp;&nbsp;&nbsp;Oklahoma County Finance Authority (Oklahoma County ISD No. 41 Western Heights), 5.00% due 9/1/2030 - 9/1/2035 | 4750000 | 4970098 |
| | &nbsp;&nbsp;**OREGON — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | 11780000 | 13048859 |
| | &nbsp;&nbsp;**PENNSYLVANIA — 5.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Allegheny County Airport Authority (AG) AMT, Series A, 5.00% due 1/1/2035 | 3500000 | 3882648 |
| | &nbsp;&nbsp;&nbsp;Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2031 | 2520000 | 2697332 |
| | &nbsp;&nbsp;&nbsp;Allegheny County Sanitary Authority (BAM), 5.00% due 12/1/2029 | 2830000 | 2840027 |
| | &nbsp;&nbsp;&nbsp;Allentown City School District (BAM, State Aid Withholding) GO, Series B, 5.00% due 2/1/2031 | 3750000 | 4009260 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 14, 5.00% due 10/1/2031 - 10/1/2032 | 2070000 | 2107466 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works) (AG), Series A, 5.00% due 8/1/2030 - 8/1/2032 | 1750000 | 1929815 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2033 - 7/1/2036 | 7000000 | 7220520 |
| | &nbsp;&nbsp;&nbsp;City of Scranton (BAM) GO, 5.00% due 9/1/2028 | 2085000 | 2152275 |
| | &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority (Tobacco Master Settlement Paym), 5.00% due 6/1/2034 | 1000000 | 1038911 |
| | &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority (Tobacco Master Settlement Paym) (BAM), 5.00% due 6/1/2031 | 10000000 | 10540100 |
| | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO, 5.00% due 7/15/2030 | 7930000 | 8637047 |
| | &nbsp;&nbsp;&nbsp;Dauphin County General Authority (UPMC Obligated Group), Series A, 5.00% due 6/1/2034 | 1375000 | 1387409 |
| | &nbsp;&nbsp;&nbsp;Geisinger Authority (Geisinger Health System Obligated group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 4/1/2043 (put 2/15/2027) | 3615000 | 3678284 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 4/1/2043 (put 4/1/2030) | 3530000 | 3809068 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 5000000 | 5128570 |
| | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2027 - 5/1/2029 | 3825000 | 3953052 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania (Republic Services, Inc.) EDFA AMT, Series B-2, 3.85% due 4/1/2049 (put 1/15/2026) | 1000000 | 997789 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.00% due 3/15/2060 (put 3/15/2035) | 12550000 | 13794634 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2035 | $600000 | $599308 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2033 | 1150000 | 1255985 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1000000 | 971648 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 8/1/2037 (put 8/3/2026) | 8500000 | 8533294 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2041 (put 7/1/2026) | 5000000 | 5012600 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond), Series 149A, 4.55% due 4/1/2036 | 4110000 | 4280068 |
| | &nbsp;&nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2035 | 1750000 | 1793211 |
| | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority (AG), Series B, 5.00% due 9/1/2033 | 1000000 | 1150092 |
| | &nbsp;&nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 9/1/2027 - 9/1/2034 | 1440000 | 1510995 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 9/1/2032 | 1000000 | 1015701 |
| | &nbsp;&nbsp;&nbsp;Sports & Exhibition Authority of Pittsburgh & Allegheny County (Allegheny County Hotel Room Excise Tax Revenue) (AG), Series A, 5.00% due 2/1/2033 | 4000000 | 4458616 |
| | &nbsp;&nbsp;&nbsp;State Public School Building Authority (School District of Philadelphia) (AG, State Aid Withholding), Series A, 5.00% due 6/1/2030 - 6/1/2033 | 7550000 | 7721377 |
| | &nbsp;&nbsp;**RHODE ISLAND — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (FHA) (Green Bond), Series 1-A, 3.60% due 10/1/2054 (put 10/1/2027) | 3000000 | 2970732 |
| | &nbsp;&nbsp;&nbsp;Rhode Island Student Loan Authority AMT, Series B, 5.00% due 12/1/2032 - 12/1/2033 | 1250000 | 1351732 |
| | &nbsp;&nbsp;**SOUTH CAROLINA — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 10090000 | 10971624 |
| | &nbsp;&nbsp;&nbsp;SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2029 | 2000000 | 2009182 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Bon Secours Mercy Health, Inc.), Series B-2, 5.00% due 11/1/2049 (put 11/1/2032) | 835000 | 922590 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: Federal Home Loan Mtg Corp.) (FHLMC), 4.00% due 3/1/2062 (put 3/1/2035) | 1175000 | 1192471 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 500000 | 500891 |
| | &nbsp;&nbsp;**SOUTH DAKOTA — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;South Dakota Health & Educational Facilities Authority (Sanford Obligated Group), Series C, 5.00% due 11/1/2051 (put 11/1/2032) | 1250000 | 1395979 |
| | &nbsp;&nbsp;**TENNESSEE — 3.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Jackson Health Educational & Housing Facility Board (Cottages of Bluecreek LLC) (HUD), 4.00% due 4/1/2045 (put 4/1/2029) | 2000000 | 2028334 |
| | &nbsp;&nbsp;&nbsp;Johnson City Health & Educational Facilities Board (Ballad Health Obligated Group) (AG), Series B, 5.00% due 7/1/2033 | 3330000 | 3694442 |
| | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (BAM), Series B-1, 5.00% due 7/1/2031 - 7/1/2034 | 3570000 | 3939234 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Gleason Partners LP) (HUD), 3.95% due 12/1/2027 (put 12/1/2025) | 1500000 | 1501890 |
| | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Provident Group - UTK Properties LLC) (BAM), Series A-1, 5.00% due 7/1/2031 | 150000 | 164312 |
| | &nbsp;&nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2034 | 1695000 | 1799098 |
| | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2031 | 1260000 | 1295734 |
| | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare) (AG), Series A, 5.00% due 6/1/2035 | 7000000 | 7745738 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 14730000 | 15032024 |
| | &nbsp;&nbsp;&nbsp;Tennessee (FHLMC, FNMA, GNMA) (Green Bond) HDA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 1/1/2034 | 1335000 | 1396056 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | 685000 | 714902 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 1/1/2035 | 460000 | 479375 |
| | &nbsp;&nbsp;&nbsp;Tennessee (Green Bond) HDA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% due 1/1/2032 | 395000 | 399434 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 1/1/2033 | 495000 | 499592 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% due 7/1/2033 | 495000 | 498702 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 1/1/2034 | 995000 | 1002429 |
| | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 12/1/2035 | 1400000 | 1513761 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | 24310000 | 26140543 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Williamson County (ECG Wood Duck LP) (HUD) IDB, 5.00% due 5/1/2042 (put 5/1/2027) | 2000000 | 2047288 |
| | &nbsp;&nbsp;**TEXAS — 11.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Austin Affordable PFC, Inc. (1000 Collinwood West Drive Owner LP) (FNMA), Series B, 5.00% due 9/1/2028 (put 9/1/2027) | 800000 | 831616 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Bexar County Housing Finance Corp. (Culebra Road Apartments LP), 4.05% due 3/1/2028 (put 3/1/2026) | 2500000 | 2502125 |
| | &nbsp;&nbsp;&nbsp;City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2026 - 9/1/2028 | 730000 | 760048 |
| | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2035 | 1000000 | 1071827 |
| | &nbsp;&nbsp;&nbsp;City of Austin Electric Utility Revenue, Series A, 5.00% due 11/15/2033 | 1000000 | 1001755 |
| | &nbsp;&nbsp;&nbsp;City of Austin Water & Wastewater System Revenue, 5.00% due 11/15/2033 | 2000000 | 2083768 |
| | &nbsp;&nbsp;&nbsp;City of Conroe GO, Series B, 5.00% due 11/15/2030 | 1750000 | 1870872 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp. (Ash Creek Housing LLC) (FHA), 5.00% due 7/1/2026 (put 12/1/2025) | 1500000 | 1503571 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp. (Mondello Apartments LLC) (FHA), 5.00% due 8/1/2027 (put 8/1/2026) | 1785000 | 1814040 |

---

See notes to financial statements. Annual Financial Statements \| 225

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;City of Galveston Wharves & Terminal Revenue AMT, Series A, 5.00% due 8/1/2032 - 8/1/2034 | $6685000 | $7205982 |
| | &nbsp;&nbsp;&nbsp;City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 2875000 | 2973868 |
| | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2036 | 1420000 | 1417918 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2036 | 1000000 | 1116176 |
| | &nbsp;&nbsp;&nbsp;City of Houston Combined Utility System Revenue, Series B, 4.00% due 11/15/2031 | 1725000 | 1745747 |
| | &nbsp;&nbsp;&nbsp;City of Hutto (AG) GO, 5.00% due 8/1/2033 | 400000 | 442178 |
| | &nbsp;&nbsp;&nbsp;City of Mansfield GO, Series A, 5.00% due 2/15/2033 | 1000000 | 1125849 |
| | &nbsp;&nbsp;&nbsp;City of Port Arthur (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2033 | 1025000 | 1161283 |
| | &nbsp;&nbsp;&nbsp;City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2032 | 2155000 | 2464238 |
| | &nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems Revenue, 4.00% due 2/1/2032 | 2500000 | 2521255 |
| | &nbsp;&nbsp;&nbsp;City of Weslaco (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2036 | 400000 | 442471 |
| | &nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp. (IDEA Public Schools) (PSF-GTD), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/15/2033 | 2000000 | 2022014 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/15/2035 | 1020000 | 1142308 |
| | &nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp. (International Leadership of Texas, Inc.) (PSF-GTD), Series A, 5.00% due 2/15/2035 | 2275000 | 2540199 |
| | &nbsp;&nbsp;&nbsp;Conroe (PSF-GTD) ISD GO, Series A, 4.00% due 2/15/2033 | 1050000 | 1054100 |
| | &nbsp;&nbsp;&nbsp;County of Bexar GO, 4.00% due 6/15/2033 - 6/15/2035 | 4750000 | 4802950 |
| | &nbsp;&nbsp;&nbsp;County of Harris (Harris County Toll Road Revenue), Series B, 5.00% due 8/15/2030 - 8/15/2033 | 3370000 | 3374964 |
| | &nbsp;&nbsp;&nbsp;Fort Bend (PSF-GTD) ISD GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% due 8/1/2055 (put 8/1/2028) | 1000000 | 1026257 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2054 (put 8/1/2027) | 10000000 | 10262860 |
| | &nbsp;&nbsp;&nbsp;Fort Stockton (PSF-GTD) ISD GO, 5.00% due 2/1/2035 - 2/1/2036 | 1215000 | 1328726 |
| | &nbsp;&nbsp;&nbsp;Franklin (PSF-GTD) ISD GO, 4.00% due 2/15/2032 | 2000000 | 2001490 |
| | &nbsp;&nbsp;&nbsp;Frisco (PSF-GTD) ISD GO, 5.00% due 8/15/2033 | 1465000 | 1566582 |
| | &nbsp;&nbsp;&nbsp;Glasscock County (PSF-GTD) ISD GO, 5.00% due 2/15/2034 | 500000 | 522815 |
| | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/1/2050 (put 12/1/2028) | 2250000 | 2373696 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2054 (put 7/1/2029) | 650000 | 695949 |
| | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.), 4.00% due 11/15/2032 | 1100000 | 1116689 |
| | &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority (AG), Series B, 5.00% due 11/15/2034 | 1000000 | 1134983 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | 2700000 | 2733299 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Summerdale Apartments LP), 5.00% due 8/1/2041 (put 8/1/2026) | 3650000 | 3715952 |
| | &nbsp;&nbsp;&nbsp;Hutto (PSF-GTD) ISD GO, Series C, 4.00% due 8/1/2032 | 1245000 | 1319739 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Jacksboro (PSF-GTD) ISD GO, 4.00% due 2/15/2048 (put 8/15/2028) | 2500000 | 2605190 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lakeside Place PFC (Brookside Gardens Apartments LLC) (FHA), 4.15% due 11/1/2026 (put 11/1/2025) | 5000000 | 5002780 |
| | &nbsp;&nbsp;&nbsp;Laredo College District Combined Fee Revenue (BAM), 4.00% due 8/1/2033 | 1180000 | 1196115 |
| | &nbsp;&nbsp;&nbsp;Lovejoy (PSF-GTD) ISD GO, 5.00% due 2/15/2036 | 700000 | 801926 |
| | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority (LCRA Transmission Services Corp.), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2035 | 700000 | 763639 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2031 - 5/15/2032 | 900000 | 1010833 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2033 | 350000 | 398117 |
| | &nbsp;&nbsp;&nbsp;Medina Valley (PSF-GTD) ISD GO, 5.00% due 2/15/2036 | 1410000 | 1600615 |
| | &nbsp;&nbsp;&nbsp;Memorial City Redevelopment Authority (Houston Reinvestment Zone No. 17) (AG), 5.00% due 9/1/2035 | 400000 | 448439 |
| | &nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025B-2, 4.625% due 10/1/2030 | 2000000 | 2008102 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025B-3, 4.25% due 10/1/2030 | 1000000 | 1009495 |
| | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Abilene Christian University), Series A, 4.00% due 4/1/2033 | 1760000 | 1767007 |
| | &nbsp;&nbsp;&nbsp;North East (PSF-GTD) ISD GO, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 8/1/2049 (put 8/1/2027) | 5030000 | 5114479 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2034 | 1500000 | 1524069 |
| | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority (North Texas Tollway System), Series B, 4.00% due 1/1/2035 | 500000 | 510901 |
| | &nbsp;&nbsp;&nbsp;Northside (PSF-GTD) ISD GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2033 | 1500000 | 1511751 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.45% due 8/1/2054 (put 8/1/2027) | 2465000 | 2501438 |
| | &nbsp;&nbsp;&nbsp;Prosper (PSF-GTD) ISD GO, 5.00% due 2/15/2033 | 1000000 | 1124222 |
| | &nbsp;&nbsp;&nbsp;San Antonio (PSF-GTD) ISD GO, 5.00% due 8/15/2033 | 2080000 | 2349809 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;San Antonio Housing Trust Public Facility Corp. (Palladium San Antonio Ltd.), 3.45% due 7/1/2029 (put 7/1/2027) | 2000000 | 2015598 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;San Antonio Municipal Facilities Corp. (City of San Antonio), 5.00% due 8/1/2050 (put 8/1/2027) | 3800000 | 3975826 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;Southwest (PSF-GTD) ISD GO, 5.00% due 2/1/2032 - 2/1/2033 | $2600000 | $2934614 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2053 (put 7/1/2032) | 5520000 | 6041226 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2032 - 7/1/2034 | 10990000 | 11580192 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tarrant County Housing Finance Corp. (4450 Marine Creek Parkway Owner LP), Series B, 5.00% due 9/1/2028 (put 9/1/2027) | 1000000 | 1040346 |
| | &nbsp;&nbsp;&nbsp;Texas Department of Housing & Community Affairs (GNMA), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 1/1/2034 | 1425000 | 1489349 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 - 1/1/2035 | 1485000 | 1547443 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 7/1/2035 | 720000 | 745712 |
| | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2028 - 12/15/2032 | 67280000 | 72569226 |
| | &nbsp;&nbsp;&nbsp;Texas Public Finance Authority (Texas Southern University) (BAM), 5.00% due 5/1/2032 - 5/1/2033 | 1700000 | 1924976 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Texas State Affordable Housing Corp. (FC Juniper Creek Housing LP), 3.75% due 7/1/2044 (put 7/1/2026) | 2000000 | 2009072 |
| | &nbsp;&nbsp;&nbsp;Texas State Technical College (AG), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2031 - 8/1/2032 | 4250000 | 4775325 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 8/1/2033 | 2300000 | 2615569 |
| | &nbsp;&nbsp;&nbsp;Texas Water Development Board (State Water Implementation Revenue Fund for Texas), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/2035 | 2925000 | 2933131 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/15/2034 - 10/15/2035 | 6000000 | 6089231 |
| | &nbsp;&nbsp;&nbsp;Texas Woman's University, Series A, 5.00% due 7/1/2031 - 7/1/2033 | 4275000 | 4815970 |
| | &nbsp;&nbsp;**UTAH — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Salt Lake City Airport Revenue AMT, Series A, 5.00% due 7/1/2033 - 7/1/2036 | 4450000 | 4763563 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Utah Housing Corp., 3.70% due 8/1/2043 (put 8/1/2027) | 1950000 | 1963488 |
| | &nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency, 5.25% due 6/1/2033 | 500000 | 572336 |
| | &nbsp;&nbsp;**VIRGINIA — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fairfax County Redevelopment & Housing Authority (Apah Tysons North Four LP), 5.00% due 1/1/2045 (put 1/1/2028) | 2000000 | 2069172 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | 8350000 | 8478673 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Harrisonburg Redevelopment & Housing Authority, 4.00% due 12/1/2028 (put 12/1/2026) | 1615000 | 1635664 |
| | &nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2032 | 2500000 | 2518440 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/15/2028 | 2000000 | 2089218 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 5/15/2035 | 2000000 | 2029188 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Virginia HDA, Series F, 3.625% due 7/1/2055 (put 4/1/2026) | 1635000 | 1635293 |
| | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 - 1/1/2032 | 2640000 | 2798126 |
| | &nbsp;&nbsp;**WASHINGTON — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Seattle GO, 4.00% due 12/1/2032 | 1000000 | 1000622 |
| | &nbsp;&nbsp;&nbsp;Clark County Public Utility District No. 1, 5.00% due 1/1/2028 | 500000 | 526174 |
| | &nbsp;&nbsp;&nbsp;County of Spokane Airport Revenue AMT, Series B, 5.00% due 1/1/2032 - 1/1/2035 | 7650000 | 8354971 |
| | &nbsp;&nbsp;&nbsp;King County School District No. 414 (School Bond Guaranteed) GO, 4.00% due 12/1/2033 | 2000000 | 2014826 |
| | &nbsp;&nbsp;&nbsp;Port of Seattle AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2035 | 4000000 | 4394228 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/1/2034 | 1500000 | 1527473 |
| | &nbsp;&nbsp;&nbsp;State of Washington COP, Series B, 5.00% due 7/1/2032 | 650000 | 687255 |
| | &nbsp;&nbsp;&nbsp;Vancouver Housing Authority, 4.00% due 8/1/2034 | 2500000 | 2474450 |
| | &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A1, 5.00% due 8/1/2031 | 780000 | 834878 |
| | &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (Providence St. Joseph Health Obligated Group), Series B, 5.00% due 10/1/2030 | 2500000 | 2633750 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | 1500000 | 1516056 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP), Series B, 5.00% due 2/1/2028 (put 2/1/2027) | 1000000 | 1029109 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 5.125% due 7/1/2036 | 3000000 | 2942040 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.125% due 7/1/2033 | 735000 | 797129 |
| | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (SRMAHMILL LLC) (FNMA), 4.15% due 7/1/2034 | 1400000 | 1455089 |
| | &nbsp;&nbsp;**WISCONSIN — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Milwaukee (AG) GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2032 - 4/1/2033 | 4845000 | 5447592 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N3, 5.00% due 4/1/2031 - 4/1/2032 | 6550000 | 7289486 |
| | &nbsp;&nbsp;&nbsp;County of Waushara GO, Series A, 4.50% due 6/1/2027 | 1260000 | 1261654 |
| | &nbsp;&nbsp;&nbsp;Peshtigo School District, 4.75% due 3/1/2027 | 2000000 | 2002872 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (Duke Energy Progress LLC), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 3.30% due 10/1/2046 (put 10/1/2026) | 3005000 | 3014204 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 3.70% due 10/1/2046 (put 10/1/2030) | 1435000 | 1453661 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (Providence St. Joseph Health Obligated Group), |  |  |

---

See notes to financial statements. Annual Financial Statements \| 227

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 (pre-refunded 10/1/2030) | $1600000 | $1715539 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 (put 10/1/2030) | 2450000 | 2540082 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority (St. John's College), 3.00% due 10/1/2045 (put 10/1/2026) | 1495000 | 1489808 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2033 | 420000 | 429696 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), Series B1, 5.00% due 8/15/2054 (put 7/1/2027) | 375000 | 380319 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Fort Healthcare, Inc. Obligated Group), Series B, 5.00% due 10/1/2054 (put 10/3/2034) | 5470000 | 6004643 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group), Series A, 5.00% due 8/15/2035 | 1000000 | 1120752 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (East Washington Apartments LLC), Series I, 5.00% due 11/1/2058 (put 2/1/2027) | 2250000 | 2315043 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP), Series F, 5.00% due 12/1/2027 (put 12/1/2026) | 1000000 | 1024837 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA) (Green Bond), Series B, 3.90% due 9/1/2033 | 1815000 | 1843071 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Housing Revenue (HUD), Series B, 3.75% due 5/1/2054 (put 11/1/2026) | 1875000 | 1875268 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 96.2% (Cost $2,010,521,253) |  | 2076516030 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 2.4%** |  |  |
| | **MUNICIPAL BONDS — 2.3%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**FLORIDA — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Gainesville Utilities System Revenue (SPA Truist Bank), Series B, 3.70% due 10/1/2042 (put 10/1/2025) | 4730000 | 4730000 |
| | &nbsp;&nbsp;**NEW YORK — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (LOC Barclays Bank plc), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012G-1, 3.85% due 11/1/2032 (put 10/1/2025) | 1300000 | 1300000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 1, 3.85% due 11/15/2050 (put 10/1/2025) | 2500000 | 2500000 |
| | &nbsp;&nbsp;**TEXAS — 1.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 3.85% due 4/1/2040 (put 10/1/2025) | 41525000 | 41525000 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 2.3% (Cost $50,055,000) |  | 50055000 |
| |  |  |  |
| | **MUTUAL FUND — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 1141202 | 1141202 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.1% (Cost $1,141,202) |  | 1141202 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 2.4% (Cost $51,196,202) |  | 51196202 |
| |  |  |  |
| | TOTAL INVESTMENTS — 98.6% (Cost $2,061,717,455) |  | $2127712232 |
| |  |  |  |
| | OTHER ASSETS LESS LIABILITIES — 1.4% |  | 29422774 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $2157135006 |

---

**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 September 30, 2025.

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $10,247,180, representing 0.48% of the Fund's net assets. |

---

c When-issued security.

d Rate represents the money market fund annualized seven-day yield at September 30, 2025.

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| September 30, 2025

**Portfolio Abbreviations**

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

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| ETM | Escrowed to Maturity |
| FHA | Insured by Federal Housing Administration |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| GRT | Gross Receipts Tax |
| HDA | Housing Development Authority |
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |

---

---

| | |
|:---|:---|
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| IDB | Industrial Development Board |
| ISD | Independent School District |
| JEA | Jacksonville Electric Authority |
| LOC | Letter of Credit |
| Mtg | Mortgage |
| MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
| NMFA | New Mexico Finance Authority |
| NPFG | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| SOFR | Secured Overnight Financing Rate |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| USD | Unified School District |

---

See notes to financial statements. Annual Financial Statements \| 229

Schedule of Investments

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| |  |  |  |
| | **LONG-TERM MUNICIPAL BONDS — 94.9%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**ALABAMA — 5.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Alabama Community College System (BAM), 5.00% due 10/1/2045 | $1830000 | $1904573 |
| | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), Series B, 5.05% due 10/1/2045 | 1350000 | 1389864 |
| | &nbsp;&nbsp;&nbsp;Alabama State University (AG), 5.50% due 9/1/2045 | 500000 | 537119 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: BP plc), Series D, 5.00% due 3/1/2055 (put 11/1/2034) | 12500000 | 13549762 |
| | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2055 (put 9/1/2032) | 530000 | 572030 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.50% due 10/1/2054 (put 6/1/2032) | 1000000 | 1106063 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series C-1, 5.25% due 2/1/2053 (put 6/1/2029) | 4000000 | 4244688 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.25% due 12/1/2053 (put 12/1/2030) | 1375000 | 1491094 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 5.25% due 7/1/2054 (put 6/1/2032) | 3110000 | 3403133 |
| | &nbsp;&nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.50% due 10/1/2042 - 10/1/2044 | 3195000 | 3328422 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | 5000000 | 5363290 |
| | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Deutsche Bank AG), Series A, 5.00% due 11/1/2035 | 6080000 | 6421435 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 6000000 | 6510834 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 1/1/2054 (put 6/1/2030) | 5000000 | 5364145 |
| | &nbsp;&nbsp;&nbsp;UAB Medicine Finance Authority (UAB Medicine Obligated Group), Series B, 5.00% due 9/1/2034 | 5430000 | 5507101 |
| | &nbsp;&nbsp;**ALASKA — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;State of Alaska International Airports System AMT, Series C, 5.00% due 10/1/2029 | 750000 | 803522 |
| | &nbsp;&nbsp;**ARIZONA — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Arizona (FHLMC, FNMA, GNMA) IDA, Series A, 5.00% due 10/1/2045 | 1000000 | 1024805 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.00% due 6/1/2049 (put 6/1/2029) | 6800000 | 6897281 |
| | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series A, 5.00% due 7/1/2031 | 2200000 | 2267203 |
| | &nbsp;&nbsp;&nbsp;County of Pima (TMC HealthCare Obligated Group) IDA, Series A, 4.00% due 4/1/2041 | 1000000 | 951257 |
| | &nbsp;&nbsp;&nbsp;Maricopa County & Phoenix (GNMA) IDA, Series A, 4.55% due 9/1/2045 | 1250000 | 1227438 |
| | &nbsp;&nbsp;&nbsp;Maricopa County (HonorHealth Obligated Group) IDA, Series A 5.00% due 9/1/2042 | 2000000 | 2023310 |
| | &nbsp;&nbsp;&nbsp;Maricopa County (Legacy Traditional School Obligated Group) IDA, Series A, 5.25% due 7/1/2045 | 1550000 | 1558413 |
| | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 1/1/2038 | 1475000 | 1473327 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2036 | 1000000 | 1022184 |
| | &nbsp;&nbsp;&nbsp;Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup, Inc.), 5.25% due 12/1/2028 | 770000 | 812748 |
| | &nbsp;&nbsp;&nbsp;Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 750000 | 717877 |
| | &nbsp;&nbsp;**ARKANSAS — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;County of Pulaski (Arkansas Children's Hospital), 5.00% due 3/1/2042 | 500000 | 527862 |
| | &nbsp;&nbsp;**CALIFORNIA — 6.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 1750000 | 1751634 |
| | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2036 | 500000 | 508382 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California (Providence St. Joseph Health Obligated Group) HFFA, Series B, 5.00% due 10/1/2039 (put 10/1/2027) | 1000000 | 1038651 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 4510000 | 4785566 |
| | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1235000 | 1236525 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (North Fair Oaks Apartments LP) (FNMA), Series A, 5.05% due 4/1/2044 | 1255000 | 1318823 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 12/1/2044 (put 12/1/2025) | 8000000 | 8003566 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Witmer Manor Community Partners LP) (FNMA, HUD), Series A, 4.875% due 11/1/2043 | 2400000 | 2476627 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 3.80% due 7/1/2043 (put 2/17/2026) | 1000000 | 990365 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | 2000000 | 2040864 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;California School Finance Authority, Series A, 5.00% due 10/1/2042 | 1000000 | 1024106 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Central Valley Energy Authority (Guaranty: Pacific Life Insurance Co.), 5.00% due 12/1/2055 (put 8/1/2035) | 8000000 | 8759336 |
| | &nbsp;&nbsp;&nbsp;City of Long Beach Airport System Revenue (AG) AMT, Series C, 5.00% due 6/1/2042 | 750000 | 772968 |
| | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.25% due 5/15/2045 | 4000000 | 4250372 |
| | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2034 | 1750000 | 1765094 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2033 - 5/15/2045 | 3470000 | 3730235 |
| | &nbsp;&nbsp;&nbsp;City of San Jose (Kooser Apartments LP) (FNMA), Series A-1, 5.00% due 9/1/2044 | 4475000 | 4726558 |
| | &nbsp;&nbsp;&nbsp;City of San Mateo (City of San Mateo Community Facilities District No. 2008-1) (BAM), 5.25% due 9/1/2040 | 5000000 | 5432035 |
| | &nbsp;&nbsp;&nbsp;Delano Financing Authority (City of Delano Police Station & Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 685000 | 686040 |
| | &nbsp;&nbsp;&nbsp;Franklin-McKinley School District (NPFG) GO, 5.25% due 8/1/2027 | 1000000 | 1056287 |
| | &nbsp;&nbsp;&nbsp;Fresno (Educational Facilities & Improvements) (NPFG) USD GO, Series A, 6.00% due 8/1/2026 | 140000 | 142021 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;Lammersville Joint (Community Facilities Dist No. 2024-1) USD, 5.00% due 9/1/2045 | $1000000 | $1007251 |
| | &nbsp;&nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series B, 6.125% due 11/1/2029 | 1865000 | 1981645 |
| | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/1/2044 | 5445000 | 5505445 |
| | &nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2040 | 1190000 | 1217604 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), Series A, 5.50% due 1/1/2056 (put 7/1/2035) | 1695000 | 1939261 |
| | &nbsp;&nbsp;**COLORADO — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Adams County School District No. 1 (BAM) COP, 5.00% due 12/1/2045 | 500000 | 521624 |
| | &nbsp;&nbsp;&nbsp;City & County of Denver (4340 South Monaco LLC) (FNMA), Series A, 4.70% due 10/1/2042 | 3150000 | 3207752 |
| | &nbsp;&nbsp;&nbsp;City & County of Denver Airport System Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2037 - 11/15/2041 | 4160000 | 4278315 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2043 | 1905000 | 1935343 |
| | &nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2041 | 1500000 | 1557781 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2038 - 8/1/2044 | 10090000 | 10190297 |
| | &nbsp;&nbsp;&nbsp;Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2044 | 3600000 | 3629005 |
| | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Addenbrooke Classical Academy, Inc.) (BAM, State Aid Withholding), Series A, 5.00% due 6/1/2045 | 600000 | 611876 |
| | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority, Series F-1, 5.00% due 10/1/2045 | 1000000 | 1025805 |
| | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority (FHLMC, FNMA, GNMA) (Green Bond) AMT, Series E, 5.10% due 5/1/2040 | 1500000 | 1515279 |
| | &nbsp;&nbsp;&nbsp;Denver City & County Housing Authority (Three Towers Rehabilitation) (AG) AMT, 5.20% due 11/1/2027 | 705000 | 705839 |
| | &nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2034 - 12/1/2035 | 2000000 | 2187081 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2045 | 1060000 | 1119359 |
| | &nbsp;&nbsp;**CONNECTICUT — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of New Haven (BAM) GO, 5.25% due 8/1/2043 | 1900000 | 2060362 |
| | &nbsp;&nbsp;&nbsp;State of Connecticut GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12415000 | 13025953 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/15/2033 | 2650000 | 2808178 |
| | &nbsp;&nbsp;**DELAWARE — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Delaware State (ACTS Retirement-Life Communities, Inc. Obligated Group) EDA, Series B, 5.00% due 11/15/2038 | 480000 | 494548 |
| | &nbsp;&nbsp;&nbsp;Delaware State (Christiana Care Health System Obligated Group) HFA, Series A, 5.00% due 10/1/2045 | 2500000 | 2539475 |
| | &nbsp;&nbsp;**DISTRICT OF COLUMBIA — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC) (FNMA) (Green Bond), Series A, 4.875% due 9/1/2045 | 1000000 | 1019254 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 5.00% due 10/1/2043 | 1500000 | 1506543 |
| | &nbsp;&nbsp;**FLORIDA — 3.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, 5.00% due 7/1/2040 | 1125000 | 1155040 |
| | &nbsp;&nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | 2770000 | 3200599 |
| | &nbsp;&nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project) (AG), 5.25% due 10/1/2027 | 1680000 | 1773524 |
| | &nbsp;&nbsp;&nbsp;County of Broward Port Facilities Revenue AMT, 5.00% due 9/1/2037 | 800000 | 838146 |
| | &nbsp;&nbsp;&nbsp;County of Miami-Dade, Series A, 5.00% due 4/1/2043 | 500000 | 523525 |
| | &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2038 | 370000 | 377634 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2040 | 2500000 | 2518387 |
| | &nbsp;&nbsp;&nbsp;County of Miami-Dade Transit System, 4.00% due 7/1/2035 | 1000000 | 1025265 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Florida Local Government Finance Commission (BridgePrep Academy, Inc. Series 2025 Obligated Group), Series A, 6.00% due 6/15/2045 | 2000000 | 2061478 |
| | &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | 4225000 | 4243442 |
| | &nbsp;&nbsp;&nbsp;Hillsborough County Aviation Authority, Series F, 5.00% due 10/1/2036 | 2000000 | 2092982 |
| | &nbsp;&nbsp;&nbsp;Hillsborough County Aviation Authority AMT, Series E, 5.00% due 10/1/2043 | 1500000 | 1510488 |
| | &nbsp;&nbsp;&nbsp;Miami-Dade County (Nicklaus Children's Hospital) HFA, 5.00% due 8/1/2037 | 500000 | 511541 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade County (Waste Management, Inc.) IDA AMT, 4.25% due 11/1/2041 (put 11/3/2025) | 1500000 | 1500129 |
| | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (FNMA), 4.95% due 11/1/2041 | 5000000 | 5090260 |
| | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (RGC Phase I LLC) (FNMA, HUD), Series A, 4.88% due 3/1/2046 | 2300000 | 2243293 |
| | &nbsp;&nbsp;&nbsp;Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 1750000 | 1752182 |
| | &nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2043 - 11/1/2044 | 2325000 | 2347681 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 11/1/2042 | 790000 | 825409 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2040 - 11/1/2041 | 715000 | 733368 |
| | &nbsp;&nbsp;&nbsp;Palm Beach County Housing Finance Authority (Lake Worth Towers Preservation LP) (FNMA), 4.85% due 6/1/2041 | 1323628 | 1358691 |

---

See notes to financial statements. Annual Financial Statements \| 231

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;Southeast Overtown Park West Community Redevelopment Agency (AG), Series A, 5.25% due 3/1/2042 | $1500000 | $1605383 |
| | &nbsp;&nbsp;**GEORGIA — 4.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Housing Authority of Douglas County (FNMA), Series A, 5.10% due 2/1/2044 | 1000000 | 1022744 |
| | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2055 (put 12/1/2035) | 5000000 | 5411430 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 12/1/2054 (put 12/1/2031) | 2000000 | 2159210 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 5000000 | 5342205 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2055 (put 12/1/2032) | 3435000 | 3747520 |
| | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2034 - 5/15/2043 | 15210000 | 16048602 |
| | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2053 (put 3/1/2030) | 2000000 | 2151288 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | 4850000 | 5253544 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 8000000 | 8633152 |
| | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 | 2295000 | 2448205 |
| | &nbsp;&nbsp;**GUAM — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Guam Power Authority, Series A, 5.00% due 10/1/2044 | 1025000 | 1046622 |
| | &nbsp;&nbsp;**HAWAII — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2043 | 2500000 | 2524160 |
| | &nbsp;&nbsp;**ILLINOIS — 11.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 - 4/1/2043 | 2375000 | 2486913 |
| | &nbsp;&nbsp;&nbsp;Chicago Midway International Airport AMT, Series C, 5.00% due 1/1/2036 - 1/1/2039 | 4470000 | 4674929 |
| | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series C, 5.00% due 1/1/2038 | 2920000 | 2925154 |
| | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2035 | 4400000 | 4490460 |
| | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2038 | 2000000 | 2043018 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2034 - 1/1/2044 | 3390000 | 3620026 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2044 - 1/1/2045 | 2750000 | 2861603 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 1/1/2035 | 1500000 | 1520399 |
| | &nbsp;&nbsp;&nbsp;Chicago Transit Authority Sales Tax Receipts Fund (AG), Series A, 5.00% due 12/1/2045 | 1000000 | 1014258 |
| | &nbsp;&nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport) AMT, Series A, 5.00% due 1/1/2042 | 1000000 | 1027039 |
| | &nbsp;&nbsp;&nbsp;City of Chicago (FNMA), Series A, 4.875% due 6/1/2043 | 2175000 | 2241551 |
| | &nbsp;&nbsp;&nbsp;City of Chicago (Water System) (AG), Series 2017-2, 5.00% due 11/1/2036 | 4500000 | 4628686 |
| | &nbsp;&nbsp;&nbsp;City of Chicago (Water System) (BHAC, AMBAC), 5.75% due 11/1/2030 | 955000 | 1029821 |
| | &nbsp;&nbsp;&nbsp;City of Chicago GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2039 | 1000000 | 995837 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | 1585000 | 1617084 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 | 7500000 | 7663725 |
| | &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue, Series A, 5.00% due 11/1/2044 | 1000000 | 1031665 |
| | &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue (AG), Series 2017-2, 5.00% due 11/1/2038 | 1000000 | 1017847 |
| | &nbsp;&nbsp;&nbsp;Cook County School District No. 145 (BAM) GO, Series B, 5.00% due 12/1/2042 - 12/1/2045 | 1475000 | 1531935 |
| | &nbsp;&nbsp;&nbsp;County of Cook Sales Tax Revenue, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2038 | 435000 | 446957 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2036 - 11/15/2038 | 3160000 | 3358108 |
| | &nbsp;&nbsp;&nbsp;DuPage County High School District No. 87 Glenbard GO, 5.25% due 1/1/2046 | 1100000 | 1177735 |
| | &nbsp;&nbsp;&nbsp;Illinois (FHLMC, FNMA, GNMA) HDA (Green Bond), Series K, 5.25% due 10/1/2043 | 2000000 | 2082678 |
| | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2033 | 235000 | 238409 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2033 (pre-refunded 2/15/2027) | 565000 | 577032 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2041 | 680000 | 685971 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2041 (pre-refunded 2/15/2027) | 625000 | 646810 |
| | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | 1700000 | 1855462 |
| | &nbsp;&nbsp;&nbsp;Illinois State University (AG) COP, 5.00% due 4/1/2044 | 700000 | 733863 |
| | &nbsp;&nbsp;&nbsp;Moultrie Shelby & Coles Counties Community Unit School District No. 300 (BAM) GO, 5.00% due 12/1/2042 | 1500000 | 1522941 |
| | &nbsp;&nbsp;&nbsp;Northeastern Illinois University (BAM) COP, 5.00% due 7/1/2042 | 1050000 | 1064373 |
| | &nbsp;&nbsp;&nbsp;Rock Island County School District No. 41 Milan (AG) GO, Series A, 5.00% due 1/1/2044 | 415000 | 432483 |
| | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 - 1/1/2037 | 3850000 | 4010933 |
| | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. (BAM), Series A, 5.00% due 1/1/2038 | 3075000 | 3175949 |
| | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. (Green Bond), Series A, 5.00% due 1/1/2044 | 1865000 | 1890164 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;Sangamon County School District No. 186 Springfield (BAM) GO, 5.00% due 6/1/2041 - 6/1/2043 | $4500000 | $4817114 |
| | &nbsp;&nbsp;&nbsp;Southern Illinois University (BAM), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 4/1/2035 | 600000 | 618317 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2037 - 4/1/2042 | 2040000 | 2159122 |
| | &nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/1/2038 | 1000000 | 1080813 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2039 | 1500000 | 1601948 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2034 - 3/1/2046 | 13310000 | 13922177 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 3/1/2038 | 300000 | 324575 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2039 | 2455000 | 2328153 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2043 | 3500000 | 3658389 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 | 1690000 | 1556845 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 10/1/2040 | 1000000 | 1082672 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4250000 | 4436042 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/1/2045 | 3500000 | 3569863 |
| | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/15/2030 - 6/15/2032 | 12165000 | 12759113 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2041 | 600000 | 636461 |
| | &nbsp;&nbsp;&nbsp;Will County School District No. 114 Manhattan (BAM) GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2040 - 1/1/2041 | 1000000 | 1092832 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/1/2043 | 2000000 | 2199408 |
| | &nbsp;&nbsp;**INDIANA — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Indianapolis Department of Public Utilities Water System Revenue, Series B, 5.00% due 10/1/2037 | 1000000 | 1012638 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Mount Vernon (Southern Indiana Gas & Electric Co.) AMT, 4.25% due 9/1/2055 (put 9/1/2028) | 2000000 | 2068858 |
| | &nbsp;&nbsp;&nbsp;City of Whiting (BP Products North America, Inc.; Guaranty: BP plc) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 11/1/2045 (put 6/10/2031) | 1000000 | 1024832 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2044 (put 6/5/2026) | 1360000 | 1377639 |
| | &nbsp;&nbsp;&nbsp;Indiana (Ascension Health Credit Group) HFFA, Series 2001-A-1, 5.00% due 11/15/2036 | 4000000 | 4006556 |
| | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | 500000 | 555797 |
| | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/1/2040 | 1150000 | 1172045 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2045 | 1255000 | 1267460 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series D, 5.00% due 10/1/2054 (put 10/1/2037) | 2000000 | 2200338 |
| | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 8000000 | 8190696 |
| | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Retirement Living, Inc. Obligated Group), Series A, 5.125% due 3/1/2045 | 3210000 | 3223928 |
| | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 3/1/2038 (put 8/1/2028) | 1500000 | 1536924 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 2500000 | 2561540 |
| | &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority (FHLMC, FNMA, GNMA) (Green Bond), Series B-1, 4.90% due 7/1/2045 | 2000000 | 2041964 |
| | &nbsp;&nbsp;&nbsp;Indiana Municipal Power Agency, Series C, 5.00% due 1/1/2036 | 1000000 | 1011144 |
| | &nbsp;&nbsp;&nbsp;IPS Multi-School Building Corp. (Indianapolis Board of School Commissioners) (State Intercept) (Green Bond), 5.50% due 7/15/2042 | 1000000 | 1081066 |
| | &nbsp;&nbsp;&nbsp;Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | 1000000 | 1104664 |
| | &nbsp;&nbsp;&nbsp;Silver Creek School Building Corp. (State Intercept), 5.25% due 1/15/2042 | 2000000 | 2140362 |
| | &nbsp;&nbsp;**IOWA — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Bondurant, Series B, 5.00% due 6/1/2044 | 1000000 | 1030196 |
| | &nbsp;&nbsp;&nbsp;County of Polk AMT GO, Series A, 5.00% due 6/1/2043 | 2000000 | 2079846 |
| | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (FHLMC, FNMA, GNMA) (Green Bond), Series C, 4.85% due 7/1/2045 | 3500000 | 3542980 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (pre-refunded 12/1/2032) | 3000000 | 3441702 |
| | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series 2024 A&B, 5.00% due 5/15/2044 | 3805000 | 3821852 |
| | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.50% due 12/1/2045 | 1000000 | 1052290 |
| | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Union at Bluffs Run LP) (FNMA), Series 2024-20FN Class PT, 4.65% due 7/1/2043 | 2000000 | 2020188 |
| | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4100000 | 4104157 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 5350000 | 5441961 |
| | &nbsp;&nbsp;**KENTUCKY — 2.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;City of Henderson (Guaranty: Pratt Industries, Inc.) AMT, Series B, 4.45% due 1/1/2042 | 1000000 | 931342 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;County of Trimble (Louisville Gas & Electric Co.) AMT, Series A, 4.70% due 6/1/2054 (put 6/1/2027) | 1250000 | 1265510 |
| | &nbsp;&nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 5000000 | 5075655 |
| | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |

---

See notes to financial statements. Annual Financial Statements \| 233

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2052 (put 8/1/2030) | $1220000 | $1248812 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | 14750000 | 16049888 |
| | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2035 | 1000000 | 1017282 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2039 | 3000000 | 3295809 |
| | &nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 4.00% due 10/1/2036 | 1800000 | 1769353 |
| | &nbsp;&nbsp;**LOUISIANA — 0.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 6.00% due 6/15/2045 | 3000000 | 3081468 |
| | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2036 | 1000000 | 1015291 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1925000 | 2035362 |
| | &nbsp;&nbsp;&nbsp;West Baton Rouge Parish School Board (AG), 5.25% due 3/1/2045 | 1885000 | 2016980 |
| | &nbsp;&nbsp;**MAINE — 0.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Maine Health & Higher Educational Facilities Authority (AG), Series A, 5.00% due 7/1/2041 | 350000 | 374584 |
| | &nbsp;&nbsp;**MARYLAND — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Maryland Community Development Administration (6301 Central Avenue LLC) (Green Bond) (FNMA), Series C-1, 5.05% due 2/1/2046 | 5000000 | 5146540 |
| | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) (AG), 5.00% due 7/1/2045 | 1000000 | 1035493 |
| | &nbsp;&nbsp;&nbsp;Maryland State Transportation Authority Passenger Facility Charge Revenue AMT, 4.00% due 6/1/2035 | 1225000 | 1210447 |
| | &nbsp;&nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) AMT, Series B, 5.00% due 8/1/2036 | 2000000 | 2115112 |
| | &nbsp;&nbsp;**MASSACHUSETTS — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series 2024B-1, 5.25% due 12/1/2030 | 3900000 | 3864175 |
| | &nbsp;&nbsp;&nbsp;Massachusetts Port Authority AMT, Series C, 5.00% due 7/1/2044 | 2000000 | 2021732 |
| | &nbsp;&nbsp;**MICHIGAN — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site Improvement) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3150000 | 3200520 |
| | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1100000 | 1147642 |
| | &nbsp;&nbsp;&nbsp;Kalamazoo Hospital Finance Authority (Bronson Healthcare), Series A, 5.25% due 5/15/2026 | 40000 | 40070 |
| | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 4.00% due 4/15/2042 | 1000000 | 947685 |
| | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 350000 | 350611 |
| | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Henry Ford Health System Obligated Group), 4.00% due 11/15/2035 | 450000 | 446096 |
| | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Trinity Health Corp. Obligated Group), Series 2016-MI, 5.00% due 12/1/2045 | 1100000 | 1104496 |
| | &nbsp;&nbsp;&nbsp;Michigan State HDA (Green Bond), Series A, 4.85% due 12/1/2045 | 1500000 | 1500688 |
| | &nbsp;&nbsp;&nbsp;Wayne County Airport Authority (AG) AMT, Series B, 5.50% due 12/1/2043 | 675000 | 726833 |
| | &nbsp;&nbsp;&nbsp;Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport) AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50% due 12/1/2043 | 500000 | 537711 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 12/1/2038 | 2000000 | 2000600 |
| | &nbsp;&nbsp;**MINNESOTA — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | 1488107 | 1592886 |
| | &nbsp;&nbsp;&nbsp;Dakota County Community Development Agency (Roers Burnsville Affordable Apartments Owner LLC) (FNMA), 4.20% due 5/1/2043 | 650000 | 614262 |
| | &nbsp;&nbsp;&nbsp;Minneapolis-St Paul Metropolitan Airports Commission AMT, Series B, 5.00% due 1/1/2043 | 1280000 | 1311292 |
| | &nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency (FHLMC, FNMA, GNMA) (Green Bond), Series F, 4.85% due 7/1/2045 | 1500000 | 1507665 |
| | &nbsp;&nbsp;**MISSOURI — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group), Series C, 5.00% due 4/1/2059 (put 4/1/2035) | 1000000 | 1147412 |
| | &nbsp;&nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), Series C, 4.85% due 11/1/2045 | 2000000 | 2025876 |
| | &nbsp;&nbsp;&nbsp;St. Charles County (Fox Hill Preservation LP) (FNMA, HUD) (Green Bond) IDA, 4.65% due 4/1/2043 | 500000 | 502774 |
| | &nbsp;&nbsp;**MONTANA — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Montana Board of Housing, Series B, 4.80% due 12/1/2043 | 1990000 | 2067296 |
| | &nbsp;&nbsp;**NEBRASKA — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | 2000000 | 2116960 |
| | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 500000 | 526956 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 9/1/2031 | 1000000 | 1069914 |
| | &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority (FHLMC, FNMA, GNMA) (Green Bond), Series C, 5.05% due 9/1/2045 | 2000000 | 2070518 |
| | &nbsp;&nbsp;**NEVADA — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Las Vegas Special Improvement District No. 814 (Summerlin Village 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | 995000 | 851617 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 1500000 | 1510506 |
| | &nbsp;&nbsp;**NEW JERSEY — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25% due 11/1/2042 | 4000000 | 4269888 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/15/2043 | $2000000 | $2039028 |
| | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) (AMBAC) EDA, Series N1, 5.50% due 9/1/2026 | 3000000 | 3078813 |
| | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) (NPFG) EDA, Series N1, 5.50% due 9/1/2027 | 1700000 | 1793687 |
| | &nbsp;&nbsp;&nbsp;New Jersey (State of New Jersey Department of the Treasury) EDA, Series EEE, 5.00% due 6/15/2043 | 2180000 | 2222139 |
| | &nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2815000 | 2819654 |
| | &nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2032 | 1500000 | 1616399 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2032 | 750000 | 808161 |
| | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Green Bond), Series M, 5.05% due 10/1/2045 | 2000000 | 2058392 |
| | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2032 - 12/15/2035 | 5300000 | 5556780 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2035 - 6/15/2040 | 1800000 | 1925651 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/15/2043 | 3100000 | 3182184 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2034 | 2000000 | 2123176 |
| | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State of New Jersey), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 5.00% due 6/15/2044 | 1000000 | 1011780 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CC, 5.00% due 6/15/2040 | 2000000 | 2128118 |
| | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series CC, 5.00% due 6/15/2042 | 3750000 | 3936821 |
| | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2039 | 1500000 | 1565057 |
| | &nbsp;&nbsp;**NEW MEXICO — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2035 | 500000 | 547977 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series E, 3.875% due 6/1/2040 (put 6/1/2029) | 2265000 | 2313809 |
| | &nbsp;&nbsp;&nbsp;City of Rio Rancho (GRT), 5.00% due 6/1/2043 - 6/1/2044 | 3350000 | 3529838 |
| | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | 680000 | 680166 |
| | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2033 | 360000 | 359997 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series LA, 5.00% due 7/1/2032 | 575000 | 575678 |
| | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2044 | 2250000 | 2275958 |
| | &nbsp;&nbsp;&nbsp;New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements) (AG), 4.00% due 12/1/2035 - 12/1/2036 | 1210000 | 1221878 |
| | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Class I, 4.55% due 9/1/2045 | 1595000 | 1563953 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.95% due 9/1/2045 | 1000000 | 1015754 |
| | &nbsp;&nbsp;&nbsp;Village of Los Ranchos de Albuquerque (Albuquerque Academy), 4.00% due 9/1/2040 | 825000 | 792779 |
| | &nbsp;&nbsp;**NEW YORK — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042 | 1000000 | 1053978 |
| | &nbsp;&nbsp;&nbsp;City of New York (City Budget Financial Management) GO, Series J, 5.00% due 8/1/2030 | 5000 | 5008 |
| | &nbsp;&nbsp;&nbsp;City of New York GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.25% due 5/1/2040 - 5/1/2041 | 2500000 | 2690283 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G-1, 5.00% due 2/1/2042 - 2/1/2044 | 2475000 | 2637005 |
| | &nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | 3100000 | 3273591 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8295000 | 8497180 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00% due 11/15/2031 | 2285000 | 2290697 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1820000 | 1847505 |
| | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (HUD) (Green Bond), Series B-1, 5.05% due 11/1/2043 | 4250000 | 4366679 |
| | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue), Series A, 5.00% due 5/1/2045 | 2000000 | 2115810 |
| | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Revenue (State Aid Withholding), Series S1A, 4.00% due 7/15/2036 | 2000000 | 2049146 |
| | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2036 | 1230000 | 1324236 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00% due 8/1/2038 | 400000 | 415546 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2040 | 2000000 | 2033448 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory (Roswell Park Cancer Institute Corp. Obligated Group) (AG), Series A, 5.25% due 7/1/2044 - 7/1/2045 | 920000 | 976627 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (AG, State Aid Withholding), Series A, 5.00% due 10/1/2038 - 10/1/2039 | 1250000 | 1357501 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series A, 4.00% due 2/15/2034 | 1490000 | 1504909 |
| | &nbsp;&nbsp;&nbsp;New York State Thruway Authority (State of New York Personal Income Tax Revenue), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2041 | 1500000 | 1607972 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/15/2046 | 750000 | 778816 |
| | &nbsp;&nbsp;&nbsp;New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2041 - 3/15/2042 | 4300000 | 4523580 |
| | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Laguardia Gateway Partners LLC) AMT, Series A-P3, 5.00% due 7/1/2046 | 1000000 | 995977 |
| | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2037 | 1500000 | 1522521 |

---

See notes to financial statements. Annual Financial Statements \| 235

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2030 | $1400000 | $1460371 |
| | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, Series 253, 4.70% due 10/1/2038 | 945000 | 972864 |
| | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250000 | 277005 |
| | &nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 | 250000 | 257802 |
| | &nbsp;&nbsp;**NORTH CAROLINA — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2190000 | 2193773 |
| | &nbsp;&nbsp;&nbsp;Greater Asheville Regional Airport Authority (AG) AMT, 5.25% due 7/1/2042 - 7/1/2043 | 1435000 | 1485977 |
| | &nbsp;&nbsp;&nbsp;Inlivian, Series A, 5.05% due 2/1/2043 | 1625000 | 1738386 |
| | &nbsp;&nbsp;&nbsp;Nash Health Care Systems, 5.00% due 2/1/2045 | 875000 | 892307 |
| | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Maryfield, Inc. Obligated Group), |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2036 | 245000 | 256501 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 10/1/2045 | 810000 | 819024 |
| | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2044 | 1380000 | 1389210 |
| | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Plantation Village Obligated Group), Series A, 4.00% due 1/1/2041 | 1020000 | 920152 |
| | &nbsp;&nbsp;**NORTH DAKOTA — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 7/1/2040 | 1500000 | 1530901 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% due 7/1/2045 | 7500000 | 7654620 |
| | &nbsp;&nbsp;**OHIO — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Cleveland GO, 5.00% due 12/1/2026 | 15000 | 15026 |
| | &nbsp;&nbsp;&nbsp;Cleveland State University (BAM), Series C, 5.00% due 6/1/2041 | 2830000 | 3033607 |
| | &nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority AMT, Series A, 5.25% due 1/1/2045 | 1750000 | 1825894 |
| | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority, Series A, 5.125% due 1/1/2044 | 1000000 | 1040214 |
| | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority (FNMA), Series A, 4.46% due 11/1/2044 | 1000000 | 973264 |
| | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority (Meadow Creek Apartments LP) (FNMA), 4.82% due 11/1/2043 | 1850000 | 1920267 |
| | &nbsp;&nbsp;&nbsp;County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), Series A, 5.00% due 8/1/2042 | 1400000 | 1413501 |
| | &nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), 5.25% due 1/1/2035 - 1/1/2045 | 1200000 | 1261099 |
| | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | 840000 | 889382 |
| | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (FHLMC, FNMA, GNMA) (Green Bond), Series B, 4.80% due 9/1/2043 | 905000 | 920160 |
| | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (Yorktown Preservation LLC) (FNMA, HUD), 4.55% due 4/1/2041 | 2090000 | 2094361 |
| | &nbsp;&nbsp;&nbsp;Polaris Career Center COP, 5.00% due 11/1/2041 | 1150000 | 1150822 |
| | &nbsp;&nbsp;**OKLAHOMA — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Clinton Public Works Authority, 5.00% due 10/1/2039 | 3335000 | 3463441 |
| | &nbsp;&nbsp;&nbsp;Love County Educational Facilities Authority (Love County ISD No. 4 Thackerville), 4.75% due 9/1/2037 | 1135000 | 1153925 |
| | &nbsp;&nbsp;&nbsp;Mcintosh County Educational Facilities Authority (District No. 1 Eufaula) ISD, 5.00% due 9/1/2039 - 9/1/2041 | 1200000 | 1226876 |
| | &nbsp;&nbsp;**OREGON — 0.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | 500000 | 443320 |
| | &nbsp;&nbsp;**PENNSYLVANIA — 6.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Allegheny County Airport Authority (AG) AMT, Series A, 5.25% due 1/1/2044 - 1/1/2045 | 3825000 | 4030831 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 14, 5.00% due 10/1/2034 | 500000 | 508061 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia (Philadelphia Gas Works), Series 15, 5.00% due 8/1/2042 | 2000000 | 2015608 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue (AG) AMT, 4.00% due 7/1/2041 | 2000000 | 1877366 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2036 | 1610000 | 1701487 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2033 - 7/1/2042 | 9150000 | 9303849 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2045 | 855000 | 894652 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2032 | 1380000 | 1483638 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1360000 | 1388865 |
| | &nbsp;&nbsp;&nbsp;City of Philadelphia Water & Wastewater Revenue, Series A, 5.00% due 11/1/2045 | 1050000 | 1075413 |
| | &nbsp;&nbsp;&nbsp;County of Luzerne (AG) GO, Series A, 5.00% due 11/15/2029 | 3000000 | 3005856 |
| | &nbsp;&nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 2/15/2045 | 2000000 | 2012560 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 2/15/2039 | 1100000 | 1109475 |
| | &nbsp;&nbsp;&nbsp;Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 1490000 | 1501646 |
| | &nbsp;&nbsp;&nbsp;Montgomery County (ACTS Retirement-Life Communities, Inc. Obligated Group) IDA, Series C, 5.00% due 11/15/2045 | 2000000 | 1965898 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | 1000000 | 1022091 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.50% due 6/30/2043 | 6000000 | 6281388 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania (Presbyterian Homes Obligated Group) EDFA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2042 | 1250000 | 1261706 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2046 | $1500000 | $1513882 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/2037 | 1000000 | 981286 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2036 | 1000000 | 1074956 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2039 | 1000000 | 1060615 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 4.00% due 6/1/2041 (put 7/1/2026) | 3000000 | 3007560 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Cambridge Community Partners LP) (FNMA, HUD) (Green Bond), Series A, 5.55% due 11/1/2042 | 1100000 | 1213927 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 148A, 3.95% due 10/1/2036 | 990000 | 979500 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 149A, 4.75% due 10/1/2040 | 1580000 | 1616443 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond) AMT, 5.00% due 4/1/2027 | 1500000 | 1540318 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania State Public School Building Authority (Philadelphia School District) (AG, State Aid Withholding), Series B, 5.00% due 6/1/2027 | 5000000 | 5215785 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series 2, 5.00% due 12/1/2036 | 1150000 | 1190564 |
| | &nbsp;&nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2034 - 4/1/2036 | 3525000 | 3614498 |
| | &nbsp;&nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2044 | 1250000 | 1268873 |
| | &nbsp;&nbsp;&nbsp;State Public School Building Authority (School District of Philadelphia) (AG, State Aid Withholding), Series A, 5.00% due 6/1/2032 | 3500000 | 3572894 |
| | &nbsp;&nbsp;**RHODE ISLAND — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (FNMA), Series A, 4.80% due 6/1/2043 | 2500000 | 2569900 |
| | &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (GNMA) (Green Bond), Series 81-A, 5.25% due 10/1/2043 | 2000000 | 2094046 |
| | &nbsp;&nbsp;**SOUTH CAROLINA — 2.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series B-1, 5.25% due 2/1/2054 (put 3/1/2031) | 6000000 | 6209526 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 9500000 | 10330072 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 2000000 | 2003566 |
| | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (McLeod Health Obligated Group), 5.00% due 11/1/2043 | 2300000 | 2323550 |
| | &nbsp;&nbsp;&nbsp;South Carolina State Housing Finance & Development Authority (FHLMC, FNMA, GNMA), Series B, 4.875% due 7/1/2045 | 2000000 | 2034478 |
| | &nbsp;&nbsp;&nbsp;South Carolina State Housing Finance & Development Authority (Hallmark Settlement Manor LP) (FNMA), Series 2025A, 4.80% due 5/1/2043 | 1000000 | 1029304 |
| | &nbsp;&nbsp;**SOUTH DAKOTA — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;South Dakota HDA (FHLMC, FNMA, GNMA), Series C, 5.00% due 11/1/2045 | 3000000 | 3067320 |
| | &nbsp;&nbsp;**TENNESSEE — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Board of The Metropolitan Government of Nashville, Series 2024-11FN Class PT, 4.80% due 7/1/2043 | 3000000 | 2996685 |
| | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Provident Group - UTK Properties LLC) (BAM), Series A-1, 5.00% due 7/1/2044 | 425000 | 436178 |
| | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Village at Inskip LP) (FNMA), Series A, 4.625% due 12/1/2043 | 1500000 | 1489401 |
| | &nbsp;&nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2043 | 1000000 | 1002737 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2045 | 1025000 | 1035334 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series A, 5.10% due 7/1/2044 | 1625000 | 1713152 |
| | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare) (AG), Series A, 5.00% due 6/1/2035 | 1500000 | 1659801 |
| | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | 1000000 | 1023133 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 2000000 | 2041008 |
| | &nbsp;&nbsp;&nbsp;Tennessee (FHLMC, FNMA, GNMA) (Green Bond) HDA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1A, 4.90% due 7/1/2045 | 1000000 | 1015179 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3A, 5.20% due 7/1/2043 | 1975000 | 2050202 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Guaranty: Goldman Sachs Group, Inc.), Series A-1, 5.00% due 5/1/2053 (put 5/1/2028) | 5000000 | 5204435 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/1/2052 (put 11/1/2031) | 11785000 | 12672411 |
| | &nbsp;&nbsp;**TEXAS — 8.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Agua Dulce (PSF-GTD) ISD GO, 5.00% due 8/15/2045 | 650000 | 682079 |
| | &nbsp;&nbsp;&nbsp;Athens (PSF-GTD) ISD GO, 5.00% due 2/15/2046 | 2000000 | 2108242 |
| | &nbsp;&nbsp;&nbsp;Bexar Management & Development Corp. (Oso Apartments Ltd.) (FNMA), 4.61% due 7/1/2044 | 1000000 | 1004396 |
| | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 - 11/15/2042 | 4740000 | 4901086 |
| | &nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04FN Class PT, 4.625% due 10/1/2043 | 2000000 | 2003102 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/1/2044 | 1000000 | 1018369 |
| | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2033 - 7/1/2036 | 2750000 | 2884599 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2045 | 1000000 | 1069394 |
| | &nbsp;&nbsp;&nbsp;City of Kyle (CTFS Obligation) (AG) GO, 5.00% due 8/15/2045 | 500000 | 517568 |
| | &nbsp;&nbsp;&nbsp;City of Port Arthur (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2044 | 445000 | 457813 |
| | &nbsp;&nbsp;&nbsp;City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2040 | 2000000 | 2150520 |
| | &nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems Revenue, Series A, 5.00% due 2/1/2046 | 3500000 | 3585130 |

---

See notes to financial statements. Annual Financial Statements \| 237

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;County of Bexar GO, 4.00% due 6/15/2036 | $1000000 | $1003938 |
| | &nbsp;&nbsp;&nbsp;Dallas College GO, 5.00% due 2/15/2037 | 715000 | 715878 |
| | &nbsp;&nbsp;&nbsp;Gainesville (PSF-GTD) ISD GO, 5.25% due 2/15/2046 | 800000 | 864703 |
| | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp., Series A, 5.00% due 10/1/2043 | 1875000 | 1912446 |
| | &nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2034 | 1185000 | 1303412 |
| | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), 5.00% due 7/1/2040 | 5000000 | 5065575 |
| | &nbsp;&nbsp;&nbsp;Harris County Hospital District GO, 5.00% due 2/15/2046 | 2500000 | 2597832 |
| | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority (LCRA Transmission Services Corp.), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2039 - 5/15/2046 | 4130000 | 4189684 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2039 | 500000 | 527546 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2042 | 1410000 | 1505616 |
| | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 2000000 | 2046494 |
| | &nbsp;&nbsp;&nbsp;Memorial City Redevelopment Authority (Houston Reinvestment Zone No. 17) (AG), 5.00% due 9/1/2045 | 1200000 | 1234765 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Republic Services, Inc.) AMT, 4.00% due 6/1/2054 (put 6/1/2034) | 1545000 | 1545910 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Waste Management, Inc.) AMT, Series A, 3.80% due 5/1/2046 (put 12/1/2025) | 2400000 | 2400000 |
| | &nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Westminster Manor Obligated Group), 5.00% due 11/1/2040 | 2000000 | 2058728 |
| | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2042 | 600000 | 620328 |
| | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority (North Texas Tollway System), Series A, 4.125% due 1/1/2040 | 1500000 | 1487312 |
| | &nbsp;&nbsp;&nbsp;Northwest (PSF-GTD) ISD GO, 5.00% due 2/15/2042 | 1730000 | 1838993 |
| | &nbsp;&nbsp;&nbsp;San Marcos Consolidated (PSF-GTD) ISD GO, 5.00% due 8/15/2042 | 1250000 | 1329964 |
| | &nbsp;&nbsp;&nbsp;Somerville (PSF-GTD) ISD GO, 5.25% due 2/15/2042 | 1635000 | 1795402 |
| | &nbsp;&nbsp;&nbsp;Springtown (PSF-GTD) ISD GO, 5.00% due 2/15/2046 | 1500000 | 1581292 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group), Series A, 4.00% due 11/15/2036 | 1000000 | 1000319 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2053 (put 7/1/2032) | 2000000 | 2188850 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2033 - 7/1/2036 | 4185000 | 4385772 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center Obligated Group), 5.00% due 12/1/2045 | 1150000 | 1202775 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cumberland Rest, Inc. Obligated Group), 5.00% due 10/1/2034 - 10/1/2044 | 3680000 | 3896027 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2040 | 3520000 | 3732235 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | 6000000 | 6662478 |
| | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC) AMT, 5.50% due 6/30/2043 | 1150000 | 1181684 |
| | &nbsp;&nbsp;&nbsp;Texas Public Finance Authority (Texas Southern University) (BAM), 5.25% due 5/1/2040 | 500000 | 544457 |
| | &nbsp;&nbsp;&nbsp;Texas State Technical College (AG), Series A, 5.50% due 8/1/2042 | 2000000 | 2178584 |
| | &nbsp;&nbsp;&nbsp;Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | 850000 | 797524 |
| | &nbsp;&nbsp;**UTAH — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Salt Lake City Airport Revenue AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2030 - 7/1/2042 | 6975000 | 7122820 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2040 - 7/1/2045 | 6530000 | 6860712 |
| | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 500000 | 515731 |
| | &nbsp;&nbsp;&nbsp;Utah Housing Corp. (FNMA), Series A, 4.69% due 2/1/2045 | 1000000 | 999466 |
| | &nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency, 5.50% due 6/1/2040 | 500000 | 554124 |
| | &nbsp;&nbsp;**VIRGINIA — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;Virginia HDA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 7/1/2045 | 500000 | 505070 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2045 | 3000000 | 3073047 |
| | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (Bon Secours Mercy Health, Inc.), Series A, 5.00% due 10/1/2041 - 10/1/2042 | 1010000 | 1048899 |
| | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 | 850000 | 902522 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Wise County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 11/1/2040 (put 5/28/2027) | 8790000 | 8923643 |
| | &nbsp;&nbsp;**WASHINGTON — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | 1000000 | 1051664 |
| | &nbsp;&nbsp;&nbsp;Port of Seattle AMT, 5.00% due 4/1/2036 | 1000000 | 1035260 |
| | &nbsp;&nbsp;&nbsp;State of Washington GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021A, 5.00% due 6/1/2040 | 2225000 | 2362476 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/1/2041 | 1000000 | 1029481 |
| | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Series 1N, 5.00% due 12/1/2045 | 2000000 | 2052758 |
| | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP) (FNMA), Series A FN, 4.55% due 8/1/2043 | 1000000 | 986690 |
| | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | 3000000 | 2984430 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 6.25% due 7/1/2046 | 4000000 | 3981968 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.875% due 7/1/2043 | 1000000 | 1061038 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;**WEST VIRGINIA — 0.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Morgantown Utility Board, Inc. (AG), Series A, 5.00% due 12/1/2041 | $2000000 | $2022352 |
| | &nbsp;&nbsp;**WISCONSIN — 3.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2028 - 1/1/2042 | 5235000 | 5270782 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority (Penick Village Obligated Group), 5.00% due 9/1/2039 | 770000 | 770629 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2040 - 6/1/2041 | 525000 | 443777 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A 5.00% due 10/1/2044 | 6900000 | 6933313 |
| | &nbsp;&nbsp;&nbsp;Racine (AG) USD GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2039 | 1640000 | 1744648 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2039 - 4/1/2042 (pre-refunded 4/1/2031) | 695000 | 782413 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group), Series A, 4.50% due 11/15/2039 | 500000 | 501247 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Ascension Health), Series A, 5.00% due 11/15/2036 | 2380000 | 2393928 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Fort Healthcare, Inc. Obligated Group), Series A, 5.00% due 10/1/2038 | 715000 | 757430 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) (AG), Series A, 5.25% due 8/15/2045 | 4850000 | 5179897 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA) (Green Bond), Series C, 4.50% due 9/1/2044 | 12690000 | 12540499 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 94.9% (Cost $1,010,784,625) |  | 1040953871 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 4.1%** |  |  |
| | **MUNICIPAL BONDS — 4.1%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**ARIZONA — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Arizona (Banner Health Obligated Group; LOC Bank of America NA) HFA, Series C-RMK 3.70% due 1/1/2046 (put 10/1/2025) | 2595000 | 2595000 |
| | &nbsp;&nbsp;**COLORADO — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Colorado (Children's Hospital Colorado Obligated Group; LOC TD Bank NA) HFA, Series A, 3.70% due 12/1/2052 (put 10/1/2025) | 4260000 | 4260000 |
| | &nbsp;&nbsp;**FLORIDA — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Hillsborough County (BayCare Obligated Group; LOC TD Bank NA) IDA, Series D, 3.60% due 11/15/2042 (put 10/1/2025) | 1515000 | 1515000 |
| | &nbsp;&nbsp;**NEW YORK — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (LOC Barclays Bank plc), Series E 1, 3.85% due 11/15/2050 (put 10/1/2025) | 7000000 | 7000000 |
| | &nbsp;&nbsp;**NORTH CAROLINA — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 3.70% due 1/15/2038 (put 10/1/2025) | 895000 | 895000 |
| | &nbsp;&nbsp;**OHIO — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group; SPA Barclays Bank plc), 3.80% due 1/1/2043 (put 10/1/2025) | 12995000 | 12995000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;State of Ohio (University Hospitals Health System, Inc. Obligated Group; LOC PNC Bank NA), Series A, 3.80% due 1/15/2046 (put 10/1/2025) | 2525000 | 2525000 |
| | &nbsp;&nbsp;**TEXAS — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Gulf Coast (Exxon Mobil Corp.) IDA, 3.70% due 11/1/2041 (put 10/1/2025) | 7000000 | 7000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 3.85% due 4/1/2040 (put 10/1/2025) | 6685000 | 6685000 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 4.1% (Cost $45,470,000) |  | 45470000 |
| |  |  |  |
| | **MUTUAL FUND — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 9156 | 9156 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.0% (Cost $9,156) |  | 9156 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 4.1% (Cost $45,479,156) |  | 45479156 |
| |  |  |  |
| | TOTAL INVESTMENTS — 99.0% (Cost $1,056,263,781) |  | $1086433027 |
| |  |  |  |
| | OTHER ASSETS LESS LIABILITIES — 1.0% |  | 10937083 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $1097370110 |

---

See notes to financial statements. Annual Financial Statements \| 239

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| September 30, 2025

**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 September 30, 2025. |

---

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $17,766,569, representing 1.62% of the Fund's net assets. |

---

c When-issued security.

d Rate represents the money market fund annualized seven-day yield at September 30, 2025.

---

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

---

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| GRT | Gross Receipts Tax |

---

---

| | |
|:---|:---|
| HDA | Housing Development Authority |
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| ISD | Independent School District |
| LOC | Letter of Credit |
| NPFG | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| Q-SBLF | Insured by Qualified School Bond Loan Fund |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| USD | Unified School District |

---

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

Schedule of Investments

Thornburg Strategic Municipal Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | **LONG-TERM MUNICIPAL BONDS — 94.0%** |  |  |
|  | **ALABAMA — 4.0%** |  |  |
|  | &nbsp;&nbsp;Alabama Community College System (BAM), 5.125% due 10/1/2055 | $2000000 | $2064926 |
|  | &nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), Series B, 5.05% due 10/1/2045 | 1000000 | 1029529 |
|  | &nbsp;&nbsp;Alabama Housing Finance Authority (TBG Southtown Senior LP) (FNMA) (Green Bond), Series 2023-04FN Class PT, 5.23% due 10/1/2041 | 1500000 | 1587258 |
| a | &nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: BP plc), Series D, 5.00% due 3/1/2055 (put 11/1/2034) | 2000000 | 2167962 |
|  | &nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons II LLC), Series C, 5.00% due 10/1/2056 | 500000 | 473010 |
|  | &nbsp;&nbsp;Mobile County (AM/NS Calvert LLC; Guaranty: Arcelormittal SA) IDA AMT, Series A, 5.00% due 6/1/2054 | 1250000 | 1196067 |
| a | &nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | 1000000 | 1072658 |
|  | &nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Deutsche Bank AG), Series A, 5.00% due 11/1/2034 - 11/1/2035 | 3210000 | 3410667 |
| a | &nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 1000000 | 1085139 |
| a | &nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 1/1/2054 (put 6/1/2030) | 1000000 | 1072829 |
|  | **ARIZONA — 3.4%** |  |  |
|  | &nbsp;&nbsp;Arizona (FHLMC, FNMA, GNMA) IDA, Series A, 5.15% due 10/1/2053 | 370000 | 380100 |
|  | &nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, |  |  |
| a | &nbsp;&nbsp;&nbsp;4.10% due 12/1/2037 (put 6/15/2028) | 850000 | 856694 |
| a | &nbsp;&nbsp;&nbsp;Series 2022-2, 5.00% due 9/1/2052 (put 9/1/2027) | 3135000 | 3193255 |
|  | &nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series A, 5.00% due 7/1/2042 | 1750000 | 1764583 |
| a | &nbsp;&nbsp;Coconino County Pollution Control Corp. (Nevada Power Co.) AMT, Series A, 4.125% due 9/1/2032 (put 3/31/2026) | 1065000 | 1068399 |
| a | &nbsp;&nbsp;Maricopa County (Banner Health Obligated Group) IDA, Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | 1000000 | 1094687 |
|  | &nbsp;&nbsp;Maricopa County (Legacy Traditional School Obligated Group) IDA, Series A, 5.25% due 7/1/2055 | 850000 | 818504 |
| a | &nbsp;&nbsp;Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), Series A, 0.875% due 6/1/2043 (put 10/1/2026) | 3000000 | 2932194 |
|  | &nbsp;&nbsp;Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 1000000 | 957169 |
|  | **CALIFORNIA — 5.1%** |  |  |
|  | &nbsp;&nbsp;Benicia (Benicia High School) (AG) USD GO, Series C, Zero Coupon due 8/1/2026 | 830000 | 804545 |
|  | &nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 | 350000 | 357212 |
|  | &nbsp;&nbsp;California (Community Program Developmental Disabilities) (California Mtg Insurance) HFFA, Series A, 6.25% due 2/1/2026 | 425000 | 426301 |
| a | &nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 4200000 | 4456624 |
| a | &nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 1000000 | 1022939 |
|  | &nbsp;&nbsp;California Municipal Finance Authority (Biola University), 5.00% due 10/1/2027 | 430000 | 447402 |
|  | &nbsp;&nbsp;California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | 1400000 | 1501969 |
| b | &nbsp;&nbsp;California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | 1000000 | 980305 |
| a | &nbsp;&nbsp;California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | 1250000 | 1275540 |
|  | &nbsp;&nbsp;California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2030 | 175000 | 185277 |
|  | &nbsp;&nbsp;City of Rialto (Community Facilities District No. 2020-1), 5.125% due 9/1/2055 | 1000000 | 1009410 |
|  | &nbsp;&nbsp;County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625000 | 626194 |
|  | &nbsp;&nbsp;Lammersville Joint (Community Facilities Dist No. 2024-1) USD, 5.125% due 9/1/2050 | 765000 | 774187 |
|  | &nbsp;&nbsp;Moreno Valley Community Facilities District (Community Facilities District No. 2022-1) USD, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 9/1/2040 - 9/1/2045 | 860000 | 874961 |
|  | &nbsp;&nbsp;&nbsp;5.125% due 9/1/2050 | 665000 | 674720 |
|  | &nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series A, 6.50% due 11/1/2039 | 1245000 | 1515294 |
|  | &nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2047 | 550000 | 550009 |
|  | &nbsp;&nbsp;San Diego County Regional Airport Authority AMT, Series B, 5.00% due 7/1/2049 | 1000000 | 1005719 |
|  | &nbsp;&nbsp;Union Elementary School District (Santa Clara County District Schools) (NPFG) GO, Series D, Zero Coupon due 9/1/2027 | 905000 | 868433 |
|  | **COLORADO — 3.3%** |  |  |
|  | City & County of Denver Airport System Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2036 - 12/1/2048 | 4065000 | 4158573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2043 | 150000 | 152389 |
|  | Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.50% due 11/1/2047 | 1000000 | 1041934 |
|  | &nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2044 | 1600000 | 1612690 |
|  | Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2044 | 1000000 | 1008057 |
|  | Colorado Educational & Cultural Facilities Authority (Addenbrooke Classical Academy, Inc.) (BAM, State Aid Withholding), Series A, 5.00% due 6/1/2050 | 500000 | 506647 |
|  | Colorado Educational & Cultural Facilities Authority (Roosevelt Charter Academy) (BAM), Series A, 5.00% due 7/1/2055 | 575000 | 584856 |
|  | Public Authority for Colorado Energy (Natural Gas Purchase; Guaranty: Merrill Lynch & Co.), 6.50% due 11/15/2038 | 260000 | 310497 |
|  | Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2032 | 1215000 | 1306394 |
|  | STC Metropolitan District No. 2 (AG) GO, Series A, 5.00% due 12/1/2055 | 750000 | 762976 |
|  | Village Metropolitan District GO, 5.00% due 12/1/2040 | 1000000 | 1008225 |

---

See notes to financial statements. Annual Financial Statements \| 241

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | **CONNECTICUT — 0.3%** |  |  |
| | &nbsp;&nbsp;State of Connecticut GO, Series A, 5.00% due 4/15/2035 | $1000000 | $1046265 |
| | **DELAWARE — 0.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Delaware State (Academia Antonia Alonso, Inc.) EDA, Series A, 6.00% due 7/1/2055 | 1000000 | 1021096 |
| | &nbsp;&nbsp;Delaware State (Beebe Medical Center, Inc.) HFA, 4.00% due 6/1/2035 | 1080000 | 1055920 |
| | **DISTRICT OF COLUMBIA — 0.8%** |  |  |
| | &nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC) (FNMA) (Green Bond), Series A, 4.875% due 9/1/2045 | 1000000 | 1019254 |
| | &nbsp;&nbsp;Metropolitan Washington Airports Authority (Dulles Toll Road) (AG), Series B, Zero Coupon due 10/1/2027 | 1500000 | 1421196 |
| | &nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 5.00% due 10/1/2050 | 500000 | 506659 |
| | **FLORIDA — 7.5%** |  |  |
| | &nbsp;&nbsp;Alachua County (Oak Hammock at the University of Florida Obligated Group) HFA, Series A, 5.75% due 10/1/2053 | 1500000 | 1547694 |
| <sup>b</sup> | &nbsp;&nbsp;Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | 300000 | 304016 |
| <sup>b</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 3000000 | 3070413 |
| | &nbsp;&nbsp;City of Pompano Beach (John Knox Village of Florida, Inc. Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;4.00% due 9/1/2040 | 1000000 | 911903 |
| | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 9/1/2036 | 500000 | 485909 |
| <sup>b</sup> | &nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series A, 5.50% due 1/1/2055 | 1000000 | 943578 |
| | &nbsp;&nbsp;County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1000000 | 1021343 |
| | &nbsp;&nbsp;County of Broward Airport System Revenue AMT, Series A, 5.00% due 10/1/2049 | 1000000 | 992702 |
| | &nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, Series B, 5.00% due 10/1/2040 | 1000000 | 1007355 |
| | &nbsp;&nbsp;County of Miami-Dade Transit System, 5.00% due 7/1/2046 | 1000000 | 1036686 |
| | &nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2056 | 1000000 | 932573 |
| | &nbsp;&nbsp;Florida Housing Finance Corp. (SP Palms LLC) (FHLMC), Series F-1, 4.90% due 11/1/2042 | 875000 | 886964 |
| <sup>b</sup> | &nbsp;&nbsp;Florida Local Government Finance Commission (BridgePrep Academy, Inc. Series 2025 Obligated Group), Series A, 6.25% due 6/15/2055 | 2500000 | 2573575 |
| | &nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | 2200000 | 2209603 |
| | &nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, 5.25% due 11/15/2054 | 1000000 | 990275 |
| | &nbsp;&nbsp;&nbsp;Series B-1, 4.75% due 11/15/2029 | 1500000 | 1512325 |
| <sup>b</sup> | &nbsp;&nbsp;Miami-Dade County (Miami Community Charter School, Inc.) IDA, 6.25% due 6/1/2055 | 500000 | 503462 |
| | &nbsp;&nbsp;Miami-Dade County School Board (District School Facilities & Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1100000 | 1101850 |
| | &nbsp;&nbsp;Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 2270000 | 2282073 |
| | &nbsp;&nbsp;Orange County (Orlando Health Obligated Group) HFA, Series A, 5.00% due 10/1/2047 | 1000000 | 1005983 |
| | &nbsp;&nbsp;Palm Beach County (ACTS Retirement-Life Communities, Inc. Obligated Group) HFA, Series B, 5.00% due 11/15/2049 | 1000000 | 988602 |
| | &nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, |  |  |
| | &nbsp;&nbsp;&nbsp;5.00% due 11/1/2045 | 715000 | 715600 |
| | &nbsp;&nbsp;&nbsp;5.75% due 11/1/2050 | 500000 | 525501 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2047 | 250000 | 246332 |
| | &nbsp;&nbsp;Palm Beach County (Lifespace Communities, Inc. Obligated Group) HFA, Series C, 7.625% due 5/15/2058 | 500000 | 562261 |
| | **GEORGIA — 5.1%** |  |  |
| | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2055 (put 12/1/2035) | 2000000 | 2164572 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 1500000 | 1522281 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 1000000 | 1068441 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2055 (put 12/1/2032) | 1500000 | 1636472 |
| | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2036 - 5/15/2043 | 5600000 | 5853255 |
| | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 1250000 | 1274366 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 3000000 | 3237432 |
| | &nbsp;&nbsp;Municipal Electric Authority of Georgia (AG), Series A, 5.00% due 7/1/2053 | 1500000 | 1526090 |
| | &nbsp;&nbsp;Municipal Electric Authority of Georgia (BAM), Series A, 5.00% due 1/1/2049 | 1000000 | 1000355 |
| | **ILLINOIS — 9.4%** |  |  |
| | &nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 | 500000 | 525483 |
| | &nbsp;&nbsp;Chicago Board of Education GO, Series A, 6.00% due 12/1/2049 | 1000000 | 1011850 |
| | &nbsp;&nbsp;Chicago Midway International Airport AMT, Series A, 5.00% due 1/1/2048 | 500000 | 495746 |
| | &nbsp;&nbsp;Chicago O'Hare International Airport (AG) AMT, Series A, 5.25% due 1/1/2045 | 825000 | 859180 |
| | &nbsp;&nbsp;Chicago O'Hare International Airport AMT, Series A, 5.25% due 1/1/2048 - 1/1/2053 | 3000000 | 3050569 |
| | &nbsp;&nbsp;City of Chicago (Midway International Airport) AMT, Series A, 5.00% due 1/1/2026 | 1000000 | 1004533 |
| | &nbsp;&nbsp;City of Chicago GO, |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | 500000 | 510121 |
| | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 - 1/1/2050 | 3830000 | 3922294 |
| | &nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue (AG), Series A, 5.25% due 1/1/2053 | 1000000 | 1037456 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;Illinois Finance Authority (Plymouth Place Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2033 | $290000 | $292281 |
| | &nbsp;&nbsp;&nbsp;&nbsp;6.625% due 5/15/2052 | 1000000 | 1044306 |
| | &nbsp;&nbsp;Illinois Finance Authority (Washington & Jane Smith Community-Orland Park), 4.00% due 10/15/2025 - 10/15/2027 | 1010000 | 1011777 |
| | &nbsp;&nbsp;Illinois State University (AG), Series A, 5.00% due 4/1/2033 - 4/1/2036 | 965000 | 1007171 |
| | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 6/15/2050 | 1500000 | 1500531 |
| | &nbsp;&nbsp;Northeastern Illinois University (BAM) COP, 5.25% due 7/1/2050 | 1000000 | 1008445 |
| | &nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 1000000 | 1046556 |
| | &nbsp;&nbsp;State of Illinois (BAM) GO, 4.00% due 6/1/2041 | 1280000 | 1229725 |
| | &nbsp;&nbsp;State of Illinois GO, |  |  |
| | &nbsp;&nbsp;&nbsp;5.50% due 5/1/2039 | 375000 | 400487 |
| | &nbsp;&nbsp;&nbsp;5.75% due 5/1/2045 | 1600000 | 1682722 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.50% due 3/1/2042 - 3/1/2047 | 2000000 | 2115607 |
| | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2048 | 295000 | 303957 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2047 | 1000000 | 1045058 |
| | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2028 | 3000000 | 3128256 |
| | &nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4500000 | 4694864 |
| | &nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM), Series B, 4.75% due 6/15/2043 | 2005000 | 2027851 |
| | **INDIANA — 2.3%** |  |  |
| | &nbsp;&nbsp;Indiana Finance Authority (Baptist Healthcare System Obligated Group), Series A, 5.00% due 8/15/2051 | 620000 | 615267 |
| | &nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), Series B, 5.50% due 5/1/2054 | 500000 | 505984 |
| | &nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 1300000 | 1330988 |
| | &nbsp;&nbsp;Indiana Finance Authority (Retirement Living, Inc. Obligated Group), Series A, 5.375% due 3/1/2055 | 1250000 | 1229194 |
| <sup>a</sup> | &nbsp;&nbsp;Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 1500000 | 1536924 |
| | &nbsp;&nbsp;Indiana Finance Authority (Westminster Village Greenwood, Inc. Obligated Group), Series A, 5.75% due 5/15/2055 | 3300000 | 3380318 |
| | **IOWA — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (pre-refunded 12/1/2032) | 2075000 | 2380510 |
| | &nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series 2024 A&B, 5.125% due 5/15/2059 | 1000000 | 931457 |
| | &nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.25% due 12/1/2050 | 1000000 | 1011436 |
| | &nbsp;&nbsp;Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center), 5.00% due 10/1/2047 | 750000 | 737515 |
| <sup>a</sup> | &nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 1650000 | 1678362 |
| | **KANSAS — 0.5%** |  |  |
| | &nbsp;&nbsp;Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2000000 | 2002277 |
| | **KENTUCKY — 3.3%** |  |  |
| | &nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 1500000 | 1522697 |
| | &nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
| | &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2052 (put 8/1/2030) | 5500000 | 5629888 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | 5000000 | 5440640 |
| | **LOUISIANA — 1.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 6.15% due 6/15/2055 | 1500000 | 1526430 |
| | &nbsp;&nbsp;Louisiana Public Facilities Authority (CHRISTUS Health Obligated Group), Series A, 5.00% due 7/1/2048 | 1500000 | 1507892 |
| | &nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series 2025-A, 5.25% due 5/15/2055 | 1000000 | 1036229 |
| | **MARYLAND — 0.5%** |  |  |
| | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) (AG), 5.00% due 7/1/2055 | 1000000 | 1015910 |
| | &nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) (AG) AMT, Series A, 5.25% due 8/1/2054 | 1000000 | 1027254 |
| | **MASSACHUSETTS — 0.7%** |  |  |
| | &nbsp;&nbsp;Commonwealth of Massachusetts GO, Series D, 5.00% due 9/1/2050 | 1000000 | 1028199 |
| <sup>b</sup> | &nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series A, 5.875% due 12/1/2060 | 1500000 | 1314068 |
| | &nbsp;&nbsp;Massachusetts Housing Finance Agency (HUD) (Green Bond), Series C1, 5.20% due 12/1/2053 | 500000 | 514125 |
| | **MICHIGAN — 1.0%** |  |  |
| | &nbsp;&nbsp;City of Detroit (Green Bond) GO, Series A, 5.00% due 4/1/2032 | 300000 | 324318 |
| | &nbsp;&nbsp;Detroit City School District (School Building & Site) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1000000 | 1043311 |
| | &nbsp;&nbsp;Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), Series A, 5.25% due 5/15/2041 | 140000 | 140186 |
| | &nbsp;&nbsp;Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1000000 | 1001419 |
| | &nbsp;&nbsp;Michigan State HDA (Green Bond), Series A, 5.00% due 12/1/2055 | 750000 | 739820 |
| <sup>a</sup> | &nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | 500000 | 496120 |
| | **MINNESOTA — 0.3%** |  |  |
| | &nbsp;&nbsp;City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | 992071 | 1061924 |

---

See notes to financial statements. Annual Financial Statements \| 243

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | **MISSOURI — 0.7%** |  |  |
| | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2044 - |  |  |
| | &nbsp;&nbsp;&nbsp;2/1/2048 | $1600000 | $1602455 |
| | &nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), Series C, 5.00% due 11/1/2055 | 1000000 | 1008256 |
| | **MONTANA — 0.4%** |  |  |
| | &nbsp;&nbsp;Montana Facility Finance Authority (Benefis Health System Obligated Group), Series A, 5.50% due 2/15/2055 | 1500000 | 1571811 |
| | **NEBRASKA — 0.9%** |  |  |
| | &nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | 1500000 | 1604871 |
| | &nbsp;&nbsp;Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1750000 | 1753057 |
| | **NEVADA — 0.5%** |  |  |
| | &nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2037 | 1060000 | 1067805 |
| <sup>a</sup> | &nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 760000 | 765323 |
| | **NEW HAMPSHIRE — 0.6%** |  |  |
| | &nbsp;&nbsp;New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 2150000 | 2147878 |
| | **NEW JERSEY — 2.6%** |  |  |
| | &nbsp;&nbsp;Camden County Improvement Authority (Kipp Cooper Norcross Obligated Group) (Green Bond), 6.00% due 6/15/2052 | 1000000 | 1039008 |
| | &nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2033 | 500000 | 538451 |
| | &nbsp;&nbsp;New Jersey (School Facilities Construction) (NPFG) EDA, Series N1, 5.50% due 9/1/2027 | 1000000 | 1055110 |
| | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, Series C, 5.25% due 12/1/2054 | 300000 | 296020 |
| | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | 1600000 | 1723924 |
| | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2035 | 2000000 | 2095022 |
| | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State of New Jersey), Series AA, 5.00% due 6/15/2046 | 1000000 | 1007923 |
| | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 2000000 | 2031748 |
| | **NEW MEXICO — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 750000 | 762511 |
| | &nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;5.00% due 5/15/2034 | 1465000 | 1465347 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2039 - 5/15/2049 | 1950000 | 1825745 |
| | &nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2033 - 7/1/2034 | 1070000 | 1066340 |
| | &nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C, 5.10% due 9/1/2055 | 1000000 | 1014372 |
| | **NEW YORK — 4.0%** |  |  |
| | &nbsp;&nbsp;Build NYC Resource Corp. (Kipp NYC Public Charter Schools) (Green Bond), 5.00% due 7/1/2042 | 2300000 | 2322924 |
| | &nbsp;&nbsp;Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | 1000000 | 1055997 |
| | &nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | 1045000 | 1055908 |
| | &nbsp;&nbsp;New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD) (Green Bond), Series A, 4.45% due 8/1/2043 | 1500000 | 1482079 |
| | &nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System), Series CC-1, 5.00% due 6/15/2051 | 1000000 | 1025171 |
| | &nbsp;&nbsp;New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue), Series A, 5.00% due |  |  |
| | &nbsp;&nbsp;&nbsp;5/1/2054 | 1500000 | 1569475 |
| | &nbsp;&nbsp;New York State Thruway Authority (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2051 | 2000000 | 2080856 |
| | &nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc.) AMT, 6.00% due 4/1/2035 | 1000000 | 1098935 |
| | &nbsp;&nbsp;Port Authority of New York & New Jersey AMT, Series 238 5.00% due 7/15/2037 | 500000 | 533874 |
| | &nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;Series 248, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 4/1/2032 | 770000 | 776638 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.125% due 10/1/2032 | 210000 | 211247 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.20% due 4/1/2033 | 845000 | 851342 |
| | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series A, 5.00% due 11/15/2051 | 1000000 | 1023493 |
| | **NORTH CAROLINA — 1.7%** |  |  |
| | &nbsp;&nbsp;Greater Asheville Regional Airport Authority (AG) AMT, Series A, 5.25% due 7/1/2039 | 1000000 | 1052851 |
| | &nbsp;&nbsp;Housing Authority of the City of Raleigh North Carolina (919 at Cross Link LP) (FNMA), Series A, 4.50% due 2/1/2043 | 2700000 | 2680326 |
| | &nbsp;&nbsp;Nash Health Care Systems, 5.25% due 2/1/2055 | 750000 | 767508 |
| <sup>c</sup> | &nbsp;&nbsp;North Carolina Medical Care Commission (Maryfield, Inc. Obligated Group), 5.625% due 10/1/2055 | 365000 | 366275 |
| | &nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2054 | 1650000 | 1604633 |
| | **NORTH DAKOTA — 0.6%** |  |  |
| | &nbsp;&nbsp;City of Horace GO, Series C, 5.00% due 5/1/2050 | 1400000 | 1397032 |
| | &nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), Series A, 5.05% due 7/1/2053 | 1000000 | 1021481 |
| | **OHIO — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.25% due 11/15/2030 (pre-refunded 11/15/2026) | 1420000 | 1454806 |
| | &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | 6500000 | 5531656 |
| | &nbsp;&nbsp;Columbus-Franklin County Finance Authority, Series A, 5.125% due 1/1/2044 | 1000000 | 1040214 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund <sup>\|</sup> September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;5.50% due 1/1/2050 | $400000 | $400996 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.50% due 1/1/2043 | 500000 | 510376 |
| | &nbsp;&nbsp;Madison-Plains Local School District (BAM) COP, 5.50% due 12/1/2049 | 1200000 | 1270123 |
| | &nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2038 | 1105000 | 1162261 |
| | **OKLAHOMA — 0.2%** |  |  |
| | &nbsp;&nbsp;Cleveland County Home Loan Authority (GNMA), Series A, 4.45% due 7/1/2044 | 800000 | 795879 |
| | **OREGON — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | 1900000 | 2104655 |
| | **PENNSYLVANIA — 4.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority, 6.00% due 5/1/2042 | 600000 | 632490 |
| | &nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 15, 5.00% due 8/1/2047 | 1000000 | 1001349 |
| | &nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2037 | 1000000 | 1022023 |
| | &nbsp;&nbsp;City of Philadelphia Water & Wastewater Revenue, Series B, 5.00% due 11/1/2049 | 1000000 | 1013220 |
| | &nbsp;&nbsp;County of Luzerne (AG) GO, Series A, 5.00% due 11/15/2029 | 1000000 | 1001952 |
| | &nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), Series A, 5.00% due 4/1/2050 | 1825000 | 1833806 |
| | &nbsp;&nbsp;General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group), Series A, 5.00% due 6/1/2049 | 1605000 | 1608038 |
| | &nbsp;&nbsp;Montgomery County (ACTS Retirement-Life Communities, Inc. Obligated Group) IDA, Series C, 5.00% due 11/15/2045 | 1000000 | 982949 |
| <sup>a</sup> | &nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | 500000 | 511045 |
| | &nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2030 - 5/1/2031 | 2230000 | 2350439 |
| | &nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.75% due 6/30/2048 | 1000000 | 1028836 |
| | &nbsp;&nbsp;Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2046 | 1050000 | 886475 |
| <sup>a</sup> | &nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1500000 | 1457472 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 4.00% due 6/1/2041 (put 7/1/2026) | 2000000 | 2005040 |
| | &nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2047 | 825000 | 854994 |
| | &nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2038 | 100000 | 103649 |
| | **SOUTH CAROLINA — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series B-1, 5.25% due 2/1/2054 (put 3/1/2031) | 1350000 | 1397143 |
| <sup>a</sup> | &nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 5000000 | 5436880 |
| <sup>a,b</sup> | &nbsp;&nbsp;South Carolina Jobs-EDA (Enerra SC-1 LLC) AMT, 3.70% due 12/15/2027 (put 12/1/2026) | 1500000 | 1512040 |
| <sup>a</sup> | &nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 1495000 | 1497666 |
| | **TENNESSEE — 1.6%** |  |  |
| | &nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;5.00% due 7/1/2043 | 1000000 | 1002737 |
| | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2049 | 1000000 | 1006751 |
| | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Shelby House II LP) (FNMA), Series 2024-18FN |  |  |
| | &nbsp;&nbsp;&nbsp;Class PT, 4.60% due 12/1/2044 | 1500000 | 1509791 |
| | &nbsp;&nbsp;Tennessee (Green Bond) HDA, Series 2A, 4.45% due 7/1/2043 | 1000000 | 971253 |
| <sup>a</sup> | &nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | 1500000 | 1612950 |
| | **TEXAS — 8.1%** |  |  |
| | &nbsp;&nbsp;Agua Dulce (PSF-GTD) ISD GO, 5.25% due 8/15/2050 | 1000000 | 1057013 |
| | &nbsp;&nbsp;Blue Ridge (PSF-GTD) ISD GO, Series 2025, 5.50% due 2/15/2055 | 1000000 | 1081425 |
| | &nbsp;&nbsp;City of Austin Airport System Revenue, Series A, 5.00% due 11/15/2049 | 1000000 | 1006267 |
| | &nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 | 2000000 | 2101252 |
| | &nbsp;&nbsp;City of Houston Airport System Revenue (AG) AMT, Series A, 5.25% due 7/1/2048 | 1000000 | 1036150 |
| | &nbsp;&nbsp;City of Houston Airport System Revenue AMT, Series A, 5.00% due 7/1/2041 | 1500000 | 1509056 |
| | &nbsp;&nbsp;Dallas College GO, 5.00% due 2/15/2037 | 360000 | 360442 |
| | &nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 1350000 | 1381384 |
| | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living Obligated Group), Series A, 6.50% due 10/1/2055 | 1000000 | 1022590 |
| | &nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2052 | 500000 | 508932 |
| | &nbsp;&nbsp;Northwest (PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2049 | 1350000 | 1397706 |
| | &nbsp;&nbsp;San Antonio Housing Trust Public Facility Corp. (Brooks Family Apartments LP) (FNMA), Series A, 4.55% due 3/1/2043 | 3500000 | 3451382 |
| | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cumberland Rest, Inc. Obligated Group), 5.00% due 10/1/2044 - 10/1/2049 | 3475000 | 3426218 |
| | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources Obligated Group), Series A, 5.00% due 11/15/2055 | 2000000 | 2062018 |
| | &nbsp;&nbsp;Tarrant County Housing Finance Corp. (4450 Marine Creek Parkway TX Owner LP) (FNMA), Series A, 4.60% due 3/1/2043 | 4100000 | 4088846 |
| | &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2029 | 1435000 | 1532039 |
| <sup>a</sup> | &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | 2000000 | 2220826 |
| | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 850000 | 875099 |
| | &nbsp;&nbsp;Texas State Technical College (AG), Series A, 5.75% due 8/1/2047 | 545000 | 589586 |
| | **U. S. VIRGIN ISLANDS — 0.1%** |  |  |
| | &nbsp;&nbsp;Matching Fund Special Purpose Securitization Corp., Series A, 5.00% due 10/1/2025 | 500000 | 500018 |

---

See notes to financial statements. Annual Financial Statements \| 245

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | **UTAH — 1.9%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | $2000000 | $1997836 |
| | &nbsp;&nbsp;City of Salt Lake City Airport Revenue AMT, Series A, 5.50% due 7/1/2050 | 3000000 | 3176415 |
| <sup>b</sup> | &nbsp;&nbsp;Tech Ridge Public Infrastructure District Tech Ridge Assessment Area, 6.25% due 12/1/2054 | 1000000 | 1015245 |
| <sup>b</sup> | &nbsp;&nbsp;Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | 900000 | 834488 |
| | &nbsp;&nbsp;Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 200000 | 206292 |
| | **VIRGINIA — 0.7%** |  |  |
| | &nbsp;&nbsp;Henrico County (Bon Secours Mercy Health, Inc.) EDA, Series A, 5.00% due 11/1/2048 | 650000 | 667594 |
| | &nbsp;&nbsp;Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group), Series A, 7.00% due 9/1/2053 | 1000000 | 1091667 |
| | &nbsp;&nbsp;Virginia HDA, Series F, 5.00% due 7/1/2045 | 1000000 | 1024349 |
| | **WASHINGTON — 1.3%** |  |  |
| | &nbsp;&nbsp;Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A2, 5.00% due 8/1/2044 | 1000000 | 1002089 |
| | &nbsp;&nbsp;Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | 1000001 | 994810 |
| <sup>b,c</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 6.25% due 7/1/2046 | 1850000 | 1841660 |
| <sup>b</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | 900000 | 938063 |
| | **WEST VIRGINIA — 1.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;West Virginia (Kentucky Power Co.) EDA AMT, Series 2014-A, 4.70% due 4/1/2036 (put 6/17/2026) | 1745000 | 1761686 |
| | &nbsp;&nbsp;West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group), Series A, 5.00% due 6/1/2047 | 3000000 | 2999421 |
| | &nbsp;&nbsp;West Virginia Parkways Authority, 5.00% due 6/1/2047 | 1000000 | 1028239 |
| | **WISCONSIN — 3.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Public Finance Authority (Duke Energy Progress LLC) AMT, Series B, 4.00% due 10/1/2046 (put 10/1/2030) | 1000000 | 1039435 |
| | &nbsp;&nbsp;Public Finance Authority (Kahala Senior Living Community Obligated Group), 5.00% due 11/15/2033 - 11/15/2035 | 1050000 | 1145395 |
| <sup>b</sup> | &nbsp;&nbsp;Public Finance Authority (Liberty Classical Schools Educational Services, Inc.), Series A, 6.75% due 6/15/2055 | 400000 | 396895 |
| | &nbsp;&nbsp;Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2027 - 1/1/2032 | 1430000 | 1468284 |
| | &nbsp;&nbsp;Public Finance Authority (Renown Regional Medical Center Obligated Group), Series A, 5.00% due 6/1/2055 | 1500000 | 1517742 |
| | &nbsp;&nbsp;Public Finance Authority (SR 400 Peach Partners LLC) AMT, Series 2025, 5.75% due 6/30/2060 | 2000000 | 2056436 |
| | &nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2035 - 10/1/2046 | 3145000 | 2897078 |
| | &nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A 5.00% due 10/1/2044 | 1300000 | 1306277 |
| | &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) (AG), Series A, 5.00% due 8/15/2048 | 500000 | 518296 |
| | &nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 94.0% (Cost $345,831,081) |  | 357482546 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 5.1%** |  |  |
| | **MUNICIPAL BONDS — 5.1%** |  |  |
| |  |  |  |
| | **NEW YORK — 3.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;City of New York (SPA JP Morgan Chase Bank NA) GO, Series F-6, 3.70% due 6/1/2044 (put 10/1/2025) | 6400000 | 6400000 |
| <sup>a</sup> | &nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA Mizuho Bank Ltd.), Series AA-6, 3.70% due |  |  |
| | &nbsp;&nbsp;&nbsp;6/15/2048 (put 10/1/2025) | 3800000 | 3800000 |
| <sup>a</sup> | &nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), Series A4, 3.70% due 8/1/2039 |  |  |
| | &nbsp;&nbsp;&nbsp;(put 10/1/2025) | 2300000 | 2300000 |
| | **NORTH CAROLINA — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank NA), Series C, 3.70% due 1/15/2037 (put 10/1/2025) | 1025000 | 1025000 |
| | **OHIO — 1.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Ohio Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group; SPA Barclays Bank plc), 3.80% due 1/1/2043 (put 10/1/2025) | 5785000 | 5785000 |
| | TOTAL MUNICIPAL BONDS — 5.1% (Cost $19,310,000) |  | 19310000 |
| |  |  |  |
| | **MUTUAL FUND — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 177437 | 177437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.0% (Cost $177,437) |  | 177437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 5.1% (Cost $19,487,437) |  | 19487437 |
|  | TOTAL INVESTMENTS — 99.1% (Cost $365,318,518) |  | $376969983 |
|  | OTHER ASSETS LESS LIABILITIES — 0.9% |  | 3431738 |
|  | NET ASSETS — 100.0% |  | $380401721 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| September 30, 2025

**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 September 30, 2025. |

---

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $21,405,660, representing 5.63% of the Fund's net assets. |

---

c When-issued security.

d Rate represents the money market fund annualized seven-day yield at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **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: |  |  |
| AG | &nbsp;&nbsp;&nbsp;&nbsp;Insured by Assured Guaranty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFA | &nbsp;&nbsp;&nbsp;Health Facilities Authority |
| AMT | &nbsp;&nbsp;&nbsp;&nbsp;Alternative Minimum Tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFFA | &nbsp;&nbsp;&nbsp;Health Facilities Financing Authority |
| BAM | &nbsp;&nbsp;&nbsp;&nbsp;Insured by Build America Mutual Insurance Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUD | &nbsp;&nbsp;&nbsp;Insured by Housing and Urban Development |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;Certificates of Participation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDA | &nbsp;&nbsp;&nbsp;Industrial Development Authority/Agency |
| DFA | &nbsp;&nbsp;&nbsp;&nbsp;Development Finance Authority/Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISD | &nbsp;&nbsp;&nbsp;Independent School District |
| EDA | &nbsp;&nbsp;&nbsp;&nbsp;Economic Development Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mtg | &nbsp;&nbsp;&nbsp;Mortgage |
| EDFA | &nbsp;&nbsp;&nbsp;&nbsp;Economic Development Financing Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPFG | &nbsp;&nbsp;&nbsp;Insured by National Public Finance Guarantee Corp. |
| FHA | &nbsp;&nbsp;&nbsp;&nbsp;Insured by Federal Housing Administration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSF-GTD | &nbsp;&nbsp;&nbsp;Guaranteed by Permanent School Fund |
| FHLMC | &nbsp;&nbsp;&nbsp;&nbsp;Collateralized by Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q-SBLF | &nbsp;&nbsp;&nbsp;Insured by Qualified School Bond Loan Fund |
| FNMA | &nbsp;&nbsp;&nbsp;&nbsp;Collateralized by Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SONYMA | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency |
| GNMA | &nbsp;&nbsp;&nbsp;&nbsp;Collateralized by Government National Mortgage Association | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPA | &nbsp;&nbsp;&nbsp;Stand-by Purchase Agreement |
| GO | &nbsp;&nbsp;&nbsp;&nbsp;General Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;Unified School District |
| HDA | &nbsp;&nbsp;&nbsp;&nbsp;Housing Development Authority |  |  |

---

See notes to financial statements. Annual Financial Statements \| 247

Schedule of Investments

Thornburg California Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL <br> AMOUNT** | **VALUE** |
| **** | **LONG-TERM MUNICIPAL BONDS — 88.6%** | **LONG-TERM MUNICIPAL BONDS — 88.6%** |  |
| | &nbsp;&nbsp;&nbsp;Antonio B Won Pat International Airport Authority AMT, Series A, 5.00% due 10/1/2031 - 10/1/2033 | $900000 | $963458 |
| | &nbsp;&nbsp;&nbsp;Apple Valley Public Financing Authority (BAM), Series A, 4.00% due 6/1/2028 | 460000 | 478984 |
| | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.95% due 4/1/2047 (put 4/1/2026) | 1000000 | 1000460 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 3.30% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 1000000 | 994204 |
| | &nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign AMT, Series B, 5.00% due 7/1/2034 | 1000000 | 1127208 |
| | &nbsp;&nbsp;&nbsp;California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 1065000 | 1065995 |
| | &nbsp;&nbsp;&nbsp;California (Cedars-Sinai Medical Center Obligated Group) HFFA, Series B, 4.00% due 8/15/2036 | 1250000 | 1254119 |
| | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2033 | 1370000 | 1396393 |
| | &nbsp;&nbsp;&nbsp;California (Episcopal Communities & Services for Seniors Obligated Group) HFFA, Series A, 3.85% due 11/15/2027 | 1500000 | 1505622 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | 4425000 | 4856296 |
| | &nbsp;&nbsp;&nbsp;California (Providence St. Joseph Health Obligated Group) HFFA, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/1/2034 | 1000000 | 1005160 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2039 (put 10/1/2027) | 730000 | 758215 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25% due 10/1/2050 (put 10/1/2035) | 1000000 | 1130592 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: American General Life) (Green Bond), Series C, 5.00% due 12/1/2055 (put 10/1/2033) | 3000000 | 3216078 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 7000000 | 7427707 |
| | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 12/1/2053 (put 8/1/2029) | 2395000 | 2539304 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.25% due 11/1/2054 (put 4/1/2030) | 3000000 | 3245286 |
| | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 4570000 | 4674831 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 7000000 | 7525896 |
| | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Pacific Life Insurance Co.) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 3/1/2056 (put 11/1/2035) | 3850000 | 4209397 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 2/1/2055 (put 11/1/2032) | 5400000 | 5878888 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Royal Bank of Canada) (Green Bond), Series D, 5.00% due 2/1/2055 (put 9/1/2032) | 7500000 | 8217540 |
| | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority (Art Center College of Design), Series A, 5.00% due 12/1/2033 | 375000 | 404866 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Housing Finance Agency (Del Sur Family Housing LP), Series V, 5.00% due 5/1/2054 (put 11/1/2026) | 3875000 | 3947912 |
| | &nbsp;&nbsp;&nbsp;California Housing Finance Agency (FHA) (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 8/1/2064 (put 2/1/2028) | 4000000 | 4032900 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.60% due 8/1/2063 (put 8/1/2026) | 2500000 | 2507297 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank (J Paul Getty Trust), Series B-2, 3.00% due 10/1/2047 (put 10/1/2026) | 690000 | 691634 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Aldersly) (California Mtg Insurance), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 11/15/2028 | 595000 | 595456 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 3.75% due 11/15/2028 | 2990000 | 2992198 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Ararat Home of Los Angeles, Inc.) (California Mtg Insurance), 5.00% due 5/15/2033 - 5/15/2034 | 200000 | 219329 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio) (Green Bond), Series A, 5.00% due 8/15/2032 - 8/15/2034 | 835000 | 937075 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM), 5.00% due 5/15/2028 | 2100000 | 2215393 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM) (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2032 | 600000 | 631779 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2027 - 5/15/2031 | 1945000 | 2104693 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Lake Isabella Investment Group LP), Series A, 2.75% due 9/1/2028 (put 9/1/2027) | 600000 | 599408 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Palomar Health Obligated Group) (AG) COP, Series A, 5.00% due 11/1/2027 - 11/1/2032 | 500000 | 525669 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Republic Services, Inc.) AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 3/1/2054 (put 3/1/2034) | 2000000 | 2001566 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/1/2053 (put 9/1/2033) | 4000000 | 4182984 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Roseville Affordable LP), Series B, 3.75% due 6/1/2028 (put 6/1/2027) | 1000000 | 1015817 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (San Jose South 1st Street Associates LP), Series A-2, 3.45% due 12/1/2029 (put 12/1/2028) | 1150000 | 1168730 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Scripps College), 5.00% due 7/1/2035 - 7/1/2036 | 2340000 | 2574201 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (View at San Bruno LP), Series A-1, 5.00% due 6/1/2056 (put 7/1/2028) | 1020000 | 1082059 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.25% due 12/1/2044 (put 12/1/2025) | 2000000 | 2000891 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.375% due 9/1/2050 (put 9/1/2028) | 1100000 | 1093476 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.85% due 11/1/2041 (put 6/1/2026) | 2000000 | 2000032 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 3.80% due 7/1/2043 (put 2/17/2026) | 3000000 | 2971095 |

---

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

**Schedule of Investments, Continued**

Thornburg California Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | $3000000 | $3061296 |
| | &nbsp;&nbsp;&nbsp;California State Public Works Board, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 9/1/2033 | 1500000 | 1754541 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.00% due 4/1/2033 | 1045000 | 1058462 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California State University, Series B-3, 3.125% due 11/1/2051 (put 11/1/2026) | 4200000 | 4202083 |
| | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (CHF-Irvine LLC), 5.00% due 5/15/2027 - 5/15/2033 | 1125000 | 1135683 |
| | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (CHF-Irvine LLC) (BAM), 5.00% due 5/15/2032 | 2420000 | 2690401 |
| | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Heritage Park Apartments Roseville LP) (FNMA), Series A, 3.70% due 4/1/2035 | 1000000 | 1021500 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2004-MR, 5.00% due 4/1/2038 (put 11/1/2029) | 2830000 | 3112686 |
| | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Odd Fellows Home) (California Mtg Insurance), Series A, 5.00% due 4/1/2026 | 250000 | 253228 |
| | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Pepperwood Apartments), Series 2023-06FN Class PT, 3.75% due 1/1/2034 | 1521426 | 1545355 |
| | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Sequoia Living, Inc.) (California Mtg Insurance), Series A, 5.00% due 7/1/2035 | 985000 | 1119475 |
| | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Southern California Edison Co.), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.75% due 9/1/2029 | 2500000 | 2353820 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.50% due 11/1/2033 | 3500000 | 3841166 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Vintage at Folsom LP), Series E-2, 5.00% due 10/1/2028 (put 10/1/2027) | 650000 | 678735 |
| | &nbsp;&nbsp;&nbsp;Cathedral City Redevelopment Successor Agency (Merged Redevelopment Area) (BAM), Series A, 5.00% due 8/1/2030 - 8/1/2031 | 725000 | 811070 |
| | &nbsp;&nbsp;&nbsp;Centinela Valley Union High School District (AG) GO, Series C, 4.00% due 8/1/2034 | 365000 | 368357 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Central Valley Energy Authority (Guaranty: Pacific Life Insurance Co.), 5.00% due 12/1/2055 (put 8/1/2035) | 2000000 | 2189834 |
| | &nbsp;&nbsp;&nbsp;City of Chula Vista Redevelopment Successor Agency (AG), 5.00% due 10/1/2032 | 1070000 | 1089895 |
| | &nbsp;&nbsp;&nbsp;City of Fresno (Fresno Airport Revenue) (BAM) AMT, Series A, 5.00% due 7/1/2031 | 595000 | 656436 |
| | &nbsp;&nbsp;&nbsp;City of Irvine Reassessment District No. 25-1 (AG), 5.00% due 9/2/2035 | 250000 | 293876 |
| | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2030 - 5/15/2032 | 4600000 | 4757049 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2031 | 400000 | 412871 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/15/2033 | 5435000 | 5994191 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of San Jose (Allied 1510 Parkmoor LP) (HUD), Series F-2, 5.00% due 6/1/2027 (put 6/1/2026) | 2000000 | 2026170 |
| | &nbsp;&nbsp;&nbsp;City of San Jose (La Moraga San Jose LP) (FNMA), Series C, 3.90% due 10/1/2035 | 2750000 | 2815436 |
| | &nbsp;&nbsp;&nbsp;City of San Mateo (San Mateo Community Facilities District No. 2008-1) (BAM), 5.00% due 9/1/2027 - 9/1/2032 | 3915000 | 4376327 |
| | &nbsp;&nbsp;&nbsp;City of Victorville Electric Revenue, Series A, 5.00% due 5/1/2028 - 5/1/2032 | 1090000 | 1215791 |
| | &nbsp;&nbsp;&nbsp;County of Sacramento Airport System Revenue AMT, Series A, 5.00% due 7/1/2035 - 7/1/2036 | 1150000 | 1260545 |
| | &nbsp;&nbsp;&nbsp;County of Sacramento CA Airport System Revenue AMT, Series C, 5.00% due 7/1/2027 | 1925000 | 1992421 |
| | &nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority (Water & Wastewater System), Series A, 5.00% due 7/1/2036 | 585000 | 641581 |
| | &nbsp;&nbsp;&nbsp;Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2026 - 10/1/2027 | 1730000 | 1784494 |
| | &nbsp;&nbsp;&nbsp;Hesperia Community Redevelopment Successor Agency (AG), Series A, 5.00% due 9/1/2030 | 500000 | 532966 |
| | &nbsp;&nbsp;&nbsp;Indian Wells Redevelopment Successor Agency (NPFG), Series A, 5.00% due 9/1/2029 | 500000 | 508276 |
| | &nbsp;&nbsp;&nbsp;Indio Finance Authority (BAM), Series A, 5.00% due 11/1/2029 - 11/1/2032 | 1550000 | 1762995 |
| | &nbsp;&nbsp;&nbsp;Jurupa Public Financing Authority (AG), 5.00% due 9/1/2032 | 2260000 | 2627132 |
| | &nbsp;&nbsp;&nbsp;Lammersville Joint (BAM) USD, 5.00% due 9/1/2028 - 9/1/2032 | 4055000 | 4531184 |
| | &nbsp;&nbsp;&nbsp;Los Angeles Community College District GO, 5.00% due 8/1/2026 | 3000000 | 3073440 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (2111 Firestone LP) (HUD), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | 2605000 | 2633762 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (Century Wlava 2 LP) (HUD), Series C, 3.75% due 12/1/2046 (put 12/1/2026) | 2575000 | 2580104 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (RCV 1 LP), Series C, 3.35% due 9/1/2059 (put 9/1/2029) | 1000000 | 1006048 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (VA Building 402 LP) (HUD), Series F, 3.375% due 1/1/2046 (put 7/1/2026) | 4030000 | 4024261 |
| | &nbsp;&nbsp;&nbsp;Los Angeles Housing Authority (FNMA), Series A, 3.75% due 4/1/2034 | 5020000 | 5045542 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Los Angeles Housing Authority (One San Pedro Phase I LP), Series B, 3.25% due 2/1/2029 (put 2/1/2028) | 1000000 | 1010917 |
| | &nbsp;&nbsp;&nbsp;Los Angeles USD (Green Bond) ETM COP, Series A, 5.00% due 10/1/2033 | 1000000 | 1181614 |
| | &nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2033 | 1500000 | 1530436 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Northern California Energy Authority (Guaranty: Paclife Life Insurance Co.), Series A-1, 5.00% due 12/1/2054 (put 8/1/2030) | 175000 | 188844 |
| | &nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) (AG) USD GO, Series A, 4.00% due 8/1/2035 | 1000000 | 1013699 |
| | &nbsp;&nbsp;&nbsp;Peralta Community College District GO, 5.00% due 8/1/2031 - 8/1/2033 | 2065000 | 2402503 |
| | &nbsp;&nbsp;&nbsp;Pittsburg Redevelopment Successor Agency (AG), Series A, 5.00% due 9/1/2026 | 535000 | 546665 |
| | &nbsp;&nbsp;&nbsp;Redwoods Community College District (BAM) GO, 5.00% due 8/1/2035 | 500000 | 582234 |
| | &nbsp;&nbsp;&nbsp;Riverside County Public Financing Authority (Capital Facilities Project) ETM, 5.00% due 11/1/2025 | 1000000 | 1001918 |
| | &nbsp;&nbsp;&nbsp;Riverside County Redevelopment Successor Agency (AG), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2035 | 520000 | 520376 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2030 | 500000 | 500743 |
| | &nbsp;&nbsp;&nbsp;Riverside County Redevelopment Successor Agency (BAM), Series B, 5.00% due 10/1/2030 | 750000 | 751114 |
| | &nbsp;&nbsp;&nbsp;Rosemead CDC Successor Agency (Rosemead Merged Project Area) (BAM), 5.00% due 10/1/2025 - 10/1/2026 | 1150000 | 1168564 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sacramento Municipal Utility District, Series E, 5.00% due 8/15/2049 (put 10/15/2032) | 940000 | 1092604 |
| | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Series A, 5.00% due 7/1/2033 | 500000 | 542644 |
| | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority AMT, |  |  |

---

See notes to financial statements. Annual Financial Statements \| 249

**Schedule of Investments, Continued** 

Thornburg California Limited Term Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2030 - 7/1/2035 | $7080000 | $7887217 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2031 - 7/1/2033 | 2560000 | 2777660 |
| | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2032 - 5/1/2035 | 8000000 | 8871925 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), Series A, 5.50% due 1/1/2056 (put 7/1/2035) | 4800000 | 5491714 |
| | &nbsp;&nbsp;&nbsp;Santa Clara County Financing Authority, Series Q, 4.00% due 5/15/2032 | 1040000 | 1040434 |
| | &nbsp;&nbsp;&nbsp;Santa Cruz County Capital Financing Authority, Series A-1, 4.00% due 6/1/2031 - 6/1/2034 | 1620000 | 1690062 |
| | &nbsp;&nbsp;&nbsp;State of California GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2033 - 3/1/2036 | 7000000 | 7075077 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 - 8/1/2033 | 2640000 | 2747496 |
| | &nbsp;&nbsp;&nbsp;Stockton Public Financing Authority (Stockton Water Revenue) (BAM) (Green Bond), Series A, 5.00% due 10/1/2025 - 10/1/2027 | 1735000 | 1792720 |
| | &nbsp;&nbsp;&nbsp;Territory of Guam, Series G, 5.00% due 1/1/2036 | 500000 | 543702 |
| | &nbsp;&nbsp;&nbsp;Tustin (Community Facilities District No. 97-1) USD, Series A, 5.00% due 9/1/2031 | 450000 | 450186 |
| | &nbsp;&nbsp;&nbsp;Tustin Financing Authority (AG), 5.00% due 9/1/2035 | 700000 | 822112 |
| | &nbsp;&nbsp;&nbsp;University of California, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series AV, 5.00% due 5/15/2035 | 500000 | 516913 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series AY, 4.00% due 5/15/2035 | 1000000 | 1015619 |
| | &nbsp;&nbsp;&nbsp;Ventura County Community College District GO, 4.00% due 8/1/2032 | 1000000 | 1000897 |
| | &nbsp;&nbsp;&nbsp;West Valley-Mission Community College District GO, Series B, 4.00% due 8/1/2034 | 1150000 | 1150814 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 88.6% (Cost $248,114,708) |  | 254718001 |
| |  |  |  |
| **** | **SHORT-TERM INVESTMENTS — 8.1%** |  |  |
| **** | **MUNICIPAL BONDS — 7.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;State of California (LOC Barclays Bank plc) GO, Series A1-REMK-08/29/2018, 2.70% due 5/1/2033 (put 10/1/2025) | 365000 | 365000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;San Mateo County Transit District Sales Tax Revenue (LOC Bank of America NA), Series B 3.15% due 6/1/2049 (put 10/1/2025) | 6960000 | 6960000 |
| | &nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center Pooled Revenue, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B2-REMK 8/17/16, 3.10% due 5/15/2032 (put 10/1/2025) | 4975000 | 4975000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series K-REMK 09/04/18 3.00% due 5/15/2047 (put 10/1/2025) | 10230000 | 10230000 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 7.8% (Cost $22,530,000) |  | 22530000 |
| |  |  |  |
| **** | **MUTUAL FUND — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 762019 | 762018 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.3% (Cost $762,018) |  | 762018 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 8.1% (Cost $23,292,018) |  | 23292018 |
| |  |  |  |
| | TOTAL INVESTMENTS — 96.7% (Cost $271,406,726) |  | $278010019 |
| |  |  |  |
| | OTHER ASSETS LESS LIABILITIES — 3.3% |  | 9359666 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $287369685 |

---

**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 September 30, 2025.

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $2,971,095, representing 1.03% of the Fund's net assets. |

---

c Rate represents the money market fund annualized seven-day yield at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **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: |  |  |
| AG | Insured by Assured Guaranty, Inc. | HFFA | Health Facilities Financing Authority |
| AMT | Alternative Minimum Tax | HUD | Insured by Housing and Urban Development |
| BAM | Insured by Build America Mutual Insurance Co. | LOC | Letter of Credit |
| CDC | Community Development Commission | Mtg | Mortgage |
| COP | Certificates of Participation | MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap |
| ETM | Escrowed to Maturity |  | Index |
| FHA | Insured by Federal Housing Administration | NPFG | Insured by National Public Finance Guarantee Corp. |
| FNMA | Collateralized by Federal National Mortgage Association | USD | Unified School District |
| GO | General Obligation | VA | Veterans Affairs |

---

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

Schedule of Investments

Thornburg New Mexico Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| **** | **LONG-TERM MUNICIPAL BONDS — 97.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Albuquerque Bernalillo County Water Utility Authority (2007 NMFA Loan & Joint Water & Sewer System Improvements), 5.00% due 7/1/2032 | $2000000 | $2002708 |
| | &nbsp;&nbsp;&nbsp;Albuquerque Municipal School District No. 12 (Bernalillo & Sandoval Counties School Facilities) (State Aid Withholding) GO, Series 2017, 5.00% due 8/1/2031 | 1000000 | 1016573 |
| | &nbsp;&nbsp;&nbsp;Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2033 | 250000 | 264885 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017, 5.00% due 8/1/2028 | 600000 | 611591 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 8/1/2032 - 8/1/2040 | 1800000 | 1981660 |
| | &nbsp;&nbsp;&nbsp;Antonio B Won Pat International Airport Authority AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2034 | 100000 | 106829 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 10/1/2039 | 100000 | 104643 |
| | &nbsp;&nbsp;&nbsp;City of Albuquerque (City Infrastructure Improvements) GRT, Series A, 5.00% due 7/1/2033 - 7/1/2034 | 2300000 | 2302722 |
| | &nbsp;&nbsp;&nbsp;City of Albuquerque GO, Series A, 5.00% due 7/1/2039 | 1000000 | 1103558 |
| | &nbsp;&nbsp;&nbsp;City of Albuquerque GRT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2038 | 125000 | 138414 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2040 | 500000 | 544437 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 7/1/2032 | 1215000 | 1224671 |
| | &nbsp;&nbsp;&nbsp;City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 - 7/1/2036 | 340000 | 370740 |
| | &nbsp;&nbsp;&nbsp;City of Albuquerque Transportation Infrastructure GRT, 4.00% due 7/1/2031 | 800000 | 825302 |
| | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.875% due 6/1/2040 (put 6/1/2029) | 2000000 | 2043074 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2115000 | 2150280 |
| | &nbsp;&nbsp;&nbsp;City of Las Cruces (Joint Utility System), 4.00% due 6/1/2028 | 475000 | 478900 |
| | &nbsp;&nbsp;&nbsp;City of Rio Rancho GRT, 5.00% due 6/1/2041 - 6/1/2045 | 2065000 | 2185535 |
| | &nbsp;&nbsp;&nbsp;City of Roswell (Joint Water & Sewer Improvement) (BAM), 5.00% due 6/1/2035 - 6/1/2036 | 1220000 | 1233715 |
| | &nbsp;&nbsp;&nbsp;City of Roswell GRT, 4.00% due 8/1/2030 | 200000 | 204203 |
| | &nbsp;&nbsp;&nbsp;City of Santa Fe (Public Facilities) GRT, Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1870000 | 1970745 |
| | &nbsp;&nbsp;&nbsp;City of Santa Fe GO, 5.00% due 8/1/2037 | 880000 | 1001823 |
| | &nbsp;&nbsp;&nbsp;County of Bernalillo (Government Services) (AMBAC) GRT, 5.25% due 10/1/2025 | 3850000 | 3850254 |
| | &nbsp;&nbsp;&nbsp;County of Bernalillo (Government Services) (NPFG) GRT, Series B, 5.70% due 4/1/2027 | 290000 | 304053 |
| | &nbsp;&nbsp;&nbsp;County of Bernalillo (Government Services) GRT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2027 | 125000 | 127117 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.70% due 4/1/2027 | 1070000 | 1121852 |
| | &nbsp;&nbsp;&nbsp;County of McKinley (BAM) GRT, 4.00% due 6/1/2043 | 750000 | 709287 |
| | &nbsp;&nbsp;&nbsp;County of San Juan (County Capital Improvements) GRT, Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2645000 | 2649266 |
| | &nbsp;&nbsp;&nbsp;County of Santa Fe (County Correctional System) (AG), 6.00% due 2/1/2027 | 410000 | 421245 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;County of Santa Fe (Cresta Ranch Apartments LLP), 3.29% due 12/10/2049 (put 6/1/2028) | 500000 | 504088 |
| | &nbsp;&nbsp;&nbsp;County of Santa Fe GO, 4.25% due 7/1/2038 | 1065000 | 1092640 |
| | &nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority, 5.00% due 1/1/2046 | 1010000 | 1010534 |
| | &nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority (Water & Wastewater System), Series A, 5.50% due 7/1/2045 | 500000 | 529482 |
| | &nbsp;&nbsp;&nbsp;Guam Power Authority, Series A, 5.00% due 10/1/2042 | 1750000 | 1816785 |
| | &nbsp;&nbsp;&nbsp;Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2026 | 730000 | 743473 |
| | &nbsp;&nbsp;&nbsp;Hobbs School District No. 16 (State Aid Withholding) GO, 5.00% due 9/15/2026 - 9/15/2027 | 650000 | 671631 |
| | &nbsp;&nbsp;&nbsp;Inspiration Public Improvement District (BAM), 4.00% due 10/1/2044 | 350000 | 318366 |
| | &nbsp;&nbsp;&nbsp;Lea County Public School District No. 8 Eunice (State Aid Withholding) GO, 5.00% due 9/15/2032 - 9/15/2033 (pre-refunded 9/15/2029) | 2185000 | 2399807 |
| | &nbsp;&nbsp;&nbsp;Los Diamantes Public Improvement District (BAM), 4.00% due 10/1/2044 | 500000 | 459510 |
| | &nbsp;&nbsp;&nbsp;Loving Municipal School District No. 10 (State Aid Withholding) GO, 5.00% due 9/15/2027 | 1085000 | 1132284 |
| | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority, Series D, 5.00% due 6/1/2040 | 845000 | 891658 |
| | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority (Public Project Revolving Fund), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2029 - 6/1/2030 | 2425000 | 2427475 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/1/2043 | 1000000 | 1068854 |
| | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/1/2032 | 250000 | 250365 |
| | &nbsp;&nbsp;&nbsp;Series D, 4.00% due 6/1/2033 - 6/1/2034 | 5245000 | 5286468 |
| | &nbsp;&nbsp;&nbsp;New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2026 | 1000000 | 1017736 |
| | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2036 - 8/1/2037 | 3965000 | 3938457 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2037 - 8/1/2039 | 1770000 | 1840993 |
| | &nbsp;&nbsp;&nbsp;New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements) (AG), 4.00% due 12/1/2040 | 700000 | 667866 |
| | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Series A-1, 3.20% due 9/1/2031 | 460000 | 452365 |
| | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), |  |  |

---

See notes to financial statements. Annual Financial Statements \| 251

**Schedule of Investments, Continued** 

Thornburg New Mexico Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | &nbsp;&nbsp;&nbsp; **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A Class I, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 9/1/2044 | $220000 | $221444 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 9/1/2045 | 665000 | 652056 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.25% due 9/1/2043 | 995000 | 1000003 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.55% due 9/1/2043 | 1485000 | 1514375 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 9/1/2043 | 1235000 | 1235777 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 9/1/2044 | 1465000 | 1479908 |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/1/2045 | 1455000 | 1477922 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.05% due 9/1/2045 | 1000000 | 1024605 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 2.85% due 7/1/2039 | 775000 | 645470 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (JLG ABQ 2023 LLLP) (HUD), 2.97% due 2/1/2042 (put 3/1/2026) | 350000 | 349813 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), 5.00% due 6/1/2054 (put 11/1/2030) | 2765000 | 2983081 |
| | &nbsp;&nbsp;&nbsp;Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2032 - 4/1/2036 | 2780000 | 2848780 |
| | &nbsp;&nbsp;&nbsp;Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2026 - 8/1/2031 | 770000 | 799672 |
| | &nbsp;&nbsp;&nbsp;State of New Mexico GO, 5.00% due 3/1/2035 | 1000000 | 1088951 |
| | &nbsp;&nbsp;&nbsp;State of New Mexico Severance Tax Permanent Fund, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2028 | 465000 | 496241 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2029 | 500000 | 545249 |
| | &nbsp;&nbsp;&nbsp;State of New Mexico Severance Tax Permanent Fund (State of New Mexico), Series A, 5.00% due 7/1/2035 | 1000000 | 1088540 |
| | &nbsp;&nbsp;&nbsp;Territory of Guam, Series G, 5.25% due 1/1/2040 | 350000 | 376430 |
| | &nbsp;&nbsp;&nbsp;Town of Silver City (BAM) GRT, 5.00% due 6/1/2037 | 610000 | 647089 |
| | &nbsp;&nbsp;&nbsp;University of New Mexico, Series A, 4.00% due 6/1/2032 | 385000 | 387513 |
| | &nbsp;&nbsp;&nbsp;University of New Mexico (AG), 4.375% due 6/1/2043 | 1005000 | 1009701 |
| | &nbsp;&nbsp;&nbsp;Village of Los Ranchos de Albuquerque (Albuquerque Academy), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 9/1/2040 | 2700000 | 2594549 |
| | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/1/2031 | 300000 | 330377 |
| | &nbsp;&nbsp;&nbsp;Volterra Public Improvement District (BAM), 4.00% due 10/1/2043 | 1000000 | 938012 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 97.8% (Cost $86,415,413) |  | 87306477 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| | **MUNICIPAL BONDS — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 3.70% due 8/1/2034 (put 10/1/2025) | 230000 | 230000 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 0.3% (Cost $230,000) |  | 230000 |
| |  |  |  |
| | **MUTUAL FUND — 0.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 644 | 644 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.0% (Cost $644) |  | 644 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 0.3% (Cost $230,644) |  | 230644 |
| |  |  |  |
| | TOTAL INVESTMENTS — 98.1% (Cost $86,646,057) |  | $87537121 |
| |  |  |  |
| | OTHER ASSETS LESS LIABILITIES — 1.9% |  | 1691158 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $89228279 |

---

**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 September 30, 2025.

b Rate represents the money market fund annualized seven-day yield at September 30, 2025.

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

**Schedule of Investments, Continued**

Thornburg New Mexico Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **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: |  |  |
| AG | Insured by Assured Guaranty, Inc. | GO | General Obligation |
| AMBAC | Insured by American Municipal Bond Assurance Corp. | GRT | Gross Receipts Tax |
| AMT | Alternative Minimum Tax | HUD | Insured by Housing and Urban Development |
| BAM | Insured by Build America Mutual Insurance Co. | NMFA | New Mexico Finance Authority |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. | NPFG | Insured by National Public Finance Guarantee Corp. |
| FNMA | Collateralized by Federal National Mortgage Association | SPA | Stand-by Purchase Agreement |
| GNMA | Collateralized by Government National Mortgage Association |  |  |

---

See notes to financial statements. Annual Financial Statements \| 253

Schedule of Investments

Thornburg New York Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | **LONG-TERM MUNICIPAL BONDS — 97.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Antonio B Won Pat International Airport Authority AMT, Series A, 5.25% due 10/1/2040 | $200000 | $207821 |
| | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (Young Men's & Young Women's Hebrew Association), 5.00% due 12/1/2032 | 400000 | 449850 |
| | &nbsp;&nbsp;&nbsp;City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042 | 500000 | 526989 |
| | &nbsp;&nbsp;&nbsp;City of New York GO, Series A, 5.00% due 8/1/2043 | 800000 | 840803 |
| | &nbsp;&nbsp;&nbsp;City of Yonkers (AG) GO, Series A, 5.00% due 2/15/2039 | 150000 | 164935 |
| | &nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp. (Culinary Institute of America), 5.25% due 7/1/2043 | 350000 | 366622 |
| | &nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | 500000 | 527998 |
| | &nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority, 5.00% due 1/1/2046 | 340000 | 340180 |
| | &nbsp;&nbsp;&nbsp;Guam Power Authority, Series A, 5.00% due 10/1/2042 | 250000 | 259541 |
| | &nbsp;&nbsp;&nbsp;Guam Waterworks Authority (Water & Wastewater System), 5.00% due 7/1/2026 - 7/1/2027 | 885000 | 911124 |
| | &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 150000 | 154041 |
| | &nbsp;&nbsp;&nbsp;Long Island Power Authority, 5.00% due 9/1/2035 | 200000 | 211175 |
| | &nbsp;&nbsp;&nbsp;Long Island Power Authority (Electric System Capital Improvements) (AG), Series C, 5.25% due 9/1/2029 | 645000 | 709694 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series D-1, 5.00% due 11/15/2031 | 1000000 | 1002493 |
| | &nbsp;&nbsp;&nbsp;Monroe County (Monroe Community College Association, Inc.) (AG) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550000 | 550544 |
| | &nbsp;&nbsp;&nbsp;Nassau County Sewer & Storm Water Finance Authority (Sewerage & Storm Water Resource Facilities), Series A, 5.00% due 10/1/2028 - 10/1/2031 | 1400000 | 1400773 |
| | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD) (Green Bond), Series A, 4.45% due 8/1/2043 | 200000 | 197611 |
| | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (FHA) (Green Bond), Series A-1, 4.55% due 11/1/2044 | 300000 | 293332 |
| | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series F-1A, 4.30% due 11/1/2044 | 350000 | 331214 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 4.60% due 11/1/2043 | 250000 | 248703 |
| | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (HUD) (Green Bond), Series B-1-A, 4.50% due 11/1/2044 | 100000 | 97398 |
| | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series AA-2, 4.00% due 6/15/2042 | 350000 | 339570 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series BB, 5.00% due 6/15/2045 | 250000 | 262757 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series EE, 4.00% due 6/15/2042 | 250000 | 241213 |
| | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2036 | 1000000 | 1076615 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00% due 8/1/2038 | 600000 | 623319 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (AG, State Aid Withholding), Series A, 5.00% due 10/1/2039 - 10/1/2044 | 1100000 | 1173620 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (Barnard College), Series A, 5.00% due 7/1/2041 | 250000 | 257778 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (Orange & Ulster Counties Board Coop Educational Services Sole Supervisory District), Series A, 4.25% due 8/15/2044 | 300000 | 291469 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (School District Financing Program) (AG, State Aid Withholding), Series A, 5.00% due 10/1/2028 | 200000 | 200322 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2032 - 10/1/2033 | 450000 | 459991 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 3/15/2040 - 3/15/2042 | 750000 | 738699 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00% due 3/15/2039 | 350000 | 352008 |
| | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Sales Tax Revenue), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/15/2038 | 200000 | 204269 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00% due 3/15/2043 | 500000 | 476086 |
| | &nbsp;&nbsp;&nbsp;New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 4.00% due 4/1/2034 | 550000 | 562152 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency (325 Kent LLC) (FNMA), Series A, 3.95% due 11/1/2050 (put 1/1/2035) | 500000 | 499795 |
| | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency (HUD, SONYMA) (Green Bond), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.60% due 11/1/2045 | 500000 | 494461 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 3.65% due 11/1/2062 (put 11/1/2028) | 250000 | 249452 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 4.50% due 11/1/2043 | 250000 | 247119 |
| | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (JFK International Air Terminal LLC) AMT, 5.00% due 12/1/2038 - 12/1/2041 | 500000 | 517859 |
| | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (JFK NTO LLC) (Green Bond) AMT, 5.25% due 6/30/2044 | 250000 | 256563 |
| | &nbsp;&nbsp;&nbsp;Onondaga County Water Authority, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Class A, 5.00% due 6/1/2045 | 155000 | 156200 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/1/2044 | 200000 | 201993 |
| | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2034 | 250000 | 252052 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2032 | 250000 | 259843 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 238, 5.00% due 7/15/2040 | 400000 | 421506 |
| | &nbsp;&nbsp;&nbsp;Rockland County Solid Waste Management Authority, Series A, 5.50% due 12/15/2041 | 335000 | 375801 |
| | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency Homeowner Mortgage Revenue (SONYMA) (Green Bond), Series 264, 4.375% due 10/1/2044 | 350000 | 344888 |
| | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency Homeowner Mortgage Revenue (SONYMA) (Green Bond) AMT, Series 262, 4.45% due 4/1/2036 | 210000 | 209983 |
| | &nbsp;&nbsp;&nbsp;Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2027 | 360000 | 360521 |
| | &nbsp;&nbsp;&nbsp;Town of Hempstead GO, 4.00% due 5/1/2044 | 300000 | 287263 |

---

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

**Schedule of Investments, Continued** 

Thornburg New York Intermediate Municipal Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series A, 5.00% due 11/15/2045 | $150000 | $158806 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B2, 5.00% due 5/15/2050 (put 5/15/2026) | 255000 | 258533 |
| | &nbsp;&nbsp;&nbsp;Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2033 | 645000 | 694439 |
| | &nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2026 - 7/1/2028 | 580000 | 593012 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 97.8% (Cost $23,823,517) |  | 23892798 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| | **MUNICIPAL BONDS — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (LOC Barclays Bank plc), Series 2012G-1, 3.85% due 11/1/2032 (put 10/1/2025) | 340000 | 340000 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 1.4% (Cost $340,000) |  | 340000 |
| |  |  |  |
| | **MUTUAL FUND — 0.1%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 10821 | 10821 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.1% (Cost $10,821) |  | 10821 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 1.5% (Cost $350,821) |  | 350821 |
| |  |  |  |
| | TOTAL INVESTMENTS — 99.3% (Cost $24,174,338) |  | $24243619 |
| |  |  |  |
| | OTHER ASSETS LESS LIABILITIES — 0.7% |  | 177524 |
| |  |  |  |
| | NET ASSETS — 100.0% |  | $24421143 |

---

**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 September 30, 2025.

b Rate represents the money market fund annualized seven-day yield at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **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: |  |  |
| AG | Insured by Assured Guaranty, Inc. | GO | General Obligation |
| AMT | Alternative Minimum Tax | HUD | Insured by Housing and Urban Development |
| BAM | Insured by Build America Mutual Insurance Co. | IDC | Industrial Development Corp. |
| FHA | Insured by Federal Housing Administration | LOC | Letter of Credit |
| FNMA | Collateralized by Federal National Mortgage Association | SONYMA | State of New York Mortgage Agency |

---

See notes to financial statements. Annual Financial Statements \| 255

**Statements of Assets and Liabilities**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG<br> SHORT DURATION<br> MUNICIPAL FUND** | **THORNBURG<br> LIMITED TERM<br> MUNICIPAL FUND** | **THORNBURG<br> INTERMEDIATE<br> MUNICIPAL FUND** | **THORNBURG<br> STRATEGIC MUNICIPAL<br> INCOME FUND** |
| **ASSETS** | | | | |
| Investment in securities, at cost | $113218237 | $2061717455 | $1056263781 | $365318518 |
| Investments at value | 114260786 | 2127712232 | 1086433027 | 376969983 |
| Cash | 416 | 20795 | 8730 | 1662 |
| Receivable for investments sold | 121166 | 9615336 | 1390000 | 865307 |
| Receivable for fund shares sold | 1768 | 2205649 | 3003445 | 866332 |
| Dividends receivable | 2753 | 24133 | 40080 | 20457 |
| Principal and interest receivable | 1299358 | 26295170 | 14508601 | 4790107 |
| Prepaid expenses and other assets | 8980 | 48925 | 37231 | 19932 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 115695227 | 2165922240 | 1105421114 | 383533780 |
| **LIABILITIES** |  |  |  |  |
| Payable for investments purchased | 1036285 | 3457775 | 5043946 | 2204261 |
| Payable for fund shares redeemed | 774405 | 3119563 | 1992179 | 649515 |
| Payable to investment advisor and other affiliates | 32149 | 1091449 | 468624 | 148307 |
| Accounts payable and accrued expenses | 83990 | 714775 | 164271 | 117099 |
| Dividends payable | 116903 | 403672 | 381984 | 12877 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 2043732 | 8787234 | 8051004 | 3132059 |
| **NET ASSETS** | $113651495 | $2157135006 | $1097370110 | $380401721 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $120226718 | $2357206966 | $1118673567 | $397815192 |
| Accumulated loss | (6575223) | (200071960) | (21303457) | (17413471) |
| **NET ASSETS** | $113651495 | $2157135006 | $1097370110 | $380401721 |

---

256 \| Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG<br> SHORT DURATION<br> MUNICIPAL FUND** | **THORNBURG<br> LIMITED TERM<br> MUNICIPAL FUND** | **THORNBURG<br> INTERMEDIATE<br> MUNICIPAL FUND** | **THORNBURG<br> STRATEGIC MUNICIPAL<br> INCOME FUND** |
| **NET ASSET VALUE** | | | | |
| **Class A Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | $5526522 | $455833378 | $229585096 | $65174808 |
| Shares outstanding | 461597 | 33392886 | 17418622 | 4643291 |
| Net asset value and redemption price per share | $11.97 | $13.65 | $13.18 | $14.04 |
| Maximum offering price per share (net asset value, plus 2.25% of offering price) | $12.25 | $13.96 | $13.45 <sup>\*</sup> | $14.33 <sup>\*</sup> |
| **Class C Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding |  | 28495966 | 11566472 | 3534764 |
| Shares outstanding |  | 2083743 | 876498 | 251545 |
| Net asset value and redemption price per share<sup>\*\*</sup> |  | 13.68 | 13.20 | 14.05 |
| **Class C2 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding |  | 2435432 | 1776815 |  |
| Shares outstanding |  | 178052 | 134627 |  |
| Net asset value and redemption price per share<sup>\*\*</sup> |  | 13.68 | 13.20 |  |
| **Class I Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 108124973 | 1670370230 | 854441727 | 311692149 |
| Shares outstanding | 9033328 | 122355845 | 64911006 | 22186693 |
| Net asset value and redemption price per share | 11.97 | 13.65 | 13.16 | 14.05 |

---

\* Net asset value, plus 2.00% of offering price.

\*\* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See notes to financial statements.

Annual Financial Statements \| 257

**Statements of Assets and Liabilities, Continued** 

September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **THORNBURG<br> CALIFORNIA LIMITED TERM<br> MUNICIPAL FUND** | **THORNBURG<br> NEW MEXICO INTERMEDIATE<br> MUNICIPAL FUND** | **THORNBURG<br> NEW YORK INTERMEDIATE<br> MUNICIPAL FUND** |
| **ASSETS** | | | |
| Investment in securities, at cost | $271406726 | $86646057 | $24174338 |
| Investments at value | 278010019 | 87537121 | 24243619 |
| Cash | 3323 | 874650 | 819 |
| Receivable for investments sold | 6867296 |  |  |
| Receivable for fund shares sold | 394078 | 2438 | 18529 |
| Dividends receivable | 4179 | 111 | 255 |
| Principal and interest receivable | 3075464 | 1099879 | 326603 |
| Prepaid expenses and other assets | 12343 | 10016 | 7756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 288366702 | 89524215 | 24597581 |
| **LIABILITIES** |  |  |  |
| Payable for fund shares redeemed | 674469 | 152928 | 97786 |
| Payable to investment advisor and other affiliates | 122897 | 58684 | 3123 |
| Accounts payable and accrued expenses | 110959 | 75014 | 66347 |
| Dividends payable | 88692 | 9310 | 9182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 997017 | 295936 | 176438 |
| **NET ASSETS** | $287369685 | $89228279 | $24421143 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Net capital paid in on shares of beneficial interest | $299194710 | $94071887 | $25702825 |
| Accumulated loss | (11825025) | (4843608) | (1281682) |
| **NET ASSETS** | $287369685 | $89228279 | $24421143 |

---

258 \| Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **THORNBURG<br> CALIFORNIA LIMITED TERM<br> MUNICIPAL FUND** | **THORNBURG<br> NEW MEXICO INTERMEDIATE<br> MUNICIPAL FUND** | **THORNBURG<br> NEW YORK INTERMEDIATE<br> MUNICIPAL FUND** |
| **NET ASSET VALUE** | | | |
| **Class A Shares:** |  |  |  |
| Net assets applicable to shares outstanding | $55662056 | $31901043 | $11493125 |
| Shares outstanding | 4273933 | 2575736 | 965226 |
| Net asset value and redemption price per share | $13.02 | $12.39 | $11.91 |
| Maximum offering price per share (net asset value, plus 2.00% of offering price) | $13.32 <sup>\*</sup> | $12.64 | $12.15 |
| **Class C Shares:** |  |  |  |
| Net assets applicable to shares outstanding | 919683 |  |  |
| Shares outstanding | 70549 |  |  |
| Net asset value and redemption price per share<sup>\*\*</sup> | 13.04 |  |  |
| **Class C2 Shares:** |  |  |  |
| Net assets applicable to shares outstanding | 933291 |  |  |
| Shares outstanding | 71598 |  |  |
| Net asset value and redemption price per share<sup>\*\*</sup> | 13.04 |  |  |
| **Class D Shares:** |  |  |  |
| Net assets applicable to shares outstanding |  | 6682615 |  |
| Shares outstanding |  | 539330 |  |
| Net asset value and redemption price per share |  | 12.39 |  |
| **Class I Shares:** |  |  |  |
| Net assets applicable to shares outstanding | 229854655 | 50644621 | 12928018 |
| Shares outstanding | 17630311 | 4091079 | 1085683 |
| Net asset value and redemption price per share | 13.04 | 12.38 | 11.91 |

---

\* Net asset value, plus 2.25% of offering price.

\*\* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See notes to financial statements.

Annual Financial Statements \| 259

**Statements of Operations**

Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG** **<br> SHORT DURATION<br> MUNICIPAL FUND** | **THORNBURG** **<br> LIMITED TERM<br> MUNICIPAL FUND** | **THORNBURG** **<br> INTERMEDIATE<br> MUNICIPAL FUND** | **THORNBURG** **<br> STRATEGIC MUNICIPAL<br> INCOME FUND** |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;Non-affiliated issuers | $31645 | $510035 | $332307 | $244554 |
| Interest income | 4401851 | 90318714 | 44708361 | 15994593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 4433496 | 90828749 | 45040668 | 16239147 |
| **EXPENSES** |  |  |  |  |
| Investment management fees | 469385 | 7862751 | 4885969 | 2677420 |
| Administration fees | 98266 | 1904595 | 865698 | 298830 |
| Distribution and service fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 11537 | 1226045 | 604308 | 165521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares |  | 165516 | 73536 | 22512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C2 Shares |  | 16315 | 9282 |  |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 9450 | 330723 | 168061 | 38861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares |  | 22981 | 12015 | 7346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C2 Shares |  | 4155 | 3331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares | 29672 | 1240843 | 485928 | 270665 |
| Registration and filing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 17151 | 34845 | 19635 | 19107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares |  | 16874 | 16697 | 16518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C2 Shares |  | 14338 | 10128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares | 17009 | 34854 | 53296 | 20923 |
| Custodian fees | 46203 | 136428 | 104826 | 68852 |
| Audit and tax fees | 51100 | 51100 | 51100 | 54290 |
| Legal fees | 2932 | 33710 | 17135 | 6248 |
| Trustee and officer fees | 7709 | 162393 | 73796 | 23358 |
| Other expenses | 22365 | 211947 | 87565 | 43500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 782779 | 13470413 | 7542306 | 3733951 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Expenses reimbursed | (171484) | (15142) | (1658024) | (688804) |
| &nbsp;&nbsp;Investment management fees waived | (13027) |  | (257460) | (767363) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 598268 | 13455271 | 5626822 | 2277784 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $3835228 | $77373478 | $39413846 | $13961363 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) | (23342) | (3828204) | (11526249) | (4878458) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (67746) | (7569173) | (2799935) | (779686) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (91088) | (11397377) | (14326184) | (5658144) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $3744140 | $65976101 | $25087662 | $8303219 |

---

See notes to financial statements.

260 \| Annual Financial Statements

**Statements of Operations, Continued**

Year Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **THORNBURG** **<br> CALIFORNIA LIMITED TERM<br> MUNICIPAL FUND** | **THORNBURG** **<br> NEW MEXICO INTERMEDIATE<br> MUNICIPAL FUND** | **THORNBURG** **<br> NEW YORK INTERMEDIATE<br> MUNICIPAL FUND** |
| **INVESTMENT INCOME** |  |  |  |
| Dividend income |  |  |  |
| &nbsp;&nbsp;Non-affiliated issuers | $74913 | $23465 | $11404 |
| Interest income | 9928121 | 3472691 | 1012893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 10003034 | 3496156 | 1024297 |
| **EXPENSES** |  |  |  |
| Investment management fees | 1337965 | 448951 | 125486 |
| Administration fees | 223979 | 75227 | 21024 |
| Distribution and service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 141661 | 84679 | 30038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | 4584 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C2 Shares | 6591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D Shares |  | 34422 |  |
| Transfer agent fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 26402 | 31324 | 16760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | 5339 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C2 Shares | 1961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D Shares |  | 8921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares | 153829 | 20123 | 16094 |
| Registration and filing fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 8960 | 8425 | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | 5528 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C2 Shares | 4356 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D Shares |  | 5871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares | 10125 | 7346 | 7352 |
| Custodian fees | 57117 | 43806 | 38890 |
| Audit and tax fees | 51100 | 51100 | 51100 |
| Legal fees | 4835 | 3195 | 2649 |
| Trustee and officer fees | 18078 | 5936 | 1450 |
| Other expenses | 37941 | 22020 | 13945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 2100351 | 851346 | 333390 |
| Less: |  |  |  |
| &nbsp;&nbsp;Expenses reimbursed | (441602) | (102122) | (60861) |
| &nbsp;&nbsp;Investment management fees waived | (195650) |  | (65929) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 1463099 | 749224 | 206600 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $8539935 | $2746932 | $817697 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) | (157266) | (288145) | (30984) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 365391 | (650517) | (388936) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 208125 | (938662) | (419920) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $8748060 | $1808270 | $397777 |

---

See notes to financial statements.

Annual Financial Statements \| 261

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG SHORT DURATION MUNICIPAL FUND** | **THORNBURG SHORT DURATION MUNICIPAL FUND** | **THORNBURG LIMITED TERM MUNICIPAL FUND** | **THORNBURG LIMITED TERM MUNICIPAL FUND** |
|  | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **YEAR ENDED** **<br> SEPTEMBER 30, 2024** | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **YEAR ENDED** **<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $3835228 | $4070497 | $77373478 | $83864213 |
| Net realized gain (loss) | (23342) | (382299) | (3828204) | (20284187) |
| Net change in unrealized appreciation (depreciation) | (67746) | 2879584 | (7569173) | 125889865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 3744140 | 6567782 | 65976101 | 189469891 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | (177365) | (255037) | (15761568) | (17060008) |
| &nbsp;&nbsp;Class C Shares |  |  | (964304) | (1308308) |
| &nbsp;&nbsp;Class C2 Shares |  |  | (69212) | (74108) |
| &nbsp;&nbsp;Class I Shares | (3651615) | (3811389) | (60476915) | (65608814) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | (829043) | (7422532) | (84808535) | (90432418) |
| &nbsp;&nbsp;Class C Shares |  |  | (10884060) | (22019306) |
| &nbsp;&nbsp;Class C2 Shares |  |  | (249713) | (943547) |
| &nbsp;&nbsp;Class I Shares | (3316322) | (21505483) | (228547088) | (477181796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (4230205) | (26426659) | (335785294) | (485158414) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;Beginning of Year | 117881700 | 144308359 | 2492920300 | 2978078714 |
| &nbsp;&nbsp;End of Year | $113651495 | $117881700 | $2157135006 | $2492920300 |

---

See notes to financial statements.

262 \| Annual Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG INTERMEDIATE MUNICIPAL FUND** | **THORNBURG INTERMEDIATE MUNICIPAL FUND** | **THORNBURG STRATEGIC MUNICIPAL INCOME FUND** | **THORNBURG STRATEGIC MUNICIPAL INCOME FUND** |
|  | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **YEAR ENDED** **<br> SEPTEMBER 30, 2024** | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **YEAR ENDED** **<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $39413846 | $34445862 | $13961363 | $11396775 |
| Net realized gain (loss) | (11526249) | (2799885) | (4878458) | (1124137) |
| Net change in unrealized appreciation (depreciation) | (2799935) | 47874395 | (779686) | 20618433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 25087662 | 79520372 | 8303219 | 30891071 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | (8768457) | (8828632) | (2465102) | (2400032) |
| &nbsp;&nbsp;Class C Shares | (399107) | (440530) | (121761) | (147421) |
| &nbsp;&nbsp;Class C2 Shares | (46531) | (50647) |  |  |
| &nbsp;&nbsp;Class I Shares | (30181167) | (24815075) | (11333449) | (8843004) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | (26794234) | (15862933) | (3070372) | 4257606 |
| &nbsp;&nbsp;Class C Shares | (1260444) | (4029386) | (514716) | (1203677) |
| &nbsp;&nbsp;Class C2 Shares | 295005 | (82899) |  |  |
| &nbsp;&nbsp;Class I Shares | 118983694 | 130570295 | 67342124 | 6216638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 76916421 | 155980565 | 58139943 | 28771181 |
| NET ASSETS |  |  |  |  |
| &nbsp;&nbsp;Beginning of Year | 1020453689 | 864473124 | 322261778 | 293490597 |
| &nbsp;&nbsp;End of Year | $1097370110 | $1020453689 | $380401721 | $322261778 |

---

See notes to financial statements.

Annual Financial Statements \| 263

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND** | **THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND** | **THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND** | **THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND** |
|  | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **YEAR ENDED** **<br> SEPTEMBER 30, 2024** | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **YEAR ENDED** **<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $8539935 | $8267331 | $2746932 | $2725732 |
| Net realized gain (loss) | (157266) | (769106) | (288145) | (909461) |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) | 365391 | 11175612 | (650517) | 5068490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 8748060 | 18673837 | 1808270 | 6884761 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | (1696295) | (1759123) | (979184) | (1064354) |
| &nbsp;&nbsp;Class C Shares | (24727) | (50284) |  |  |
| &nbsp;&nbsp;Class C2 Shares | (27589) | (10133) |  |  |
| &nbsp;&nbsp;Class D Shares |  |  | (182009) | (187963) |
| &nbsp;&nbsp;Class I Shares | (6774098) | (6449579) | (1577541) | (1467356) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | (4323179) | (9643683) | (5135809) | (11029191) |
| &nbsp;&nbsp;Class C Shares | (292578) | (1766937) |  |  |
| &nbsp;&nbsp;Class C2 Shares | 398389 | 369820 |  |  |
| &nbsp;&nbsp;Class D Shares |  |  | (938040) | (1528354) |
| &nbsp;&nbsp;Class I Shares | 17989650 | (1324244) | 1732667 | (5133892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 13997633 | (1960326) | (5271646) | (13526349) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;Beginning of Year | 273372052 | 275332378 | 94499925 | 108026274 |
| &nbsp;&nbsp;End of Year | $287369685 | $273372052 | $89228279 | $94499925 |

---

See notes to financial statements.

264 \| Annual Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND** | **THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND** |
|  | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **YEAR ENDED** **<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $817697 | $742721 |
| Net realized gain (loss) | (30984) | 18357 |
| Net change in unrealized appreciation (depreciation) | (388936) | 1014903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 397777 | 1775981 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;Class A Shares | (369397) | (362275) |
| &nbsp;&nbsp;Class I Shares | (444550) | (380376) |
| **FUND SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Class A Shares | (1037408) | (897200) |
| &nbsp;&nbsp;Class I Shares | 546483 | (16981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (907095) | 119149 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Beginning of Year | 25328238 | 25209089 |
| &nbsp;&nbsp;End of Year | $24421143 | $25328238 |

---

See notes to financial statements.

Annual Financial Statements \| 265

Notes to Financial Statements

September 30, 2025

**NOTE 1 – ORGANIZATION**

Thornburg Short Duration Municipal Fund ("Short Duration Municipal Fund"), Thornburg Limited Term Municipal Fund ("Limited Term Municipal Fund"), Thornburg Intermediate Municipal Fund ("Intermediate Municipal Fund"), Thornburg Strategic Municipal Income Fund ("Strategic Municipal Income Fund"), Thornburg California Limited Term Municipal Fund ("Limited Term California Fund"), Thornburg New Mexico Intermediate Municipal Fund ("Intermediate New Mexico Fund") and Thornburg New York Intermediate Municipal Fund ("Intermediate New York Fund"), collectively the "Funds", are series of Thornburg Investment Trust (the "Trust"). The Short Duration Municipal Fund, Limited Term Municipal Fund, Intermediate Municipal Fund, Strategic Municipal Income Fund, and Limited Term California Fund are diversified. The Intermediate New Mexico Fund and Intermediate New York Fund are non-diversified. The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of September 30, 2025, the Funds are currently seven of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

**Short Duration Municipal Fund:** The Fund's investment goal is to seek current income exempt from federal income tax, consistent with preservation of capital. 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 credit risk, cybersecurity and operational risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, redemption risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Limited Term Municipal Fund:** The Fund's primary investment goal is to obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), with preservation of capital. The Fund's secondary goal is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios. 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 credit risk, cybersecurity and operational risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, redemption risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Intermediate Municipal Fund:** The Fund's primary investment goal is to obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of the Advisor, with preservation of capital. The Fund's secondary goal is to reduce expected changes in its share price compared to long-term bond portfolios. 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 credit risk, cybersecurity and operational risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, redemption risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Strategic Municipal Income Fund:** The Fund's investment goal is to seek a high level of current income exempt from federal individual income tax. 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 credit risk, cybersecurity and operational risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, redemption risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Limited Term California Fund:** The Fund's primary investment goal is to obtain as high a level of current income exempt from federal and California state individual income taxes as is consistent, in the view of the Advisor, with preservation of capital. The Fund's secondary goal is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios. 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 credit risk, cybersecurity and operational risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, redemption risk, single state risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Intermediate New Mexico Fund:** The Fund's primary investment goal is to obtain as high a level of current income exempt from federal and New Mexico state individual income taxes as is consistent, in the view of the Advisor, with preservation of capital. The Fund's secondary goal is to reduce expected changes in its share price compared to long-term bond portfolios. 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 credit risk, cybersecurity and operational risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, non-diversification risk, redemption risk, single state risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Intermediate New York Fund:** The Fund's primary investment goal is to obtain as high a level of current income exempt from federal, New York State, and New York City individual income taxes as is consistent, in the view of the Advisor, with preservation of capital. The Fund's secondary goal is to reduce expected changes in its share price compared to long-term bond portfolios. 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 credit risk, cybersecurity and operational

266 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, non-diversification risk, redemption risk, single state risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

As of September 30, 2025, the Funds each currently offer up to four classes of shares of beneficial interest.

Each class of shares of the Funds represents an interest in the same portfolio of investments, except that (i) Class A shares are sold subject to a front-end sales charge collected at the time the shares are purchased and bear a service fee, (ii) Class C and Class C2 shares are sold at net asset value without a sales charge at the time of purchase, but are subject to a contingent deferred sales charge upon redemption within one year of purchase, and bear both a service fee and a distribution fee, (iii)) Class D shares are sold at net asset value without a sales charge at the time of purchase or redemption, and bear both a service fee and a distribution fee, (iv) Class I shares are sold at net asset value without a sales charge at the time of purchase and may be subject to a service fee, and (v) the respective classes may have different reinvestment privileges and conversion rights. Additionally, each Fund may allocate among its classes certain expenses, to the extent allocable to specific classes, including administration fees, transfer agent fees, government registration fees, certain printing and postage costs, and legal expenses. Currently, class specific expenses of the Funds are limited to distribution and service fees, transfer agent fees, and certain registration and filing fees.

At September 30, 2025, the following classes of shares are offered in each respective Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | CLASS A | CLASS C | CLASS C2 | CLASS D | CLASS I |
| Short Duration Municipal Fund | X |  |  |  | X |
| Limited Term Municipal Fund | X | X | X |  | X |
| Intermediate Municipal Fund | X | X | X |  | X |
| Strategic Municipal Income Fund | X | X |  |  | X |
| Limited Term California Fund | X | X | X |  | X |
| Intermediate New Mexico Fund | X |  |  | X | X |
| Intermediate New York Fund | X |  |  |  | X |

---

**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 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 (other than class specific expenses) and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares (or the value of the dividend-eligible shares, as appropriate) of each class of shares at the beginning of the day (after adjusting for the current capital shares activity of the respective class). Expenses common to all Funds are allocated daily among the Funds comprising the Trust based upon their relative net asset values or other appropriate allocation methods. Operating expenses directly attributable to a specific class are charged against the operating income of that class.

<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, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually and more often if deemed necessary by the Advisor. Dividends and distributions are paid and are reinvested in additional shares of the Funds at net asset value per share at the close of business on the ex-dividend date, or at the shareholder's option, paid in cash.

<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

Annual Financial Statements \| 267

**Notes to Financial Statements, Continued**

September 30, 2025

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. 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>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.

<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 September 30, 2025 are detailed in the Schedule of Investments.

**NOTE 3 – SECURITY VALUATION**

Valuation of the Funds' portfolio investment securities is performed by 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> Debt obligations held by the Funds which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Funds, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the

268 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

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 it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.

<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 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.

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 tables display a summary of the fair value hierarchy measurements of each Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT DURATION MUNICIPAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;Long-Term Municipal Bonds | $113595550 | $— | $113595550 | $— |
| &nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 535000 |  | 535000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 130236 | 130236 |  |  |
| Total Investments in Securities | $114260786 | $130236 | $114130550 | $— |
| **Total Assets** | $114260786 | $130236 | $114130550 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIMITED TERM MUNICIPAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;Long-Term Municipal Bonds | $2076516030 | $— | $2076516030 | $— |
| &nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 50055000 |  | 50055000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 1141202 | 1141202 |  |  |
| Total Investments in Securities | $2127712232 | $1141202 | $2126571030 | $— |
| **Total Assets** | $2127712232 | $1141202 | $2126571030 | $— |

---

Annual Financial Statements \| 269

**Notes to Financial Statements, Continued** 

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE MUNICIPAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;Long-Term Municipal Bonds | $1040953871 | $— | $1040953871 | $— |
| &nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 45470000 |  | 45470000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 9156 | 9156 |  |  |
| Total Investments in Securities | $1086433027 | $9156 | $1086423871 | $— |
| **Total Assets** | $**1086433027** | $**9156** | $**1086423871** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STRATEGIC MUNICIPAL INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;Long-Term Municipal Bonds | $357482546 | $— | $357482546 | $— |
| &nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 19310000 |  | 19310000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 177437 | 177437 |  |  |
| Total Investments in Securities | $376969983 | $177437 | $376792546 | $— |
| **Total Assets** | $**376969983** | $**177437** | $**376792546** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIMITED TERM CALIFORNIA FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;Long-Term Municipal Bonds | $254718001 | $— | $254718001 | $— |
| &nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 22530000 |  | 22530000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 762018 | 762018 |  |  |
| Total Investments in Securities | $278010019 | $762018 | $277248001 | $— |
| **Total Assets** | $**278010019** | $**762018** | $**277248001** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE NEW MEXICO FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;Long-Term Municipal Bonds | $87306477 | $— | $87306477 | $— |
| &nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 230000 |  | 230000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 644 | 644 |  |  |
| Total Investments in Securities | $87537121 | $644 | $87536477 | $— |
| **Total Assets** | $**87537121** | $**644** | $**87536477** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE NEW YORK FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;Long-Term Municipal Bonds | $23892798 | $— | $23892798 | $— |
| &nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 340000 |  | 340000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 10821 | 10821 |  |  |
| Total Investments in Securities | $24243619 | $10821 | $24232798 | $— |
| **Total Assets** | $**24243619** | $**10821** | $**24232798** | $**—** |

---

NOTE 4 – INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an investment advisory agreement with the Trust, the Advisor serves as the investment advisor and performs advisory services for the Funds for which the Advisor's management fees are payable at the end of each month. Under the investment advisory agreement,

270 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

each Fund pays the Advisor a management fee based on the average daily net assets of that Fund at an annual rate as shown in the following table:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SHORT DURATION MUNICIPAL FUND** | **SHORT DURATION MUNICIPAL FUND** | **LIMITED TERM MUNICIPAL FUND,<br> LIMITED TERM CALIFORNIA FUND** | **LIMITED TERM MUNICIPAL FUND,<br> LIMITED TERM CALIFORNIA FUND** | **INTERMEDIATE MUNICIPAL FUND,<br> INTERMEDIATE NEW MEXICO FUND,<br> INTERMEDIATE NEW YORK FUND** | **INTERMEDIATE MUNICIPAL FUND,<br> INTERMEDIATE NEW MEXICO FUND,<br> INTERMEDIATE NEW YORK FUND** | **STRATEGIC MUNICIPAL INCOME FUND** | **STRATEGIC MUNICIPAL INCOME FUND** |
| **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** |
| Up to $1 billion | 0.400% | Up to $500 million | 0.500% | Up to $500 million | 0.500% | Up to $500 million | 0.750% |
| Next $500 million | 0.300 | Next $500 million | 0.400 | Next $500 million | 0.450 | Next $500 million | 0.675 |
| Next $500 million | 0.250 | Next $500 million | 0.300 | Next $500 million | 0.400 | Next $500 million | 0.625 |
| Over $2 billion | 0.225 | Next $500 million | 0.250 | Next $500 million | 0.350 | Next $500 million | 0.575 |
|  |  | Over $2 billion | 0.225 | Over $2 billion | 0.275 | Over $2 billion | 0.500 |

---

The Funds' effective management fees, calculated on the basis of the Funds' average daily net assets (before applicable management fee waivers) for the year ended September 30, 2025 were as shown in the following table. Total management fees incurred by the Funds for the year ended September 30, 2025 are set forth in the Statement of Operations.

---

| | |
|:---|:---|
| | **EFFECTIVE <br> MANAGEMENT <br> FEE** |
| Short Duration Municipal Fund | 0.400% |
| Limited Term Municipal Fund | 0.346 |
| Intermediate Municipal Fund | 0.473 |
| Strategic Municipal Income Fund | 0.750 |
| Limited Term California Fund | 0.500 |
| Intermediate New Mexico Fund | 0.500 |
| Intermediate New York Fund | 0.500 |

---

The Trust has entered into an administrative services agreement with the Advisor, whereby the Advisor will perform certain administrative services. The administrative services fees are computed as an annual percentage of the aggregate average daily net assets of all applicable Funds in the Trust as follows:

---

| | |
|:---|:---|
| **ADMINISTRATIVE SERVICES FEE SCHEDULE** | **ADMINISTRATIVE SERVICES FEE SCHEDULE** |
| **DAILY NET ASSETS** | **FEE RATE** |
| Up to $20 billion | 0.100% |
| $20 billion to $40 billion | 0.075 |
| $40 billion to $60 billion | 0.040 |
| Over $60 billion | 0.030 |

---

The aggregate administrative services fee amount is allocated on a daily basis to each Fund based on net assets and subsequently allocated to each class of shares of the Funds. Total administrative services fees incurred by each class of shares of the Funds for the year ended September 30, 2025, are set forth in the Statement of Operations.

The Trust has an underwriting agreement with Thornburg Securities LLC (the "Distributor"), an affiliate of the Advisor, which acts as the distributor of the Funds' shares. For the year ended September 30, 2025, the Distributor has advised the Funds that they earned net commissions from the sale of Class A shares and collected contingent deferred sales charges ("CDSC Fees") from redemptions of Class C and Class C2 shares as follows:

Annual Financial Statements \| 271

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | |
|:---|:---|:---|
| | **COMMISSIONS** | **CDSC FEES** |
| Limited Term Municipal Fund | $2698 | $490 |
| Intermediate Municipal Fund | 1762 | 1061 |
| Strategic Municipal Income Fund | 760 |  |
| Limited Term California Fund | 258 | 195 |
| Intermediate New Mexico Fund | 97 |  |
| Intermediate New York Fund | 739 |  |

---

Pursuant to a service plan under Rule 12b-1 of the 1940 Act, the Funds may reimburse to the Distributor an amount not to exceed .25 of 1% per annum of the average daily net assets attributable to the applicable Class A, Class C, Class C2 and Class I shares of the Limited Term Municipal Fund, Intermediate Municipal Fund and Limited Term California Fund, Class A, Class C, and Class I shares of the Strategic Municipal Income Fund, Class A and Class I shares of the Intermediate New York Fund and Class A, Class D and Class I shares of the Intermediate New Mexico Fund and .20 of 1% per annum of the average daily net assets attributable to the applicable Class A and Class I shares of Short Duration Municipal Fund for payments made by the Distributor to securities dealers and other financial institutions to obtain various shareholder and distribution related services. For the year ended September 30, 2025, there were no 12b-1 service plan fees charged for Class I. The Advisor and Distributor each may pay out of its own resources additional expenses for distribution of each Fund's shares and shareholder services.

The Trust has also adopted a distribution plan pursuant to Rule 12b-1, applicable only to the Funds' Class C, Class C2, and Class D shares, under which the Funds compensate the Distributor for services in promoting the sale of Class C and Class D shares of the Funds at an annual rate of up to .25 of 1% per annum of the average daily net assets attributable to Class C of the Limited Term Municipal Fund and Limited Term California Fund and Class D shares of the Intermediate New Mexico Fund, .35 of 1% per annum of the average daily net assets attributable to Class C of the Intermediate Municipal Fund and Strategic Municipal Income Fund and .40 of 1% per annum of the average daily net assets attributed to Class C2 shares of the Limited Term Municipal Fund, Intermediate Municipal Fund, and Limited Term California Fund. Total fees incurred by each class of shares of the Funds under their respective service and distribution plans for the year ended September 30, 2025, are set forth in the Statements of Operations.

The Advisor has contractually agreed to waive certain fees and reimburse certain expenses incurred by certain classes of the Funds. The agreement may be terminated by the Trust at any time, but may not be terminated by the Advisor before February 1, 2026 unless the Advisor ceases to be the investment advisor to the Funds prior to that date. The Advisor may recoup amounts waived or reimbursed during the year ended September 30, 2025 if, during the fiscal year, expenses fall below the contractual limit that was in place at the time these fees and expenses were waived or reimbursed. The Advisor will not recoup fees or expenses as described in the preceding sentence if that recoupment would cause the Funds' total annual operating expenses (after the recoupment is taken into account) to exceed the lesser of: (a) the expense cap that was in place at the time the waiver or reimbursement occurred; or (b) the expense cap that is in place at the time of the recoupment. Expense caps exclude taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs.

Actual expenses of certain share classes do not exceed levels as specified in each Fund's most recent prospectus as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS C** | **CLASS C2** | **CLASS D** | **CLASS I** |
| Short Duration Municipal Fund | 0.70% | —% | —% | —% | 0.50% |
| Limited Term Municipal Fund |  |  | 1.24 |  |  |
| Intermediate Municipal Fund | 0.72 | 1.09 | 1.09 |  | 0.48 |
| Strategic Municipal Income Fund | 0.81 | 1.28 |  |  | 0.59 |
| Limited Term California Fund | 0.74 | 1.02 | 1.02 |  | 0.49 |
| Intermediate New Mexico Fund | 0.99 |  |  | 1.24 | 0.67 |
| Intermediate New York Fund | 0.99 |  |  |  | 0.67 |

---

272 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

For the year ended September 30, 2025, the Advisor contractually reimbursed certain class specific expenses and distribution fees and voluntarily waived certain expenses as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CONTRACTUAL:** | **CLASS <br> A** | **CLASS <br> C** | **CLASS <br> C2** | **CLASS <br> D** | **CLASS <br> I** | **TOTAL** |
| Short Duration Municipal Fund | $31373 | $— | $— | $— | $140111 | $171484 |
| Limited Term Municipal Fund |  |  | 15142 |  |  | 15142 |
| Intermediate Municipal Fund | 414201 | 37742 | 15225 |  | 1190856 | 1658024 |
| Strategic Municipal Income Fund | 232754 | 29250 |  |  | 962284 | 1224288 |
| Limited Term California Fund | 83064 | 11344 | 8393 |  | 338801 | 441602 |
| Intermediate New Mexico Fund | 34138 |  |  | 13693 | 54291 | 102122 |
| Intermediate New York Fund | 26464 |  |  |  | 34397 | 60861 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **VOLUNTARY:** | **CLASS <br>A** | **CLASS <br> C** | **CLASS <br> C2** | **CLASS <br> I** | **TOTAL** |
| Short Duration Municipal Fund | $641 | $— | $— | $12386 | $13027 |
| Intermediate Municipal Fund | 60185 | 3051 | 356 | 193868 | 257460 |
| Strategic Municipal Income Fund | 43024 | 2438 |  | 186417 | 231879 |
| Limited Term California Fund | 41464 | 669 | 741 | 152776 | 195650 |
| Intermediate New York Fund | 31567 |  |  | 34362 | 65929 |

---

Certain officers and Trustees of the Trust are also officers or directors of the Advisor and Distributor. The compensation of the independent Trustees is borne by the Trust. The Trust also pays a portion of the Chief Compliance Officer's compensation. These amounts are reflected as Trustee and officer fees in the Statement of Operations.

As of September 30, 2025, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
| | **PERCENTAGE OF DIRECT INVESTMENTS** |
| Short Duration Municipal Fund | 75.23% |
| Limited Term Municipal Fund | 7.56 |
| Intermediate Municipal Fund | 0.29 |
| Strategic Municipal Income Fund | 9.10 |
| Limited Term California Fund |  |
| Intermediate New Mexico Fund | 21.79 |
| Intermediate New York Fund |  |

---

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 year ended September 30, 2025 the Rule 17a-7 purchases, sales and gains/(losses) were as follows.

---

| | | | |
|:---|:---|:---|:---|
| | **PURCHASES** | **SALES** | **REALIZED GAINS/(LOSSES)** |
| Short Duration Municipal Fund | $2629550 | $9054397 | $(59394) |
| Limited Term Municipal Fund | 30675507 | 9994625 | (265344) |
| Intermediate Municipal Fund | 40527610 | 38778933 | (1600425) |
| Strategic Municipal Income Fund | 37547475 | 40375103 | (1876625) |
| Limited Term California Fund | 6877584 | 16120376 | (360274) |
| Intermediate New Mexico Fund |  | 3652770 | (65318) |
| Intermediate New York Fund | 916223 | 1197745 | (21027) |

---

**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.

Annual Financial Statements \| 273

**Notes to Financial Statements, Continued**

September 30, 2025

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the fiscal year ended September 30, 2025, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

At September 30, 2025, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> DEPRECIATION** | **NET UNREALIZED <br> APPRECIATION <br> (DEPRECIATION)** |
| Short Duration Municipal Fund | $113218237 | $1094165 | $(51616) | $1042549 |
| Limited Term Municipal Fund | 2062479115 | 65491606 | (258489) | 65233117 |
| Intermediate Municipal Fund | 1056379111 | 30250832 | (196916) | 30053916 |
| Strategic Municipal Income Fund | 365428490 | 11895049 | (353556) | 11541493 |
| Limited Term California Fund | 271413305 | 6661157 | (64443) | 6596714 |
| Intermediate New Mexico Fund | 86646057 | 1115749 | (224685) | 891064 |
| Intermediate New York Fund | 24174338 | 242838 | (173557) | 69281 |

---

Temporary differences between book and tax basis appreciation (depreciation) on cost of investments is primarily attributed to wash sales outstanding and premium amortization accruals.

At September 30, 2025, 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** |
| Short Duration Municipal Fund | $3998644 | $3628827 |
| Limited Term Municipal Fund | 128047812 | 136960474 |
| Intermediate Municipal Fund | 23573333 | 27885485 |
| Strategic Municipal Income Fund | 13768533 | 15243483 |
| Limited Term California Fund | 7513350 | 10934734 |
| Intermediate New Mexico Fund | 1014547 | 4722523 |
| Intermediate New York Fund | 563838 | 781663 |

---

At September 30, 2025 the Funds had undistributed net tax-exempt income, undistributed tax basis net ordinary income and undistributed tax basis capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **UNDISTRIBUTED NET <br> TAX EXEMPT INCOME** | **UNDISTRIBUTED TAX BASIS <br> ORDINARY INCOME** | **UNDISTRIBUTED TAX BASIS <br> CAPITAL GAINS** |
| Short Duration Municipal Fund | $126603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Limited Term Municipal Fund | 106881 |  |  |
| Intermediate Municipal Fund | 483427 |  |  |
| Strategic Municipal Income Fund | 69929 |  |  |
| Limited Term California Fund | 115039 |  |  |
| Intermediate New Mexico Fund | 11708 |  |  |
| Intermediate New York Fund | 3719 |  |  |

---

274 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

The tax character of distributions paid for the Funds during the years ended September 30, 2025, and September 30, 2024, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** |
|  | **TAX EXEMPT INCOME** | **TAX EXEMPT INCOME** | **ORDINARY INCOME** | **ORDINARY INCOME** |
| | **2025** | **2024** | **2025** | **2024** |
| Short Duration Municipal Fund | $3744796 | $3993892 | $84184 | $72534 |
| Limited Term Municipal Fund | 75841883 | 83020456 | 1430116 | 1030782 |
| Intermediate Municipal Fund | 38437592 | 33428055 | 957670 | 706829 |
| Strategic Municipal Income Fund | 13303045 | 10989622 | 617267 | 400835 |
| Limited Term California Fund | 8142401 | 8061198 | 380308 | 207921 |
| Intermediate New Mexico Fund | 2631997 | 2688653 | 106737 | 31020 |
| Intermediate New York Fund | 797544 | 734222 | 16403 | 8429 |

---

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At September 30, 2025, there were an unlimited number of shares of each Fund with no par value of beneficial interest authorized.

Transactions in each Fund's shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**SHORT DURATION MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 154422 | $1838113 | 83080 | $980177 |
| Shares issued to shareholders in reinvestment of dividends | 14877 | 177402 | 20303 | 241580 |
| Shares repurchased | (238898) | (2844558) | (727625) | (8644289) |
| Net increase (decrease) | (69599) | $(829043) | (624242) | $(7422532) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1728841 | $20632884 | 252397 | $2994028 |
| Shares issued to shareholders in reinvestment of dividends | 188449 | 2246408 | 195524 | 2326782 |
| Shares repurchased | (2190296) | (26195614) | (2264393) | (26826293) |
| Net increase (decrease) | (273006) | $(3316322) | (1816472) | $(21505483) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**LIMITED TERM MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 2154118 | $29139645 | 2820914 | $38096955 |
| Shares issued to shareholders in reinvestment of dividends | 1063477 | 14370351 | 1146065 | 15506725 |
| Shares repurchased | (9497908) | (128318531) | (10658521) | (144036098) |
| Net increase (decrease) | (6280313) | $(84808535) | (6691542) | $(90432418) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 135739 | $1837385 | 166854 | $2266121 |
| Shares issued to shareholders in reinvestment of dividends | 69118 | 935663 | 92961 | 1259673 |
| Shares repurchased | (1006890) | (13657108) | (1889926) | (25545100) |
| Net increase (decrease) | (802033) | $(10884060) | (1630111) | $(22019306) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold | 3415 | $46351 | 21379 | $290228 |
| Shares issued to shareholders in reinvestment of dividends | 5111 | 69214 | 5468 | 74109 |
| Shares repurchased | (26907) | (365278) | (96549) | (1307884) |
| Net increase (decrease) | (18381) | $(249713) | (69702) | $(943547) |

---

Annual Financial Statements \| 275

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**LIMITED TERM MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** | | | | |
| Shares sold | 31229972 | $422338614 | 29611993 | $400369449 |
| Shares issued to shareholders in reinvestment of dividends | 4095291 | 55341329 | 4386113 | 59348527 |
| Shares repurchased | (52253398) | (706227031) | (69401713) | (936899772) |
| Net increase (decrease) | (16928135) | $(228547088) | (35403607) | $(477181796) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**INTERMEDIATE MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 2196010 | $28845029 | 2865862 | $37742830 |
| Shares issued to shareholders in reinvestment of dividends | 611592 | 8005066 | 610283 | 8044769 |
| Shares repurchased | (4852990) | (63644329) | (4689890) | (61650532) |
| Net increase (decrease) | (2045388) | $(26794234) | (1213745) | $(15862933) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 177168 | $2326656 | 138168 | $1824372 |
| Shares issued to shareholders in reinvestment of dividends | 28394 | 372058 | 30557 | 403093 |
| Shares repurchased | (302823) | (3959158) | (475714) | (6256851) |
| Net increase (decrease) | (97261) | $(1260444) | (306989) | $(4029386) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold | 43705 | $575536 | 49503 | $649410 |
| Shares issued to shareholders in reinvestment of dividends | 3551 | 46532 | 3834 | 50648 |
| Shares repurchased | (24853) | (327063) | (59026) | (782957) |
| Net increase (decrease) | 22403 | $295005 | (5689) | $(82899) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 23399697 | $305109103 | 22582199 | $297324990 |
| Shares issued to shareholders in reinvestment of dividends | 1928909 | 25198203 | 1529407 | 20149283 |
| Shares repurchased | (16208571) | (211323612) | (14279716) | (186903978) |
| Net increase (decrease) | 9120035 | $118983694 | 9831890 | $130570295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**STRATEGIC MUNICIPAL INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 770180 | $10760456 | 928851 | $12883229 |
| Shares issued to shareholders in reinvestment of dividends | 172891 | 2411794 | 167962 | 2351365 |
| Shares repurchased | (1159898) | (16242622) | (786892) | (10976988) |
| Net increase (decrease) | (216827) | $(3070372) | 309921 | $4257606 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 15254 | $214885 | 92456 | $1285508 |
| Shares issued to shareholders in reinvestment of dividends | 8165 | 114063 | 9875 | 138222 |
| Shares repurchased | (60103) | (843664) | (187087) | (2627407) |
| Net increase (decrease) | (36684) | $(514716) | (84756) | $(1203677) |

---

276 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**STRATEGIC MUNICIPAL INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** | | | | |
| Shares sold | 10098420 | $141603169 | 5833470 | $81239072 |
| Shares issued to shareholders in reinvestment of dividends | 810831 | 11317157 | 630368 | 8829398 |
| Shares repurchased | (6135358) | (85578202) | (6037501) | (83851832) |
| Net increase (decrease) | 4773893 | $67342124 | 426337 | $6216638 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**LIMITED TERM CALIFORNIA FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 343241 | $4413842 | 389917 | $4990232 |
| Shares issued to shareholders in reinvestment of dividends | 113863 | 1462811 | 118342 | 1522036 |
| Shares repurchased | (792772) | (10199832) | (1255859) | (16155951) |
| Net increase (decrease) | (335668) | $(4323179) | (747600) | $(9643683) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 21230 | $272303 | 4047 | $52039 |
| Shares issued to shareholders in reinvestment of dividends | 1683 | 21646 | 2960 | 38084 |
| Shares repurchased | (45615) | (586527) | (144134) | (1857060) |
| Net increase (decrease) | (22702) | $(292578) | (137127) | $(1766937) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold | 61603 | $790877 | 29957 | $382773 |
| Shares issued to shareholders in reinvestment of dividends | 2147 | 27589 | 786 | 10133 |
| Shares repurchased | (32312) | (420077) | (1795) | (23086) |
| Net increase (decrease) | 31438 | $398389 | 28948 | $369820 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 7491018 | $96075808 | 7030536 | $89998482 |
| Shares issued to shareholders in reinvestment of dividends | 473500 | 6091164 | 448614 | 5778722 |
| Shares repurchased | (6551913) | (84177322) | (7558676) | (97101448) |
| Net increase (decrease) | 1412605 | $17989650 | (79526) | $(1324244) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**INTERMEDIATE NEW MEXICO FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 138404 | $1704146 | 60975 | $759680 |
| Shares issued to shareholders in reinvestment of dividends | 73719 | 906938 | 78372 | 970653 |
| Shares repurchased | (629175) | (7746893) | (1033938) | (12759524) |
| Net increase (decrease) | (417052) | $(5135809) | (894591) | $(11029191) |
| **Class D Shares** |  |  |  |  |
| Shares sold | 197 | $2421 | 194 | $2400 |
| Shares issued to shareholders in reinvestment of dividends | 12030 | 148041 | 12718 | 157600 |
| Shares repurchased | (88007) | (1088502) | (137546) | (1688354) |
| Net increase (decrease) | (75780) | $(938040) | (124634) | $(1528354) |

---

Annual Financial Statements \| 277

**Notes to Financial Statements, Continued**

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**INTERMEDIATE NEW MEXICO FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** | | | | |
| Shares sold | 886583 | $10871947 | 532926 | $6611620 |
| Shares issued to shareholders in reinvestment of dividends | 119469 | 1468726 | 110785 | 1371958 |
| Shares repurchased | (864539) | (10608006) | (1061145) | (13117470) |
| Net increase (decrease) | 141513 | $1732667 | (417434) | $(5133892) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2024** | **SEPTEMBER 30, 2024** |
| <br>**INTERMEDIATE NEW YORK FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 44974 | $534784 | 31434 | $375050 |
| Shares issued to shareholders in reinvestment of dividends | 27289 | 323152 | 26170 | 313597 |
| Shares repurchased | (160265) | (1895344) | (132861) | (1585847) |
| Net increase (decrease) | (88002) | $(1037408) | (75257) | $(897200) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 288489 | $3417215 | 316003 | $3781567 |
| Shares issued to shareholders in reinvestment of dividends | 32306 | 382288 | 26951 | 322961 |
| Shares repurchased | (275713) | (3253020) | (346068) | (4121509) |
| Net increase (decrease) | 45082 | $546483 | (3114) | $(16981) |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the year ended September 30, 2025, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments).

---

| | | |
|:---|:---|:---|
|  | PURCHASES | SALES |
| Short Duration Municipal Fund | $60276981 | $63493598 |
| Limited Term Municipal Fund | 678452956 | 977129427 |
| Intermediate Municipal Fund | 600423409 | 523177348 |
| Strategic Municipal Income Fund | 252875773 | 196284139 |
| Limited Term California Fund | 111141756 | 118165660 |
| Intermediate New Mexico Fund | 21114436 | 21226457 |
| Intermediate New York Fund | 9705793 | 9908883 |

---

278 \| Annual Financial Statements

This page intentionally left blank.

Annual Financial Statements \| 279

Financial Highlights

Short Duration Municipal Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET ASSET**<br> **VALUE,** <br> **END OF** <br> **YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.99 | 0.37 | (0.02) | 0.35 | (0.37) |  |  | (0.37) | $11.97 |
| &nbsp;&nbsp;&nbsp;2024 | $11.76 | 0.36 | 0.23 | 0.59 | (0.36) |  |  | (0.36) | $11.99 |
| &nbsp;&nbsp;&nbsp;2023 | $11.77 | 0.27 |  | 0.27 | (0.28) |  |  | (0.28) | $11.76 |
| &nbsp;&nbsp;&nbsp;2022 | $12.33 | 0.09 | (0.57) | (0.48) | (0.08) |  |  | (0.08) | $11.77 |
| &nbsp;&nbsp;&nbsp;2021 | $12.37 | 0.03 | (0.04) | (0.01) | (0.03) |  |  | (0.03) | $12.33 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11.98 | 0.39 | (0.01) | 0.38 | (0.39) |  |  | (0.39) | $11.97 |
| &nbsp;&nbsp;&nbsp;2024 | $11.75 | 0.39 | 0.23 | 0.62 | (0.39) |  |  | (0.39) | $11.98 |
| &nbsp;&nbsp;&nbsp;2023 | $11.76 | 0.30 | (0.01) | 0.29 | (0.30) |  |  | (0.30) | $11.75 |
| &nbsp;&nbsp;&nbsp;2022 | $12.33 | 0.11 | (0.57) | (0.46) | (0.11) |  |  | (0.11) | $11.76 |
| &nbsp;&nbsp;&nbsp;2021 | $12.36 | 0.06 | (0.03) | 0.03 | (0.06) |  |  | (0.06) | $12.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Sales
loads are not reflected in computing total return.

+ Based on weighted average shares outstanding.

See notes to financial statements.

280 \| Annual Financial Statements

**Financial Highlights, Continued**

Short Duration Municipal Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET INVESTMENT** <br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER** <br> **EXPENSE** <br> **REDUCTIONS (%)** | **EXPENSES,** <br> **BEFORE EXPENSE** <br> **REDUCTIONS (%)** | **TOTAL** <br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** <br> **TURNOVER** <br> **RATE (%)<sup>(a)</sup>** | **NET** <br> **ASSETS** <br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.08 | 0.70 | 1.25 | 2.95 | 54.60 | $5527 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.04 | 0.70 | 1.23 | 5.12 | 63.53 | $6367 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.29 | 0.70 | 1.06 | 2.29 | 56.32 | $13585 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.71 | 0.70 | 1.10 | (3.88) | 89.01 | $20045 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.27 | 0.70 | 0.98 | (0.05) | 34.71 | $16332 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.28 | 0.50 | 0.64 | 3.24 | 54.60 | $108124 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.26 | 0.50 | 0.63 | 5.34 | 63.53 | $111515 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.52 | 0.50 | 0.60 | 2.50 | 56.32 | $130723 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.88 | 0.50 | 0.58 | (3.77) | 89.01 | $148929 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.46 | 0.50 | 0.65 | 0.23 | 34.71 | $179245 |

---

Annual Financial Statements \| 281

Financial Highlights

Limited Term Municipal Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET ASSET**<br> **VALUE,** <br> **END OF** <br> **YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.69 | 0.44 | (0.05) | 0.39 | (0.43) |  |  | (0.43) | $13.65 |
| &nbsp;&nbsp;&nbsp;2024 | $13.19 | 0.40 | 0.51 | 0.91 | (0.41) |  |  | (0.41) | $13.69 |
| &nbsp;&nbsp;&nbsp;2023 | $13.26 | 0.32 | (0.06) | 0.26 | (0.33) |  |  | (0.33) | $13.19 |
| &nbsp;&nbsp;&nbsp;2022 | $14.51 | 0.21 | (1.25) | (1.04) | (0.21) |  |  | (0.21) | $13.26 |
| &nbsp;&nbsp;&nbsp;2021 | $14.64 | 0.19 | (0.13) | 0.06 | (0.19) |  |  | (0.19) | $14.51 |
| **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.72 | 0.40 | (0.04) | 0.36 | (0.40) |  |  | (0.40) | $13.68 |
| &nbsp;&nbsp;&nbsp;2024 | $13.21 | 0.37 | 0.51 | 0.88 | (0.37) |  |  | (0.37) | $13.72 |
| &nbsp;&nbsp;&nbsp;2023 | $13.28 | 0.29 | (0.07) | 0.22 | (0.29) |  |  | (0.29) | $13.21 |
| &nbsp;&nbsp;&nbsp;2022 | $14.53 | 0.17 | (1.24) | (1.07) | (0.18) |  |  | (0.18) | $13.28 |
| &nbsp;&nbsp;&nbsp;2021 | $14.66 | 0.15 | (0.13) | 0.02 | (0.15) |  |  | (0.15) | $14.53 |
| **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.72 | 0.37 | (0.04) | 0.33 | (0.37) |  |  | (0.37) | $13.68 |
| &nbsp;&nbsp;&nbsp;2024 | $13.21 | 0.34 | 0.51 | 0.85 | (0.34) |  |  | (0.34) | $13.72 |
| &nbsp;&nbsp;&nbsp;2023 | $13.28 | 0.26 | (0.07) | 0.19 | (0.26) |  |  | (0.26) | $13.21 |
| &nbsp;&nbsp;&nbsp;2022 | $14.54 | 0.14 | (1.26) | (1.12) | (0.14) |  |  | (0.14) | $13.28 |
| &nbsp;&nbsp;&nbsp;2021<sup>(c)</sup> | $14.66 | 0.10 | (0.12) | (0.02) | (0.10) |  |  | (0.10) | $14.54 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.69 | 0.47 | (0.04) | 0.43 | (0.47) |  |  | (0.47) | $13.65 |
| &nbsp;&nbsp;&nbsp;2024 | $13.19 | 0.44 | 0.50 | 0.94 | (0.44) |  |  | (0.44) | $13.69 |
| &nbsp;&nbsp;&nbsp;2023 | $13.26 | 0.35 | (0.06) | 0.29 | (0.36) |  |  | (0.36) | $13.19 |
| &nbsp;&nbsp;&nbsp;2022 | $14.51 | 0.24 | (1.25) | (1.01) | (0.24) |  |  | (0.24) | $13.26 |
| &nbsp;&nbsp;&nbsp;2021 | $14.64 | 0.22 | (0.13) | 0.09 | (0.22) |  |  | (0.22) | $14.51 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

(c) Effective date of this class of shares was October 1, 2020.

+ Based on weighted average shares outstanding.

See notes to financial statements.

282 \| Annual Financial Statements

**Financial Highlights, Continued**

Limited Term Municipal Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET INVESTMENT** <br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER** <br> **EXPENSE** <br> **REDUCTIONS (%)** | **EXPENSES,** <br> **BEFORE EXPENSE** <br> **REDUCTIONS (%)** | **TOTAL** <br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** <br> **TURNOVER** <br> **RATE (%)<sup>(a)</sup>** | **NET** <br> **ASSETS** <br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.22 | 0.78 | 0.78 | 2.96 | 31.04 | $455833 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.99 | 0.77 | 0.77 | 6.94 | 39.61 | $543244 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.40 | 0.74 | 0.74 | 1.91 | 37.26 | $611338 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.51 | 0.71 | 0.71 | (7.20) | 37.69 | $755222 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.28 | 0.69 | 0.69 | 0.39 | 22.29 | $978221 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** | &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.92 | 1.08 | 1.08 | 2.66 | 31.04 | $28496 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.70 | 1.04 | 1.04 | 6.72 | 39.61 | $39586 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.15 | 0.98 | 0.98 | 1.66 | 37.26 | $59652 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.23 | 0.97 | 0.97 | (7.43) | 37.69 | $91018 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.00 | 0.97 | 0.97 | 0.11 | 22.29 | $146806 |
| &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** | &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.76 | 1.24 | 1.84 | 2.49 | 31.04 | $2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.50 | 1.24 | 1.72 | 6.51 | 39.61 | $2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.89 | 1.24 | 1.67 | 1.39 | 37.26 | $3516 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.99 | 1.24 | 1.48 | (7.74) | 37.69 | $4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021<sup>(c)</sup> | 0.69 | 1.24 | 1.72 | (0.11) | 22.29 | $5477 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.47 | 0.53 | 0.53 | 3.22 | 31.04 | $1670371 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.24 | 0.51 | 0.51 | 7.22 | 39.61 | $1907395 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.62 | 0.51 | 0.51 | 2.14 | 37.26 | $2303573 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.72 | 0.48 | 0.48 | (6.99) | 37.69 | $3162018 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.50 | 0.46 | 0.46 | 0.61 | 22.29 | $4502575 |

---

Annual Financial Statements \| 283

Financial Highlights

Intermediate Municipal Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED <br> SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET** <br> **ASSET VALUE,** <br> **END OF <br> YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.38 | 0.48 | (0.20) | 0.28 | (0.48) |  |  | (0.48) | $13.18 |
| &nbsp;&nbsp;&nbsp;2024 | $12.72 | 0.45 | 0.66 | 1.11 | (0.45) |  |  | (0.45) | $13.38 |
| &nbsp;&nbsp;&nbsp;2023 | $12.82 | 0.40 | (0.10) | 0.30 | (0.40) |  |  | (0.40) | $12.72 |
| &nbsp;&nbsp;&nbsp;2022 | $14.35 | 0.32 | (1.52) | (1.20) | (0.33) |  |  | (0.33) | $12.82 |
| &nbsp;&nbsp;&nbsp;2021 | $14.37 | 0.33 | (0.02) | 0.31 | (0.33) |  |  | (0.33) | $14.35 |
| **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.40 | 0.43 | (0.20) | 0.23 | (0.43) |  |  | (0.43) | $13.20 |
| &nbsp;&nbsp;&nbsp;2024 | $12.73 | 0.40 | 0.67 | 1.07 | (0.40) |  |  | (0.40) | $13.40 |
| &nbsp;&nbsp;&nbsp;2023 | $12.83 | 0.35 | (0.10) | 0.25 | (0.35) |  |  | (0.35) | $12.73 |
| &nbsp;&nbsp;&nbsp;2022 | $14.37 | 0.27 | (1.54) | (1.27) | (0.27) |  |  | (0.27) | $12.83 |
| &nbsp;&nbsp;&nbsp;2021 | $14.39 | 0.27 | (0.01) | 0.26 | (0.28) |  |  | (0.28) | $14.37 |
| **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.40 | 0.43 | (0.20) | 0.23 | (0.43) |  |  | (0.43) | $13.20 |
| &nbsp;&nbsp;&nbsp;2024 | $12.73 | 0.40 | 0.67 | 1.07 | (0.40) |  |  | (0.40) | $13.40 |
| &nbsp;&nbsp;&nbsp;2023 | $12.83 | 0.35 | (0.10) | 0.25 | (0.35) |  |  | (0.35) | $12.73 |
| &nbsp;&nbsp;&nbsp;2022 | $14.37 | 0.27 | (1.54) | (1.27) | (0.27) |  |  | (0.27) | $12.83 |
| &nbsp;&nbsp;&nbsp;2021<sup>(c)</sup> | $14.39 | 0.27 | (0.02) | 0.25 | (0.27) |  |  | (0.27) | $14.37 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.36 | 0.51 | (0.20) | 0.31 | (0.51) |  |  | (0.51) | $13.16 |
| &nbsp;&nbsp;&nbsp;2024 | $12.70 | 0.48 | 0.66 | 1.14 | (0.48) |  |  | (0.48) | $13.36 |
| &nbsp;&nbsp;&nbsp;2023 | $12.80 | 0.43 | (0.10) | 0.33 | (0.43) |  |  | (0.43) | $12.70 |
| &nbsp;&nbsp;&nbsp;2022 | $14.34 | 0.36 | (1.54) | (1.18) | (0.36) |  |  | (0.36) | $12.80 |
| &nbsp;&nbsp;&nbsp;2021 | $14.35 | 0.36 | (0.01) | 0.35 | (0.36) |  |  | (0.36) | $14.34 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

(c) Effective date of this class of shares was October 1, 2020.

+ Based on weighted average shares outstanding.

See notes to financial statements.

284 \| Annual Financial Statements

**Financial Highlights, Continued**

Intermediate Municipal Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET INVESTMENT** <br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER** <br> **EXPENSE** <br> **REDUCTIONS (%)** | **EXPENSES,** <br> **BEFORE EXPENSE**<br> **REDUCTIONS (%)** | **TOTAL** <br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** <br> **TURNOVER** <br> **RATE (%)<sup>(a)</sup>** | **NET** <br> **ASSETS** <br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.63 | 0.72 | 0.92 | 2.15 | 53.42 | $229585 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.43 | 0.74 | 0.93 | 8.81 | 29.65 | $260420 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.06 | 0.77 | 0.92 | 2.31 | 39.98 | $262957 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.37 | 0.77 | 0.91 | (8.50) | 19.48 | $272111 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2.26 | 0.77 | 0.91 | 2.16 | 10.20 | $328170 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** | &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.26 | 1.09 | 1.42 | 1.77 | 53.42 | $11566 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.05 | 1.11 | 1.39 | 8.49 | 29.65 | $13044 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.68 | 1.14 | 1.36 | 1.93 | 39.98 | $16306 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.98 | 1.14 | 1.33 | (8.89) | 19.48 | $22032 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.89 | 1.14 | 1.30 | 1.78 | 10.20 | $34344 |
| &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** | &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.26 | 1.09 | 2.18 | 1.77 | 53.42 | $1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.05 | 1.11 | 2.06 | 8.49 | 29.65 | $1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.70 | 1.14 | 2.48 | 1.93 | 39.98 | $1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.00 | 1.14 | 2.07 | (8.89) | 19.48 | $1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021<sup>(c)</sup> | 1.85 | 1.14 | 2.62 | 1.76 | 10.20 | $1860 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.88 | 0.48 | 0.66 | 2.39 | 53.42 | $854442 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.66 | 0.50 | 0.67 | 9.08 | 29.65 | $745487 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.30 | 0.53 | 0.67 | 2.55 | 39.98 | $583709 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.60 | 0.53 | 0.67 | (8.36) | 19.48 | $555898 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2.50 | 0.53 | 0.67 | 2.47 | 10.20 | $666356 |

---

Annual Financial Statements \| 285

Financial Highlights

Strategic Municipal Income Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET** <br> **ASSET VALUE,** <br> **END OF** <br> **YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $14.27 | 0.52 | (0.23) | 0.29 | (0.52) |  |  | (0.52) | $14.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | $13.39 | 0.50 | 0.88 | 1.38 | (0.50) |  |  | (0.50) | $14.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | $13.48 | 0.44 | (0.09) | 0.35 | (0.44) |  |  | (0.44) | $13.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $15.43 | 0.31 | (1.95) | (1.64) | (0.31) |  |  | (0.31) | $13.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | $15.33 | 0.30 | 0.10 | 0.40 | (0.30) |  |  | (0.30) | $15.43 |
| **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $14.29 | 0.46 | (0.25) | 0.21 | (0.45) |  |  | (0.45) | $14.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | $13.40 | 0.43 | 0.89 | 1.32 | (0.43) |  |  | (0.43) | $14.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | $13.49 | 0.37 | (0.09) | 0.28 | (0.37) |  |  | (0.37) | $13.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $15.45 | 0.24 | (1.96) | (1.72) | (0.24) |  |  | (0.24) | $13.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | $15.34 | 0.23 | 0.11 | 0.34 | (0.23) |  |  | (0.23) | $15.45 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | $14.29 | 0.55 | (0.24) | 0.31 | (0.55) |  |  | (0.55) | $14.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | $13.40 | 0.53 | 0.89 | 1.42 | (0.53) |  |  | (0.53) | $14.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | $13.49 | 0.47 | (0.09) | 0.38 | (0.47) |  |  | (0.47) | $13.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | $15.45 | 0.34 | (1.96) | (1.62) | (0.34) |  |  | (0.34) | $13.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | $15.34 | 0.34 | 0.11 | 0.45 | (0.34) |  |  | (0.34) | $15.45 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

+ Based on weighted average shares outstanding.

See notes to financial statements.

286 \| Annual Financial Statements

**Financial Highlights, Continued**

Strategic Municipal Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET INVESTMENT** <br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER** <br> **EXPENSE** <br> **REDUCTIONS (%)** | **EXPENSES,** <br> **BEFORE EXPENSE**<br> **REDUCTIONS (%)** | **TOTAL** <br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** <br> **TURNOVER** <br> **RATE (%)<sup>(a)</sup>** | **NET** <br> **ASSETS** <br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.73 | 0.81 | 1.23 | 2.12 | 59.01 | $65175 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.55 | 0.81 | 1.27 | 10.41 | 23.43 | $69372 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.15 | 0.81 | 1.27 | 2.51 | 48.80 | $60908 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.12 | 0.81 | 1.27 | (10.73) | 46.24 | $55859 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.96 | 0.81 | 1.26 | 2.65 | 10.43 | $65220 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** | &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.26 | 1.28 | 2.12 | 1.57 | 59.01 | $3535 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.07 | 1.28 | 1.97 | 9.96 | 23.43 | $4119 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.65 | 1.28 | 1.92 | 2.03 | 48.80 | $4998 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.64 | 1.28 | 1.77 | (11.20) | 46.24 | $8278 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.50 | 1.28 | 1.71 | 2.24 | 10.43 | $11753 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.96 | 0.59 | 0.99 | 2.27 | 59.01 | $311692 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.76 | 0.59 | 1.01 | 10.72 | 23.43 | $248771 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 3.37 | 0.59 | 1.01 | 2.74 | 48.80 | $227585 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.33 | 0.59 | 0.99 | (10.59) | 46.24 | $236725 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2.17 | 0.59 | 0.97 | 2.94 | 10.43 | $298871 |

---

Annual Financial Statements \| 287

Financial Highlights

Limited Term California Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET** <br> **ASSET VALUE,** <br> **END OF** <br> **YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.03 | 0.39 | (0.02)<sup>(c)</sup> | 0.37 | (0.38) |  |  | (0.38) | $13.02 |
| &nbsp;&nbsp;&nbsp;2024 | $12.56 | 0.36 | 0.47 | 0.83 | (0.36) |  |  | (0.36) | $13.03 |
| &nbsp;&nbsp;&nbsp;2023 | $12.61 | 0.29 | (0.05) | 0.24 | (0.29) |  |  | (0.29) | $12.56 |
| &nbsp;&nbsp;&nbsp;2022 | $13.66 | 0.17 | (1.04) | (0.87) | (0.18) |  |  | (0.18) | $12.61 |
| &nbsp;&nbsp;&nbsp;2021 | $13.80 | 0.15 | (0.14) | 0.01 | (0.15) |  |  | (0.15) | $13.66 |
| **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.04 | 0.35 | — <sup>(c)(d)</sup> | 0.35 | (0.35) |  |  | (0.35) | $13.04 |
| &nbsp;&nbsp;&nbsp;2024 | $12.58 | 0.33 | 0.46 | 0.79 | (0.33) |  |  | (0.33) | $13.04 |
| &nbsp;&nbsp;&nbsp;2023 | $12.62 | 0.25 | (0.04) | 0.21 | (0.25) |  |  | (0.25) | $12.58 |
| &nbsp;&nbsp;&nbsp;2022 | $13.67 | 0.13 | (1.04) | (0.91) | (0.14) |  |  | (0.14) | $12.62 |
| &nbsp;&nbsp;&nbsp;2021 | $13.81 | 0.11 | (0.14) | (0.03) | (0.11) |  |  | (0.11) | $13.67 |
| **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.04 | 0.35 | — <sup>(c)(d)</sup> | 0.35 | (0.35) |  |  | (0.35) | $13.04 |
| &nbsp;&nbsp;&nbsp;2024 | $12.57 | 0.33 | 0.47 | 0.80 | (0.33) |  |  | (0.33) | $13.04 |
| &nbsp;&nbsp;&nbsp;2023 | $12.61 | 0.26 | (0.05) | 0.21 | (0.25) |  |  | (0.25) | $12.57 |
| &nbsp;&nbsp;&nbsp;2022 | $13.67 | 0.14 | (1.06) | (0.92) | (0.14) |  |  | (0.14) | $12.61 |
| &nbsp;&nbsp;&nbsp;2021<sup>(f)</sup> | $13.81 | 0.11 | (0.13) | (0.02) | (0.12) |  |  | (0.12) | $13.67 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $13.05 | 0.42 | (0.01)<sup>(c)</sup> | 0.41 | (0.42) |  |  | (0.42) | $13.04 |
| &nbsp;&nbsp;&nbsp;2024 | $12.58 | 0.39 | 0.48 | 0.87 | (0.40) |  |  | (0.40) | $13.05 |
| &nbsp;&nbsp;&nbsp;2023 | $12.62 | 0.32 | (0.04) | 0.28 | (0.32) |  |  | (0.32) | $12.58 |
| &nbsp;&nbsp;&nbsp;2022 | $13.67 | 0.21 | (1.05) | (0.84) | (0.21) |  |  | (0.21) | $12.62 |
| &nbsp;&nbsp;&nbsp;2021 | $13.82 | 0.19 | (0.15) | 0.04 | (0.19) |  |  | (0.19) | $13.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Sales
loads are not reflected in computing total return.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Due
to timing of transactions of shares of beneficial interest, the net realized and unrealized gain (loss) on investments on a per
share basis is not in accordance with the aggregate net realized and unrealized gain (loss) for the period as shown in the Statement
of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net
realized and unrealized gain (loss) on investments was less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Due
 to the size of net assets and fixed expenses, ratios may appear disproportionate.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective
date of this class of shares was October 1, 2020.

+ Based on weighted average shares outstanding.

See notes to financial statements.

288 \| Annual Financial Statements

**Financial Highlights, Continued**

Limited Term California Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET INVESTMENT** <br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER** <br> **EXPENSE** <br> **REDUCTIONS (%)** | **EXPENSES,** <br> **BEFORE EXPENSE REDUCTIONS (%)** | **TOTAL** <br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** <br> **TURNOVER** <br> **RATE (%)<sup>(a)</sup>** | **NET** <br> **ASSETS** <br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.00 | 0.74 | 0.96 | 2.96 | 43.53 | $55662 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.82 | 0.74 | 0.96 | 6.71 | 46.36 | $60071 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.26 | 0.74 | 0.96 | 1.89 | 45.63 | $67312 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.32 | 0.74 | 0.95 | (6.44) | 41.92 | $79046 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.11 | 0.74 | 0.92 | 0.10 | 16.22 | $101949 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** | &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.70 | 1.02 | 2.33 | 2.75 | 43.53 | $920 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.52 | 1.02 | 1.70 | 6.32 | 46.36 | $1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.95 | 1.02 | 1.42 | 1.69 | 45.63 | $2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.02 | 1.02 | 1.31 | (6.70) | 41.92 | $5976 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.82 | 1.02 | 1.27 | (0.19) | 16.22 | $9623 |
| &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** | &nbsp;&nbsp;&nbsp;**CLASS C2 SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.73 | 1.02 | 1.92 | 2.75 | 43.53 | $933 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.55 | 1.02 | 2.89 <sup>(e)</sup> | 6.41 | 46.36 | $524 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.00 | 1.02 | 8.02 <sup>(e)</sup> | 1.69 | 45.63 | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.05 | 1.02 | 4.46 <sup>(e)</sup> | (6.78) | 41.92 | $129 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021<sup>(f)</sup> | 0.84 | 1.02 | 6.50 <sup>(e)</sup> | (0.18) | 16.22 | $149 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.25 | 0.49 | 0.73 | 3.21 | 43.53 | $229855 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.07 | 0.49 | 0.71 | 6.97 | 46.36 | $211561 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.50 | 0.49 | 0.71 | 2.23 | 45.63 | $204982 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.56 | 0.49 | 0.71 | (6.20) | 41.92 | $276717 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.35 | 0.49 | 0.70 | 0.27 | 16.22 | $366861 |

---

Annual Financial Statements \| 289

Financial Highlights

Intermediate New Mexico Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET** <br> **ASSET VALUE,** <br> **END OF** <br> **YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.51 | 0.36 | (0.12) | 0.24 | (0.36) |  |  | (0.36) | $12.39 |
| &nbsp;&nbsp;&nbsp;2024 | $12.01 | 0.32 | 0.50 | 0.82 | (0.32) |  |  | (0.32) | $12.51 |
| &nbsp;&nbsp;&nbsp;2023 | $12.08 | 0.24 | (0.07) | 0.17 | (0.24) |  |  | (0.24) | $12.01 |
| &nbsp;&nbsp;&nbsp;2022 | $13.40 | 0.19 | (1.32) | (1.13) | (0.19) |  |  | (0.19) | $12.08 |
| &nbsp;&nbsp;&nbsp;2021 | $13.48 | 0.20 | (0.09) | 0.11 | (0.19) |  |  | (0.19) | $13.40 |
| **CLASS D SHARES** | **CLASS D SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.51 | 0.33 | (0.12) | 0.21 | (0.33) |  |  | (0.33) | $12.39 |
| &nbsp;&nbsp;&nbsp;2024 | $12.02 | 0.29 | 0.49 | 0.78 | (0.29) |  |  | (0.29) | $12.51 |
| &nbsp;&nbsp;&nbsp;2023 | $12.08 | 0.20 | (0.05) | 0.15 | (0.21) |  |  | (0.21) | $12.02 |
| &nbsp;&nbsp;&nbsp;2022 | $13.41 | 0.16 | (1.33) | (1.17) | (0.16) |  |  | (0.16) | $12.08 |
| &nbsp;&nbsp;&nbsp;2021 | $13.49 | 0.16 | (0.08) | 0.08 | (0.16) |  |  | (0.16) | $13.41 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.50 | 0.40 | (0.12) | 0.28 | (0.40) |  |  | (0.40) | $12.38 |
| &nbsp;&nbsp;&nbsp;2024 | $12.01 | 0.36 | 0.49 | 0.85 | (0.36) |  |  | (0.36) | $12.50 |
| &nbsp;&nbsp;&nbsp;2023 | $12.07 | 0.27 | (0.05) | 0.22 | (0.28) |  |  | (0.28) | $12.01 |
| &nbsp;&nbsp;&nbsp;2022 | $13.40 | 0.23 | (1.33) | (1.10) | (0.23) |  |  | (0.23) | $12.07 |
| &nbsp;&nbsp;&nbsp;2021 | $13.47 | 0.24 | (0.07) | 0.17 | (0.24) |  |  | (0.24) | $13.40 |

---

(a) Not annualized for periods less than one year.

(b) Sales loads are not reflected in computing total return.

+ Based on weighted average shares outstanding.

See notes to financial statements.

290 \| Annual Financial Statements

**Financial Highlights, Continued**

Intermediate New Mexico Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET INVESTMENT** <br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER** <br> **EXPENSE** <br> **REDUCTIONS (%)** | **EXPENSES,** <br> **BEFORE EXPENSE**<br> **REDUCTIONS (%)** | **TOTAL** <br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** <br> **TURNOVER** <br> **RATE (%)<sup>(a)</sup>** | **NET** <br> **ASSETS** <br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.90 | 0.99 | 1.09 | 1.95 | 24.59 | $31901 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.59 | 0.99 | 1.06 | 6.89 | 19.49 | $37430 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.91 | 0.99 | 1.02 | 1.35 | 48.90 | $46699 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.50 | 0.99 | 1.01 | (8.49) | 8.83 | $53476 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.46 | 0.98 | 0.98 | 0.85 | 7.43 | $70051 |
| &nbsp;&nbsp;&nbsp;**CLASS D SHARES** | &nbsp;&nbsp;&nbsp;**CLASS D SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.65 | 1.24 | 1.44 | 1.70 | 24.59 | $6683 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.34 | 1.24 | 1.36 | 6.54 | 19.49 | $7697 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 1.65 | 1.24 | 1.34 | 1.18 | 48.90 | $8891 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.25 | 1.24 | 1.29 | (8.78) | 8.83 | $10388 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.20 | 1.24 | 1.29 | 0.59 | 7.43 | $12917 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.23 | 0.67 | 0.78 | 2.28 | 24.59 | $50644 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.91 | 0.67 | 0.75 | 7.15 | 19.49 | $49373 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.23 | 0.67 | 0.74 | 1.76 | 48.90 | $52436 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.82 | 0.67 | 0.73 | (8.27) | 8.83 | $57584 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.77 | 0.67 | 0.71 | 1.24 | 7.43 | $66312 |

---

Annual Financial Statements \| 291

Financial Highlights

Intermediate New York Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET** <br> **ASSET VALUE,** <br> **END OF** <br> **YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.10 | 0.37 | (0.20) | 0.17 | (0.36) |  |  | (0.36) | $11.91 |
| &nbsp;&nbsp;&nbsp;2024 | $11.60 | 0.34 | 0.50 | 0.84 | (0.34) |  |  | (0.34) | $12.10 |
| &nbsp;&nbsp;&nbsp;2023 | $11.68 | 0.28 | (0.08) | 0.20 | (0.28) |  |  | (0.28) | $11.60 |
| &nbsp;&nbsp;&nbsp;2022 | $12.88 | 0.25 | (1.20) | (0.95) | (0.25) |  |  | (0.25) | $11.68 |
| &nbsp;&nbsp;&nbsp;2021 | $12.96 | 0.23 | (0.07) | 0.16 | (0.24) |  |  | (0.24) | $12.88 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.10 | 0.40 | (0.19) | 0.21 | (0.40) |  |  | (0.40) | $11.91 |
| &nbsp;&nbsp;&nbsp;2024 | $11.61 | 0.37 | 0.49 | 0.86 | (0.37) |  |  | (0.37) | $12.10 |
| &nbsp;&nbsp;&nbsp;2023 | $11.68 | 0.31 | (0.06) | 0.25 | (0.32) |  |  | (0.32) | $11.61 |
| &nbsp;&nbsp;&nbsp;2022 | $12.88 | 0.28 | (1.19) | (0.91) | (0.29) |  |  | (0.29) | $11.68 |
| &nbsp;&nbsp;&nbsp;2021 | $12.96 | 0.27 | (0.07) | 0.20 | (0.28) |  |  | (0.28) | $12.88 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Sales
loads are not reflected in computing total return.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 7.27%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 1.66%.

+ Based on weighted average shares outstanding.

See notes to financial statements.

292 \| Annual Financial Statements

**Financial Highlights, Continued**

Intermediate New York Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE** <br> **NOTED, PERIODS ARE** <br> **FISCAL YEARS ENDED** <br> **SEPTEMBER 30,** | **NET INVESTMENT** <br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER** <br> **EXPENSE** <br> **REDUCTIONS (%)** | **EXPENSES,** <br> **BEFORE EXPENSE**<br> **REDUCTIONS (%)** | **TOTAL** <br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** <br> **TURNOVER** <br> **RATE (%)<sup>(a)</sup>** | **NET** <br> **ASSETS** <br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.09 | 0.99 | 1.47 | 1.50 | 40.75 | $11493 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 2.81 | 0.99 | 1.39 | 7.18 <sup>(c)</sup> | 20.23 | $12740 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.33 | 0.99 | 1.33 | 1.75 <sup>(d)</sup> | 42.70 | $13096 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 1.98 | 0.99 | 1.22 | (7.48) | 6.02 | $15193 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 1.77 | 0.99 | 1.14 | 1.20 | 11.29 | $23885 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 3.41 | 0.67 | 1.20 | 1.83 | 40.75 | $12928 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 3.13 | 0.67 | 1.12 | 7.53 | 20.23 | $12588 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 2.64 | 0.67 | 1.11 | 2.07 | 42.70 | $12113 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.30 | 0.67 | 0.98 | (7.18) | 6.02 | $14642 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 2.09 | 0.67 | 0.93 | 1.52 | 11.29 | $20454 |

---

Annual Financial Statements \| 293

Report of Independent Registered Public Accounting Firm

Thornburg Municipal Funds

To the Board of Trustees of Thornburg Investment Trust and Shareholders of Thornburg Short Duration Municipal Fund, Thornburg Limited Term Municipal Fund, Thornburg Intermediate Municipal Fund, Thornburg Strategic Municipal Income Fund, Thornburg California Limited Term Municipal Fund, Thornburg New Mexico Intermediate Municipal Fund, and Thornburg New York Intermediate Municipal Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Thornburg Short Duration Municipal Fund, Thornburg Limited Term Municipal Fund, Thornburg Intermediate Municipal Fund, Thornburg Strategic Municipal Income Fund, Thornburg California Limited Term Municipal Fund, Thornburg New Mexico Intermediate Municipal Fund, and Thornburg New York Intermediate Municipal Fund (seven of the funds constituting Thornburg Investment Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025, and each of the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 17, 2025

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

294 \| Annual Financial Statements

Tax Information

September 30, 2025

For the tax year ended September 30, 2025, tax exempt (or the maximum allowed) and taxable ordinary income dividends paid by funds for federal income tax purposes are as follows:

---

| | | |
|:---|:---|:---|
| | **TAX EXEMPT** | **TAXABLE ORDINARY** |
| Short Duration Municipal Fund | $3744796 | $84184 |
| Limited Term Municipal Fund | 75841883 | 1430116 |
| Intermediate Municipal Fund | 38437592 | 957670 |
| Strategic Municipal Income Fund | 13303045 | 617267 |
| Limited Term California Fund | 8142401 | 380308 |
| Intermediate New Mexico Fund | 2631997 | 106737 |
| Intermediate New York Fund | 797544 | 16403 |

---

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

Annual Financial Statements \| 295

Schedule of Investments

Thornburg Emerging Markets Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **COMMON STOCK — 90.7%** | | |
| **** | &nbsp;&nbsp;**CAPITAL GOODS — 8.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 4.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | 135 | $49360 |
| | &nbsp;&nbsp;&nbsp;**Electrical Equipment — 4.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | 900 | 50826 |
| |  |  | 100186 |
|  | &nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 3.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 16 | 37391 |
|  |  |  | 37391 |
| **** | &nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Household Durables — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | 3082 | 42926 |
| |  |  | 42926 |
|  | &nbsp;&nbsp;**CONSUMER SERVICES — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Eternal Ltd. | 9826 | 36055 |
|  |  |  | 36055 |
|  | &nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 8.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 8.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;Bid Corp. Ltd. | 3631 | 90880 |
| |  |  | 90880 |
| **** | &nbsp;&nbsp;**ENERGY — 7.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 4.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;ADNOC Drilling Co. PJSC | 30193 | 46279 |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 2756 | 42339 |
|  |  |  | 88618 |
|  | &nbsp;&nbsp;**FINANCIAL SERVICES — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. | 2505 | 28941 |
| |  |  | 28941 |
|  | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 14.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 14.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | 8300 | 87176 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | 219 | 44425 |
|  | &nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | 6999 | 34992 |
| |  |  | 166593 |
|  | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL Class F | 49000 | 30998 |
| |  |  | 30998 |
|  | &nbsp;&nbsp;**HOUSEHOLD & PERSONAL PRODUCTS — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Proya Cosmetics Co. Ltd. Class A | 3825 | 43411 |
|  |  |  | 43411 |
|  | &nbsp;&nbsp;**INSURANCE — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;PB Fintech Ltd. | 1406 | 26938 |
|  |  |  | 26938 |
|  | &nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.0%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Emerging Markets Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;MediaTek, Inc. | 1303 | $56219 |
| |  |  | 56219 |
| |  |  |  |
| | &nbsp;&nbsp;**SOFTWARE & SERVICES — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Information Technology Services — 3.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 1072 | 34905 |
| |  |  | 34905 |
| |  |  |  |
| | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 7.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 7.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 1396 | 83479 |
| |  |  | 83479 |
| |  |  |  |
| | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 2029 | 43030 |
| |  |  | 43030 |
| |  |  |  |
| | &nbsp;&nbsp;**TRANSPORTATION — 5.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 5.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;Salik Co. PJSC | 39677 | 64921 |
| |  |  | 64921 |
| |  |  |  |
| | &nbsp;&nbsp;**UTILITIES — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electric Utilities — 4.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd. | 16698 | 52453 |
| |  |  | 52453 |
| | &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $968,788) |  | 1027944 |
| |  |  |  |
| | **SHORT-TERM INVESTMENTS — 14.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 16231 | 162311 |
| | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $162,311) |  | 162311 |
| |  |  |  |
| | **TOTAL INVESTMENTS — 105.0% (Cost $1,131,099)** |  | $1190255 |
| |  |  |  |
| | **LIABILITIES NET OF OTHER ASSETS — (5.0)%** |  | (56603) |
| |  |  |  |
| | **NET ASSETS — 100.0%** |  | $1133652 |

---

---

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

---

---

| | |
|:---|:---|
| **COUNTRY EXPOSURE \*** |  |
| (percent of equity holdings) |  |
| India | **24.1%** |
| China | **13.5%** |
| South Korea | **12.9%** |
| United Arab Emirates | **10.8%** |
| Taiwan | **9.7%** |
| South Africa | **8.8%** |
| Mexico | **8.5%** |
| Malaysia | **5.1%** |
| Brazil | **3.6%** |
| Thailand | **3.0%** |

---

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

See notes to financial statements. Annual Financial Statements \| 297

Schedule of Investments

Thornburg High Income Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | **ASSET BACKED SECURITIES — 21.5%** |  |  |
| |  |  |  |
| | **AUTO RECEIVABLES — 3.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | $22540 | $22881 |
| | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 7.69% due 7/17/2028 | 8298 | 8322 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.79% due 2/15/2029 | 25000 | 25076 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 6.40% due 5/15/2029 | 25000 | 25274 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.022% (SOFR30A + 2.65%) due 11/15/2027 | 40000 | 40060 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2025-5A Class A2, 4.575% due 6/26/2034 | 40000 | 40010 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust VII, Series 2022-3A Class A, 5.38% due 11/25/2030 | 9604 | 9605 |
| |  |  | 171228 |
| | **OTHER ASSET BACKED — 10.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X2 Class A, 5.22% due 12/17/2029 | 32444 | 32471 |
| | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.42% due 11/17/2033 | 28753 | 28449 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 6.92% due 12/17/2036 | 35955 | 37604 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Series 2024-1 Class A2, 5.58% due 3/22/2030 | 14267 | 14283 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A Class A, 1.27% due 5/15/2041 | 37253 | 35134 |
| | &nbsp;&nbsp;&nbsp;FREED ABS Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3FP Class D, 2.37% due 11/20/2028 | 23383 | 23383 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D, 3.35% due 3/19/2029 | 37415 | 37333 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 53447 | 44056 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS Class A, 2.70% due 1/20/2049 | 34147 | 30745 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2023-2A Class B, 6.54% due 6/15/2033 | 4643 | 4647 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2020-2A Class B, 2.21% due 8/20/2046 | 37782 | 30772 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, Series 2023-A Class A, 7.78% due 12/20/2027 | 34622 | 34661 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 | 26288 | 26461 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-B Class A, 1.47% due 5/8/2031 | 41232 | 40517 |
| | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5 Class A, 8.096% due 6/17/2030 | 1963 | 1965 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.66% due 7/15/2031 | 24601 | 24724 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-1A Class A, 6.30% due 2/18/2031 | 19212 | 19250 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | 8790 | 8768 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2024-1A Class A2, 4.992% due 9/15/2049 | 25000 | 25048 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2022-3A Class B, 6.32% due 7/20/2039 | 38381 | 38958 |
| |  |  | 539229 |
| | **STUDENT LOAN — 8.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;College Avenue Student Loans LLC, Series 2017-A Class A2, 3.75% due 11/26/2046 | 44874 | 43206 |
| | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AGS Class A1, 2.55% due 5/25/2041 | 29641 | 28709 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | 19709 | 18129 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | 46631 | 45711 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2005-1 Class B, 4.652% (TSFR1M + 0.49%) due 3/26/2035 | 18912 | 17648 |
| | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GA Class A, 2.40% due 10/15/2068 | 24132 | 23411 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-FA Class A, 1.22% due 7/15/2069 | 14339 | 13486 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A, 1.31% due 1/15/2069 | 23317 | 22167 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 5.245% (TSFR1M + 1.09%) due 12/15/2059 | 29859 | 29813 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-CA Class AFL, 4.99% (TSFR1M + 0.85%) due 4/20/2062 | 48890 | 48735 |
| | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9 Class B, 4.902% (SOFR90A + 0.56%) due 1/25/2041 | 72139 | 68040 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-7 Class B, 4.802% (SOFR90A + 0.46%) due 1/27/2042 | 37000 | 34324 |
| | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B Class A2FX, 3.34% due 8/25/2047 | 13097 | 13072 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C Class A2FX, 2.37% due 11/16/2048 | 22029 | 21337 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Wachovia Student Loan Trust, Series 2005-1 Class B, 4.902% (SOFR90A + 0.56%) due 10/25/2040 | 20749 | 18850 |
| |  |  | 446638 |
| | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $1,144,574) |  | 1157095 |
| |  |  |  |
| | **CORPORATE BONDS — 59.3%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;**CAPITAL GOODS — 5.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | $55000 | $53711 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | 55000 | 56113 |
| | &nbsp;&nbsp;&nbsp;**Machinery — 3.0%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | 35000 | 33567 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc., 6.125% due 3/15/2030 | 35000 | 35981 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | 55000 | 56524 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | 35000 | 33722 |
| | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 18000 | 19024 |
| |  |  | 288642 |
| | &nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | 18000 | 16268 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | 55000 | 54602 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | 18000 | 18385 |
| | &nbsp;&nbsp;&nbsp;**Professional Services — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | 35000 | 33521 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 35000 | 34777 |
| |  |  | 157553 |
| | &nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 1.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Household Durables — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | 18000 | 14182 |
| | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | 36000 | 38338 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Levi Strauss & Co., 3.50% due 3/1/2031 | 55000 | 51092 |
| |  |  | 103612 |
| | &nbsp;&nbsp;**CONSUMER SERVICES — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Aramark Services, Inc., 5.00% due 2/1/2028 | 55000 | 54753 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 35000 | 33603 |
| |  |  | 88356 |
| | &nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875% due 2/15/2028 | 55000 | 54995 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 18000 | 18938 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | 55000 | 54243 |
| |  |  | 128176 |
| | &nbsp;&nbsp;**ENERGY — 7.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 7.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 35000 | 35532 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | 35000 | 36508 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | 15000 | 15508 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 35000 | 32256 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | 45000 | 46175 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 35000 | 34496 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | 35000 | 34936 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | 15000 | 14529 |
| | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | 35000 | 35408 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625% due 10/31/2029 | 18000 | 18088 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sunoco LP, 7.00% due 5/1/2029 | 35000 | 36244 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | 35000 | 36377 |
| |  |  | 376057 |
| | &nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.25% due 7/15/2030 | 55000 | 54397 |

---

See notes to financial statements. Annual Financial Statements \| 299

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  | 54397 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 4.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | $35000 | $34682 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | 18000 | 18879 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.00% due 3/15/2029 | 35000 | 34229 |
| | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 5.625% due 1/1/2030 | 35000 | 34992 |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 1.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | 35000 | 37367 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 55000 | 55008 |
| |  |  | 215157 |
| | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 3.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Beverages — 0.6%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 35000 | 34562 |
| | &nbsp;&nbsp;&nbsp;**Food Products — 1.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25% due 4/15/2027 | 35000 | 34917 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., 6.25% due 2/15/2032 | 55000 | 56533 |
| | &nbsp;&nbsp;&nbsp;**Tobacco — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625% due 3/15/2032 | 35000 | 37123 |
| |  |  | 163135 |
| | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 3.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Hologic, Inc., 4.625% due 2/1/2028 | 55000 | 54621 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP, 3.875% due 4/1/2029 | 35000 | 33775 |
| | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 3.75% due 3/15/2029 | 35000 | 33179 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Select Medical Corp., 6.25% due 12/1/2032 | 30000 | 30013 |
| | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | 35000 | 35486 |
| |  |  | 187074 |
| | &nbsp;&nbsp;**HOUSEHOLD & PERSONAL PRODUCTS — 2.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Household Products — 1.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | 18000 | 17665 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 5.125% due 1/15/2028 | 35000 | 34714 |
| | &nbsp;&nbsp;&nbsp;**Personal Care Products — 1.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | 55000 | 54834 |
| |  |  | 107213 |
| | &nbsp;&nbsp;**INSURANCE — 2.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Insurance — 2.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | 35000 | 36640 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | 35000 | 34508 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 6.875% due 4/15/2034 | 35000 | 38463 |
| |  |  | 109611 |
| | &nbsp;&nbsp;**MATERIALS — 6.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Chemicals — 1.3%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 9.00% due 2/15/2030 | 35000 | 37552 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 35000 | 32049 |
| | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 4.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | 35000 | 36061 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | 55000 | 55576 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | 35000 | 33181 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | 35000 | 36213 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;OI European Group BV, 4.75% due 2/15/2030 | 15000 | 14319 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S., 7.25% due 2/15/2031 | 55000 | 57757 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | 35000 | 34390 |

---

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

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | $35000 | $31878 |
| |  |  | 368976 |
| | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Media — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | 55000 | 50671 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875% due 8/15/2027 | 15000 | 14988 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 4.00% due 7/15/2028 | 35000 | 33838 |
| |  |  | 99497 |
| | &nbsp;&nbsp;**PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | 55000 | 54112 |
| |  |  | 54112 |
| | &nbsp;&nbsp;**REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 35000 | 35332 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 35000 | 36954 |
| |  |  | 72286 |
| | &nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | 35000 | 29878 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 20000 | 18390 |
| |  |  | 48268 |
| | &nbsp;&nbsp;**SOFTWARE & SERVICES — 6.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 35000 | 35940 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 55000 | 54513 |
| | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | 18000 | 17639 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 18000 | 17989 |
| | &nbsp;&nbsp;&nbsp;**Software — 3.9%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 35000 | 35734 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | 55000 | 53498 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MSCI, Inc., 3.875% due 2/15/2031 | 35000 | 33539 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 2/15/2028 | 55000 | 53491 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., 5.50% due 9/30/2027 | 35000 | 34999 |
| |  |  | 337342 |
| | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 4.375% due 2/15/2030 | 20000 | 19340 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | 55000 | 56633 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 35000 | 35950 |
| |  |  | 111923 |
| | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.3%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Videotron Ltd., 5.125% due 4/15/2027 | 15000 | 15007 |
| |  |  | 15007 |
| | &nbsp;&nbsp;**UTILITIES — 2.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electric Utilities — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Hawaiian Electric Co., Inc., 6.00% due 10/1/2033 | 2000 | 2016 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | 35000 | 36407 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | 35000 | 38297 |
| | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | 35000 | 35443 |
| |  |  | 112163 |

---

See notes to financial statements. Annual Financial Statements \| 301

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** | **ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $3,162,438) |  | 3198557 |
| **** | **CONVERTIBLE BONDS — 1.4%** |  |  |
| |  |  |  |
| **** | &nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | $50000 | $48939 |
| |  |  | 48939 |
| **** | &nbsp;&nbsp;**FINANCIAL SERVICES — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Repay Holdings Corp., Zero Coupon due 2/1/2026 | 25000 | 24383 |
| |  |  | 24383 |
| | &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $73,305) |  | 73322 |
| |  |  |  |
| **** | **OTHER GOVERNMENT — 0.5%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | 15000 | 13383 |
| | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | 12000 | 16169 |
| | &nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $27,953) |  | 29552 |
| **** | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (SOFR + 4.66%), 10/1/2026 | 12000 | 12035 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $12,063) |  | 12035 |
| | **MORTGAGE BACKED — 14.6%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-F Class A1, 2.86% due 7/25/2059 | 39609 | 38564 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-5 Class M1, 2.97% due 5/25/2065 | 60000 | 55022 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2013-A Class A, 3.00% due 5/25/2042 | 26804 | 25660 |
| | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-6 Class B1, 4.261% due 12/25/2049 | 49979 | 47287 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HYB1 Class B4, 4.946% due 10/25/2049 | 46960 | 46388 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV1 Class B3, 4.925% due 9/25/2049 | 50176 | 48980 |
| <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 | 56850 | 56915 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2020-EXP3 Class 1A8, 3.00% due 1/25/2060 | 53015 | 47905 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Oceanview Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A1A, 1.733% due 5/28/2050 | 20305 | 18852 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, Series 2021-RN4 Class A1, 5.487% due 10/25/2051 | 51899 | 51902 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.859% due 1/25/2065 | 31179 | 29750 |
| | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4 Class B1, 3.434% due 4/25/2043 | 47544 | 45839 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-CH2 Class A1, 4.50% due 8/25/2049 | 1194 | 1194 |
| <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 | 80184 | 80047 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;VOLT C LLC, Whole Loan Securities Trust CMO, Series 2021-NPL9 Class A1, 5.992% due 5/25/2051 | 52216 | 52201 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;VOLT CI LLC, Whole Loan Securities Trust CMO, Series 2021-NP10 Class A1, 5.992% due 5/25/2051 | 9110 | 9106 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;VOLT CVI LLC, Whole Loan Securities Trust CMO, Series 2021-NP12 Class A1, 5.734% due 12/26/2051 | 43840 | 43843 |
| | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1 Class A2, 3.50% due 6/20/2044 | 48301 | 45969 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-1 Class B4, 3.785% due 1/20/2046 | 49614 | 44493 |
| | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $782,474) |  | 789917 |
| **** | **SHORT-TERM INVESTMENTS — 2.3%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 12383 | 123832 |
| | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $123,832) |  | 123832 |
| | **TOTAL INVESTMENTS — 99.8% (Cost $5,326,639)** |  | $5384310 |
| | **OTHER ASSETS LESS LIABILITIES — 0.2%** |  | 9649 |
| | **NET ASSETS — 100.0%** |  | $5393959 |

---

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

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| September 30, 2025

**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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $4,848,259, representing 89.88% 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 September 30, 2025. |

---

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

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

e Investment in Affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** |  |  |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |  |  |
| ABS | Asset Backed Securities | SOFR | Secured Overnight Financing Rate |
| ACB | Agricultural Credit Bank | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| CMO | Collateralized Mortgage Obligation | SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| GBP | Denominated in Pound Sterling | TSFR1M | Term SOFR 1 Month |

---

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | **90.0%** |
| &nbsp;&nbsp;Canada | **4.6%** |
| &nbsp;&nbsp;Australia | **1.2%** |
| &nbsp;&nbsp;Guatemala | **0.6%** |
| &nbsp;&nbsp;United Kingdom | **0.3%** |
| &nbsp;&nbsp;Colombia | **0.3%** |
| &nbsp;&nbsp;Mexico | **0.3%** |
| &nbsp;&nbsp;Panama | **0.2%** |
| &nbsp;&nbsp;Other Assets Less Liabilities | **2.5%** |

---

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

See notes to financial statements. Annual Financial Statements \| 303

Schedule of Investments

Thornburg Investment Grade Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| |  |  |  |
| | **ASSET BACKED SECURITIES — 32.0%** |  |  |
| |  |  |  |
| | &nbsp;&nbsp;**AUTO RECEIVABLES — 21.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class D, 8.00% due 2/15/2029 | $20541 | $20747 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 5.59% due 4/12/2029 | 6839 | 6841 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class C, 5.96% due 8/13/2029 | 2774 | 2777 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BofA Auto Trust, Series 2024-1A Class A2, 5.57% due 12/15/2026 | 19270 | 19278 |
| | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class A2, 3.21% due 12/11/2028 | 21162 | 20992 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P2 Class A3, 5.42% due 4/10/2028 | 9019 | 9054 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N2 Class A2, 5.90% due 8/10/2027 | 2557 | 2560 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust, Series 2024-2 Class A2A, 5.54% due 11/16/2026 | 2336 | 2337 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2021-3A Class D, 1.31% due 5/17/2027 | 7039 | 6967 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing LLC, Series 2023-1 Class A2, 5.51% due 1/22/2029 | 10633 | 10662 |
| | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 5.69% due 2/15/2030 | 5428 | 5481 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | 7662 | 7653 |
| | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class C, 3.13% due 5/15/2028 | 14160 | 14109 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.79% due 6/15/2028 | 10000 | 9927 |
| | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class C, 1.96% due 12/15/2027 | 11770 | 11660 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class F, 2.50% due 9/15/2026 | 1068 | 1066 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.76% due 5/17/2027 | 15044 | 15045 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | 7904 | 7932 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2021-2A Class D, 1.42% due 4/15/2027 | 7630 | 7590 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A Class A2, 6.37% due 6/15/2028 | 20181 | 20313 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Huntington Auto Trust, Series 2024-1A Class A3, 5.23% due 1/16/2029 | 25000 | 25272 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2024-3A Class A2, 4.64% due 11/15/2027 | 7409 | 7418 |
| | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 8.31% due 10/16/2028 | 10932 | 10948 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.06% due 11/15/2027 | 6213 | 6227 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A Class A, 5.87% due 5/21/2029 | 17169 | 17195 |
| | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A, 3.63% due 9/14/2027 | 17751 | 17737 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 0.87% due 7/14/2028 | 3969 | 3960 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A1, 4.65% due 3/14/2029 | 22329 | 22348 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XII LLC, Series 2021-1A Class A4, 1.00% due 4/10/2028 | 1165 | 1157 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIV LLC, Series 2022-1A Class A4, 2.82% due 4/10/2029 | 13046 | 12919 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XVII LLC, Series 2024-2A Class A2, 4.63% due 12/10/2027 | 13201 | 13216 |
| | &nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 6.33% due 4/16/2029 | 11000 | 11123 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.64% due 12/15/2027 | 12885 | 12941 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2, 4.87% due 12/15/2027 | 20000 | 20042 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust, Series 2025-SF1 Class B, 5.12% due 3/17/2031 | 12237 | 12255 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2024-1A Class A3, 5.11% due 6/15/2029 | 21000 | 21177 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust, Series 2024-2A Class A2, 5.71% due 10/20/2027 | 4464 | 4469 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Toyota Lease Owner Trust, Series 2023-B Class A3, 5.66% due 11/20/2026 | 5525 | 5536 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1 Class C, 8.32% due 11/15/2028 | 21000 | 21452 |
| | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.12% due 1/15/2027 | 3064 | 3055 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.14% due 3/15/2028 | 10772 | 10783 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class B, 5.92% due 9/15/2028 | 10000 | 10048 |
| |  |  | 474269 |
| | &nbsp;&nbsp;**OTHER ASSET BACKED — 6.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2021-A Class A, 1.42% due 11/17/2033 | 9776 | 9673 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | 5229 | 5241 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DLLMT LLC, Series 2023-1A Class A4, 5.35% due 3/20/2031 | 15000 | 15171 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC, Series 2023-1 Class A3, 5.15% due 7/15/2027 | 22933 | 23068 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC, Series 2023-A Class A3, 5.54% due 12/13/2029 | 15000 | 15272 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mosaic Solar Loans LLC, Series 2017-1A Class A, 4.45% due 6/20/2042 | 13337 | 12733 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027 | $10000 | $9949 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | 11454 | 11404 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 8698 | 8811 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 5107 | 5094 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-2A Class A, 4.25% due 6/17/2030 | 27834 | 27729 |
| |  |  | 144145 |
| | &nbsp;&nbsp;**STUDENT LOAN — 4.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ELFI Graduate Loan Program LLC, Series 2019-A Class A, 2.54% due 3/25/2044 | 16037 | 15473 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-A Class A2A, 3.42% due 1/15/2043 | 13166 | 13095 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2018-EA Class A2, 4.00% due 12/15/2059 | 12974 | 12946 |
| | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 5.015% (TSFR1M + 0.86%) due 10/15/2035 | 11172 | 11160 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.44% due 7/15/2036 | 17277 | 17101 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2019-A Class A2FX, 3.69% due 6/15/2048 | 18654 | 18521 |
| |  |  | 88296 |
| | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $705,405) |  | 706710 |
| **** | **CORPORATE BONDS — 35.7%** |  |  |
| **** | &nbsp;&nbsp;**AUTOMOBILES & COMPONENTS — 0.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Automobiles — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.30% due 3/19/2027 | 10000 | 10138 |
| |  |  | 10138 |
| **** | &nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 1.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.4%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.319% due 12/4/2028 | 10000 | 10589 |
|  | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 20000 | 21032 |
| |  |  | 31621 |
| **** | &nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc., 5.267% due 2/12/2034 | 15000 | 15337 |
| |  |  | 15337 |
| | &nbsp;&nbsp;**ENERGY — 1.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 10000 | 9982 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.625% due 5/1/2027 | 10000 | 10002 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 10000 | 10047 |
| | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 4.911% due 9/1/2027 | 10000 | 10088 |
| |  |  | 40119 |
| | &nbsp;&nbsp;**FINANCIAL SERVICES — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Financial Services — 0.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 4.306% due 10/16/2028 | 16000 | 16108 |
| | &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment Trusts — 0.8% |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 17000 | 17226 |
| |  |  | 33334 |
| **** | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 0.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Food Products — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mars, Inc., 4.80% due 3/1/2030 | 20000 | 20379 |
| |  |  | 20379 |
| **** | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 0.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 10000 | 9807 |
| |  |  | 9807 |
| |  |  |  |
| **** | &nbsp;&nbsp;**INSURANCE — 11.7%** |  |  |

---

See notes to financial statements. Annual Financial Statements \| 305

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;**Insurance — 11.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | $10000 | $10469 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | 15000 | 13667 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 2.00% due 6/28/2028 | 10000 | 9309 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CNO Global Funding, 4.875% due 12/10/2027 | 10000 | 10140 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | 12000 | 12138 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 10000 | 10298 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 1.80% due 3/8/2028 | 12000 | 11329 |
| | &nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | 2000 | 1960 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.30% due 4/11/2027 | 10000 | 9705 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 10000 | 10383 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 1.625% due 1/15/2026 | 3000 | 2975 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | 15000 | 15470 |
| | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 5/28/2028 | 10000 | 10109 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.30% due 1/13/2030 | 10000 | 10347 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | 10000 | 10340 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | 17000 | 16963 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | 10000 | 10368 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.823% (SOFR + 0.62%) due 6/4/2026 | 10000 | 10016 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 5.50% due 6/28/2028 | 10000 | 10324 |
| | &nbsp;&nbsp;&nbsp;Protective Life Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.40% due 1/15/2030 | 10000 | 9573 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.30% due 9/30/2028 | 10000 | 9990 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 1.512% due 9/28/2026 | 10000 | 9734 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;RGA Global Funding, 5.50% due 1/11/2031 | 10000 | 10438 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 12000 | 11988 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | 10000 | 10229 |
| |  |  | 258262 |
| | &nbsp;&nbsp;**MATERIALS — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Chemicals — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 4.75% due 5/15/2030 | 10000 | 10175 |
| | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 2.4%** |  |  |
| | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.10% due 3/17/2030 | 20000 | 20466 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | 15000 | 14102 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | 10000 | 9835 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | 10000 | 9690 |
| |  |  | 64268 |
| | &nbsp;&nbsp;**SOFTWARE & SERVICES — 1.1%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | 10000 | 9804 |
| | &nbsp;&nbsp;&nbsp;**Software — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | 15000 | 14665 |
| |  |  | 24469 |
| | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Avnet, Inc., 4.625% due 4/15/2026 | 2000 | 2000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 15000 | 15143 |
| |  |  | 17143 |
| | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Media — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Cox Communications, Inc., 3.35% due 9/15/2026 | 15000 | 14888 |
| |  |  | 14888 |
| | &nbsp;&nbsp;**TRANSPORTATION — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40% due 7/1/2027 | 15000 | 15027 |
| |  |  | 15027 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;**UTILITIES — 10.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Electric Utilities — 9.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;AES Corp., 1.375% due 1/15/2026 | $10000 | $9906 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 10000 | 9852 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Electricite de France SA, 4.75% due 10/13/2035 | 15000 | 14825 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Enel Americas SA, 4.00% due 10/25/2026 | 17000 | 16968 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 5.65% due 6/1/2034 | 10000 | 10333 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.20% due 4/1/2028 | 20000 | 20441 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | 20000 | 20804 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 10000 | 9999 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 10000 | 8924 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | 10000 | 9871 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | 20000 | 20472 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.00% due 12/2/2025 | 10000 | 9943 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 5.35% due 4/1/2035 | 10000 | 10347 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 10000 | 10262 |
| | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., 5.725% due 3/15/2035 | 10000 | 10302 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co., 5.00% due 1/15/2031 | 10000 | 10255 |
| | &nbsp;&nbsp;&nbsp;**Gas Utilities — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | 20000 | 19924 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 10000 | 10593 |
| |  |  | 234021 |
| | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $778,506) |  | 788813 |
| **** | **CONVERTIBLE BONDS — 0.7%** |  |  |
| **** | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;**Media — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 25000 | 15006 |
| |  |  | 15006 |
|  | &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $15,824) |  | 15006 |
| | **MORTGAGE BACKED — 25.1%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-R1 Class A1, 0.99% due 4/25/2053 | 27005 | 25688 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.962% due 10/25/2048 | 11934 | 11416 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-3 Class A1, 1.506% due 4/27/2065 | 10088 | 9940 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 15000 | 15806 |
| | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL9 Class A1, 3.85% due 9/25/2057 | 17295 | 17026 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL1 Class A1A, 3.65% due 7/25/2058 | 17526 | 17248 |
| | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, Series 4162 Class P, 3.00% due 2/15/2033 | 23386 | 22889 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Pool BZ3998, 4.88% due 6/1/2030 | 7000 | 7123 |
| | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-61 Class MC, 5.50% due 7/25/2038 | 5445 | 5655 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84 Class KA, 3.50% due 4/25/2053 | 22823 | 22625 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-41 Class AC, 2.50% due 3/25/2053 | 6279 | 5956 |
| | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A3, 3.50% due 10/25/2047 | 29343 | 26612 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A3, 3.999% due 4/25/2048 | 18808 | 18166 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2024-INV4 Class A2, 5.50% due 12/25/2054 | 17518 | 17578 |
| | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-162 Class BE, 2.25% due 9/20/2043 | 17224 | 17046 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-131 Class E, 5.00% due 2/20/2054 | 7319 | 7334 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2019-PJ3 Class A1, 3.50% due 3/25/2050 | 9286 | 8752 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-2 Class A13, 3.50% due 5/25/2047 | 21503 | 19365 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033 | 15000 | 15099 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 21506 | 21336 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2020-NQM2 Class A3, 1.947% due 4/25/2065 | 16035 | 15467 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class A1, 3.25% due 5/25/2062 | 28435 | 28203 |

---

See notes to financial statements. Annual Financial Statements \| 307

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A1, 4.00% due 2/25/2057 | $18341 | $17791 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 19004 | 18535 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4 Class A1, 2.492% due 9/25/2059 | 17342 | 16459 |
| | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-EXP1 Class 1A4, 4.00% due 1/25/2059 | 3035 | 3003 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class A9, 3.00% due 5/25/2060 | 19592 | 16731 |
| | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4 Class A1, 3.00% due 11/25/2030 | 18289 | 17917 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CH2 Class A19, 4.00% due 12/25/2047 | 10062 | 9300 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.50% due 2/25/2048 | 24414 | 21986 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.414% (TSFR1M + 1.26%) due 5/15/2038 | 10000 | 9915 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2020-3 Class A1, 1.486% due 4/25/2065 | 8271 | 8028 |
| | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class A1, 2.75% due 6/25/2057 | 18054 | 17602 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 8782 | 8662 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A2, 1.052% due 1/25/2066 | 22877 | 20305 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 4.00% due 4/25/2049 | 4172 | 3962 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2014-2 Class A3, 3.50% due 9/20/2044 | 9692 | 9176 |
| | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $553,193) |  | 555702 |
|  | **SHORT-TERM INVESTMENTS — 6.2%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 13661 | 136616 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $136,616) |  | 136616 |
|  | **TOTAL INVESTMENTS — 99.7% (Cost $2,189,544)** |  | $2202847 |
|  | **OTHER ASSETS LESS LIABILITIES — 0.3%** |  | 5601 |
|  | **NET ASSETS — 100.0%** |  | $2208448 |

---

**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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $1,855,727, representing 84.03% of the Fund's net assets. |

---

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

c 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 September 30, 2025.

d 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: |  |  |
| CMBS | Commercial Mortgage-Backed Securities | REMIC | Real Estate Mortgage Investment Conduit |
| CMO | Collateralized Mortgage Obligation | SOFR | Secured Overnight Financing Rate |
| Mtg | Mortgage | TSFR1M | Term SOFR 1 Month |

---

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 86.1% |
| &nbsp;&nbsp;Canada | 3.0% |
| &nbsp;&nbsp;Japan | 1.9% |
| &nbsp;&nbsp;Bermuda | 1.1% |
| &nbsp;&nbsp;Chile | 0.7% |
| &nbsp;&nbsp;France | 0.7% |
| &nbsp;&nbsp;Other Assets Less Liabilities | 6.5% |

---

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

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

Schedule of Investments

Thornburg Municipal Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | **LONG-TERM MUNICIPAL BONDS — 97.3%** |  |  |
| | &nbsp;&nbsp;**ALABAMA — 9.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), Series B, 5.05% due 10/1/2045 | $150000 | $154429 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series D-1, 5.50% due 6/1/2049 (put 2/1/2029) | 150000 | 160163 |
| | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 12/1/2030 | 250000 | 268633 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 5.25% due 7/1/2054 (put 6/1/2032) | 300000 | 328277 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | 250000 | 268165 |
| | &nbsp;&nbsp;**ARIZONA — 2.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.10% due 12/1/2037 (put 6/15/2028) | 150000 | 151181 |
| | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, 5.00% due 7/1/2048 | 150000 | 150393 |
| | &nbsp;&nbsp;**CALIFORNIA — 5.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series A-1, 5.00% due 5/1/2054 (put 4/1/2032) | 250000 | 269396 |
| | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | 150000 | 160926 |
| | &nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2047 | 200000 | 200003 |
| | &nbsp;&nbsp;**COLORADO — 2.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Addenbrooke Classical Academy, Inc.) (BAM, State Aid Withholding), Series A, 5.00% due |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;6/1/2045 | 150000 | 152969 |
| | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Roosevelt Charter Academy) (BAM), Series A, 5.00% due 7/1/2055 | 150000 | 152571 |
| | &nbsp;&nbsp;**FLORIDA — 6.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | 145000 | 146941 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 100000 | 102347 |
| | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2042 | 150000 | 150579 |
| | &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | 205000 | 205895 |
| | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (RGC Phase I LLC) (FNMA, HUD), Series A, 4.88% due 3/1/2046 | 200000 | 195069 |
| | &nbsp;&nbsp;**GEORGIA — 4.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 100000 | 102342 |
| | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2053 (put 3/1/2030) | 150000 | 161347 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | 200000 | 216641 |
| | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (BAM), Series A, 5.00% due 1/1/2049 | 100000 | 100035 |
| | &nbsp;&nbsp;**ILLINOIS — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue (AG), Series A, 5.25% due 1/1/2053 | 150000 | 155619 |
| | &nbsp;&nbsp;&nbsp;Northeastern Illinois University (BAM) COP, 5.00% due 7/1/2042 | 150000 | 152053 |
| | &nbsp;&nbsp;&nbsp;State of Illinois GO, Series B, 4.00% due 11/1/2039 | 150000 | 142250 |
| | &nbsp;&nbsp;**INDIANA — 3.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), Series B, 5.00% due 5/1/2040 | 250000 | 254792 |
| | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Westminster Village Greenwood, Inc. Obligated Group), Series A, 5.75% due 5/15/2055 | 200000 | 204868 |
| | &nbsp;&nbsp;**IOWA — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (pre-refunded 12/1/2032) | 150000 | 172085 |
| | &nbsp;&nbsp;**KENTUCKY — 4.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | 150000 | 148992 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series A-1, 5.25% due 4/1/2054 (put 2/1/2032) | 250000 | 272032 |
| | &nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 5.00% due 10/1/2033 | 150000 | 151897 |
| | &nbsp;&nbsp;**MICHIGAN — 4.0%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Detroit GO, Series C, 6.00% due 5/1/2043 | 250000 | 272938 |
| | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Waste Management of Michigan, Inc.; Guaranty: Waste Management, Inc.) AMT, 4.125% due 8/1/2027 | 200000 | 201912 |
| | &nbsp;&nbsp;**MISSOURI — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2048 | 100000 | 99037 |
| | &nbsp;&nbsp;**NEVADA — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2047 | 100000 | 95546 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 250000 | 251751 |
| | &nbsp;&nbsp;**NEW HAMPSHIRE — 1.5%** |  |  |
| | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 175000 | 174827 |
| | &nbsp;&nbsp;**NEW JERSEY — 2.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, Series C, 5.25% due 12/1/2054 | 140000 | 138143 |
| | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | 175000 | 188554 |

---

See notes to financial statements. Annual Financial Statements \| 309

**Schedule of Investments, Continued**

Thornburg Municipal Managed Account Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/** |  |
| **** | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| | &nbsp;&nbsp;**NEW MEXICO — 5.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | $250000 | $254170 |
| | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2049 | 150000 | 133903 |
| | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C, 4.60% due 9/1/2044 | 245000 | 247493 |
| | &nbsp;&nbsp;**NORTH CAROLINA — 2.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2054 | 165000 | 160464 |
| | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group), Series 2024B-1, 4.25% due 10/1/2028 | 150000 | 150099 |
| | &nbsp;&nbsp;**NORTH DAKOTA — 1.6%** |  |  |
| | &nbsp;&nbsp;&nbsp;City of Horace GO, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 5/1/2044 | 100000 | 97339 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/1/2050 | 100000 | 99788 |
| | &nbsp;&nbsp;**OHIO — 5.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | 150000 | 127654 |
| | &nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), 5.50% due 1/1/2050 | 100000 | 100249 |
| | &nbsp;&nbsp;&nbsp;Madison-Plains Local School District (BAM) COP, 5.50% due 12/1/2049 | 150000 | 158765 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series C, 1.50% due 2/1/2026 (put 11/4/2025) | 155000 | 154674 |
| | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (Yorktown Preservation LLC) (FNMA, HUD), 4.55% due 4/1/2041 | 160000 | 160334 |
| | &nbsp;&nbsp;**OKLAHOMA — 0.8%** |  |  |
| | &nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 4.00% due 9/1/2032 | 100000 | 100439 |
| | &nbsp;&nbsp;**PENNSYLVANIA — 4.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), Series A, 5.00% due 4/1/2050 | 195000 | 195941 |
| | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2031 | 145000 | 153219 |
| | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C 5.00% due 12/1/2046 | 150000 | 154983 |
| | &nbsp;&nbsp;**SOUTH DAKOTA — 1.3%** |  |  |
| | &nbsp;&nbsp;&nbsp;South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), 5.00% due 9/1/2040 | 150000 | 151338 |
| | &nbsp;&nbsp;**TEXAS — 3.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Agua Dulce (PSF-GTD) ISD GO, 5.00% due 8/15/2045 | 150000 | 157403 |
| | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 150000 | 153487 |
| | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 150000 | 154429 |
| | &nbsp;&nbsp;**UTAH — 2.6%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | 200000 | 199784 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | 120000 | 111265 |
| | &nbsp;&nbsp;**WASHINGTON — 2.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP) (FNMA), Series A FN, 4.55% due 8/1/2043 | 100000 | 98669 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 6.25% due 7/1/2046 | 150000 | 149324 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | 100000 | 104229 |
| | &nbsp;&nbsp;**WEST VIRGINIA — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;West Virginia (Kentucky Power Co.) EDA AMT, Series 2014-A, 4.70% due 4/1/2036 (put 6/17/2026) | 290000 | 292773 |
| | &nbsp;&nbsp;**WISCONSIN — 6.6%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority (Liberty Classical Schools Educational Services, Inc.), Series A, 6.75% due 6/15/2055 | 100000 | 99224 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (SR 400 Peach Partners LLC) AMT, Series 2025, 5.75% due 6/30/2060 | 150000 | 154233 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A 5.00% due 10/1/2044 | 200000 | 200965 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) (AG), Series A, 5.25% due 8/15/2045 | 150000 | 160203 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP) (FNMA), Series E, 4.75% due 6/1/2043 | 175000 | 176586 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 97.3% (Cost $11,360,473) |  | 11689024 |
| | **SHORT-TERM INVESTMENTS — 3.2%** |  |  |
| | **MUNICIPAL BONDS — 3.1%** |  |  |
| | &nbsp;&nbsp;**NEW YORK — 2.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of New York (SPA JP Morgan Chase Bank NA) GO, Series 1-SUBSER I-2 3.70% due 3/1/2040 (put 10/1/2025) | 240000 | 240000 |
| | &nbsp;&nbsp;**NORTH CAROLINA — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 3.70% due 1/15/2038 (put |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;10/1/2025) | 135000 | 135000 |
| | &nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 3.1% (Cost $375,000) |  | 375000 |
| | **MUTUAL FUND — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.06% | 3361 | 3361 |
| | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.1% (Cost $3,361) |  | 3361 |

---

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

**Schedule of Investments, Continued**

Thornburg Municipal Managed Account Fund \| September 30, 2025

---

| | | |
|:---|:---|:---|
| <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 3.2% (Cost $378,361) |  | 378361 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 100.5% (Cost $11,738,834)** |  | $12067385 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES NET OF OTHER ASSETS — (0.5)%** |  | (57027) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS — 100.0%** |  | $12010358 |

---

**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 September 30, 2025. |

---

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $913,114, representing 7.60% of the Fund's net assets. |

---

c When-issued security.

d Rate represents the money market fund annualized seven-day yield at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **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: |  |  |
| AG | Insured by Assured Guaranty, Inc. | GNMA | Collateralized by Government National Mortgage Association |
| AMT | Alternative Minimum Tax | GO | General Obligation |
| BAM | Insured by Build America Mutual Insurance Co. | HUD | Insured by Housing and Urban Development |
| COP | Certificates of Participation | IDA | Industrial Development Authority/Agency |
| EDA | Economic Development Authority | ISD | Independent School District |
| FHA | Insured by Federal Housing Administration | PSF-GTD | Guaranteed by Permanent School Fund |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. | SPA | Stand-by Purchase Agreement |
| FNMA | Collateralized by Federal National Mortgage Association |  |  |

---

See notes to financial statements. Annual Financial Statements \| 311

Statements of Assets and Liabilities

September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG<br> EMERGING MARKETS<br> MANAGED ACCOUNT<br> FUND** | **THORNBURG<br> HIGH INCOME<br> BOND MANAGED<br> ACCOUNT FUND** | **THORNBURG<br> INVESTMENT GRADE<br> BOND MANAGED<br> ACCOUNT FUND** | **THORNBURG<br> MUNICIPAL<br> MANAGED ACCOUNT<br> FUND** |
| **ASSETS** | | | | |
| Investments at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $968788 | $5202807 | $2052928 | $11738834 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 162311 | 123832 | 136616 |  |
| Investments at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 1027944 | 5260478 | 2066231 | 12067385 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 162311 | 123832 | 136616 |  |
| Cash |  |  |  | 223 |
| Foreign currency at value <sup>(a)</sup> |  | 333 |  |  |
| Receivable from investment advisor | 18667 | 25543 | 24579 | 14074 |
| Dividends receivable | 3103 | 561 | 594 | 709 |
| Tax reclaims receivable | 63 |  |  |  |
| Principal and interest receivable |  | 49834 | 12570 | 146527 |
| Prepaid expenses and other assets | 14936 | 46383 | 22522 | 10177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 1227024 | 5506964 | 2263112 | 12239095 |
| **LIABILITIES** |  |  |  |  |
| Payable for investments purchased | 541 | 40561 | 595 | 149120 |
| Payable for fund shares redeemed |  |  |  | 2382 |
| Deferred taxes payable | 1802 |  |  |  |
| Accounts payable and accrued expenses | 91029 | 71779 | 53792 | 77235 |
| Dividends payable |  | 665 | 277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 93372 | 113005 | 54664 | 228737 |
| **NET ASSETS** | $1133652 | $5393959 | $2208448 | $12010358 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $1029100 | $5332301 | $2195141 | $11862479 |
| Distributable earnings | 104552 | 61658 | 13307 | 147879 |
| NET ASSETS | $1133652 | $5393959 | $2208448 | $12010358 |
| **NET ASSET VALUE** |  |  |  |  |
| Class SMA Shares: |  |  |  |  |
| Net assets applicable to shares outstanding | $1133652 | $5393959 | $2208448 | $12010358 |
| Shares outstanding | 107199 | 533047 | 219519 | 1174690 |
| Net asset value and redemption price per share | $10.58 | $10.12 | $10.06 | $10.22 |

---

(a) Cost of foreign currency is $0; $334; $0; $0 respectively.

See notes to financial statements.

312 \| Annual Financial Statements

Statements of Operations

Year Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG<br> EMERGING MARKETS<br> MANAGED ACCOUNT<br> FUND** | **THORNBURG** **<br> HIGH INCOME<br> BOND MANAGED<br> ACCOUNT FUND<sup>(a)</sup>** | **THORNBURG** **<br> INVESTMENT GRADE<br> BOND MANAGED<br> ACCOUNT FUND<sup>(a)</sup>** | **THORNBURG<br> MUNICIPAL<br> MANAGED ACCOUNT<br> FUND** |
| **INVESTMENT INCOME** | | | | |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $26950 | $— | $— | $4438 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 2546 | 13840 | 6859 |  |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld | (3539) |  |  |  |
| Interest income |  | 160169 | 50640 | 524759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 25957 | 174009 | 57499 | 529197 |
| **EXPENSES** |  |  |  |  |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 3843 | 376 | 376 | 11752 |
| Registration and filing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 21214 | 978 | 978 | 25108 |
| Custodian fees | 62840 | 8270 | 8270 | 36081 |
| Audit and tax fees | 57940 | 50900 | 50900 | 54750 |
| Legal fees | 9772 | 940 | 940 | 2462 |
| Trustee and officer fees | 730 | 376 | 376 | 1095 |
| Prepaid offering expense |  | 27731 | 21627 |  |
| Other expenses | 15082 | 3136 | 3136 | 6845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 171421 | 92707 | 86603 | 138093 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (171421) | (92707) | (86603) | (138093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $25957 | $174009 | $57499 | $529197 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\* | 45449 | 289 | 483 | (158749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2177) | 215 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 43272 | 504 | 483 | (158749) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | (30548) | 57671 | 13303 | (105438) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 4 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | (30544) | 57670 | 13303 | (105438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 12728 | 58174 | 13786 | (264187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $38685 | $232183 | $71285 | $265010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Net of foreign capital gain taxes | $3031 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $1981 | $— | $— | $— |

---

(a) The Fund commenced operations on March 26, 2025.

See notes to financial statements.

Annual Financial Statements \| 313

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
|  | **THORNBURG<br> EMERGING MARKETS<br> MANAGED ACCOUNT FUND** | **THORNBURG<br> EMERGING MARKETS<br> MANAGED ACCOUNT FUND** | |
| | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **PERIOD ENDED** **<br> SEPTEMBER 30, 2024<sup>(a)</sup>** | **THORNBURG HIGH INCOME BOND MANAGED ACCOUNT FUND**<br>**PERIOD ENDED** **<br> SEPTEMBER 30, 2025<sup>(b)</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income (loss) | $25957 | $30453 | $174009 |
| Net realized gain (loss) | 43272 | (6150) | 504 |
| Net change in unrealized appreciation (depreciation) | (30544) | 87839 | 57670 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Resulting from Operations** | 38685 | 112142 | 232183 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |
| From distributable earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | (39191) | (7084) | (170525) |
| **FUND SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 41794 | 987306 | 5332301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 41288 | 1092364 | 5393959 |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1092364 |  |  |
| &nbsp;&nbsp;&nbsp;End of Year | $1133652 | $1092364 | $5393959 |

---

(a) The Fund commenced operations on October 2, 2023.

(b) The Fund commenced operations on March 26, 2025.

See notes to financial statements.

314 \| Annual Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **THORNBURG MUNICIPAL MANAGED ACCOUNT FUND** | **THORNBURG MUNICIPAL MANAGED ACCOUNT FUND** |
| | **THORNBURG INVESTMENT GRADE BOND MANAGED ACCOUNT FUND**<br>**PERIOD ENDED** **<br> SEPTEMBER 30, 2025<sup>(a)</sup>** | **YEAR ENDED<br> SEPTEMBER 30, 2025** | **YEAR ENDED<br> SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;FROM |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income (loss) | $57499 | $529197 | $386920 |
| Net realized gain (loss) | 483 | (158749) | (12353) |
| Net change in unrealized appreciation |  |  |  |
| &nbsp;&nbsp;&nbsp;(depreciation) | 13303 | (105438) | 599187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets Resulting from Operations** | 71285 | 265010 | 973754 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |
| From distributable earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | (57978) | (528036) | (387301) |
| **FUND SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 2195141 | 1018877 | 5375309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** | 2208448 | 755851 | 5961762 |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  | 11254507 | 5292745 |
| &nbsp;&nbsp;&nbsp;End of Period | $2208448 | $12010358 | $11254507 |

---

(a) The Fund commenced operations on March 26, 2025.

See notes to financial statements.

Annual Financial Statements \| 315

Notes to Financial Statements

September 30, 2025

**NOTE 1 – ORGANIZATION**

Thornburg Emerging Markets Managed Account Fund ("Emerging Markets Managed Account Fund"), Thornburg High Income Bond Managed Account Fund ("High Income Bond Managed Account Fund"), Thornburg Investment Grade Bond Managed Account Fund ("Investment Grade Bond Managed Account Fund"), and Thornburg Municipal Managed Account Fund ("Municipal Managed Account Fund"), collectively the "Funds," are non-diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). High Income Bond Managed Account Fund and Investment Grade Bond Managed Account Fund commenced operations on March 26, 2025. As of September 30, 2025, the Funds are four of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

Emerging Markets Managed Account Fund: The Fund's investment goal is 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 credit risk, cybersecurity and operational risk, emerging markets risk, equity risk, foreign currency risk, foreign investment risk, liquidity risk, management risk, market and economic risk, non-diversification risk, redemption risk, risks affecting investments in China, risks affecting specific countries or regions, risks affecting specific issuers, and small and mid-cap company risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

High Income Bond Managed Account Fund: The Fund's primary investment goal is to seek to maximize total return. 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 bank loans risk, credit risk, cybersecurity and operational risk,derivatives risk, emerging markets risk, foreign currency risk, foreign government obligations risk, foreign investment risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, market capitalization risk, non-diversification risk, prepayment and extension risk, redemption risk, risks affecting mortgage-backed securities and asset-backed securities, risks affecting specific issuers, structured products risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

Investment Grade Bond Managed Account Fund: The Fund's primary investment goal is to seek total return. 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 credit risk, cybersecurity and operational risk, derivatives risk, emerging markets risk, foreign currency risk, foreign government obligations risk, foreign investment risk, interest rate risk, liquidity risk, management risk, market and economic risk, market capitalization risk, non-diversification risk, prepayment and extension risk, redemption risk, risks affecting mortgage-backed securities and asset-backed securities, risk affecting specific issuers, structured products risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

Municipal Managed Account Fund: The Fund's investment goal is to seek a high level of current income exempt from federal individual income tax. 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 credit risk, cybersecurity and operational risk, high yield risk, interest rate risk, liquidity risk, management risk, market and economic risk, non-diversification risk, redemption risk, and tax risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

As of September 30, 2025, the Funds currently offer one class of shares of beneficial interest: Class SMA (previously designated Class I). This class of shares of the Funds represents all interest in the portfolio of investments. Class SMA shares are sold at net asset value without a sales charge at the time of purchase. All expenses are allocated to the class including transfer agent fees, government registration fees, printing and postage costs, and legal expenses.

Shares of the Funds are available for purchase and redemption exclusively by or on behalf of retail or institutional separately managed account clients where Thornburg Investment Management, Inc., the Funds' investment advisor (the "Advisor"), has an agreement with the managed account program's sponsor, or directly with the client, to provide advisory services to the managed account or to the managed account program's sponsor for its use in managing such account.

**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

316 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

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 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 Expenses:</u> Expenses common to all Funds are allocated among the Funds comprising the 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, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually and more often if deemed necessary by the Advisor. Dividends and distributions are paid and are reinvested in additional shares of the Funds at net asset value per share at the close of business on the ex-dividend date, or at the shareholder's option, paid in cash.

<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) from investments in the Statement of Operations.

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

Guarantees and Indemnifications: 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. 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 year ended September 30, 2025, the Funds did not enter into repurchase agreements.

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

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

Annual Financial Statements \| 317

**Notes to Financial Statements, Continued**

September 30, 2025

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

<u>When-Issued and Delayed Delivery Transactions:</u> The Funds may engage in when-issued or delayed delivery transactions. To the extent the Funds engage in such transactions, they will do so for the purpose of acquiring portfolio investments consistent with the Funds' investment objectives and not for the purpose of investment leverage or to speculate on interest rate or market changes. At the time the Funds make a commitment to purchase an investment on a when-issued or delayed delivery basis, the Funds will record the transaction and reflect the value in determining its net asset value. Pursuant to current U.S. Securities and Exchange Commission ("SEC") guidance, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Funds intend to settle the transaction physically and the transaction settles within 35 days. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. The values of these securities held at September 30, 2025 are detailed in the Schedule of Investments.

<u>Organizational and Offering Costs:</u> The Funds incurred certain costs related to their launch and initial operation. Those organizational costs are charged to expense as incurred. Offering costs are amortized to expense daily over the span of one year from commencement of operations. These amounts are included in Prepaid expenses and other assets in the Statement of Assets and Liabilities and Other expenses in the Statement of Operations.

**NOTE 3 – SECURITY VALUATION**

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

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

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

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

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Funds can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not

318 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.

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

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

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

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 Fund's 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.

On days when market volatility thresholds established by the Committee are exceeded, foreign securities for which valuations are obtained from pricing service providers are fair valued. On these days, the foreign securities are characterized as Level 2 within the valuation hierarchy and revert to Level 1 after the threshold is no longer exceeded.

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

Annual Financial Statements \| 319

**Notes to Financial Statements, Continued**

September 30, 2025

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.

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 Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING MARKETS MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $1027944 | $1027944 | $— | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 162311 | 162311 |  |  |
| Total Investments in Securities | $1190255 | $1190255 | $— | $— |
| **Total Assets** | $**1190255** | $**1190255** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HIGH INCOME BOND MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $1157095 | $— | $1157095 | $— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 3198557 |  | 3198557 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 73322 |  | 73322 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 29552 |  | 29552 |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 12035 |  | 12035 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 789917 |  | 789917 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 123832 | 123832 |  |  |
| Total Investments in Securities | $5384310 | $123832 | $5260478 | $— |
| **Total Assets** | $**5384310** | $**123832** | $**5260478** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENT GRADE BOND MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $706710 | $— | $706710 | $— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 788813 |  | 788813 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 15006 |  | 15006 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 555702 |  | 555702 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 136616 | 136616 |  |  |
| Total Investments in Securities | $2202847 | $136616 | $2066231 | $— |
| **Total Assets** | $**2202847** | $**136616** | $**2066231** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MUNICIPAL MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $11689024 | $— | $11689024 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 375000 |  | 375000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 3361 | 3361 |  |  |
| Total Investments in Securities | $12067385 | $3361 | $12064024 | $— |
| **Total Assets** | $**12067385** | $**3361** | $**12064024** | $**—** |

---

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

Pursuant to an investment advisory agreement with the Trust, the Advisor serves as the investment advisor and performs services for the Funds. The Funds do not pay an advisory fee to the Advisor under this agreement.

320 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

The Advisor provides certain administrative services to the Funds. No fees are charged for these services.

Thornburg and Thornburg Securities LLC (the "Distributor"), an affiliate of the Advisor, which acts as the distributor of the Funds' shares, have contractually agreed, irrevocably during the existence of the Funds, to waive, pay or reimburse all expenses of the Funds, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs.

For the year ended September 30, 2025, the Advisor contractually reimbursed certain class specific expenses and distribution fees as follows:

---

| | | |
|:---|:---|:---|
| **CONTRACTUAL:** | **CLASS <br> SMA** | **TOTAL** |
| Emerging Markets Managed Account Fund | $171421 | $171421 |
| High Income Bond Managed Account Fund | 92707 | 92707 |
| Investment Grade Bond Managed Account Fund | 86603 | 86603 |
| Municipal Managed Account Fund | 138093 | 138093 |

---

Certain officers and Trustees of the Trust are also officers or directors of the Advisor and Distributor. The compensation of the independent Trustees is borne by the Trust. The Trust also pays a portion of the Chief Compliance Officer's compensation. These amounts are reflected as Trustee and officer fees in the Statement of Operations.

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 year ended September 30, 2025, the Funds had no such transactions with affiliated funds.

Shown below are holdings of voting securities of the 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **EMERGING MARKETS MANAGED ACCOUNT FUND** | **OPENING** **<br> MARKET VALUE<sup>†</sup>** | **PURCHASES<br> AT COST** | **SALES<br> PROCEEDS** | **REALIZED<br> GAIN<br> (LOSS)** | **CHANGE IN<br> UNREALIZED<br> APPR./(DEPR.)** | **MARKET VALUE<br> 9/30/25** | **DIVIDEND<br> INCOME** |
| Thornburg Capital Mgmt. Fund | $31758 | $778370 | $(647817) | $- | $- | $162311 | $2546 |
| †Market Value 9/30/24. |  |  |  |  |  |  |  |
| **HIGH INCOME BOND MANAGED ACCOUNT FUND‡** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $— | $6107192 | $(5983360) | $- | $- | $123832 | $13840 |
| ‡The Fund commenced operations on March 26, 2025. |  |  |  |  |  |  |  |
| **INVESTMENT GRADE BOND MANAGED ACCOUNT FUND<sup>‡</sup>** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $— | $2851248 | $(2714632) | $- | $- | $136616 | $6859 |
| ‡The Fund commenced operations on March 26, 2025. |  |  |  |  |  |  |  |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the fiscal year ended September 30, 2025, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

Annual Financial Statements \| 321

**Notes to Financial Statements, Continued**

September 30, 2025

At September 30, 2025, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST** | **UNREALIZED<br> APPRECIATION** | **UNREALIZED<br> DEPRECIATION** | **NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** |
| Emerging Markets Managed Account Fund | $1142123 | $106853 | $(58721) | $48132 |
| High Income Bond Managed Account Fund | 5322193 | 78921 | (16804) | 62117 |
| Investment Grade Bond Managed Account Fund | 2189559 | 16268 | (2980) | 13288 |
| Municipal Managed Account Fund | 11738812 | 349789 | (21216) | 328573 |

---

Temporary differences between book and tax basis appreciation (depreciation) on cost of investments is primarily attributed to wash sales outstanding and premium amortization accruals.

At September 30, 2025, 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** |
| High Income Bond Managed Account Fund | $660 | $— |
| Investment Grade Bond Managed Account Fund | 9 |  |
| Municipal Managed Account Fund | 75268 | 106524 |

---

<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 amendments under this ASU are required to be applied prospectively and are effective for annual periods beginning after December 15, 2024. Early adoption of ASU 2023-09 was permitted.

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund's net assets were not significant and accordingly, a reconciliation of income taxes paid for the year ended September 30, 2025 is not presented.

<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 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. To date the Funds have recorded no such receivable because there is limited precedent for collecting such prior year reclaims in countries other than Finland, and the likelihood of collection in those other countries remains uncertain.

<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) from investments in the Statement of Operations, if any.

At September 30, 2025 the Funds had undistributed net tax-exempt income, undistributed tax basis net ordinary income and undistributed tax basis capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **UNDISTRIBUTED NET<br> TAX EXEMPT INCOME** | **UNDISTRIBUTED TAX<br> BASIS ORDINARY<br> INVESTMENT INCOME** | **UNDISTRIBUTED TAX BASIS<br> CAPITAL GAINS** |
| Emerging Markets Managed Account Fund | $— | $19880 | $38400 |
| High Income Bond Managed Account Fund |  | 867 |  |
| Investment Grade Bond Managed Account Fund |  | 305 |  |
| Municipal Managed Account Fund | 1098 |  |  |

---

322 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

September 30, 2025

The tax character of distributions paid for the Funds during the years ended September 30, 2025, and September 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** | **DISTRIBUTIONS FROM:** |
|  | **TAX EXEMPT INCOME** | **TAX EXEMPT INCOME** | **ORDINARY INCOME** | **ORDINARY INCOME** |
| | **2025** | **2024** | **2025** | **2024** |
| Emerging Markets Managed Account Fund | $— | $— | $39191 | $7084 |
| High Income Bond Managed Account Fund |  |  | 170525 |  |
| Investment Grade Bond Managed Account Fund |  |  | 57978 |  |
| Municipal Managed Account Fund | 513319 | 381270 | 14717 | 6031 |

---

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At September 30, 2025, there were an unlimited number of shares of each Fund with no par value of beneficial interest authorized. Transactions in each Fund's shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **PERIOD ENDED** **<br> SEPTEMBER 30, 2024<sup>†</sup>** | **PERIOD ENDED** **<br> SEPTEMBER 30, 2024<sup>†</sup>** |
| <br>**EMERGING MARKETS MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | | | |
| Shares sold | 250 | $2605 | 150570 | $1487666 |
| Shares issued to shareholders in reinvestment of dividends | 3964 | 39191 | 723 | 7084 |
| Shares repurchased | -<sup>‡</sup> | (2) | (48308) | (507444) |
| Net increase (decrease) | 4214 | $41794 | 102985 | $987306 |

---

<sup>†</sup> The Fund commenced operations on October 2, 2023.

<sup>‡</sup> Represents less than 0.50 shares.

---

| | | |
|:---|:---|:---|
| | **PERIOD ENDED** **<br> SEPTEMBER 30, 2025<sup>\*</sup>** | **PERIOD ENDED** **<br> SEPTEMBER 30, 2025<sup>\*</sup>** |
| <br>**HIGH INCOME BOND MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | |
| Shares sold | 516181 | $5162440 |
| Shares issued to shareholders in reinvestment of dividends | 16866 | 169861 |
| Net increase (decrease) | 533047 | $5332301 |

---

<sup>\*</sup> The Fund commenced operations on March 26, 2025.

---

| | | |
|:---|:---|:---|
| | **PERIOD ENDED** **<br> SEPTEMBER 30, 2025<sup>\*</sup>** | **PERIOD ENDED** **<br> SEPTEMBER 30, 2025<sup>\*</sup>** |
| <br>**INVESTMENT GRADE BOND MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | |
| Shares sold | 213767 | $2137440 |
| Shares issued to shareholders in reinvestment of dividends | 5752 | 57701 |
| Net increase (decrease) | 219519 | $2195141 |

---

<sup>\*</sup> The Fund commenced operations on March 26, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| <br>**MUNICIPAL MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | | | |
| Shares sold | 49563 | $506084 | 489757 | $4988008 |
| Shares issued to shareholders in reinvestment of dividends | 51888 | 528039 | 37976 | 387301 |
| Shares repurchased | (1514) | (15246) |  |  |
| Net increase (decrease) | 99937 | $1018877 | 527733 | $5375309 |

---

Annual Financial Statements \| 323

**Notes to Financial Statements, Continued**

September 30, 2025

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the year ended September 30, 2025, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments).

---

| | | |
|:---|:---|:---|
| | **PURCHASES** | **SALES** |
| Emerging Markets Managed Account Fund | $829795 | $931907 |
| High Income Bond Managed Account Fund | 6002325 | 213067 |
| Investment Grade Bond Managed Account Fund | 2749875 | 157867 |
| Municipal Managed Account Fund | 6690941 | 5677305 |

---

324 \| Annual Financial Statements

This page intentionally left blank.

Annual Financial Statements \| 325

Financial Highlights

Emerging Markets Managed Account Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED <br> SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET <br> ASSET VALUE,<br> END OF <br> YEAR** |
| **CLASS SMA SHARES** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;2025 | $10.61 | 0.24 | 0.11 | 0.35 | (0.33) | (0.05) |  | (0.38) | $10.58 |
| &nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | $10.00 | 0.23 | 0.43 | 0.66 | (0.05) |  |  | (0.05) | $10.61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Due
to the size of net assets and fixed expenses, ratios may appear disproportionate.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Fund commenced operations on October 2, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

+ Based on weighted average shares outstanding.

See notes to financial statements.

326 \| Annual Financial Statements

**Financial Highlights, Continued**

Emerging Markets Managed Account Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED SEPTEMBER 30,** | **NET INVESTMENT <br> INCOME (LOSS) (%)** | **EXPENSES, AFTER <br> EXPENSE <br> REDUCTIONS (%)** | **EXPENSES, <br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL <br> RETURN (%)<sup>(a)</sup>** | **PORTFOLIO <br> TURNOVER <br> RATE (%)<sup>(a)</sup>** | **NET <br> ASSETS <br> AT END OF YEAR <br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** | &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2.40 |  | 15.87 <sup>(b)</sup> | 3.55 | 78.50 | $1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024<sup>(c)</sup> | 2.30 <sup>(d)</sup> | — <sup>(d)</sup> | 13.87 <sup>(b)(d)</sup> | 6.67 | 145.98 | $1092 |

---

Annual Financial Statements \| 327

Financial Highlights

High Income Bond Managed Account Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED <br> SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF PERIOD** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET <br> ASSET VALUE,<br> END OF <br> PERIOD** |
| **CLASS SMA SHARES** | **CLASS SMA SHARES** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;2025<sup>(b)</sup> | $10.00 | 0.34 | 0.11 | 0.45 | (0.33) |  |  | (0.33) | $10.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Fund commenced operations on March 26, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

+ Based on weighted average shares outstanding.

See notes to financial statements.

328 \| Annual Financial Statements

**Financial Highlights, Continued**

High Income Bond Managed Account Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED SEPTEMBER 30,** | **NET INVESTMENT <br> INCOME (LOSS) (%)** | **EXPENSES, AFTER <br> EXPENSE <br> REDUCTIONS (%)** | **EXPENSES, <br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL <br> RETURN (%)<sup>(a)</sup>** | **PORTFOLIO <br> TURNOVER <br> RATE (%)<sup>(a)</sup>** | **NET <br> ASSETS <br> AT END OF PERIOD <br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** | &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025<sup>(b)</sup> | 6.52 <sup>(c)</sup> | — <sup>(c)</sup> | 3.47 <sup>(c)</sup> | 4.57 | 4.74 | $5394 |

---

Annual Financial Statements \| 329

Financial Highlights

Investment Grade Bond Managed Account Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED <br> SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF PERIOD** | **NET INVESTMENT INCOME (LOSS)<sup>+</sup>** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET <br> ASSET VALUE,<br> END OF <br> PERIOD** |
| **CLASS SMA SHARES** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;2025<sup>(b)</sup> | $10.00 | 0.27 | 0.07 | 0.34 | (0.28) |  |  | (0.28) | $10.06 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Fund commenced operations on March 26, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Due
to the size of net assets and fixed expenses, ratios may appear disproportionate.

+ Based on weighted average shares outstanding.

See notes to financial statements.

330 \| Annual Financial Statements.

**Financial Highlights, Continued**

Investment Grade Bond Managed Account Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED SEPTEMBER 30,** | **NET INVESTMENT <br> INCOME (LOSS) (%)** | **EXPENSES, AFTER <br> EXPENSE <br> REDUCTIONS (%)** | **EXPENSES, <br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL <br> RETURN (%)<sup>(a)</sup>** | **PORTFOLIO <br> TURNOVER <br> RATE (%)<sup>(a)</sup>** | **NET <br> ASSETS <br> AT END OF PERIOD <br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** | &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025<sup>(b)</sup> | 5.30 <sup>(c)</sup> | — <sup>(c)</sup> | 7.98 <sup>(c)(d)</sup> | 3.40 | 9.45 | $2208 |

---

Annual Financial Statements \| 331

Financial Highlights

Municipal Managed Account Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED <br> SEPTEMBER 30,** | **NET ASSET VALUE, BEGINNING OF YEAR** | **NET INVESTMENT INCOME (LOSS)+** | **NET REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **TOTAL FROM INVESTMENT OPERATIONS** | **DIVIDENDS FROM NET INVESTMENT INCOME** | **DIVIDENDS FROM NET REALIZED GAINS** | **DIVIDENDS FROM RETURN OF CAPITAL** | **TOTAL DIVIDENDS** | **NET <br> ASSET VALUE,<br> END OF <br> YEAR** |
| **CLASS SMA SHARES** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;2025 | $10.47 | 0.47 | (0.25) | 0.22 | (0.47) |  |  | (0.47) | $10.22 |
| &nbsp;&nbsp;&nbsp;2024 | $9.68 | 0.45 | 0.79 | 1.24 | (0.45) |  |  | (0.45) | $10.47 |
| &nbsp;&nbsp;&nbsp;2023 | $10.00 | 0.15 | (0.32) | (0.17) | (0.15) |  |  | (0.15) | $9.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized.

+ Based on weighted average shares outstanding.

See notes to financial statements.

332 \| Annual Financial Statements

**Financial Highlights, Continued**

Municipal Managed Account Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| **UNLESS OTHERWISE <br> NOTED, PERIODS ARE <br> FISCAL YEARS ENDED SEPTEMBER 30,** | **NET INVESTMENT <br> INCOME (LOSS) (%)** | **EXPENSES, AFTER <br> EXPENSE <br> REDUCTIONS (%)** | **EXPENSES, <br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL <br> RETURN (%)<sup>(a)</sup>** | **PORTFOLIO <br> TURNOVER <br> RATE (%)<sup>(a)</sup>** | **NET <br> ASSETS <br> AT END OF YEAR <br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** | &nbsp;&nbsp;&nbsp;**CLASS SMA SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.59 |  | 1.20 | 2.18 | 50.81 | $12010 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 4.39 |  | 1.87 | 13.02 | 21.60 | $11255 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.00 <sup>(b)</sup> | — <sup>(b)</sup> | 3.65 <sup>(b)</sup> | (1.74) | 39.98 | $5293 |

---

Annual Financial Statements \| 333

Report of Independent Registered Public Accounting Firm

Thornburg Managed Account Funds

To the Board of Trustees of Thornburg Investment Trust and Shareholders of each of the funds listed in the table below.

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting Thornburg Investment Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of September 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

**Funds**

Thornburg Emerging Markets Managed Account Fund (1)

Thornburg High Income Bond Managed Account Fund (2)

Thornburg Investment Grade Bond Managed Account Fund (2)

Thornburg Municipal Managed Account Fund (3)

(1) Statement of operations for the year ended September 30, 2025, and statements of changes in net assets for year ended September 30, 2025 and the period October 2, 2023 (commencement of operations) through September 30, 2024

(2) Statement of operations and statement of changes in net assets for the period March 26, 2025 (commencement of operations) through September 30, 2025

(3) Statement of operations for the year ended September 30, 2025 and statements of changes in net assets for years ended September 30, 2025 and 2024

**Basis for Opinions**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 17, 2025

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

334 \| Annual Financial Statements

Tax Information

September 30, 2025

For the tax year ended September 30, 2025, tax exempt (or the maximum allowed) and taxable ordinary income dividends paid by funds for federal income tax purposes are as follows:

---

| | | |
|:---|:---|:---|
| | **TAX EXEMPT** | &nbsp;&nbsp;**TAXABLE ORDINARY** |
| Emerging Markets Managed Account Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $39191 |
| High Income Bond Managed Account Fund |  | 170525 |
| Investment Grade Bond Managed Account Fund |  | 57978 |
| Municipal Managed Account Fund | 513319 | 14717 |

---

For the tax year ended September 30, 2025, the dividend ratio (or the maximum allowed) paid from tax basis net ordinary income as qualifying for the reduced rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003 and the ordinary income distributions ratio (or the maximum allowed) paid as qualified for the corporate dividend received deduction are as follows:

---

| | | |
|:---|:---|:---|
|  | **QUALIFIED** **<br> DIVIDEND INCOME** | **DIVIDENDS** **<br> RECEIVED DEDUCTION** |
| Emerging Markets Managed Account Fund | 59.08% | —% |

---

For the year ended September 30, 2025, foreign source income and foreign tax credit to be passed through to shareholders are as follows:

---

| | | |
|:---|:---|:---|
|  | **FOREIGN SOURCE INCOME** | **FOREIGN TAX CREDIT** |
| Emerging Markets Managed Account Fund | $25318 | $6570 |

---

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

Annual Financial Statements \| 335

Schedule of Investments

Thornburg Capital Management Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | **U.S. TREASURY SECURITIES — 3.9%** |  |  |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 10/30/2025 | $9335000 | $9304695 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.122% due 10/30/2025 | 15665000 | 15613874 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.114% due 10/16/2025 | 25000000 | 24957812 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.097% due 10/23/2025 | 12000000 | 11970445 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% due 10/21/2025 | 25000000 | 24943562 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.131% due 10/28/2025 | 25000000 | 24923847 |
| | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25% due 10/15/2025 | 25000000 | 24999089 |
| | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $136,713,324) |  | 136713324 |
| |  |  |  |
| | **COMMERCIAL PAPER — 91.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.317% due 11/12/2025 | 625000 | 621916 |
| | &nbsp;&nbsp;&nbsp;Agree LP, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.326% due 10/9/2025 | 83000000 | 82921427 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.327% due 10/15/2025 | 4000000 | 3993373 |
| | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc., |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.419% due 10/3/2025 | 300000 | 299928 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.313% due 10/6/2025 | 51100000 | 51069837 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.302% due 10/7/2025 | 250000 | 249823 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.283% due 10/8/2025 | 25000000 | 24979486 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.316% due 10/9/2025 | 2000000 | 1998111 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.326% due 10/9/2025 | 2000000 | 1998107 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.338% due 10/9/2025 | 1000000 | 999051 |
| | &nbsp;&nbsp;&nbsp;Amcor Finance USA, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.554% due 10/6/2025 | 7000000 | 6995654 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.562% due 10/6/2025 | 1000000 | 999378 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.528% due 10/7/2025 | 1000000 | 999258 |
| | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.328% due 10/29/2025 | 4000000 | 3986778 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.371% due 10/30/2025 | 25000000 | 24913604 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 4.296% due 10/6/2025 | 13250000 | 13242216 |
| | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.354% due 10/21/2025 | 65000000 | 64845444 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.358% due 11/13/2025 | 1112000 | 1106328 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.383% due 11/13/2025 | 250000 | 248716 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% due 11/18/2025 | 2000000 | 1988667 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36% due 11/21/2025 | 15000000 | 14909262 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American Transmission Co. LLC, 4.386% due 10/30/2025 | 50000000 | 49826403 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Aon Corp., 4.325% due 10/27/2025 | 54000000 | 53834250 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.259% due 10/1/2025 | 25000000 | 25000000 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.292% due 10/2/2025 | 19000000 | 18997767 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.292% due 10/7/2025 | 6000000 | 5995770 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;AstraZeneca plc, 4.219% due 10/24/2025 | 250000 | 249337 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., 4.168% due 10/1/2025 | 84000000 | 84000000 |
| | &nbsp;&nbsp;&nbsp;AutoZone, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.211% due 10/3/2025 | 40855000 | 40845581 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.231% due 10/3/2025 | 5000000 | 4998842 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.191% due 10/7/2025 | 11600000 | 11592015 |
| | &nbsp;&nbsp;&nbsp;Avangrid, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.551% due 10/2/2025 | 1000000 | 999876 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.262% due 10/6/2025 | 21000000 | 20987750 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.293% due 10/21/2025 | 65000000 | 64847611 |
| | &nbsp;&nbsp;&nbsp;BAT International Finance plc, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.377% due 10/3/2025 | 44000000 | 43989464 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.377% due 10/6/2025 | 13000000 | 12992218 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% due 10/21/2025 | 1731000 | 1726692 |
| | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.593% due 10/2/2025 | 16000000 | 15997996 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.269% due 10/20/2025 | 20000000 | 19955667 |

---

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

**Schedule of Investments, Continued**

Thornburg Capital Management Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.342% due 10/24/2025 | $250000 | $249318 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.355% due 10/24/2025 | 22000000 | 21939842 |
| | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co., |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 10/9/2025 | 13000000 | 12987636 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.392% due 10/10/2025 | 12000000 | 11987040 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.374% due 10/21/2025 | 4593000 | 4582028 |
| | &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.198% due 10/1/2025 | 4000000 | 4000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.221% due 10/2/2025 | 6000000 | 5999307 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% due 10/3/2025 | 50000000 | 49988417 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21% due 10/6/2025 | 29000000 | 28983285 |
| | &nbsp;&nbsp;&nbsp;Chevron Phillips Chemical Co. LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.287% due 10/8/2025 | 13000000 | 12989333 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.326% due 10/21/2025 | 25000000 | 24940972 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.347% due 10/22/2025 | 25000000 | 24937729 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.348% due 10/28/2025 | 3500000 | 3488791 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33% due 11/6/2025 | 17000000 | 16927750 |
| | &nbsp;&nbsp;&nbsp;Cintas Corp. No. 2, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.218% due 10/1/2025 | 30000000 | 30000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.218% due 10/2/2025 | 75000000 | 74991333 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.244% due 10/8/2025 | 2000000 | 1998374 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.243% due 10/10/2025 | 6800000 | 6792894 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.258% due 10/15/2025 | 1000000 | 998371 |
| | &nbsp;&nbsp;&nbsp;Delmarva Power & Light Co., 4.249% due 10/1/2025 | 391000 | 391000 |
| | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina, Inc., 4.556% due 10/2/2025 | 25000000 | 24996889 |
| | &nbsp;&nbsp;&nbsp;Duke Energy Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.545% due 10/9/2025 | 2965000 | 2962061 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.277% due 10/14/2025 | 11000000 | 10983277 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.286% due 11/4/2025 | 15000000 | 14940358 |
| | &nbsp;&nbsp;&nbsp;Electricite de France SA, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.303% due 10/20/2025 | 82000000 | 81816935 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.473% due 10/21/2025 | 250000 | 249389 |
| | &nbsp;&nbsp;&nbsp;Enbridge U.S., Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.525% due 10/1/2025 | 700000 | 700000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.473% due 10/6/2025 | 345000 | 344789 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.291% due 10/20/2025 | 900000 | 897996 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% due 10/24/2025 | 260000 | 259299 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.334% due 10/24/2025 | 370000 | 368993 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.348% due 10/24/2025 | 7000000 | 6980904 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.368% due 10/24/2025 | 18000000 | 17950665 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.302% due 10/28/2025 | 870000 | 867240 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.336% due 10/28/2025 | 12000000 | 11961660 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.357% due 10/28/2025 | 10000000 | 9967900 |
| | &nbsp;&nbsp;&nbsp;Entergy Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.338% due 11/17/2025 | 50000000 | 49722569 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.296% due 12/10/2025 | 450000 | 446325 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 4.282% due 10/2/2025 | 50000000 | 49994139 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 4.292% due 10/1/2025 | 21000000 | 21000000 |
| | &nbsp;&nbsp;&nbsp;Evergy, Inc., 4.326% due 10/7/2025 | 75000000 | 74946750 |
| | &nbsp;&nbsp;&nbsp;Eversource Energy, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.559% due 10/8/2025 | 1000000 | 999129 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.496% due 10/9/2025 | 2000000 | 1998036 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.527% due 10/14/2025 | 7000000 | 6988751 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Exelon Corp., 4.306% due 10/6/2025 | 77000000 | 76954656 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Experian Finance plc, 4.316% due 10/7/2025 | 6700000 | 6695254 |
| | &nbsp;&nbsp;&nbsp;Fiserv, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.296% due 10/8/2025 | 30000000 | 29975325 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.296% due 10/9/2025 | 5000000 | 4995300 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.296% due 10/10/2025 | 15000000 | 14984137 |
| | &nbsp;&nbsp;&nbsp;Genuine Parts Co., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.313% due 10/23/2025 | 9000000 | 8976680 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.387% due 10/28/2025 | 78000000 | 77747865 |

---

See notes to financial statements . Annual Financial Statements \| 337

**Schedule of Investments, Continued** 

Thornburg Capital Management Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.265% due 10/8/2025 | $40000000 | $39967333 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.248% due 10/14/2025 | 6000000 | 5990943 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.268% due 10/14/2025 | 10000000 | 9984833 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.266% due 10/15/2025 | 20000000 | 19967333 |
| | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.398% due 10/1/2025 | 2309000 | 2309000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% due 10/6/2025 | 1000000 | 999407 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% due 10/7/2025 | 50000000 | 49964417 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% due 10/8/2025 | 16000000 | 15986716 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34% due 10/9/2025 | 5000000 | 4995256 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.374% due 10/15/2025 | 1100000 | 1098161 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34% due 10/16/2025 | 10000000 | 9982208 |
| | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% due 10/3/2025 | 8500000 | 8497984 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.267% due 10/14/2025 | 4250000 | 4243554 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.324% due 10/23/2025 | 40000000 | 39896111 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.305% due 10/27/2025 | 28487000 | 28399972 |
| | &nbsp;&nbsp;&nbsp;McCormick & Co., Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.302% due 10/20/2025 | 4000000 | 3991070 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.302% due 10/22/2025 | 13775000 | 13741010 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.319% due 11/28/2025 | 67000000 | 66543395 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Medtronic Global Holdings SCA, 4.265% due 10/2/2025 | 39500000 | 39495392 |
| | &nbsp;&nbsp;&nbsp;Mitsubishi HC Finance America LLC, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.504% due 10/2/2025 | 12050000 | 12048517 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.466% due 10/7/2025 | 5000000 | 4996342 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48% due 10/14/2025 | 10380000 | 10363507 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.357% due 10/27/2025 | 19000000 | 18941269 |
| | &nbsp;&nbsp;&nbsp;Mondelez International, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.303% due 10/16/2025 | 9000000 | 8984137 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.248% due 10/17/2025 | 250000 | 249536 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.324% due 11/10/2025 | 800000 | 796231 |
| | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 4.373% due 10/1/2025 | 50000000 | 50000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Narragansett Electric Co., 4.277% due 10/9/2025 | 1000000 | 999064 |
| | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.611% due 10/8/2025 | 13890000 | 13877792 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.566% due 10/9/2025 | 599000 | 598404 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.315% due 10/20/2025 | 50000000 | 49888111 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.299% due 10/21/2025 | 250000 | 249413 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.325% due 10/27/2025 | 5000000 | 4984653 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33% due 11/7/2025 | 4000000 | 3982528 |
| | &nbsp;&nbsp;&nbsp;Northern Illinois Gas Co., |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.232% due 10/8/2025 | 5000000 | 4995946 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.242% due 10/8/2025 | 20000000 | 19983744 |
| | &nbsp;&nbsp;&nbsp;NSTAR Electric Co., 4.30% due 10/16/2025 | 56000000 | 55901300 |
| | &nbsp;&nbsp;&nbsp;Oglethorpe Power Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31% due 10/3/2025 | 250000 | 249941 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.414% due 10/17/2025 | 23838000 | 23792019 |
| | &nbsp;&nbsp;&nbsp;ONE Gas, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.387% due 10/1/2025 | 9000000 | 9000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% due 10/3/2025 | 4000000 | 3999051 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.315% due 10/7/2025 | 2000000 | 1998583 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.326% due 10/8/2025 | 1000000 | 999172 |
| | &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.408% due 11/13/2025 | 75000000 | 74613000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42% due 11/13/2025 | 5000000 | 4974140 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% due 11/20/2025 | 5000000 | 4970278 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.381% due 11/24/2025 | 1000000 | 993565 |
| | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP, |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.608% due 10/2/2025 | 250000 | 249969 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.679% due 10/2/2025 | 500000 | 499936 |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.694% due 10/2/2025 | 250000 | 249968 |

---

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

**Schedule of Investments, Continued**

Thornburg Capital Management Fund \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | **ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;4.595% due 10/3/2025 | $17000000 | $16995750 |
| | &nbsp;&nbsp;&nbsp;4.615% due 10/14/2025 | 4000000 | 3993471 |
| | &nbsp;&nbsp;&nbsp;4.318% due 10/7/2025 | 5000000 | 4996458 |
| | &nbsp;&nbsp;&nbsp;4.456% due 10/9/2025 | 22500000 | 22478100 |
| | &nbsp;&nbsp;&nbsp;4.375% due 10/16/2025 | 10000000 | 9982083 |
| | &nbsp;&nbsp;&nbsp;4.272% due 10/27/2025 | 5000000 | 4984833 |
| | &nbsp;&nbsp;&nbsp;4.305% due 10/28/2025 | 600000 | 598097 |
| | &nbsp;&nbsp;&nbsp;4.287% due 11/5/2025 | 18000000 | 17926325 |
| | Peoples Gas Light & Coke Co., 4.218% due 10/1/2025 | 22500000 | 22500000 |
| <sup>a</sup> | PPL Capital Funding, Inc., 4.24% due 10/3/2025 | 24625000 | 24619282 |
| <sup>a</sup> | Rockwell Automation, Inc., 4.222% due 10/10/2025 | 40000000 | 39958400 |
| | Ryder System, Inc., |  |  |
| | &nbsp;&nbsp;&nbsp;4.326% due 10/1/2025 | 72000000 | 72000000 |
| | &nbsp;&nbsp;&nbsp;4.323% due 10/20/2025 | 7000000 | 6984299 |
| <sup>a</sup> | Sempra, 4.24% due 10/2/2025 | 44000000 | 43994891 |
| <sup>a</sup> | Sherwin-Williams Co., 4.301% due 10/20/2025 | 12000000 | 11973210 |
| <sup>a</sup> | Southern California Gas Co., 4.239% due 10/1/2025 | 50000000 | 50000000 |
| | Spire, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.593% due 10/1/2025 | 20000000 | 20000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.452% due 10/6/2025 | 500000 | 499696 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.452% due 10/7/2025 | 6000000 | 5995620 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.479% due 10/10/2025 | 1000000 | 998900 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.479% due 10/15/2025 | 7500000 | 7487167 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.34% due 10/16/2025 | 3000000 | 2994662 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.354% due 10/22/2025 | 1000000 | 997503 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.46% due 10/22/2025 | 4000000 | 3989780 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.292% due 10/23/2025 | 1000000 | 997421 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.337% due 10/23/2025 | 4000000 | 3989587 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.327% due 10/24/2025 | 14000000 | 13961986 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.323% due 10/28/2025 | 920000 | 917067 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.358% due 10/29/2025 | 1000000 | 996671 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.327% due 10/30/2025 | 1000000 | 996576 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.327% due 11/4/2025 | 18500000 | 18425743 |
| <sup>a,b</sup> | Telstra Group Ltd., 4.253% due 12/10/2025 | 31750000 | 31493178 |
| <sup>a</sup> | Thermo Fisher Scientific, Inc., 4.274% due 10/27/2025 | 40000000 | 39878667 |
| <sup>a</sup> | WEC Energy Group, Inc., 4.272% due 10/6/2025 | 49000000 | 48971349 |
| <sup>a</sup> | Western Union Co., 4.289% due 10/2/2025 | 85000000 | 84990012 |
| <sup>a</sup> | Xcel Energy, Inc., 4.374% due 10/14/2025 | 33000000 | 32948758 |
| | TOTAL COMMERCIAL PAPER (Cost $3,162,050,047) |  | 3162050047 |
| |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REPURCHASE AGREEMENT — 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REPURCHASE AGREEMENT — 2.2%** |  |  |
| | Bank of New York Mellon Corp., 4.20% dated 9/30/2025 due 10/1/2025, repurchase price $75,008,750 collateralized by 8 corporate debt securities, having an average coupon of 5.51%, a minimum credit rating of BBB-, maturity dates from 1/24/2031 to 5/15/2067, and having an aggregate market value of $80,070,397 at 9/30/2025 | 75000000 | 75000000 |
| | TOTAL REPURCHASE AGREEMENTS (Cost $75,000,000) |  | 75000000 |
| |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MUTUAL FUND — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MUTUAL FUND — 0.0%** |  |  |
| <sup>c</sup> | State Street Institutional Treasury Money Market Fund, Premier Class, 4.06%, | 91447 | 91447 |
| | TOTAL MUTUAL FUND (Cost $91,447) |  | 91447 |
| |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 97.7% (Cost $3,373,854,818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 97.7% (Cost $3,373,854,818) |  | $3373854818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES — 2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES — 2.3% |  | 77918119 |
| |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS — 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS — 100.0% |  | $3451772937 |

---

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 September 30, 2025, the aggregate value of these securities in the Fund's portfolio was $2,566,953,540, representing 74.37% of the Fund's net assets. |

---

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

c Rate represents the money market fund annualized seven-day yield at September 30, 2025.

See notes to financial statements. Annual Financial Statements \| 339

Statement of Assets and Liabilities

Thornburg Capital Management Fund \| September 30, 2025

---

| | |
|:---|:---|
| **ASSETS** | |
| Investment in securities, at cost | $3373854818 |
| Investments at value | 3373854818 |
| Cash | 282679896 |
| Dividends receivable | 3253 |
| Principal and interest receivable | 1548281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 3658086248 |
| **LIABILITIES** |  |
| Payable for investments purchased | 206230384 |
| Accounts payable and accrued expenses | 82927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 206313311 |
| **NET ASSETS** | $3451772937 |
| **NET ASSETS CONSIST OF** |  |
| Net capital paid in on shares of beneficial interest | $3451744233 |
| Distributable earnings | 28704 |
| **NET ASSETS** | $3451772937 |
| **NET ASSET VALUE** |  |
| **Class I Shares:** |  |
| Net assets applicable to shares outstanding | $3451772937 |
| Shares outstanding | 345176793 |
| Net asset value and redemption price per share | $10.00 |

---

See notes to financial statements.

340 \| Annual Financial Statements

Statement of Operations

Thornburg Capital Management Fund \| Year Ended September 30, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| Interest income | $101418574 |
| Dividend income | 233593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 101652167 |
| **EXPENSES** |  |
| Transfer agent fees | 15813 |
| Custodian fees | 121345 |
| Audit and tax fees | 33305 |
| Legal fees | 10996 |
| Prepaid insurance expense | 11930 |
| Other expenses | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 200324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $101451843 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 29025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 29025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $101480868 |

---

See notes to financial statements.

Annual Financial Statements \| 341

Statement of Changes in Net Assets

Thornburg Capital Management Fund

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED**<br>**SEPTEMBER 30, 2025** | **YEAR ENDED**<br>**SEPTEMBER 30, 2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income | $101451843 | $90667750 |
| Net realized gain (loss) | 29025 | 80563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 101480868 | 90748313 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (101528126) | (90710663) |
| **FUND SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 1357773130 | 363622675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 1357725872 | 363660325 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 2094047065 | 1730386740 |
| &nbsp;&nbsp;&nbsp;End of Year | $3451772937 | $2094047065 |

---

See notes to financial statements.

342 \| Annual Financial Statements

Notes to Financial Statements

Thornburg Capital Management Fund \| September 30, 2025

**NOTE 1 – ORGANIZATION**

Thornburg Capital Management Fund (the "Fund") is a diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of September 30, 2025, the Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it. The Fund's investment goal is to seek current income consistent with liquidity management and safety of capital. 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 credit risk, cybersecurity and operational risk, foreign government obligations risk, foreign investment risk, interest rate risk, liquidity risk, management risk, market and economic risk, prepayment and extension risk, and U.S. government obligations risk. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

As of September 30, 2025, the Fund currently offers one class of shares of beneficial interest: Institutional Class ("Class I"). This class of shares of the Fund represents all interest in the portfolio of investments. Class I shares are sold at net asset value without a sales charge at the time of purchase and may be subject to a service fee. All expenses are allocated to the class including transfer agent fees, government registration fees, printing and postage costs, and legal expenses.

Shares of the Fund are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the Securities Act of 1933 (the "1933 Act"). Investments in the Fund may only be made by investment companies, or other persons that are "accredited investors" within the meaning of Regulation D under the 1933 Act. Thornburg Investment Management, Inc. (the "Advisor"), acting as the agent for the other series of the Trust, will effect all purchases and sales of shares of the Fund on behalf of any series of the Trust.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The 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> The 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 the 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 the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

<u>Allocation of Expenses:</u> Expenses common to all Funds are allocated among the Funds comprising the 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, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually and more often if deemed necessary by the Advisor. Dividends and distributions are paid and are reinvested in additional shares of the Fund at net asset value per share at the close of business on the ex-dividend date, or at the shareholder's option, paid in cash.

<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 Fund. 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. 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.

Annual Financial Statements \| 343

**Notes to Financial Statements, Continued**

Thornburg Capital Management Fund \| September 30, 2025

<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 Fund may invest excess cash in repurchase agreements whereby the Fund purchases 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 Fund has 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.

<u>Security Valuation:</u> All investments in securities held by the Fund 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.

<u>When-Issued and Delayed Delivery Transactions:</u> The Fund may engage in when-issued or delayed delivery transactions. To the extent the Fund engages in such transactions, it will do so for the purpose of acquiring portfolio investments consistent with the Fund's investment objectives and not for the purpose of investment leverage or to speculate on interest rate or market changes. At the time the Fund makes a commitment to purchase an investment on a when-issued or delayed delivery basis, the Fund 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 Fund intends 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 September 30, 2025 are detailed in the Schedule of Investments.

**NOTE 3 – SECURITY VALUATION**

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

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

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

<u>Valuation of Securities:</u> Securities held with a maturity of less than 60 days from trade date and other short-term investments are valued using the amortized cost method unless the Committee determines such method does not represent fair value. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.

344 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

Thornburg Capital Management Fund \| September 30, 2025

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

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

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

<u>Valuation Hierarchy:</u> The Fund categorizes its 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 Fund's 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 Fund are typically calculated by pricing service providers approved by the Committee and are generally characterized as Level 2 within the valuation hierarchy.

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.

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 the 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 Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $136713324 | $— | $136713324 | $— |
| &nbsp;&nbsp;&nbsp;Commercial Paper | 3162050047 |  | 3162050047 |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement | 75000000 |  | 75000000 |  |
| &nbsp;&nbsp;&nbsp;Mutual Fund | 91447 | 91447 |  |  |
| Total Investments in Securities | $3373854818 | $91447 | $3373763371 | $— |
| **Total Assets** | $3373854818 | $91447 | $3373763371 | $— |

---

Annual Financial Statements \| 345

**Notes to Financial Statements, Continued**

Thornburg Capital Management Fund \| September 30, 2025

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

Pursuant to an investment advisory agreement with the Trust, the Advisor serves as the investment advisor and performs services for the Fund. The Fund does not pay an advisory fee to the Advisor under this agreement.

The Advisor provides certain administrative services to the Fund. No fees are charged for these services.

The Fund 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 year ended September 30, 2025, the Fund had no such transactions with affiliated funds.

**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 Fund. Therefore, no provision for federal income or excise tax is required.

The Fund files income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Fund's tax return filings generally remains open for the three years following a return's filing date. The Fund has analyzed each uncertain tax position believed to be material in the preparation of the Fund's financial statements for the fiscal year ended September 30, 2025, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Fund has not identified any such position for which an asset or liability must be reflected in the Statement of Assets and Liabilities.

At September 30, 2025, information on the tax components of capital was as follows:

---

| | |
|:---|:---|
| Cost of investments for tax purposes | $3373854818 |
| Net unrealized appreciation (depreciation) on investments (tax basis) | $— |

---

There is no unrealized appreciation (depreciation) in the Fund at September 30, 2025 due to all securities with less than 60 days to maturity being valued by the amortized cost method.

At September 30, 2025, the Fund had $28,704 of undistributed tax basis ordinary investment income and no undistributed tax basis capital gains.

The tax character of distributions paid during the years ended September 30, 2025, and September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $101528126 | $90710663 |
| Total | $101528126 | $90710663 |

---

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At September 30, 2025, there were an unlimited number of shares of the Fund with no par value of beneficial interest authorized. Transactions in the Fund's shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2024** | **YEAR ENDED <br> SEPTEMBER 30, 2024** |
| <br>**THORNBURG CAPITAL MANAGEMENT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** | | | | |
| Shares sold | 1015262190 | $10152621901 | 1016559527 | $10165595270 |
| Shares issued to shareholders in reinvestment of dividends | 10152813 | 101528125 | 9071066 | 90710658 |
| Shares repurchased | (889637690) | (8896376896) | (989268325) | (9892683253) |
| Net increase (decrease) | 135777313 | $1357773130 | 36362268 | $363622675 |

---

346 \| Annual Financial Statements

**Notes to Financial Statements, Continued**

Thornburg Capital Management Fund \| September 30, 2025

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the year ended September 30, 2025, the Fund had no purchase and sale transactions of investments other than short-term investments.

Annual Financial Statements \| 347

Financial Highlights

Thornburg Capital Management Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING OF<br> PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED GAIN<br> (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END<br> OF PERIOD** |
| **CLASS I<sup>(b)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.00 | 0.47 | — <sup>(c)</sup> | 0.47 | (0.47) |  | (0.47) | $10.00 |
| &nbsp;&nbsp;&nbsp;2024 | $10.00 | 0.56 | — <sup>(c)</sup> | 0.56 | (0.56) |  | (0.56) | $10.00 |
| &nbsp;&nbsp;&nbsp;2023 | $10.00 | 0.49 | — <sup>(c)</sup> | 0.49 | (0.49) |  | (0.49) | $10.00 |
| &nbsp;&nbsp;&nbsp;2022 | $10.00 | 0.10 | — <sup>(c)</sup> | 0.10 | (0.10) |  | (0.10) | $10.00 |
| &nbsp;&nbsp;&nbsp;2021 | $10.00 | 0.01 | — <sup>(c)</sup> | 0.01 | (0.01) |  | (0.01) | $10.00 |

---

(a) Not
 annualized for periods less than one year.

(b) Sales
 loads are not reflected in computing total return.

(c) Net
 realized and unrealized gain (loss) on investments was less than $0.01 per share.

(d) Portfolio
 turnover rate equals zero due to no long term investment transactions in the period.

+ Based on weighted average shares outstanding.

See notes to financial statements.

348 \| Annual Financial Statements

**Financial Highlights, Continued**

Thornburg Capital Management Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT<br> INCOME (LOSS) (%)** | **EXPENSES, AFTER<br> EXPENSE<br> REDUCTIONS (%)** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL** **<br> RETURN (%)<sup>(a)</sup>** | **PORTFOLIO** **<br> TURNOVER<br> RATE (%)<sup>(a)</sup>** |<br>**NET ASSETS<br> AT END OF PERIOD<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS I<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.67 | 0.01 | 0.01 | 4.78 | — <sup>(d)</sup> | $3451773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5.55 | 0.01 | 0.01 | 5.70 | — <sup>(d)</sup> | $2094047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.88 | 0.01 | 0.01 | 4.99 | — <sup>(d)</sup> | $1730387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.96 | 0.01 | 0.01 | 0.96 | — <sup>(d)</sup> | $1528903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.12 | 0.01 | 0.01 | 0.12 | — <sup>(d)</sup> | $2060113 |

---

Annual Financial Statements \| 349

Report of Independent Registered Public Accounting Firm

Thornburg Capital Management Fund

To the Board of Trustees of Thornburg Investment Trust and Shareholders of Thornburg Capital Management Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments of Thornburg Capital Management Fund (one of the funds constituting Thornburg Investment Trust, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the relevant ethical requirements relating to our audit, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 17, 2025

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

350 \| Annual Financial Statements

Other Information

September 30, 2025 (Unaudited)

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

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

**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**

Remuneration is reflected in the Trustee and officer fees in the Statement of Operations.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Equity Funds

Thornburg Investment Management, Inc. (the "Advisor") provides investment management services to each of the Funds pursuant to an investment advisory agreement (the "Agreement"). The Board of Trustees (the "Trustees") consider the renewal of the Agreement annually, and most recently determined to renew the Agreement on September 9, 2025.

Planning for their recent consideration of the Agreement's renewal, those Trustees who are not "interested persons" of the Trust, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "independent Trustees"), met in March 2025 and May 2025 to consider aspects of their annual evaluation of the Advisor's service to the Funds and to each other series of the Trust, to plan the annual evaluation of the Advisor's performance, and to discuss preliminarily the information the Advisor would present to the Trustees for their review. The independent Trustees met in another independent session in July 2025 to further define certain portions of the information to be submitted by the Advisor. The independent Trustees met again in independent session in September 2025 to discuss various matters relating to the consideration of the Agreement's renewal, including discussions with representatives of a mutual fund analyst firm engaged by the independent Trustees to provide explanations of comparative cost and expense information. In that session the independent Trustees discussed their evaluations of the Advisor's services to the Funds and the Funds' fee and expense levels, investment performance, and other information presented for the Funds, conferred with legal counsel respecting the factors typically considered in evaluating renewal of an advisory agreement, and conferred with representatives of the Advisor to receive explanations of certain aspects of the information they had requested. Representatives of the Advisor subsequently reviewed portions of the information with the Trustees and addressed questions from the Trustees at another session of independent Trustees in September 2025. Following that session, the Trustees met for the purpose of considering renewal of the Agreement, and the Trustees, including all of the independent Trustees, voted unanimously to renew the Agreement for an additional term of one year.

The information below summarizes certain factors considered by the Trustees in connection with the determination to renew the Agreement. In determining to renew the Agreement, the Trustees considered a wide range of information and did not identify any single factor as controlling, and this summary does not describe all of the factors and other matters considered by the Trustees in making their determination.

<u>Nature, Extent, and Quality of Services</u>. The Trustees considered in their evaluation of the Agreement the written and oral reports provided to the Trustees and their standing committees throughout the year on a wide variety of topics by personnel from the Advisor's portfolio management, fund administration, trading, operations, marketing, distribution, and compliance staffs. The Trustees also considered in this evaluation the presentations and explanations made by representatives of the Advisor in meeting sessions scheduled for consideration of the renewal of the Agreement. The Trustees further noted in their evaluation the consideration they had given to a number of topics in previous years, reports from their standing committees, and advice received from counsel.

Information noted by the Trustees as having been considered in relation to the nature, extent, and quality of services provided by the Advisor under the Agreement, as more fully reflected in the minutes and other records of their quarterly and committee meetings throughout the year and in previous years, and contributing to their conclusions respecting the nature, extent, and quality of the services rendered to each Fund by the Advisor under the Agreement included: (1) reports from portfolio managers throughout the year demonstrating that each Fund was managed in conformity with stated strategies and objectives, and conformed to investment restrictions and limitations; (2) reports demonstrating that each Fund's portfolio managers are cognizant of the Fund's objectives and able to pursue those objectives and execute the Fund's strategies in varying environments, are aware of pertinent market and economic trends and

Annual Financial Statements \| 351

**Other Information, Continued**

September 30, 2025 (Unaudited)

conditions, and are able to competently evaluate and select individual investments, manage the Fund to achieve tax efficiencies, effectively structure the Fund's portfolio, and manage the Fund's liquidity requirements; (3) each Fund's achievement of its investment objectives over different periods of time; (4) presentations by, and interactions with, members of the Advisor's fund administration, trading, operations, marketing, distribution, and compliance staffs; (5) reports from standing committees of the Trustees on their respective proceedings throughout the year, including particularly interactions with the Advisor's personnel; (6) the sufficiency of the resources the Advisor devotes to the services it provides to each Fund, including the expertise of its personnel and staffing levels, recent additions to the Advisor's senior management team, the Advisor's enhancements to the electronic systems it utilizes in providing these services, and the Advisor's own financial management and sufficiency of its resources; (7) steps taken by the Advisor to improve its investment management process, including the hiring of additional investment personnel to support the investment management function, plans to add other investment personnel in the future, efforts to increase the diversity of backgrounds and experiences among its investment personnel, and the increased integration of risk management procedures into the investment process; (8) the measures employed by the Advisor's personnel to achieve efficient trade execution for each Fund, including the evaluation and selection of firms to execute transactions for each Fund; and (9) steps taken to facilitate continued collaboration among the Advisor's personnel. As in past years, the Trustees noted their assessments of the Advisor's personnel developed in formal and informal meetings throughout the year, measures to expand and improve the depth and expertise of the Advisor's staff, and the Advisor's collaborative approach to investment management, continued commitment to observance of compliance and regulatory requirements in managing investments by the Funds, responsiveness to the Trustees, and other factors and circumstances.

Based upon these and other considerations, the Trustees concluded that the Advisor's management of the Funds' investments continued to conform to the Funds' stated objectives and policies, and that the nature, extent, and quality of the Advisor's services for the Funds remained sufficient.

<u>Investment Performance</u>. The Trustees noted in their evaluation of each Fund's investment performance the written and oral reports and investment and market analysis they received from the Advisor's portfolio management personnel throughout the year. The Trustees also noted their consideration of information provided to them at their request in anticipation of their annual evaluation of the Advisor's services, including the following items of information respecting the investment performance of each Fund: (1) the Fund's absolute investment performance and achievement of stated objectives; (2) the Advisor's explanations and written commentary on the Fund's performance in the context of the Fund's objectives and reasonable expectations, and business, market, and economic conditions; (3) performance data for the ten most recent calendar years (or lesser number of years for each Fund having fewer calendar years of operations) comparing the Fund's investment performance to one or more securities indices and to the applicable Morningstar category of funds; (4) the Fund's investment performance for the three-month, year-to-date and, if applicable, one-year, three-year, five-year, ten-year, fifteen-year, and since inception periods ending with the second quarter of the current year, comparing the Fund's annualized returns to one or more securities indices and to the applicable Morningstar category of funds, and assigning a percentage rank to the Fund's performance for each period relative to its Morningstar category; (5) analyses of specified risk and performance metrics for the Fund relative to its style-specific benchmark and to a selected peer group of funds, prepared by an independent financial analyst firm; (6) information respecting positive cash flows resulting from share purchases and investment appreciation or negative cash flows resulting from redemptions and investment depreciation; (7) various risk and return statistics; and (8) oral commentary from the Advisor. The Trustees noted their understanding that strategies pursued for a Fund may produce intermittent lower relative performance, that underperforming Funds have, generally in the past, returned to favor as conditions changed or the strategies of those Funds gained traction, and the Advisor has in general been successful over time in remediating lower relative performance of Funds in cases where execution of investment strategies contributed to lower performance. In those instances where a Fund exhibited lower relative performance in certain periods, the Trustees also considered the reports they received from the Advisor throughout the year, explanations of that underperformance by reference to the stated investment strategies of the Fund, the effects of market and economic conditions on the Fund during relevant periods, and the investment decisions by the Advisor in view of the Fund's stated strategies.

Further detail considered by the Trustees with respect to the investment performance of each Fund is set forth below:

*● Thornburg Global Opportunities Fund* – the Trustees considered that the Fund outperformed its Morningstar category and its benchmark index for the year-to-date (through June 30, 2025), one-, three-, five-, and fifteen-year periods, also outperformed its Morningstar category for the ten-year period, that the Fund's performance ranked in the first percentile of its Morningstar category for the year-to-date (through June 30, 2025) and five-year periods and in the top decile of its Morningstar category for the one-year and 15-year periods, and that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years. The Trustees also considered the contribution of the Advisor's security selection and other factors to the Fund's investment performance and the Advisor's success in achieving the Fund's investment objective over time.

*● Thornburg International Equity Fund* – the Trustees considered that the Fund outperformed its Morningstar category and its benchmark index for the year-to-date (through June 30, 2025), one-, five-, ten-, and fifteen-year periods, that the Fund's performance ranked in the top decile of its Morningstar category for the three- and five-year periods, and that two representative share classes of the Fund delivered

352 \| Annual Financial Statements

**Other Information, Continued**

September 30, 2025 (Unaudited)

positive total returns in seven of the last ten calendar years. The Trustees also considered the contribution of the Advisor's security selection and other factors to the Fund's investment performance and the Advisor's success in achieving the Fund's investment objective over time.

*● Thornburg Better World International Fund* – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category for the five-year period and since the Fund's inception, that the Fund's performance was comparable to its benchmark index and Morningstar category in most other periods, and that two representative share classes of the Fund delivered positive total returns in seven of the nine calendar years since the Fund's inception. The Trustees also considered the contribution of the Advisor's security selection and other factors to the Fund's investment performance, the Advisor's process for evaluating environmental, social, and governance characteristics and the potential for those characteristics to contribute positively to the Fund's investment, and the Advisor's success in achieving the Fund's investment objective over time.

*● Thornburg International Growth Fund* – The Trustees considered explanations from the Advisor respecting reasons for the Fund's underperformance in certain periods relative to the Fund's Morningstar category and benchmark index, including particularly the Fund's underperformance in recent periods, and steps the Advisor has taken to remediate that underperformance, including enhancements to the Fund's investment team. The Trustees noted that, notwithstanding underperformance in certain periods, the Advisor has generally had success in achieving the Fund's investment objectives over time, and that two representative share classes of the Fund delivered positive total returns in six of the last ten calendar years. The Trustees also considered the contribution of the Advisor's security selection and other factors to the Fund's investment performance.

*● Thornburg Developing World Fund* – the Trustees considered explanations from the Advisor respecting reasons for the Fund's underperformance in certain periods relative to the Fund's Morningstar category and benchmark index and steps the Advisor has taken to remediate that underperformance, including enhancements to the Fund's investment process and changes to the Fund's portfolio management team. The Trustees noted the positive effect of those changes on the Fund's recent investment performance, including the outperformance of the Fund relative to both its benchmark index and its Morningstar category during the Fund's third quarter in 2025. The Trustees noted that the degree of the Fund's underperformance in longer periods such as the ten-year period was not significant, and that two representative share classes of the Fund delivered positive total returns in six of the last ten calendar years. The Trustees also considered the contribution of the Advisor's security selection and other factors to the Fund's investment performance and the Advisor's success in achieving the Fund's investment objective over time.

*● Thornburg Small/Mid Cap Core Fund* – the Trustees considered the Advisor's explanations about factors that contributed to Fund underperformance since the Fund's principal investment strategies changed in late 2020, steps the Advisor has taken to remediate that underperformance, including enhancements to the Fund's investment team and investment process, and the Advisor's stated commitment to pursue additional enhancements to seek to improve the Fund's investment performance. The Trustees noted that the Fund outperformed the Morningstar small blend category of funds for the one- and three-year periods and that underperformance relative to the Fund's style specific benchmark index has not been significant in most periods. The Trustees also noted that, notwithstanding underperformance in certain periods, the Advisor has generally had success in achieving the Fund's investment objectives over time, and that two representative share classes of the Fund delivered positive total returns in three of the four calendar years since the Fund adopted its current investment strategies.

*● Thornburg Small/Mid Cap Growth Fund* – the Trustees considered the Advisor's explanations about factors that contributed to Fund underperformance since the Fund's principal investment strategies changed in late 2020, steps the Advisor has taken to remediate that underperformance, including enhancements to the Fund's investment team and investment process, and the Advisor's stated commitment to pursue additional enhancements to seek to improve the Fund's investment performance. The Trustees noted that the Fund outperformed both the Morningstar small blend category of funds and the Fund's style-specific benchmark index over the three-year period, and that two representative share classes of the Fund delivered positive total returns in each of the last two calendar years. The Trustees also noted that, notwithstanding underperformance in certain periods, the Advisor has generally had success in achieving the Fund's investment objectives over time.

*● Thornburg Investment Income Builder Fund* – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date (through June 30, 2025), one-, three-, five-, ten-, and fifteen-year periods, ranking in the first or second percentile of its Morningstar category over the most of those periods, and outperformed its style-specific benchmark index for the year-to-date (through June 30, 2025), one- and five-year periods. The Trustees noted that two representative share classes of the Fund delivered positive total returns in six of the last ten calendar years The Trustees also considered the contribution of the Advisor's security selection and other factors to the Fund's investment performance, and the Advisor's success in achieving the Fund's investment objective over time, including particularly the Fund's ability to continue to generate current income for its shareholders.

*● Thornburg Summit Fund* – the Trustees considered that the Fund outperformed its Morningstar category for the year-to-date (through June 30, 2025), three-, and five-year periods and since the Fund's inception, while ranking in the top decile of the Morningstar category over the five-year period. The Trustees noted that the Fund outperformed its style-specific benchmark index over the three- and five-year periods and since the Fund's inception, and that two representative share classes of the Fund delivered positive total returns in four of the

Annual Financial Statements \| 353

**Other Information, Continued**

September 30, 2025 (Unaudited)

five calendar years since the Fund's inception. The Trustees also considered the contribution of the Advisor's security selection and other factors to the Fund's investment performance, and the Advisor's success in achieving the Fund's investment objective over time.

Based upon their consideration of this and other information, the Trustees concluded that the Funds' absolute and relative investment performance over a range of pertinent holding periods was generally satisfactory in view of the Funds' objectives and strategies, and that where there was underperformance in certain periods and for certain Funds, the Advisor has taken appropriate steps to seek to mitigate that underperformance.

Comparisons of Fee and Expense Levels. Information noted by the Trustees as having been considered in this context included a variety of comparative data respecting the Funds' fee and expense levels. This information included: (1) comparisons of the advisory fee and overall expense ratio for a representative share class of each Fund to fees and expenses for a universe of peers, typically consisting of most other mutual funds in the applicable Fund's Morningstar category; (2) comparisons of the advisory fee and overall expense ratio for a representative share class of each Fund to fees and expenses for a sub-group of peer mutual funds, selected from the larger universe by an independent mutual fund analyst firm engaged by the independent Trustees; (3) perspectives and advice from that mutual fund analyst firm respecting comparisons of fund fee levels and expenses to each Fund's universe and sub-group of peers; and (4) explanations from representatives of the Advisor respecting the fees and expenses of certain Funds. In evaluating comparative fee and expense data, the Trustees considered whether the advisory fees charged to each Fund were at least generally comparable to the comparatives presented, and whether those advisory fees and overall Fund expense levels were within the range of figures established for the selected universe and sub-group of peers. The Trustees also considered the extent to which the Advisor had waived fees or reimbursed expenses for certain Funds and share classes thereof, and the Trustees noted that information about the Funds' current fee and expense levels is disclosed in the prospectuses for each Fund.

Further detail considered by the Trustees with respect to the comparison of the fee and expense levels of each Fund is set forth below:

*● Thornburg Global Opportunities Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was almost equal to the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg International Equity Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was almost equal to the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and almost equal to the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Better World International Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee and total expense levels were equal to the median advisory fee and total expense levels of a group of peer mutual funds, and that the Fund's total expense level was also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg International Growth Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was within the range of advisory fees charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Developing World Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was below the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was also below both the median total expense of that peer group and the median total expense of a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

● *Thornburg Small/Mid Cap Core Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was within the range of advisory fees charged by a group of peer mutual funds, and that the Fund's total expense level was almost equal to the median total expense f that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Small/Mid Cap Growth Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was within the range of advisory fees charged by a group of peer mutual funds, and that the Fund's total expense level was equal to the median total expense of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category

*● Thornburg Investment Income Builder Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was almost equal to the median advisory fee charged by a group of peer mutual funds, and that the Fund's total

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expense level was within the range of that *●* peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Summit Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was below the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was also below both the median total expense of that peer group and the median total expense of a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

The Trustees did not find any of the differences between the Funds' fee and expense data and the comparable fee and expense data significant in view of their findings and conclusions respecting the other factors considered, including the quality of services provided by the Advisor to each Fund.

The Trustees also noted their evaluation of information respecting the advisory fees charged by the Advisor to its other investment management clients, together with information about fees charged by other advisors to different clients. In evaluating that information, the Trustees considered the differences between mutual funds and other types of investment management clients, such as exchange-traded funds or institutional clients. The Trustees also considered differences between the requirements of a sub-advised mutual fund and a fund as to which the Advisor is the primary advisor and sponsor. The Trustees confirmed their previous observations that the differences between the fees charged by the Advisor to different types of clients did not appear exceptional, and that the fee rates charged by the Advisor or by other investment advisors to different types of clients had limited relevance to the evaluation of the fee rates charged by the Advisor to the Funds.

<u>Costs and Profitability of Advisor</u>. In reviewing the profitability of the Advisor's services to the Funds under the Agreement, the Trustees considered an analysis of the Advisor's costs and the estimated profitability to the Advisor of its services, together with figures for the profitability of a selection of other, publicly listed investment management firms. The Trustees noted that the comparability of the Advisor's profitability to the publicly disclosed information about the profitability of other investment management firms is limited due to the nature of those firms and other factors. The Trustees considered information from the Advisor respecting investment of its profits to support staffing levels and noted that the Advisor's profits are an important element in the compensation of employees who work for the benefit of the Funds and their shareholders. The Trustees considered information from the Advisor respecting the use of profits to enhance staff competencies through training and other measures, hire personnel to expand and develop the scope of senior management expertise, pay competitive levels of compensation, and add to the Advisor's electronic and information technology systems to maintain or improve service levels. The Trustees also considered the contribution of the Advisor's cost management to its profitability, and the relationship of the Advisor's financial resources and profitability in previous years to its ability to attract necessary personnel, invest in systems and other assets required for its service to the Funds, and maintain or improve service levels for the Funds notwithstanding fluctuations in revenues and profitability. The information considered did not indicate to the Trustees that the Advisor's profitability was excessive.

<u>Potential Economies of Scale</u>. In reviewing the extent to which economies of scale would be realized by each Fund as it grows and whether fee levels reflect potential economies of scale, the Trustees considered: (1) the breakpoint structure for advisory fees chargeable to each Fund; (2) comparisons of the fee breakpoint structure for each Fund with breakpoint structures (or the absence of such structures) for other funds in a group of peer mutual funds selected by an independent mutual fund analyst firm; (3) the effects of the breakpoint structure and other expense factors realized by certain Funds as their asset levels had increased; (4) the Advisor's undertakings to waive or reimburse certain fees and expenses for certain Funds and share classes; and (5) the Advisor's expenditures from its own profits and resources to support staffing levels, pay competitive levels of compensation, and add to its electronic and information technology systems to maintain or improve service levels. The information provided demonstrated to the Trustees that the Funds' advisory fee breakpoint structures are reasonable in relation to the structures observed in the other mutual funds in their respective peer groups, and that shareholders may be expected to benefit from any economies of scale, due to the advisory agreement's breakpoint fee structure for each Fund and other factors.

<u>Potential Ancillary Benefits</u>. In reviewing potential benefits to the Advisor because of its relationship to the Funds, the Trustees considered explanations from the Advisor respecting its receipt of certain research services from broker dealers, and the benefits to all parties of the Advisor's expansion of its staffing, compliance, and systems capabilities and other resources to serve a broader variety of investment management clients. The Trustees also considered how the establishment of additional investment products by the Advisor may benefit the Funds. No unusual or unfair benefits to the Advisor from its relationship to the Funds were identified by the Trustees

<u>Summary of Conclusions</u>. The Trustees concluded that the general nature, extent, and quality of the Advisor's services performed under the Agreement remained sufficient, the Advisor continued to actively and competently pursue the Funds' investment objectives and adhere to the Funds' investment policies, and that the absolute and relative investment performance of the Funds over pertinent holding periods on the whole was satisfactory in the context of the Funds' objectives and strategies. The Trustees further concluded that the level of the advisory fee charged to each Fund by the Advisor is fair and reasonable in relation to the services provided by the Advisor, in view of the nature, extent, and quality of those services, the investment performance of each such Fund after fees and expenses, the clear disclosure of fees and expenses in the Funds' prospectuses, comparisons of fees and expenses charged to each Fund to fees and expenses

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charged to other mutual funds, and the other factors and relevant circumstances considered. The Trustees accordingly determined to renew the Agreement for an additional term of one year for each of the Funds.

**Taxable Fixed Income Funds**

Thornburg Investment Management, Inc. (the "Advisor") provides investment management services to each of the Funds pursuant to an investment advisory agreement (the "Agreement"). The Board of Trustees (the "Trustees") consider the renewal of the Agreement annually, and most recently determined to renew the Agreement on September 9, 2025.

Planning for their recent consideration of the Agreement's renewal, those Trustees who are not "interested persons" of the Trust, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "independent Trustees"), met in March 2025 and May 2025 to consider aspects of their annual evaluation of the Advisor's service to the Funds and to each other series of the Trust, to plan the annual evaluation of the Advisor's performance, and to discuss preliminarily the information the Advisor would present to the Trustees for their review. The independent Trustees met in another independent session in July 2025 to further define certain portions of the information to be submitted by the Advisor. The independent Trustees met again in independent session in September 2025 to discuss various matters relating to the consideration of the Agreement's renewal, including discussions with representatives of a mutual fund analyst firm engaged by the independent Trustees to provide explanations of comparative cost and expense information. In that session the independent Trustees discussed their evaluations of the Advisor's services to the Funds and the Funds' fee and expense levels, investment performance, and other information presented for the Funds, conferred with legal counsel respecting the factors typically considered in evaluating renewal of an advisory agreement, and conferred with representatives of the Advisor to receive explanations of certain aspects of the information they had requested. Representatives of the Advisor subsequently reviewed portions of the information with the Trustees and addressed questions from the Trustees at another session of independent Trustees in September 2025. Following that session, the Trustees met for the purpose of considering renewal of the Agreement, and the Trustees, including all of the independent Trustees, voted unanimously to renew the Agreement for an additional term of one year.

The information below summarizes certain factors considered by the Trustees in connection with the determination to renew the Agreement. In determining to renew the Agreement, the Trustees considered a wide range of information and did not identify any single factor as controlling, and this summary does not describe all of the factors and other matters considered by the Trustees in making their determination.

<u>Nature, Extent, and Quality of Services</u>. The Trustees considered in their evaluation of the Agreement the written and oral reports provided to the Trustees and their standing committees throughout the year on a wide variety of topics by personnel from the Advisor's portfolio management, fund administration, trading, operations, marketing, distribution, and compliance staffs. The Trustees also considered in this evaluation the presentations and explanations made by representatives of the Advisor in meeting sessions scheduled for consideration of the renewal of the Agreement. The Trustees further noted in their evaluation the consideration they had given to a number of topics in previous years, reports from their standing committees, and advice received from counsel.

Information noted by the Trustees as having been considered in relation to the nature, extent, and quality of services provided by the Advisor under the Agreement, as more fully reflected in the minutes and other records of their quarterly and committee meetings throughout the year and in previous years, and contributing to their conclusions respecting the nature, extent, and quality of the services rendered to each Fund by the Advisor under the Agreement included: (1) reports from portfolio managers throughout the year demonstrating that each Fund was managed in conformity with stated strategies and objectives, and conformed to investment restrictions and limitations; (2) reports demonstrating that each Fund's portfolio managers are cognizant of the Fund's objectives and able to pursue those objectives and execute the Fund's strategies in varying environments, are aware of pertinent market and economic trends and conditions, and are able to competently evaluate and select individual investments, manage the Fund to achieve tax efficiencies, effectively structure the Fund's portfolio, and manage the Fund's liquidity requirements; (3) each Fund's achievement of its investment objectives over different periods of time; (4) presentations by, and interactions with, members of the Advisor's fund administration, trading, operations, marketing, distribution, and compliance staffs; (5) reports from standing committees of the Trustees on their respective proceedings throughout the year, including particularly interactions with the Advisor's personnel; (6) the sufficiency of the resources the Advisor devotes to the services it provides to each Fund, including the expertise of its personnel and staffing levels, recent additions to the Advisor's senior management team, the Advisor's enhancements to the electronic systems it utilizes in providing these services, and the Advisor's own financial management and sufficiency of its resources; (7) steps taken by the Advisor to improve its investment management process, including the hiring of additional investment personnel to support the investment management function, plans to add other investment personnel in the future, efforts to increase the diversity of backgrounds and experiences among its investment personnel, and the increased integration of risk management procedures into the investment process; (8) the measures employed by the Advisor's personnel to achieve efficient trade execution for each Fund; and (9) steps taken to facilitate continued collaboration among the Advisor's personnel. As in past years, the Trustees noted their assessments of the Advisor's personnel developed in formal and informal meetings throughout the year, measures to expand and improve the depth and expertise of the Advisor's staff, and the Advisor's collaborative approach to investment management, continued commitment to observance of compliance and regulatory requirements in managing investments by the Funds, responsiveness to the Trustees, and other factors and circumstances.

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Based upon these and other considerations, the Trustees concluded that the Advisor's management of the Funds' investments continued to conform to the Funds' stated objectives and policies, and that the nature, extent, and quality of the Advisor's services for the Funds remained sufficient.

<u>Investment Performance</u>. The Trustees noted in their evaluation of each Fund's investment performance the written and oral reports and investment and market analysis they received from the Advisor's portfolio management personnel throughout the year. The Trustees also noted their consideration of information provided to them at their request in anticipation of their annual evaluation of the Advisor's services, including the following items of information respecting the investment performance of each Fund: (1) the Fund's absolute investment performance and achievement of stated objectives; (2) the Advisor's explanations and written commentary on the Fund's performance in the context of the Fund's objectives and reasonable expectations, and business, market, and economic conditions; (3) performance data for the ten most recent calendar years (or lesser number of years for each Fund having fewer calendar years of operations) comparing the Fund's investment performance to one or more securities indices and to the applicable Morningstar category of funds; (4) the Fund's investment performance for the three-month, year-to-date and, if applicable, one-year, three-year, five-year, ten-year, fifteen-year, and since inception periods ending with the second quarter of the current year, comparing the Fund's annualized returns to one or more securities indices and to the applicable Morningstar category of funds, and assigning a percentage rank to the Fund's performance for each period relative to its Morningstar category; (5) analyses of specified risk and performance metrics for the Fund relative to its style-specific benchmark and to a selected peer group of funds, prepared by an independent financial analyst firm; (6) information respecting positive cash flows resulting from share purchases and investment appreciation or negative cash flows resulting from redemptions and investment depreciation; (7) various risk and return statistics; and (8) oral commentary from the Advisor. The Trustees noted their understanding that strategies pursued for a Fund may produce intermittent lower relative performance, that underperforming Funds have, generally in the past, returned to favor as conditions changed or the strategies of those Funds gained traction, and the Advisor has in general been successful over time in remediating lower relative performance of Funds in cases where execution of investment strategies contributed to lower performance. In those instances where a Fund exhibited lower relative performance in certain periods, the Trustees also considered the reports they received from the Advisor throughout the year, explanations of that underperformance by reference to the stated investment strategies of the Fund, the effects of market and economic conditions on the Fund during relevant periods, and the investment decisions by the Advisor in view of the Fund's stated strategies.

Further detail considered by the Trustees with respect to the investment performance of each Fund is set forth below:

*● Thornburg Ultra Short Income Fund* – the Trustees considered that the Fund outperformed both its Morningstar category and its style-specific benchmark index for the year-to-date (through June 30, 2025), one-, three, five- and ten-year periods, and since the Fund's inception. The Trustees also noted that two representative share classes of the Fund delivered positive total returns in each of the last ten calendar years, and that the Fund has met its investment objective over time.

*● Thornburg Limited Term U.S. Government Fund* – the Trustees considered that the Fund outperformed its Morningstar category for the year-to-date (through June 30, 2025), one, and fifteen-year periods and since the Fund's inception, performed equal to its Morningstar category over the 10-year period, outperformed the Fund's style-specific benchmark index for the five-year period, and performed nearly the same as that style-specific index over the year-to-date, one-, and three-year periods. The Trustees also considered that the degree of the Fund's underperformance versus its Morningstar category or style-specific benchmark index in other periods was not significant, that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years, and that the Fund has met both its investment objectives over time.

*● Thornburg Limited Term Income Fund* – the Trustees considered that the Fund outperformed its Morningstar category for the year-to-date (through June 30, 2025), one-, three, ten- and fifteen-year periods and since the Fund's inception, that the Fund outperformed its style-specific benchmark index for the three-, five-, ten, and fifteen-year periods and since the Fund's inception, and that the degree of the Fund's underperformance in other periods was not significant. The Trustees also noted that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years, and that the Fund has met its investment objectives over time.

*● Thornburg Core Plus Bond Fund* – the Trustees considered that, while the Fund only commenced investment operations in 2023 and therefore has a limited performance history, the Fund outperformed its benchmark index for the year-to-date (through June 30, 2025 period) and one-year periods, also outperformed its Morningstar category over the same year-to-date period, and has met its investment objective since its inception.

*● Thornburg Strategic Income Fund* – the Trustees considered that the Fund outperformed both its Morningstar category and one of its benchmark indices for the year-to-date (through June 30, 2025), five-, ten-, and fifteen-year periods three-, five-, and ten-year periods, and outperformed that same benchmark index over the one- and three-year periods. The Trustees also noted that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years, and the Fund has met its investment objectives over time.

Based upon their consideration of this and other information, the Trustees concluded that the Funds' absolute and relative investment performance over a range of pertinent holding periods was generally satisfactory in view of the Funds' objectives and strategies, and that

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where there was underperformance in certain periods and for certain Funds, the Advisor has taken appropriate steps to seek to mitigate that underperformance.

Comparisons of Fee and Expense Levels. Information noted by the Trustees as having been considered in this context included a variety of comparative data respecting the Funds' fee and expense levels. This information included: (1) comparisons of the advisory fee and overall expense ratio for a representative share class of each Fund to fees and expenses for a universe of peers, typically consisting of most other mutual funds in the applicable Fund's Morningstar category; (2) comparisons of the advisory fee and overall expense ratio for a representative share class of each Fund to fees and expenses for a sub-group of peer mutual funds, selected from the larger universe by an independent mutual fund analyst firm engaged by the independent Trustees; (3) perspectives and advice from that mutual fund analyst firm respecting comparisons of fund fee levels and expenses to each Fund's universe and sub-group of peers; and (4) explanations from representatives of the Advisor respecting the fees and expenses of certain Funds. In evaluating comparative fee and expense data, the Trustees considered whether the advisory fees charged to each Fund were at least generally comparable to the comparatives presented, and whether those advisory fees and overall Fund expense levels were within the range of figures established for the selected universe and sub-group of peers. The Trustees also considered the extent to which the Advisor had waived fees or reimbursed expenses for certain Funds and share classes thereof, and the Trustees noted that information about the Funds' current fee and expense levels is disclosed in the prospectuses for each Fund.

Further detail considered by the Trustees with respect to the comparison of the fee and expense levels of each Fund is set forth below:

*● Thornburg Ultra Short Income Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was below the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was also below both the median total expense of that peer group and the median total expense of a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Limited Term U.S. Government Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was within the range of advisory fees charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Limited Term Income Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was equal to the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Core Plus Bond Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was below the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was also below both the median total expense of that peer group and the median total expense of a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Strategic Income Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was below the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was also below both the median total expense of that peer group and the median total expense of a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

The Trustees did not find any of the differences between the Funds' fee and expense data and the comparable fee and expense data significant in view of their findings and conclusions respecting the other factors considered, including the quality of services provided by the Advisor to each Fund.

The Trustees also noted their evaluation of information respecting the advisory fees charged by the Advisor to its other investment management clients, together with information about fees charged by other advisors to different clients. In evaluating that information, the Trustees considered the differences between mutual funds and other types of investment management clients, such as exchange-traded funds or institutional clients. The Trustees also considered differences between the requirements of a sub-advised mutual fund and a fund as to which the Advisor is the primary advisor and sponsor. The Trustees confirmed their previous observations that the differences between the fees charged by the Advisor to different types of clients did not appear exceptional, and that the fee rates charged by the Advisor or by other investment advisors to different types of clients had limited relevance to the evaluation of the fee rates charged by the Advisor to the Funds.

<u>Costs and Profitability of Advisor</u>*.* In reviewing the profitability of the Advisor's services to the Funds under the Agreement, the Trustees considered an analysis of the Advisor's costs and the estimated profitability to the Advisor of its services, together with figures for the profitability of a selection of other, publicly listed investment management firms. The Trustees noted that the comparability of the Advisor's profitability to the publicly disclosed information about the profitability of other investment management firms is limited due to the nature of

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September 30, 2025 (Unaudited)

those firms and other factors. The Trustees considered information from the Advisor respecting investment of its profits to support staffing levels and noted that the Advisor's profits are an important element in the compensation of employees who work for the benefit of the Funds and their shareholders. The Trustees considered information from the Advisor respecting the use of profits to enhance staff competencies through training and other measures, hire personnel to expand and develop the scope of senior management expertise, pay competitive levels of compensation, and add to the Advisor's electronic and information technology systems to maintain or improve service levels. The Trustees also considered the contribution of the Advisor's cost management to its profitability, and the relationship of the Advisor's financial resources and profitability in previous years to its ability to attract necessary personnel, invest in systems and other assets required for its service to the Funds, and maintain or improve service levels for the Funds notwithstanding fluctuations in revenues and profitability. The information considered did not indicate to the Trustees that the Advisor's profitability was excessive.

<u>Potential Economies of Scale</u>. In reviewing the extent to which economies of scale would be realized by each Fund as it grows and whether fee levels reflect potential economies of scale, the Trustees considered: (1) the breakpoint structure for advisory fees chargeable to each Fund; (2) comparisons of the fee breakpoint structure for each Fund with breakpoint structures (or the absence of such structures) for other funds in a group of peer mutual funds selected by an independent mutual fund analyst firm; (3) the effects of the breakpoint structure and other expense factors realized by certain Funds as their asset levels had increased; (4) the Advisor's undertakings to waive or reimburse certain fees and expenses for certain Funds and share classes; and (5) the Advisor's expenditures from its own profits and resources to support staffing levels, pay competitive levels of compensation, and add to its electronic and information technology systems to maintain or improve service levels. The information provided demonstrated to the Trustees that the Funds' advisory fee breakpoint structures are reasonable in relation to the structures observed in the other mutual funds in their respective peer groups, and that shareholders may be expected to benefit from any economies of scale, due to the advisory agreement's breakpoint fee structure for each Fund and other factors.

<u>Potential Ancillary Benefits</u>. In reviewing potential benefits to the Advisor because of its relationship to the Funds, the Trustees considered explanations from the Advisor respecting its receipt of certain research services from broker dealers, and the benefits to all parties of the Advisor's expansion of its staffing, compliance, and systems capabilities and other resources to serve a broader variety of investment management clients. The Trustees also considered how the establishment of additional investment products by the Advisor may benefit the Funds. No unusual or unfair benefits to the Advisor from its relationship to the Funds were identified by the Trustees.

<u>Summary of Conclusions</u>. The Trustees concluded that the general nature, extent, and quality of the Advisor's services performed under the Agreement remained sufficient, the Advisor continued to actively and competently pursue the Funds' investment objectives and adhere to the Funds' investment policies, and that the absolute and relative investment performance of the Funds over pertinent holding periods on the whole was satisfactory in the context of the Funds' objectives and strategies. The Trustees further concluded that the level of the advisory fee charged to each Fund by the Advisor is fair and reasonable in relation to the services provided by the Advisor, in view of the nature, extent, and quality of those services, the investment performance of each such Fund after fees and expenses, the clear disclosure of fees and expenses in the Funds' prospectuses, comparisons of fees and expenses charged to each Fund to fees and expenses charged to other mutual funds, and the other factors and relevant circumstances considered. The Trustees accordingly determined to renew the Agreement for an additional term of one year for each of the Funds.

**Municipal Funds**

Thornburg Investment Management, Inc. (the "Advisor") provides investment management services to each of the Funds pursuant to an investment advisory agreement (the "Agreement"). The Board of Trustees (the "Trustees") consider the renewal of the Agreement annually, and most recently determined to renew the Agreement on September 9, 2025.

Planning for their recent consideration of the Agreement's renewal, those Trustees who are not "interested persons" of the Trust, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "independent Trustees"), met in March 2025 and May 2025 to consider aspects of their annual evaluation of the Advisor's service to the Funds and to each other series of the Trust, to plan the annual evaluation of the Advisor's performance, and to discuss preliminarily the information the Advisor would present to the Trustees for their review. The independent Trustees met in another independent session in July 2025 to further define certain portions of the information to be submitted by the Advisor. The independent Trustees met again in independent session in September 2025 to discuss various matters relating to the consideration of the Agreement's renewal, including discussions with representatives of a mutual fund analyst firm engaged by the independent Trustees to provide explanations of comparative cost and expense information. In that session the independent Trustees discussed their evaluations of the Advisor's services to the Funds and the Funds' fee and expense levels, investment performance, and other information presented for the Funds, conferred with legal counsel respecting the factors typically considered in evaluating renewal of an advisory agreement, and conferred with representatives of the Advisor to receive explanations of certain aspects of the information they had requested. Representatives of the Advisor subsequently reviewed portions of the information with the Trustees and addressed questions from the Trustees at another session of independent Trustees in September 2025. Following that session, the Trustees met for the purpose of considering renewal of the Agreement, and the Trustees, including all of the independent Trustees, voted unanimously to renew the Agreement for an additional term of one year.

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**Other Information, Continued**

September 30, 2025 (Unaudited)

The information below summarizes certain factors considered by the Trustees in connection with the determination to renew the Agreement. In determining to renew the Agreement, the Trustees considered a wide range of information and did not identify any single factor as controlling, and this summary does not describe all of the factors and other matters considered by the Trustees in making their determination.

<u>Nature, Extent, and Quality of Services</u>. The Trustees considered in their evaluation of the Agreement the written and oral reports provided to the Trustees and their standing committees throughout the year on a wide variety of topics by personnel from the Advisor's portfolio management, fund administration, trading, operations, marketing, distribution, and compliance staffs. The Trustees also considered in this evaluation the presentations and explanations made by representatives of the Advisor in meeting sessions scheduled for consideration of the renewal of the Agreement. The Trustees further noted in their evaluation the consideration they had given to a number of topics in previous years, reports from their standing committees, and advice received from counsel.

Information noted by the Trustees as having been considered in relation to the nature, extent, and quality of services provided by the Advisor under the Agreement, as more fully reflected in the minutes and other records of their quarterly and committee meetings throughout the year and in previous years, and contributing to their conclusions respecting the nature, extent, and quality of the services rendered to each Fund by the Advisor under the Agreement included: (1) reports from portfolio managers throughout the year demonstrating that each Fund was managed in conformity with stated strategies and objectives, and conformed to investment restrictions and limitations; (2) reports demonstrating that each Fund's portfolio managers are cognizant of the Fund's objectives and able to pursue those objectives and execute the Fund's strategies in varying environments, are aware of pertinent market and economic trends and conditions, and are able to competently evaluate and select individual investments, manage the Fund to achieve tax efficiencies, effectively structure the Fund's portfolio, and manage the Fund's liquidity requirements; (3) each Fund's achievement of its investment objectives over different periods of time; (4) presentations by, and interactions with, members of the Advisor's fund administration, trading, operations, marketing, distribution, and compliance staffs; (5) reports from standing committees of the Trustees on their respective proceedings throughout the year, including particularly interactions with the Advisor's personnel; (6) the sufficiency of the resources the Advisor devotes to the services it provides to each Fund, including the expertise of its personnel and staffing levels, recent additions to the Advisor's senior management team, the Advisor's enhancements to the electronic systems it utilizes in providing these services, and the Advisor's own financial management and sufficiency of its resources; (7) steps taken by the Advisor to improve its investment management process, including the hiring of additional investment personnel to support the investment management function, plans to add other investment personnel in the future, efforts to increase the diversity of backgrounds and experiences among its investment personnel, and the increased integration of risk management procedures into the investment process; (8) the measures employed by the Advisor's personnel to achieve efficient trade execution for each Fund; and (9) steps taken to facilitate continued collaboration among the Advisor's personnel. As in past years, the Trustees noted their assessments of the Advisor's personnel developed in formal and informal meetings throughout the year, measures to expand and improve the depth and expertise of the Advisor's staff, and the Advisor's collaborative approach to investment management, continued commitment to observance of compliance and regulatory requirements in managing investments by the Funds, responsiveness to the Trustees, and other factors and circumstances.

Based upon these and other considerations, the Trustees concluded that the Advisor's management of the Funds' investments continued to conform to the Funds' stated objectives and policies, and that the nature, extent, and quality of the Advisor's services for the Funds remained sufficient.

<u>Investment Performance</u>. The Trustees noted in their evaluation of each Fund's investment performance the written and oral reports and investment and market analysis they received from the Advisor's portfolio management personnel throughout the year. The Trustees also noted their consideration of information provided to them at their request in anticipation of their annual evaluation of the Advisor's services, including the following items of information respecting the investment performance of each Fund: (1) the Fund's absolute investment performance and achievement of stated objectives; (2) the Advisor's explanations and written commentary on the Fund's performance in the context of the Fund's objectives and reasonable expectations, and business, market, and economic conditions; (3) performance data for the ten most recent calendar years (or lesser number of years for each Fund having fewer calendar years of operations) comparing the Fund's investment performance to one or more securities indices and to the applicable Morningstar category of funds; (4) the Fund's investment performance for the three-month, year-to-date and, if applicable, one-year, three-year, five-year, ten-year, fifteen-year, and since inception periods ending with the second quarter of the current year, comparing the Fund's annualized returns to one or more securities indices and to the applicable Morningstar category of funds, and assigning a percentage rank to the Fund's performance for each period relative to its Morningstar category; (5) analyses of specified risk and performance metrics for the Fund relative to its style-specific benchmark and to a selected peer group of funds, prepared by an independent financial analyst firm; (6) information respecting positive cash flows resulting from share purchases and investment appreciation or negative cash flows resulting from redemptions and investment depreciation; (7) various risk and return statistics; and (8) oral commentary from the Advisor. The Trustees noted their understanding that strategies pursued for a Fund may produce intermittent lower relative performance, that underperforming Funds have, generally in the past, returned to favor as conditions changed or the strategies of those Funds gained traction, and the Advisor has in general been successful over time in remediating lower relative performance of Funds in cases where execution of investment strategies contributed to lower performance. In those instances where a Fund exhibited lower relative performance in certain periods, the Trustees also considered the reports they received from the Advisor throughout the year, explanations of that underperformance by reference to the stated investment

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strategies of the Fund, the effects of market and economic conditions on the Fund during relevant periods, and the investment decisions by the Advisor in view of the Fund's stated strategies.

Further detail considered by the Trustees with respect to the investment performance of each Fund is set forth below:

*● Thornburg Short Duration Municipal Fund* – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date (through June 30, 2025), one-, and three-year periods, outperformed its style-specific benchmark index over the three-year period, and that the degree of the Fund's underperformance in other periods relative to its Morningstar category and its style-specific benchmark index was not significant. The Trustees also noted that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years and that the Fund has met its investment objective over time.

*● Thornburg Limited Term Municipal Fund* – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date (through June 30, 2025), ten- and fifteen-year periods and since the Fund's inception, outperformed its style-specific benchmark over the year-to-date (through June 30, 2025) and three-year periods, and that the degree of the Fund's underperformance in other periods relative to its Morningstar category and its style-specific benchmark index was not significant. The Trustees also noted that a representative share class of the Fund delivered positive total returns in eight of the last ten calendar years, that another representative share class of the Fund delivered positive total returns in seven of those ten years, and that the Fund has met its investment objective over time.

*● Thornburg Intermediate Municipal Fund* – the Trustees considered that the Fund outperformed its Morningstar category in the year-to-date (through June 30, 2025), one-, three-, five-, ten-, and fifteen-year periods and since the Fund's inception, outperformed its style-specific benchmark index over the three- and five-year periods, and that the Fund's underperformance in other periods relative to its style-specific benchmark index was not significant. The Trustees also considered that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years and that the Fund has met its investment objectives over time.

*● Thornburg Strategic Municipal Income Fund* – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date (through June 30, 2025), one-, three-, five-, ten-, and fifteen-year periods and since the Fund's inception, while also outperforming its benchmark index over all of those periods except the ten-year period. The Trustees also considered that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years and that the Fund has met its investment objectives over time.

*● Thornburg California Limited Term Municipal Fund* – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date (through June 30, 2025), one-, three-, and fifteen-year periods, outperformed its benchmark index over the year-to-date (through June 30, 2025), one-, three-, and five-year periods, and that the degree of the Fund's underperformance in other periods relative to its Morningstar category and its benchmark index was not significant. The Trustees also observed that two representative share classes of the Fund delivered positive total returns in seven of the last ten calendar years and that the Fund has met both its investment objectives over time.

*● Thornburg New Mexico Intermediate Municipal Fund* – the Trustees considered the limited utility of comparisons between the Fund's investment performance and its Morningstar category or benchmark index given the lack of other funds focused on investments in New Mexico debt obligations. Nonetheless, the Trustees noted that the Fund outperformed its Morningstar category over the year-to-date (through June 30, 2025), one-, three, five-, ten-, and fifteen-year periods and since the Fund's inception, while also outperforming its benchmark index over the year-to-date (through June 30, 2025) and one-year periods. The Trustees also observed that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years and that the Fund has met its investment objectives over time.

*● Thornburg New York Intermediate Municipal Fund* – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date (through June 30, 2025), three-, five-, and fifteen-year periods, outperformed its benchmark index over the year-to-date (through June 30, 2025), one-, and five-year periods, and that the degree of the Fund's underperformance in other periods relative to its Morningstar category and its benchmark index was not significant. The Trustees also observed that two representative share classes of the Fund delivered positive total returns in eight of the last ten calendar years and that the Fund has met both its investment objectives over time.

Based upon their consideration of this and other information, the Trustees concluded that the Funds' absolute and relative investment performance over a range of pertinent holding periods was generally satisfactory in view of the Funds' objectives and strategies, and that where there was underperformance in certain periods and for certain Funds, the Advisor has taken appropriate steps to seek to mitigate that underperformance.

<u>Comparisons of Fee and Expense Levels</u>. Information noted by the Trustees as having been considered in this context included a variety of comparative data respecting the Funds' fee and expense levels. This information included: (1) comparisons of the advisory fee and overall expense ratio for a representative share class of each Fund to fees and expenses for a universe of peers, typically consisting of most other

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mutual funds in the applicable Fund's Morningstar category; (2) comparisons of the advisory fee and overall expense ratio for a representative share class of each Fund to fees and expenses for a sub-group of peer mutual funds, selected from the larger universe by an independent mutual fund analyst firm engaged by the independent Trustees; (3) perspectives and advice from that mutual fund analyst firm respecting comparisons of fund fee levels and expenses to each Fund's universe and sub-group of peers; and (4) explanations from representatives of the Advisor respecting the fees and expenses of certain Funds. In evaluating comparative fee and expense data, the Trustees considered whether the advisory fees charged to each Fund were at least generally comparable to the comparatives presented, and whether those advisory fees and overall Fund expense levels were within the range of figures established for the selected universe and sub-group of peers. The Trustees also considered the extent to which the Advisor had waived fees or reimbursed expenses for certain Funds and share classes thereof, and the Trustees noted that information about the Funds' current fee and expense levels is disclosed in the prospectuses for each Fund.

Further detail considered by the Trustees with respect to the comparison of the fee and expense levels of each Fund is set forth below:

*● Thornburg Short Duration Municipal Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was within the range of advisory fees charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Limited Term Municipal Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was almost equal to the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Intermediate Municipal Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was lower than the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was almost equal to the total expense level of that peer and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg Strategic Municipal Income Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was within the range of advisory fees charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg California Limited Term Municipal Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was below the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was also below both the median total expense of that peer group and the median total expense of a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg New Mexico Intermediate Municipal Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was within the range of advisory fees charged by a group of peer mutual funds, and that the Fund's total expense level was lower than the median total expense of that peer group and also below the median total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

*● Thornburg New York Intermediate Municipal Fund* – Comparative fee and expense data considered by the Trustees showed that, after waivers, the Fund's advisory fee was lower than to the median advisory fee charged by a group of peer mutual funds, and that the Fund's total expense level was within the range of that peer group and also within the range of total expenses charged by a larger universe of peers consisting of most other funds in the Fund's Morningstar category.

The Trustees did not find any of the differences between the Funds' fee and expense data and the comparable fee and expense data significant in view of their findings and conclusions respecting the other factors considered, including the quality of services provided by the Advisor to each Fund.

The Trustees also noted their evaluation of information respecting the advisory fees charged by the Advisor to its other investment management clients, together with information about fees charged by other advisors to different clients. In evaluating that information, the Trustees considered the differences between mutual funds and other types of investment management clients, such as exchange-traded funds or institutional clients. The Trustees also considered differences between the requirements of a sub-advised mutual fund and a fund as to which the Advisor is the primary advisor and sponsor. The Trustees confirmed their previous observations that the differences between the fees charged by the Advisor to different types of clients did not appear exceptional, and that the fee rates charged by the Advisor or by other investment advisors to different types of clients had limited relevance to the evaluation of the fee rates charged by the Advisor to the Funds.

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<u>Costs and Profitability of Advisor</u>. In reviewing the profitability of the Advisor's services to the Funds under the Agreement, the Trustees considered an analysis of the Advisor's costs and the estimated profitability to the Advisor of its services, together with figures for the profitability of a selection of other, publicly listed investment management firms. The Trustees noted that the comparability of the Advisor's profitability to the publicly disclosed information about the profitability of other investment management firms is limited due to the nature of those firms and other factors. The Trustees considered information from the Advisor respecting investment of its profits to support staffing levels and noted that the Advisor's profits are an important element in the compensation of employees who work for the benefit of the Funds and their shareholders. The Trustees considered information from the Advisor respecting the use of profits to enhance staff competencies through training and other measures, hire personnel to expand and develop the scope of senior management expertise, pay competitive levels of compensation, and add to the Advisor's electronic and information technology systems to maintain or improve service levels. The Trustees also considered the contribution of the Advisor's cost management to its profitability, and the relationship of the Advisor's financial resources and profitability in previous years to its ability to attract necessary personnel, invest in systems and other assets required for its service to the Funds, and maintain or improve service levels for the Funds notwithstanding fluctuations in revenues and profitability. The information considered did not indicate to the Trustees that the Advisor's profitability was excessive.

<u>Potential Economies of Scale</u>. In reviewing the extent to which economies of scale would be realized by each Fund as it grows and whether fee levels reflect potential economies of scale, the Trustees considered: (1) the breakpoint structure for advisory fees chargeable to each Fund; (2) comparisons of the fee breakpoint structure for each Fund with breakpoint structures (or the absence of such structures) for other funds in a group of peer mutual funds selected by an independent mutual fund analyst firm; (3) the effects of the breakpoint structure and other expense factors realized by certain Funds as their asset levels had increased; (4) the Advisor's undertakings to waive or reimburse certain fees and expenses for certain Funds and share classes; and (5) the Advisor's expenditures from its own profits and resources to support staffing levels, pay competitive levels of compensation, and add to its electronic and information technology systems to maintain or improve service levels. The information provided demonstrated to the Trustees that the Funds' advisory fee breakpoint structures are reasonable in relation to the structures observed in the other mutual funds in their respective peer groups, and that shareholders may be expected to benefit from any economies of scale, due to the advisory agreement's breakpoint fee structure for each Fund and other factors.

<u>Potential Ancillary Benefits</u>. In reviewing potential benefits to the Advisor because of its relationship to the Funds, the Trustees considered explanations from the Advisor respecting its receipt of certain research services from broker dealers, and the benefits to all parties of the Advisor's expansion of its staffing, compliance, and systems capabilities and other resources to serve a broader variety of investment management clients. The Trustees also considered how the establishment of additional investment products by the Advisor may benefit the Funds. No unusual or unfair benefits to the Advisor from its relationship to the Funds were identified by the Trustees.

<u>Summary of Conclusions</u>. The Trustees concluded that the general nature, extent, and quality of the Advisor's services performed under the Agreement remained sufficient, the Advisor continued to actively and competently pursue the Funds' investment objectives and adhere to the Funds' investment policies, and that the absolute and relative investment performance of the Funds over pertinent holding periods on the whole was satisfactory in the context of the Funds' objectives and strategies. The Trustees further concluded that the level of the advisory fee charged to each Fund by the Advisor is fair and reasonable in relation to the services provided by the Advisor, in view of the nature, extent, and quality of those services, the investment performance of each such Fund after fees and expenses, the clear disclosure of fees and expenses in the Funds' prospectuses, comparisons of fees and expenses charged to each Fund to fees and expenses charged to other mutual funds, and the other factors and relevant circumstances considered. The Trustees accordingly determined to renew the Agreement for an additional term of one year for each of the Funds.

**Managed Account Funds**

Thornburg Investment Management, Inc. (the "Advisor") provides investment management services to each of the Funds pursuant to an investment advisory agreement (the "Agreement"). The Board of Trustees (the "Trustees") consider the renewal of the Agreement annually, and most recently determined to renew the Agreement on September 9, 2025.

Planning for their recent consideration of the Agreement's renewal, those Trustees who are not "interested persons" of the Trust, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "independent Trustees"), met in March 2025 and May 2025 to consider aspects of their annual evaluation of the Advisor's service to the Funds and to each other series of the Trust, to plan the annual evaluation of the Advisor's performance, and to discuss preliminarily the information the Advisor would present to the Trustees for their review. The independent Trustees met in another independent session in July 2025 to further define certain portions of the information to be submitted by the Advisor. The independent Trustees met again in independent session in September 2025 to discuss various matters relating to the consideration of the Agreement's renewal, including discussions with representatives of a mutual fund analyst firm engaged by the independent Trustees to provide explanations of comparative cost and expense information. In that session the independent Trustees discussed their evaluations of the Advisor's services to the Funds and the Funds' fee and expense levels, investment performance, and other information presented for the Funds, conferred with legal counsel respecting the factors typically considered in evaluating renewal of an advisory agreement, and conferred with representatives of the Advisor to receive explanations of certain aspects of the information they had requested. Representatives of the Advisor subsequently reviewed portions of the information with the Trustees

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and addressed questions from the Trustees at another session of independent Trustees in September 2025. Following that session, the Trustees met for the purpose of considering renewal of the Agreement, and the Trustees, including all of the independent Trustees, voted unanimously to renew the Agreement for an additional term of one year.

The information below summarizes certain factors considered by the Trustees in connection with the determination to renew the Agreement. In determining to renew the Agreement, the Trustees considered a wide range of information and did not identify any single factor as controlling, and this summary does not describe all of the factors and other matters considered by the Trustees in making their determination.

<u>Nature, Extent, and Quality of Services</u>. The Trustees considered in their evaluation of the Agreement the written and oral reports provided to the Trustees and their standing committees throughout the year on a wide variety of topics by personnel from the Advisor's portfolio management, fund administration, trading, operations, marketing, distribution, and compliance staffs. The Trustees also considered in this evaluation the presentations and explanations made by representatives of the Advisor in meeting sessions scheduled for consideration of the renewal of the Agreement. The Trustees further noted in their evaluation the consideration they had given to a number of topics in previous years, reports from their standing committees, and advice received from counsel.

Information noted by the Trustees as having been considered in relation to the nature, extent, and quality of services provided by the Advisor under the Agreement, as more fully reflected in the minutes and other records of their quarterly and committee meetings throughout the year and in previous years, and contributing to their conclusions respecting the nature, extent, and quality of the services rendered to each Fund by the Advisor under the Agreement included: (1) reports from portfolio managers throughout the year demonstrating that each Fund was managed in conformity with stated strategies and objectives, and conformed to investment restrictions and limitations; (2) reports demonstrating that each Fund's portfolio managers are cognizant of the Fund's objectives and able to pursue those objectives and execute the Fund's strategies in varying environments, are aware of pertinent market and economic trends and conditions, and are able to competently evaluate and select individual investments, manage the Fund to achieve tax efficiencies, effectively structure the Fund's portfolio, and manage the Fund's liquidity requirements; (3) each Fund's achievement of its investment objectives over different periods of time; (4) presentations by, and interactions with, members of the Advisor's fund administration, trading, operations, marketing, distribution, and compliance staffs; (5) reports from standing committees of the Trustees on their respective proceedings throughout the year, including particularly interactions with the Advisor's personnel; (6) the sufficiency of the resources the Advisor devotes to the services it provides to each Fund, including the expertise of its personnel and staffing levels, recent additions to the Advisor's senior management team, the Advisor's enhancements to the electronic systems it utilizes in providing these services, and the Advisor's own financial management and sufficiency of its resources; (7) steps taken by the Advisor to improve its investment management process, including the hiring of additional investment personnel to support the investment management function, plans to add other investment personnel in the future, efforts to increase the diversity of backgrounds and experiences among its investment personnel, and the increased integration of risk management procedures into the investment process; (8) the measures employed by the Advisor's personnel to achieve efficient trade execution for each Fund; and (9) steps taken to facilitate continued collaboration among the Advisor's personnel. As in past years, the Trustees noted their assessments of the Advisor's personnel developed in formal and informal meetings throughout the year, measures to expand and improve the depth and expertise of the Advisor's staff, and the Advisor's collaborative approach to investment management, continued commitment to observance of compliance and regulatory requirements in managing investments by the Funds, responsiveness to the Trustees, and other factors and circumstances.

Based upon these and other considerations, the Trustees concluded that the Advisor's management of the Funds' investments continued to conform to the Funds' stated objectives and policies, and that the nature, extent, and quality of the Advisor's services for the Funds remained sufficient.

<u>Investment Performance</u>. The Trustees noted in their evaluation of each Fund's investment performance the written and oral reports and investment and market analyses they had received from the Advisor's portfolio management personnel throughout the year. The Trustees also noted their consideration of information provided to them at their request in anticipation of their annual evaluation of the Advisor's services, including the following items of information respecting the investment performance of each Fund: (1) the Advisor's explanations on the Fund's performance in the context of the Fund's objectives; (2) information respecting positive cash flows resulting from share purchases and investment appreciation or negative cash flows resulting from redemptions and investment depreciation; and (3) oral commentary from the Advisor. The Trustees also noted that each of the Funds has a limited performance history, and that each Fund is intended to be a component of a separately managed account and, accordingly, the performance of each Fund is only one contributing factor to the investment returns for investors in those separately managed accounts.

Further detail considered by the Trustees with respect to the investment performance of each Fund is set forth below:

*● Thornburg Emerging Markets Managed Account Fund* – the Trustees considered that the Fund has met its investment objective since its inception. Since the Fund had limited operating history, and since the performance of the Fund is only one contributing factor to the investment returns for investors in the separately managed accounts of which the Fund is a component, the Trustees also considered the Advisor's success in achieving positive investment performance in most periods for the Thornburg Developing World Fund, which is managed by the same investment team that manages the Fund and pursues a similar investment strategy.

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September 30, 2025 (Unaudited)

*● Thornburg High Income Bond Managed Account Fund* – the Trustees considered that the Fund has met its investment objective since its inception. Since the Fund had limited operating history, and since the performance of the Fund is only one contributing factor to the investment returns for investors in the separately managed accounts of which the Fund is a component, the Trustees also considered the Advisor's success in achieving positive investment performance in most periods for the Thornburg Strategic Income Fund, which is managed by the same investment team that manages the Fund and pursues a similar investment strategy.

*●* T*hornburg Investment Grade Bond Managed Account Fund* – the Trustees considered that the Fund has met its investment objective since its inception. Since the Fund had limited operating history, and since the performance of the Fund is only one contributing factor to the investment returns for investors in the separately managed accounts of which the Fund is a component, the Trustees also considered the Advisor's success in achieving positive investment performance in most periods for the Thornburg Core Plus Bond Fund, which is managed by the same investment team that manages the Fund and pursues a similar investment strategy.

*● Thornburg Municipal Managed Account Fund* – the Trustees considered that the Fund has met its investment objective since its inception. Since the Fund had limited operating history, and since the performance of the Fund is only one contributing factor to the investment returns for investors in the separately managed accounts of which the Fund is a component, the Trustees also considered the Advisor's success in achieving positive investment performance in most periods for the other municipal bond Funds, which are managed by the same investment team that manages the Fund.

Based upon their consideration of this and other information, the Trustees concluded that the Funds' investment performance was generally satisfactory in view of the Funds' objectives and strategies.

<u>Comparisons of Fee and Expense Levels</u>. The Trustees did not consider fee levels because the Advisor does not charge fees to the Funds under the Agreement. Expense levels were also not considered because the Advisor has agreed to waive nearly all operating expenses for the Funds.

<u>Costs and Profitability of Advisor</u>. The Trustees did not consider the profitability of the Advisor in reviewing the Advisory Agreement, because the Advisor does not charge fees to the Funds under the Agreement.

<u>Potential Economies of Scale</u>. The Trustees did not consider any economies of scale potentially available to the Funds in reviewing the Agreement, because the Advisor does not receive a fee from the Funds under the Agreement.

<u>Potential Ancillary Benefits</u>. The Trustees noted that because the Funds are intended to be components of separately managed accounts, the existence of the Funds may help the Advisor develop and grow its separately managed account business. The Trustees did not identify this as an unusual or unfair benefit to the Advisor, and the Trustees likewise identified no other unusual or unfair benefits to the Advisor from its relationship to the Funds.

Summary of Conclusions. After considering the factors identified above, and in light of the other information received by the Trustees respecting the Funds, the Trustees determined to renew the Agreement for an additional term of one year for each of the Funds.

Capital Management Fund

Thornburg Investment Management, Inc. (the "Advisor") provides investment management services to the Thornburg Capital Management Fund pursuant to an investment advisory agreement (the "Agreement"). The Board of Trustees (the "Trustees") consider the renewal of the Agreement annually, and most recently determined to renew the Agreement on September 9, 2025.

The information below summarizes certain factors considered by the Trustees in connection with the determination to renew the Agreement. In determining to renew the Agreement, the Trustees considered a wide range of information and did not identify any single factor as controlling, and this summary does not describe all of the factors and other matters considered by the Trustees in making their determination.

<u>Nature, Extent, and Quality of Services</u>. The Trustees considered in their evaluation of the Agreement the written and oral reports provided to the Trustees and their standing committees throughout the year on a wide variety of topics by personnel from the Advisor's portfolio management, fund administration, trading, operations, marketing, distribution, and compliance staffs. The Trustees also considered in this evaluation the presentations and explanations made by representatives of the Advisor in meeting sessions scheduled for consideration of the renewal of the Agreement. The Trustees further noted in their evaluation the consideration they had given to a number of topics in previous years, reports from their standing committees, and advice received from counsel.

Information noted by the Trustees as having been considered in relation to the nature, extent, and quality of services provided by the Advisor under the Agreement and contributing (together with other information considered) to their conclusions respecting the nature, extent, and quality of the services rendered to the Fund by the Advisor under the Agreement included: (1) reports from the Fund's portfolio managers throughout the year demonstrating that the Fund was managed in conformity with stated strategies and objectives, and

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**Other Information, Continued**

September 30, 2025 (Unaudited)

conformed to investment restrictions and limitations; (2) the Fund's portfolio managers are cognizant of the Fund's objective and able to pursue that objective and execute the Fund's strategies in varying environments, are aware of pertinent market and economic trends and conditions, and are able to competently evaluate and select individual investments, effectively structure the Fund's portfolio, and manage the Fund's liquidity requirements (3) the Fund's achievement of its investment objective over different periods of time; (4) presentations by, and interactions with, members of the Advisor's fund administration, trading, operations, marketing, and compliance staffs; (5) reports from standing committees of the Trustees on their respective proceedings throughout the year, including particularly interactions with the Advisor's personnel; (6) the sufficiency of the resources the Advisor devotes to the services it provides to the Fund, including the expertise of its personnel and staffing levels, recent additions to the Advisor's senior management team, the Advisor's enhancements to the electronic systems it utilizes in providing these services, and the Advisor's own financial management and sufficiency of its resources; (7) steps taken by the Advisor to improve its investment management process, including the hiring of additional investment personnel to support the investment management function, plans to add other investment personnel in the future, efforts to increase the diversity of backgrounds and experiences among its investment personnel, and the increased integration of risk management procedures into the investment process; (8) the measures employed by the Advisor's personnel to achieve efficient trade execution for the Fund; and (9) steps taken to facilitate continued collaboration among the Advisor's personnel. As in past years, the Trustees noted their assessments of the Advisor's personnel developed in formal and informal meetings throughout the year, measures to expand and improve the depth and experience of the Advisor's staff, and the Advisor's collaborative approach to investment management, continued commitment to observance of compliance and regulatory requirements in managing investments by the Fund, responsiveness to the Trustees, and other factors and circumstances.

Based upon these and other considerations, the Trustees concluded that the Advisor's management of the Fund's investments continued to conform to the Fund's stated objective and policies, and that the nature, extent, and quality of the Advisor's services for the Fund remained sufficient.

<u>Investment Performance</u>. Dividend distribution and other information received by the Trustees respecting the investments by the Fund was viewed as consistent with expectations respecting the Fund's investment performance in view of current market conditions.

<u>Comparisons of Fee and Expense Levels</u>. The Trustees did not consider fee levels because the Advisor does not charge fees to the Fund. Expense levels were consistent with expectations.

<u>Costs and Profitability of Advisor</u>. The Trustees did not consider the profitability of the Advisor in reviewing the Agreement, because the Advisor does not charge fees to the Fund under that Agreement.

<u>Potential Economies of Scale</u>. The Trustees did not consider any economies of scale potentially available to the Fund in reviewing the Agreement, because the Advisor does not receive a fee from the Fund under that Agreement.

<u>Potential Ancillary Benefits</u>. The Trustees did not identify any collateral benefits to the Advisor because of its relationship to the Fund.

<u>Summary of Conclusions</u>. The Trustees concluded that the general nature, extent, and quality of the Advisor's services performed under the Agreement remained sufficient, that the Advisor had continued to actively and competently pursue the Fund's investment objective and adhere to the Fund's investment policies, and that the Fund's investment performance remained satisfactory in the context of its objective and strategies. The Trustees further concluded that the level of the Fund's expenses was reasonable. The Trustees accordingly determined to renew the Agreement for an additional term of one year for the Fund.

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 <br> To receive shareholder reports, prospectuses, and proxy statements electronically, go to www.thornburg.com/edelivery. TH6386 <br>

**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**

Filed as part of item 7 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures**

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

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

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

(a) (1) [Code of Business Conduct and Ethics.](ex99codeeth.htm)

(a) (2) Not Applicable

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

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

**SIGNATURES**

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

Thornburg Investment Trust, in respect of the following Thornburg Funds: Global Opportunities Fund, International Equity Fund, Better World International Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, Summit Fund, Ultra Short Income Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Core Plus Bond Fund, Strategic Income Fund, Short Duration Municipal Fund, Limited Term Municipal Fund, Intermediate Municipal Fund, Strategic Municipal Income Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, Emerging Markets Managed Account Fund, High Income Bond Managed Account Fund, Investment Grade Bond Managed Account Fund, Municipal Managed Account Fund, and Capital Management Fund.

---

| | |
|:---|:---|
| By: | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |
| Date: | December 1, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |
| Date: | December 1, 2025 |
| By: | /s/ Curtis Holloway |
|  | Curtis Holloway |
|  | Treasurer and principal financial officer |
| Date: | December 1, 2025 |

---

## Ex-99.Code

[Thornburg Investment Trust N-CSR](tbit-ncsr_093025.htm)

**Exhibit 99(a)(1)**

**THORNBURG INVESTMENT TRUST**

**THORNBURG ETF TRUST**

**Code of Business Conduct and Ethics**

**December 2024**

**Introduction**

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

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

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

**Compliance with Laws, Rules and Regulations**

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

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

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**Conflicts of Interest**

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

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

**Corporate Opportunities**

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

**Confidentiality**

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

**Fair Dealing**

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

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

**Business Gifts and Entertainment**

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

**Protection and Proper Use of Trust Assets**

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

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

**Insider Trading**

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

**Certain Political Contributions Proscribed**

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

**Reporting Illegal or Unethical Behavior**

The Trustees encourage each officer to talk to senior officers, the investment adviser's compliance officers, or the Trustees about observed illegal or unethical behavior, or when the officer is in doubt about the best course of action in a particular situation. Officers should report actual and suspected violations of laws, rules, regulations or this Code to appropriate personnel. If an individual does not believe it appropriate or is not comfortable approaching senior officers or the investment adviser's

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

compliance officers about their concerns, then the individual may contact any member of each Trust's audit committee. If the individual's concerns require confidentiality, then this confidentiality will be protected, subject to applicable law, regulation or legal proceedings. Each Trust will not permit retaliation of any kind by or on behalf of each Trust or its officers and Trustees against good faith reports or complaints of violations of this Code or other illegal or unethical conduct.

**Reporting and Disclosure**

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

**Recordkeeping**

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

**Accounting and Financial Reporting Concerns**

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

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

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

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

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

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

**THORNBURG INVESTMENT MANAGEMENT**

**Code of Business Conduct and Ethics**

**December 2024**

**Policy Objectives**

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

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

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

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

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

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

**Compliance with Laws, Rules and Regulations**

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

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

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

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

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

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

● An investment related civil action;

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

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

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

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

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

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

SEC Office of the Whistleblower Telephone: 202.551.4790

**Conflicts of Interest**

Each Supervised Person shall be scrupulous in avoiding any conflict of interest with regard to TIM's interest. A conflict of interest occurs when an individual's private interest interferes with the interests of TIM or its Investment Clients. A conflict situation can arise when a Supervised Person pursues interests that prevent the individual from performing his or her duties for TIM or an Investment Client objectively

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

**and effectively. Conflicts of interest also arise when a Supervised Person or member of the individual's family receives undisclosed, improper benefits as a result of the individual's positions with TIM. Any conflict of interest that arises in a specific situation or transaction, including Reportable Outside Business Activities as discussed below, must be disclosed by the individual and approved in writing by the Compliance Department before taking any action.**

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

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

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

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

**Corporate Opportunities**

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

*Comment: This section relating to corporate opportunities is substantially the same as the comparable section in each Trust's Code of Business Conduct and Ethics, but Supervised Persons should recognize that (i) each Trust's Code of Business Conduct and Ethics governs opportunities of each Trust, rather*

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust 50 <br> Compliance Policies and Procedures Manual

*than TIM, and (ii) the procedures for reporting and obtaining an approval under each Trust's Code of Business Conduct and Ethics is different from the procedure under this Code. If an opportunity appears to relate both to the business of a Trust <u>and</u> TIM, the Supervised Person should make disclosure and seek any approval under each Trust's Code of Business Conduct and Ethics.*

**Confidentiality**

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

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

**Fair Dealing**

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

**Foreign Corrupt Practices Act**

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

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

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

● Securing any improper business advantage; or

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

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

**Business Gifts and Entertainment**

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

<u>Gifts</u>

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

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

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

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

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

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

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

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

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

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

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<u>Entertainment</u>

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

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

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

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

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

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

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

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

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

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

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

Due diligence or sales meetings for financial advisors, prospects, or clients which are held at TIM's main campus or at an appropriate business location within a reasonable distance from TIM's main campus shall have an appropriate agenda intended to provide training or education related to TIM products and/or its services or relating to the securities industry. The agenda may include reasonable meals and/or entertainment as is appropriate to the business line and audience. Participant "gift bags" of a nominal value may be presented where appropriate and in conjunction with the limits of this policy. The business line organizing such events shall bear the responsibility for ensuring the reasonableness of the provided gifts and entertainment and shall maintain records of attendees, venues for any activities

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(including but not limited to meals or entertainment), and the contents of any gift items distributed, including any logo items given in conjunction with the events.

**Political Contributions and Political Activity**

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

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

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

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

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

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

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

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

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

**Protection and Proper Use of Firm Assets**

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

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

**Insider Trading**

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

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

**Administration and Enforcement of the Code**

<u>Certification</u>

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

<u>Reporting Violations</u>

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

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<u>Sanctions</u>

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

**Limited Exception for Non-Employee Directors**

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

**Glossary**

**"Access Person" means:**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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**THORNBURG INVESTMENT MANAGEMENT**

**THORNBURG INVESTMENT TRUST**

**THORNBURG ETF TRUST**

**THORNBURG SECURITIES LLC**

**Personal Securities Transactions Policy**

**January 2025**

**Policy Objectives**

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

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

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

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

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

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

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

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

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

**Prior Authorization for Securities Transactions**

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

Access Persons must submit each request for authorization through the StarCompliance system and are not permitted to conduct such transaction until approval is received. Certain types of transactions,

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including those listed below, will be directed to a Designated Compliance Officer for manual review and may require additional time or documents for an authorization decision:

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

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

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

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

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

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

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

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

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

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

● Derivatives based on securities exempt from prior authorization requirement.

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

● Purchases or sales through an Automatic Investment Plan.

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

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

● Securities issued by TIM.

**Derivative Transactions**

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

**Holdings List**

The Holdings List is a list of all securities held by any TIM client. A Security will remain on the Holdings List for 15 calendar days after it is last held by the Companies and will be considered on the list for the 15-day period prior to it being initially held by TIM. Subject to prior authorization

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

**Restricted List**

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

**Prior Authorization for Brokerage Accounts**

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

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

**Reporting Requirements for Access Persons**

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

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

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

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

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● The date the report is filed.

<u>Personal Securities Holdings Report</u>

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

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

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

● The date the report is filed.

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

<u>Personal Securities Transactions Report</u>

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

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

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

● The price at which the transaction was affected.

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

● The date the report is filed.

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

<u>Brokerage Accounts Report</u>

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

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

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

**Policy Exemptions**

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

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

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

● Transactions effected pursuant to an Automatic Investment Plan.

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

<u>Employee Extended Leave</u>

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

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

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

**Designated Brokerage Accounts**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ameriprise Financial ● Merrill Lynch ● TDAmeritrade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Charles Schwab ● Morgan Stanley ● UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● E\*Trade ● Raymond James ● Vanguard Brokerage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fidelity ● RBC ● Wells Fargo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Interactive Brokers ● Robinhood

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JP Morgan - Chase ● T. Rowe Price

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

The Compliance Department may waive or modify the above restriction, or grandfather in brokerage accounts held at non-Designated Brokers. Firms may be added or removed as designated broker-dealers at the discretion of the Compliance Department.

**Administration and Enforcement of the Policy**

The Chief Compliance Officer will designate one or more compliance officers to serve as a Filing and Review Officer. The Filing and Review Officer(s) will be responsible for:

● Maintaining current and previous lists of all Access Persons.

● Maintaining a record of the Filing and Review Officers in such a manner that the individuals serving in that capacity can be identified for any period of time.

● Maintaining the initial statements of brokerage, accounts and holdings, and the quarterly reports of personal securities holdings, personal securities transactions and brokerage accounts of all Access Persons, including all backup documentation.

● Maintaining copies of the current and previous Holdings Lists.

● Maintaining evidence of any prior approval requests submitted through the StarCompliance system.

● Maintaining records of waivers, including backup documentation of any waivers issued.

● Monitoring personal Securities transactions and trading patterns through the review of reports generated by the StarCompliance system, and the review of duplicate confirmations and periodic account statements received. The Chief Compliance Officer will review the personal Securities transactions of the Filing and Review Officer(s).

● Reporting apparent violations to the Chief Compliance Officer or the President if the violation involves the Chief Compliance Officer.

● Maintaining a record of any violation, written violation reports, and record of any action taken as a result of the violation.

● Maintaining records of requests for duplicate brokerage confirmations and account statements, and files of duplicate brokerage confirmation and account statements received.

Certain documents may be maintained by the Filing and Review Officer(s) within the StarCompliance system. See "Books and Records," below for the periods of time records are to be retained.

The Filing and Review Officer(s) will seek to protect the confidentiality of those records containing personal information about an Access Person or Family Member, including information about the investment holdings or investment trading activity of an Access Person or Family Member. Such information will only be shared with members of the compliance department, outside counsel, securities regulators and other persons who, in the judgment of the Filing and Review Officer(s) or the Chief Compliance Officer, have a legitimate need to know such information, or with persons to whom the Companies are under a legal obligation to disclose such information.

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**Certification**

Each Supervised Person of the Companies will be provided a access to a copy of this Policy and must certify in writing no later than 30 days after receipt of the Policy, that they have reviewed a copy of this Policy, read and understand all provisions of this Policy, and agree to comply with the applicable terms of this Policy. The Companies will provide notice of any significant revisions to the Policy and will require all Supervised Persons to certify that they have received, read and understand the amendments. Each year the Chief Compliance Officer or compliance officer designated by the Chief Compliance Officer will conduct an annual meeting with all Supervised Persons of TIM and TSL to review the Policy and will require all Supervised Persons to certify, no less than once per calendar year, that they have read, understood and complied with the Policy, that they have made all of the reports required by the Policy and have not engaged in any prohibited conduct.

**Reporting Violations**

All Supervised Persons are required to promptly report any actual, apparent or suspected violations of the Policy to the Chief Compliance Officer. If the Chief Compliance Officer or another compliance officer is not available, the individual should report the violation to their immediate supervisor who is then responsible for reporting it to the Chief Compliance Officer. All reports will be treated confidentially to the extent permitted by law and investigated promptly.

**Sanctions**

Upon discovering a violation of this Policy, each Company may impose such sanctions as it deems appropriate, including, but not limited to, a letter of censure, fine, suspension or termination of the violator's employment.

**Reporting to Company Presidents, the Board of Trustees, and Investment Companies**

The Chief Compliance Officer shall provide a written report to the Trustees of each Trust at least annually. The report shall (i) describe any significant issues arising under this Policy since the last report, including but not limited to, any material violations of this Policy and any sanctions imposed, and (ii) certify that the Trusts, TIM, and TSL have each adopted procedures reasonably necessary to prevent violations of this Policy.

The Chief Compliance Officer shall provide a written report to investment companies other than the Trusts for which TIM acts as investment adviser or sub-adviser, as may reasonably be requested. The report shall (i) describe any significant issues arising under this Policy since the last report, including but not limited to, any material violations of this Policy and any sanctions imposed, and (ii) certify that TIM has adopted procedures reasonably necessary to prevent violations of this Policy.

**Annual Review**

Pursuant to the review requirements of Rule 206(4)-7 under the Advisers Act and Rule 38a-1 under the Investment Company Act, the Chief Compliance Officer shall conduct a periodic review, no less than once per calendar year, of the adequacy of the Policy and the effectiveness of its implementation.

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**Recordkeeping**

In its books and records (which may include maintenance of records through the StarCompliance system) the Compliance Department will:

● Retain a copy of each version of this Policy that has been in effect at any given time.

● Retain a record of any violations of this Policy, written violation reports, and any action taken as a result of the violation.

● Maintain Holdings and Transaction Reports and Statements of Outside Brokerage Activity that are filed, including backup documentation.

● Maintain copies of duplicate brokerage confirmations and account statements received and requests made.

● Maintain Request for Prior Clearance of Security Transactions, and any backup documentation, and waivers granted.

● Maintain copies of Holdings Lists.

● Maintain copies of Restricted Lists

● Maintain lists of Access Persons and Registered Representatives.

● Maintain schedule of report filing dates and sanctions imposed.

● Maintain copies of reports to the Chief Compliance Officer, the Trust, and the President.

● Maintain a record of persons designated as Filing and Review Officers.

● Maintain sign in sheets and material distributed at the annual meeting at which this Policy is reviewed with all Supervised Persons.

In its books and records, the Human Resources Department will:

● Maintain a record of all employee's initial certification of receipt of this Policy.

All records shall be maintained and preserved pursuant to the separately adopted Document Retention and Destruction Policy for the time period indicated in the current Books and Records Matrix.

**Glossary of Terms**

**"Access Person"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any Trustee, director, officer or partner of any of the Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Supervised Person of any of the Companies, unless, in the Chief Compliance Officer's sole discretion, a particular Supervised Person does not have ongoing access to the Companies' headquarters or information systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Individuals who are registered with the FINRA as an associated person of Thornburg Securities LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any director, officer, general partner or employee of any company in a Control relationship with any of the Companies who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of Securities by any Investment Client, or whose functions relate to the making of any recommendations with respect to those purchases or sales.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any natural person who is in a Control relationship with any of the Companies and who obtains information concerning recommendations made to any Investment Client with regard to the purchase or sale of Securities by the Investment Client.

**"Automatic Investment Plan"** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership"** shall be interpreted in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934.

**"Chief Compliance Officer"** means the chief compliance officer for TIM.

**"Compliance Department"** means TIM's compliance department.

**"Control"** shall be interpreted in accordance with Section 2(a)(9) of the Investment Company Act of 1940.

**"Director"** means a director of Thornburg Investment Management, Inc.

**"Family Member"** means the members of an Access Person's immediate family (a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships) sharing the same household; provided, however, that the presumption of such beneficial ownership by a Family Member may be rebutted by an Access Person.

**"Federal Securities Laws"** means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, and any rules adopted thereunder by the Commission or the Department of the Treasury.

**"Non-Employee Director"** means a director of TIM (i) who is not currently, or within in the previous six months, an employee of TIM, (ii) who has no involvement with the day-to-day operations of TIM, and (iii) who has no ongoing access to Thornburg systems that store nonpublic information regarding the portfolio holdings of advisory clients' or their purchases or sales of securities.

**"Independent Trustee"** means a Trustee who is not an "interested person" of a Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

**"Initial Public Offering"** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

**"Private or Limited Offering"** means an offering exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) thereof, or pursuant to Rule 504, Rule 505 or Rule 506 adopted thereunder.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust 66 <br> Compliance Policies and Procedures Manual

**"Private Fund"** means an investment vehicle the securities of which are not registered under the Securities Act of 1933 and which is excluded from the definition of an "investment company" under Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940.

**"Purchase or sale of a security"** includes, among other things, the writing of an option to purchase or sell a Security.

**"Security"** or **"Securities"** means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe or to purchase, any of the foregoing. The term "Security" or "Securities" shall <u>not</u> include direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), and shares issued by "money market" mutual funds.

**"Supervised Person"** means any director, managing director, officer (or other person occupying a similar status or performing functions similar to any of those persons) or employee of any of the Companies, and any other persons who provide advice on behalf of any of the Companies relating to the purchase or sale of Securities by an Investment Client and who are subject to any of the Companies' supervision and control.

**"Thornburg Fund"** means any series of Thornburg Investment Trust or Thornburg ETF Trust.

**"Trust"** means each of Thornburg Investment Trust and Thornburg ETF Trust.

**"Trustee"** means a Trustee of a Trust.

Thornburg Investment Management, Inc. / Thornburg Investment Trust / Thornburg ETF Trust 67 <br> Compliance Policies and Procedures Manual

## Ex-99.Cert

[Thornburg Investment Trust N-CSR](tbit-ncsr_093025.htm)

**Exhibit 99.CERT**

**CERTIFICATION**

I, Nimish Bhatt, certify that:

1. I have reviewed this report on Form N-CSR of Thornburg Investment 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: December 1, 2025

/s/ Nimish Bhatt<br> Nimish Bhatt<br> President and principal executive officer

**CERTIFICATION**

I, Curtis Holloway, certify that:

1. I have reviewed this report on Form N-CSR of Thornburg Investment 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: December 1, 2025

/s/ Curtis Holloway<br> Curtis Holloway<br> Treasurer and principal financial officer

## Exhibit 99.906

[Thornburg Investment Trust N-CSR](tbit-ncsr_093025.htm)

**Exhibit 99.906CERT**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT <br> OF 2002 (SUBSECTIONS (A) AND (B) OF SECTION 1350, CHAPTER<br> 63 OF TITLE 18, UNITED STATES CODE)**

In connection with the attached Report on Form N-CSR of Thornburg Investment Trust in respect of the following Thornburg Funds: Global Opportunities Fund, International Equity Fund, Better World International Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, Summit Fund, Ultra Short Income Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Core Plus Bond Fund, Strategic Income Fund, Short Duration Municipal Fund, Limited Term Municipal Fund, Intermediate Municipal Fund, Strategic Municipal Income Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, Emerging Markets Managed Account Fund, High Income Bond Managed Account Fund, Investment Grade Bond Managed Account Fund, Municipal Managed Account Fund, and Capital Management Fund (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: December 1, 2025

---

| |
|:---|
| /s/ Nimish Bhatt |
| Nimish Bhatt |
| President and principal executive officer |

---

Dated: December 1, 2025

---

| |
|:---|
| /s/ Curtis Holloway |
| Curtis Holloway |
| Treasurer and principal financial officer |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.