# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001999371-26-011684
**Filing Date:** 2026-5
**Character Count:** 2081999
**Document Hash:** ea065d2e76c8daec4b7f04335257e845
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-011684.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001999371-26-011684

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 250

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 261044093

**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           |
| 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 American Opportunities Fund (Series ID: S000011846)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000032361 | Thornburg American Opportunities Fund - Class A  | TVAFX           |
| C000032363 | Thornburg American Opportunities Fund - Class C  | TVCFX           |
| C000032364 | Thornburg American Opportunities Fund - Class I  | TVIFX           |
| C000032366 | Thornburg American Opportunities Fund - Class R5 | TVRRX           |
| C000042669 | Thornburg American Opportunities Fund - Class R4 | TVIRX           |
| C000042670 | Thornburg American Opportunities Fund - Class R3 | TVRFX           |
| C000272858 | ETF Class                                        | TAOZ            |

### 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 Focus Growth Fund (Series ID: S000011850)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000032375 | Thornburg Focus Growth Fund - Class A  | THCGX           |
| C000032376 | Thornburg Focus Growth Fund - Class C  | TCGCX           |
| C000032377 | Thornburg Focus Growth Fund - Class I  | THIGX           |
| C000032379 | Thornburg Focus Growth Fund - Class R5 | THGRX           |
| C000042673 | Thornburg Focus Growth Fund - Class R4 | TCGRX           |
| C000042674 | Thornburg Focus Growth Fund - Class R3 | THCRX           |
| C000272859 | ETF Class                              | TFGZ            |

### 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'?

**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, 2026**

Date of reporting period: **March 31, 2026**

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 TICKER: THOAX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 also contributed positively to relative performance, while cash and currency effects detracted from performance relative to the Index.During the period, stock selection within the information technology and communication services sectors and U.S. securities contributed positively to performance relative to the Index. Weaker stock selection within consumer discretionary and energy sectors detracted from performance relative to the Index. In Japan, both an underweight positioning and adverse selection of securities 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](qespblfz1mp4fff82.jpg)

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

(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** | $68.00 | 1.30% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 3/31/26 TH6297

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class A (with sales charge)** | 29.26% | 11.69% | 11.51% |
| **Global Opportunities Fund Class A (without sales charge)** | 35.36% | 12.73% | 12.03% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% | 11.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,732.2M |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 9.36% |
| **Total Advisory Fee** | $6.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 1.8 |
| **Mid Cap ($2.5-12 B)** | 11.2 |
| **Large Cap (>$12 B)** | 87.0 |

---

![doughnut](qes1yer1mot1vh52.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1moujev8d.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 also contributed positively to relative performance, while cash and currency effects detracted from performance relative to the Index.During the period, stock selection within the information technology and communication services sectors and U.S. securities contributed positively to performance relative to the Index. Weaker stock selection within consumer discretionary and energy sectors detracted from performance relative to the Index. In Japan, both an underweight positioning and adverse selection of securities 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](qespblfz1mp4feohl.jpg)

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

(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** | $111.00 | 2.13% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 3/31/26 TH6298

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class C (with sales charge)** | 33.26% | 11.82% | 11.16% |
| **Global Opportunities Fund Class C (without sales charge)** | 34.26% | 11.82% | 11.16% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% | 11.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,732.2M |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 9.36% |
| **Total Advisory Fee** | $6.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 1.8 |
| **Mid Cap ($2.5-12 B)** | 11.2 |
| **Large Cap (>$12 B)** | 87.0 |

---

![doughnut](qes1yer1mot1vh52.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1moujhntc.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 also contributed positively to relative performance, while cash and currency effects detracted from performance relative to the Index.During the period, stock selection within the information technology and communication services sectors and U.S. securities contributed positively to performance relative to the Index. Weaker stock selection within consumer discretionary and energy sectors detracted from performance relative to the Index. In Japan, both an underweight positioning and adverse selection of securities 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](qespblfz1mp4fcre8.jpg)

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

(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** | $52.00 | 0.99% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 3/31/26 TH6299

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class I** | 35.75% | 13.07% | 12.37% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% | 11.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,732.2M |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 9.36% |
| **Total Advisory Fee** | $6.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 1.8 |
| **Mid Cap ($2.5-12 B)** | 11.2 |
| **Large Cap (>$12 B)** | 87.0 |

---

![doughnut](qes1yer1mot1vh52.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1moujj2ko.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 also contributed positively to relative performance, while cash and currency effects detracted from performance relative to the Index.During the period, stock selection within the information technology and communication services sectors and U.S. securities contributed positively to performance relative to the Index. Weaker stock selection within consumer discretionary and energy sectors detracted from performance relative to the Index. In Japan, both an underweight positioning and adverse selection of securities 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](qesf83i3s1mp4fabhd.jpg)

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

(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** | $78.00 | 1.50% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 3/31/26 TH6300

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class R3** | 35.13% | 12.53% | 11.82% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% | 11.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,732.2M |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 9.36% |
| **Total Advisory Fee** | $6.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 1.8 |
| **Mid Cap ($2.5-12 B)** | 11.2 |
| **Large Cap (>$12 B)** | 87.0 |

---

![doughnut](qes1yer1mot1vh52.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1moujkvgc.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 also contributed positively to relative performance, while cash and currency effects detracted from performance relative to the Index.During the period, stock selection within the information technology and communication services sectors and U.S. securities contributed positively to performance relative to the Index. Weaker stock selection within consumer discretionary and energy sectors detracted from performance relative to the Index. In Japan, both an underweight positioning and adverse selection of securities 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](qespblfz1mp4f9l88.jpg)

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

(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** | $70.00 | 1.34% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 3/31/26 TH6301

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class R4** | 35.24% | 12.62% | 11.92% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% | 11.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,732.2M |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 9.36% |
| **Total Advisory Fee** | $6.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 1.8 |
| **Mid Cap ($2.5-12 B)** | 11.2 |
| **Large Cap (>$12 B)** | 87.0 |

---

![doughnut](qes1yer1mot1vh52.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1moujnaa9.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 also contributed positively to relative performance, while cash and currency effects detracted from performance relative to the Index.During the period, stock selection within the information technology and communication services sectors and U.S. securities contributed positively to performance relative to the Index. Weaker stock selection within consumer discretionary and energy sectors detracted from performance relative to the Index. In Japan, both an underweight positioning and adverse selection of securities 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](qespblfz1mp4f71y8.jpg)

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

(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** | $52.00 | 0.99% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 3/31/26 TH6302

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Global Opportunities Fund Class R5** | 35.78% | 13.07% | 12.37% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% | 11.33% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,732.2M |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 9.36% |
| **Total Advisory Fee** | $6.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 1.8 |
| **Mid Cap ($2.5-12 B)** | 11.2 |
| **Large Cap (>$12 B)** | 87.0 |

---

![doughnut](qes1yer1mot1vh52.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1moujpgla.jpg)

**Thornburg Global Opportunities Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Global Opportunities Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 also contributed positively to relative performance, while cash and currency effects detracted from performance relative to the Index.During the period, stock selection within the information technology and communication services sectors and U.S. securities contributed positively to performance relative to the Index. Weaker stock selection within consumer discretionary and energy sectors detracted from performance relative to the Index. In Japan, both an underweight positioning and adverse selection of securities detracted from performance relative to the Index.

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

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

**Cumulative Performance**

![line](qespblfz1mp4bfvar.jpg)

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

(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** | $45.00 | 0.86% |

---

Thornburg Global Opportunities Fund Tailored Shareholder Report 3/31/26 TH6303

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Global Opportunities Fund Class R6** | 35.96% | 13.23% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,732.2M |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 9.36% |
| **Total Advisory Fee** | $6.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 1.8 |
| **Mid Cap ($2.5-12 B)** | 11.2 |
| **Large Cap (>$12 B)** | 87.0 |

---

![doughnut](qes1yer1mot1vh52.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1moujr1kf.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Equity Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach.Within utilities and communication services sectors, stock selection contributed positively to performance relative to the Index. Additionally, stock selection within the Eurozone and the United Kingdom, as well as a zero-weight positioning to India, contributed positively to performance relative to the Index, while stock selection within the materials sector 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/fiv/TGVAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4fv75q.jpg)

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

(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** | $59.00 | 1.15% |

---

Thornburg International Equity Fund Tailored Shareholder Report 3/31/26 TH6284

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class A (with sales charge)** | 19.87% | 7.69% | 9.21% |
| **International Equity Fund Class A (without sales charge)** | 25.50% | 8.69% | 9.71% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5,119.2M |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9.92% |
| **Total Advisory Fee** | $16.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 2.6 |
| **Large Cap (>$12 B)** | 97.4 |

---

![doughnut](qes4tz2n1mot1uu3i.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mouhwe41.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Equity Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach.Within utilities and communication services sectors, stock selection contributed positively to performance relative to the Index. Additionally, stock selection within the Eurozone and the United Kingdom, as well as a zero-weight positioning to India, contributed positively to performance relative to the Index, while stock selection within the materials sector 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/fiv/THGCX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4fuiv0.jpg)

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

(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** | $101.00 | 1.95% |

---

Thornburg International Equity Fund Tailored Shareholder Report 3/31/26 TH6285

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class C (with sales charge)** | 23.45% | 7.81% | 8.87% |
| **International Equity Fund Class C (without sales charge)** | 24.45% | 7.81% | 8.87% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5,119.2M |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9.92% |
| **Total Advisory Fee** | $16.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 2.6 |
| **Large Cap (>$12 B)** | 97.4 |

---

![doughnut](qes4tz2n1mot1uu3i.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouhv3l7.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Equity Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach.Within utilities and communication services sectors, stock selection contributed positively to performance relative to the Index. Additionally, stock selection within the Eurozone and the United Kingdom, as well as a zero-weight positioning to India, contributed positively to performance relative to the Index, while stock selection within the materials sector 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/fiv/TGVIX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4fts6z.jpg)

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

(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** | $46.00 | 0.89% |

---

Thornburg International Equity Fund Tailored Shareholder Report 3/31/26 TH6286

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class I** | 25.86% | 9.02% | 10.06% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5,119.2M |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9.92% |
| **Total Advisory Fee** | $16.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 2.6 |
| **Large Cap (>$12 B)** | 97.4 |

---

![doughnut](qes4tz2n1mot1uu3i.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouht2rd.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Equity Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach.Within utilities and communication services sectors, stock selection contributed positively to performance relative to the Index. Additionally, stock selection within the Eurozone and the United Kingdom, as well as a zero-weight positioning to India, contributed positively to performance relative to the Index, while stock selection within the materials sector 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/fiv/TGVRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4fsvec.jpg)

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

(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** | $71.00 | 1.37% |

---

Thornburg International Equity Fund Tailored Shareholder Report 3/31/26 TH6287

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R3** | 25.21% | 8.48% | 9.51% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5,119.2M |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9.92% |
| **Total Advisory Fee** | $16.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 2.6 |
| **Large Cap (>$12 B)** | 97.4 |

---

![doughnut](qes4tz2n1mot1uu3i.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouhkkix.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Equity Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach.Within utilities and communication services sectors, stock selection contributed positively to performance relative to the Index. Additionally, stock selection within the Eurozone and the United Kingdom, as well as a zero-weight positioning to India, contributed positively to performance relative to the Index, while stock selection within the materials sector 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/fiv/THVRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4frs2b.jpg)

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

(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** | $60.00 | 1.16% |

---

Thornburg International Equity Fund Tailored Shareholder Report 3/31/26 TH6288

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R4** | 25.48% | 8.71% | 9.73% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5,119.2M |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9.92% |
| **Total Advisory Fee** | $16.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 2.6 |
| **Large Cap (>$12 B)** | 97.4 |

---

![doughnut](qes4tz2n1mot1uu3i.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mouhhvwa.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Equity Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach.Within utilities and communication services sectors, stock selection contributed positively to performance relative to the Index. Additionally, stock selection within the Eurozone and the United Kingdom, as well as a zero-weight positioning to India, contributed positively to performance relative to the Index, while stock selection within the materials sector 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/fiv/TIVRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4fpwzp.jpg)

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

(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** | $47.00 | 0.90% |

---

Thornburg International Equity Fund Tailored Shareholder Report 3/31/26 TH6289

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R5** | 25.80% | 8.99% | 10.02% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5,119.2M |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9.92% |
| **Total Advisory Fee** | $16.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 2.6 |
| **Large Cap (>$12 B)** | 97.4 |

---

![doughnut](qes4tz2n1mot1uu3i.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouhenal.jpg)

**Thornburg International Equity Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Equity Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.Stock selection was the primary contributor to the Fund's outperformance relative to the Index, consistent with the Fund's bottom-up investment approach.Within utilities and communication services sectors, stock selection contributed positively to performance relative to the Index. Additionally, stock selection within the Eurozone and the United Kingdom, as well as a zero-weight positioning to India, contributed positively to performance relative to the Index, while stock selection within the materials sector 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/fiv/TGIRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4bhkww.jpg)

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

(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** | $37.00 | 0.71% |

---

Thornburg International Equity Fund Tailored Shareholder Report 3/31/26 TH6290

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Equity Fund Class R6** | 26.04% | 9.21% | 10.24% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5,119.2M |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 9.92% |
| **Total Advisory Fee** | $16.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 2.6 |
| **Large Cap (>$12 B)** | 97.4 |

---

![doughnut](qes4tz2n1mot1uu3i.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mouh9sg1.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Better World International Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's stock selection within the health care sector and an overweight positioning to the utilities sector contributed positively to performance relative to the Index. The primary detractors to performance relative to the Index were stock selection within consumer discretionary and information technology sectors, as well as an underweight positioning to the energy sector.From a geographic perspective, strong stock selection within the Eurozone and an underweight positioning to India contributed positively to performance relative to the Index, while selection effects for securities within emerging Asia 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/fbwi/TBWAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mpefii83.jpg)

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

(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** | $70.00 | 1.39% |

---

Thornburg Better World International Fund Tailored Shareholder Report 3/31/26 TH6316

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Better World International Fund Class A (with sales charge)** | 9.23% | 4.10% | 8.73% |
| **Better World International Fund Class A (without sales charge)** | 14.40% | 5.07% | 9.23% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $469.1M |
| **Number of Holdings** | 50 |
| **Portfolio Turnover** | 34.41% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 7.1 |
| **Large Cap (>$12 B)** | 92.9 |

---

![doughnut](qes1yer1mot0v6a0.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movnb549.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Better World International Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's stock selection within the health care sector and an overweight positioning to the utilities sector contributed positively to performance relative to the Index. The primary detractors to performance relative to the Index were stock selection within consumer discretionary and information technology sectors, as well as an underweight positioning to the energy sector.From a geographic perspective, strong stock selection within the Eurozone and an underweight positioning to India contributed positively to performance relative to the Index, while selection effects for securities within emerging Asia 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/fbwi/TBWCX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes1fkt1mpejvs1g.jpg)

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

(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** | $105.00 | 2.11% |

---

Thornburg Better World International Fund Tailored Shareholder Report 3/31/26 TH6317

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Better World International Fund Class C (with sales charge)** | 12.55% | 4.28% | 8.52% |
| **Better World International Fund Class C (without sales charge)** | 13.55% | 4.28% | 8.52% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $469.1M |
| **Number of Holdings** | 50 |
| **Portfolio Turnover** | 34.41% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 7.1 |
| **Large Cap (>$12 B)** | 92.9 |

---

![doughnut](qes1yer1mot0v6a0.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movn770m.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Better World International Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's stock selection within the health care sector and an overweight positioning to the utilities sector contributed positively to performance relative to the Index. The primary detractors to performance relative to the Index were stock selection within consumer discretionary and information technology sectors, as well as an underweight positioning to the energy sector.From a geographic perspective, strong stock selection within the Eurozone and an underweight positioning to India contributed positively to performance relative to the Index, while selection effects for securities within emerging Asia 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/fbwi/TBWIX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qes1fkt1mpefh0q9.jpg)

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

(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** | $45.00 | 0.90% |

---

Thornburg Better World International Fund Tailored Shareholder Report 3/31/26 TH6318

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Better World International Fund Class I** | 14.94% | 5.62% | 9.92% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $469.1M |
| **Number of Holdings** | 50 |
| **Portfolio Turnover** | 34.41% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 7.1 |
| **Large Cap (>$12 B)** | 92.9 |

---

![doughnut](qes1yer1mot0v6a0.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movn3c15.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Growth Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's underperformance relative to the Index during the period was primarily attributable to stock selection, while negative allocation effects by sector and geography further detracted from performance relative to the Index. These effects offset positive currency impacts, which partially mitigated the Fund's relative underperformance.During the period, overweight positionings to health care and information technology sectors contributed positively to performance relative to the Index, with favorable stock selection in the former and mildly adverse selection effects in the latter. Stock selection within consumer discretionary and communication services sectors 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/fig/TIGAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp5yj7ml.jpg)

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

(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** | $65.00 | 1.35% |

---

Thornburg International Growth Fund Tailored Shareholder Report 3/31/26 TH6304

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class A (with sales charge)** | 2.78% | -2.32% | 4.73% |
| **International Growth Fund Class A (without sales charge)** | 7.62% | -1.42% | 5.21% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 18.77% | 3.26% | 7.56% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $630.6M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 23.90% |
| **Total Advisory Fee** | $2.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.2 |
| **Mid Cap ($2.5-12 B)** | 12.7 |
| **Large Cap (>$12 B)** | 85.1 |

---

![doughnut](qes1yer1mot1w40p.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesf83i3s1mp5ylh6k.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Growth Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's underperformance relative to the Index during the period was primarily attributable to stock selection, while negative allocation effects by sector and geography further detracted from performance relative to the Index. These effects offset positive currency impacts, which partially mitigated the Fund's relative underperformance.During the period, overweight positionings to health care and information technology sectors contributed positively to performance relative to the Index, with favorable stock selection in the former and mildly adverse selection effects in the latter. Stock selection within consumer discretionary and communication services sectors 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/fig/TIGCX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4ewp82.jpg)

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

(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** | $115.00 | 2.38% |

---

Thornburg International Growth Fund Tailored Shareholder Report 3/31/26 TH6305

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class C (with sales charge)** | 5.56% | -2.34% | 4.32% |
| **International Growth Fund Class C (without sales charge)** | 6.56% | -2.34% | 4.32% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 18.77% | 3.26% | 7.56% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $630.6M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 23.90% |
| **Total Advisory Fee** | $2.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.2 |
| **Mid Cap ($2.5-12 B)** | 12.7 |
| **Large Cap (>$12 B)** | 85.1 |

---

![doughnut](qes1yer1mot1w40p.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes1fyp1movler89.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Growth Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's underperformance relative to the Index during the period was primarily attributable to stock selection, while negative allocation effects by sector and geography further detracted from performance relative to the Index. These effects offset positive currency impacts, which partially mitigated the Fund's relative underperformance.During the period, overweight positionings to health care and information technology sectors contributed positively to performance relative to the Index, with favorable stock selection in the former and mildly adverse selection effects in the latter. Stock selection within consumer discretionary and communication services sectors 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/fig/TINGX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4evu07.jpg)

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

(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** | $48.00 | 0.99% |

---

Thornburg International Growth Fund Tailored Shareholder Report 3/31/26 TH6306

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class I** | 8.04% | -1.05% | 5.59% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 18.77% | 3.26% | 7.56% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $630.6M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 23.90% |
| **Total Advisory Fee** | $2.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.2 |
| **Mid Cap ($2.5-12 B)** | 12.7 |
| **Large Cap (>$12 B)** | 85.1 |

---

![doughnut](qes1yer1mot1w40p.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes1gmp1movlcoca.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Growth Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares underperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's underperformance relative to the Index during the period was primarily attributable to stock selection, while negative allocation effects by sector and geography further detracted from performance relative to the Index. These effects offset positive currency impacts, which partially mitigated the Fund's relative underperformance.During the period, overweight positionings to health care and information technology sectors contributed positively to performance relative to the Index, with favorable stock selection in the former and mildly adverse selection effects in the latter. Stock selection within consumer discretionary and communication services sectors 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/fig/TIGVX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4eui1j.jpg)

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

(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** | $73.00 | 1.50% |

---

Thornburg International Growth Fund Tailored Shareholder Report 3/31/26 TH6307

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R3** | 7.50% | -1.54% | 5.07% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 18.77% | 3.26% | 7.56% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $630.6M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 23.90% |
| **Total Advisory Fee** | $2.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.2 |
| **Mid Cap ($2.5-12 B)** | 12.7 |
| **Large Cap (>$12 B)** | 85.1 |

---

![doughnut](qes1yer1mot1w40p.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3hko1movkel63.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Growth Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares underperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's underperformance relative to the Index during the period was primarily attributable to stock selection, while negative allocation effects by sector and geography further detracted from performance relative to the Index. These effects offset positive currency impacts, which partially mitigated the Fund's relative underperformance.During the period, overweight positionings to health care and information technology sectors contributed positively to performance relative to the Index, with favorable stock selection in the former and mildly adverse selection effects in the latter. Stock selection within consumer discretionary and communication services sectors 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/fig/TINVX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4eshj1.jpg)

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

(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** | $66.00 | 1.36% |

---

Thornburg International Growth Fund Tailored Shareholder Report 3/31/26 TH6308

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R4** | 7.62% | -1.46% | 5.16% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 18.77% | 3.26% | 7.56% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $630.6M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 23.90% |
| **Total Advisory Fee** | $2.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.2 |
| **Mid Cap ($2.5-12 B)** | 12.7 |
| **Large Cap (>$12 B)** | 85.1 |

---

![doughnut](qes1yer1mot1w40p.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3hko1movkc8bo.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Growth Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares underperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's underperformance relative to the Index during the period was primarily attributable to stock selection, while negative allocation effects by sector and geography further detracted from performance relative to the Index. These effects offset positive currency impacts, which partially mitigated the Fund's relative underperformance.During the period, overweight positionings to health care and information technology sectors contributed positively to performance relative to the Index, with favorable stock selection in the former and mildly adverse selection effects in the latter. Stock selection within consumer discretionary and communication services sectors 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/fig/TINFX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4elxx6.jpg)

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

(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** | $48.00 | 0.99% |

---

Thornburg International Growth Fund Tailored Shareholder Report 3/31/26 TH6309

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R5** | 8.00% | -1.06% | 5.59% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 18.77% | 3.26% | 7.56% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $630.6M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 23.90% |
| **Total Advisory Fee** | $2.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.2 |
| **Mid Cap ($2.5-12 B)** | 12.7 |
| **Large Cap (>$12 B)** | 85.1 |

---

![doughnut](qes1yer1mot1w40p.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesaa2tx1movjf4ck.jpg)

**Thornburg International Growth Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg International Growth Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares underperformed the MSCI All Country World ex USA Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, non-U.S. equity securities posted strong returns, outperforming their U.S. counterparts.The Fund's underperformance relative to the Index during the period was primarily attributable to stock selection, while negative allocation effects by sector and geography further detracted from performance relative to the Index. These effects offset positive currency impacts, which partially mitigated the Fund's relative underperformance.During the period, overweight positionings to health care and information technology sectors contributed positively to performance relative to the Index, with favorable stock selection in the former and mildly adverse selection effects in the latter. Stock selection within consumer discretionary and communication services sectors 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/fig/THGIX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4dxnbk.jpg)

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

(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** | $44.00 | 0.90% |

---

Thornburg International Growth Fund Tailored Shareholder Report 3/31/26 TH6310

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund Class R6** | 8.12% | -0.95% | 5.70% |
| **MSCI All Country World ex USA Growth Net Total Return USD Index** | 18.77% | 3.26% | 7.56% |
| **MSCI All Country World ex USA Net Total Return USD Index** | 24.91% | 7.02% | 8.38% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $630.6M |
| **Number of Holdings** | 48 |
| **Portfolio Turnover** | 23.90% |
| **Total Advisory Fee** | $2.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 2.2 |
| **Mid Cap ($2.5-12 B)** | 12.7 |
| **Large Cap (>$12 B)** | 85.1 |

---

![doughnut](qes1yer1mot1w40p.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3hko1moviprgy.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Developing World Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, emerging market equity securities posted strong returns, producing results well ahead of their developed market counterparts.On a sector basis, security selection and an overweight positioning to the consumer staples sector, as well as security selection and an underweight positioning to the communication services sector, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within consumer discretionary and industrials sectors.On a geographic basis, an overweight positioning to Latin America, as well as stock selection and an underweight positioning to China, contributed positively to performance relative to the Index, while weaker stock selection in South Africa and India 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/fdw/THDAX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4d9ayk.jpg)

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

(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** | $74.00 | 1.44% |

---

Thornburg Developing World Fund Tailored Shareholder Report 3/31/26 TH6311

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class A (with sales charge)** | 24.39% | -0.30% | 6.07% |
| **Developing World Fund Class A (without sales charge)** | 30.25% | 0.62% | 6.56% |
| **MSCI Emerging Markets Net Total Return USD Index** | 29.55% | 3.69% | 7.80% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $586.7M |
| **Number of Holdings** | 40 |
| **Portfolio Turnover** | 14.98% |
| **Total Advisory Fee** | $2.5M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 17.4 |
| **Large Cap (>$12 B)** | 82.7 |

---

![doughnut](qes1yer1mot0iaag.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movn0fz1.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Developing World Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, emerging market equity securities posted strong returns, producing results well ahead of their developed market counterparts.On a sector basis, security selection and an overweight positioning to the consumer staples sector, as well as security selection and an underweight positioning to the communication services sector, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within consumer discretionary and industrials sectors.On a geographic basis, an overweight positioning to Latin America, as well as stock selection and an underweight positioning to China, contributed positively to performance relative to the Index, while weaker stock selection in South Africa and India 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/fdw/THDCX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4d8lnf.jpg)

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

(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** | $120.00 | 2.33% |

---

Thornburg Developing World Fund Tailored Shareholder Report 3/31/26 TH6312

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class C (with sales charge)** | 28.05% | -0.22% | 5.70% |
| **Developing World Fund Class C (without sales charge)** | 29.05% | -0.22% | 5.70% |
| **MSCI Emerging Markets Net Total Return USD Index** | 29.55% | 3.69% | 7.80% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $586.7M |
| **Number of Holdings** | 40 |
| **Portfolio Turnover** | 14.98% |
| **Total Advisory Fee** | $2.5M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 17.4 |
| **Large Cap (>$12 B)** | 82.7 |

---

![doughnut](qes1yer1mot0iaag.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movmxyzz.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Developing World Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, emerging market equity securities posted strong returns, producing results well ahead of their developed market counterparts.On a sector basis, security selection and an overweight positioning to the consumer staples sector, as well as security selection and an underweight positioning to the communication services sector, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within consumer discretionary and industrials sectors.On a geographic basis, an overweight positioning to Latin America, as well as stock selection and an underweight positioning to China, contributed positively to performance relative to the Index, while weaker stock selection in South Africa and India 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/fdw/THDIX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4d7qtg.jpg)

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

(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 | 1.04% |

---

Thornburg Developing World Fund Tailored Shareholder Report 3/31/26 TH6313

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class I** | 30.73% | 1.03% | 6.98% |
| **MSCI Emerging Markets Net Total Return USD Index** | 29.55% | 3.69% | 7.80% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $586.7M |
| **Number of Holdings** | 40 |
| **Portfolio Turnover** | 14.98% |
| **Total Advisory Fee** | $2.5M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 17.4 |
| **Large Cap (>$12 B)** | 82.7 |

---

![doughnut](qes1yer1mot0iaag.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movmvx0z.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Developing World Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, emerging market equity securities posted strong returns, producing results well ahead of their developed market counterparts.On a sector basis, security selection and an overweight positioning to the consumer staples sector, as well as security selection and an underweight positioning to the communication services sector, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within consumer discretionary and industrials sectors.On a geographic basis, an overweight positioning to Latin America, as well as stock selection and an underweight positioning to China, contributed positively to performance relative to the Index, while weaker stock selection in South Africa and India 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/fdw/THDRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qespblfz1mp4d6qs5.jpg)

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

(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** | $54.00 | 1.04% |

---

Thornburg Developing World Fund Tailored Shareholder Report 3/31/26 TH6314

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class R5** | 30.75% | 1.02% | 6.97% |
| **MSCI Emerging Markets Net Total Return USD Index** | 29.55% | 3.69% | 7.80% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $586.7M |
| **Number of Holdings** | 40 |
| **Portfolio Turnover** | 14.98% |
| **Total Advisory Fee** | $2.5M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 17.4 |
| **Large Cap (>$12 B)** | 82.7 |

---

![doughnut](qes1yer1mot0iaag.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes4wcl91movmshse.jpg)

**Thornburg Developing World Fund** Tailored Shareholder Report

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Developing World Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the MSCI Emerging Markets Net Total Return USD Index (the "Index") during the 6-month period ended March 31, 2026.During the period, emerging market equity securities posted strong returns, producing results well ahead of their developed market counterparts.On a sector basis, security selection and an overweight positioning to the consumer staples sector, as well as security selection and an underweight positioning to the communication services sector, detracted from performance relative to the Index. Positive contributors to performance relative to the Index included stock selection within consumer discretionary and industrials sectors.On a geographic basis, an overweight positioning to Latin America, as well as stock selection and an underweight positioning to China, contributed positively to performance relative to the Index, while weaker stock selection in South Africa and India 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/fdw/TDWRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4bdag3.jpg)

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

(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** | $48.00 | 0.94% |

---

Thornburg Developing World Fund Tailored Shareholder Report 3/31/26 TH6315

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Developing World Fund Class R6** | 30.86% | 1.13% | 7.08% |
| **MSCI Emerging Markets Net Total Return USD Index** | 29.55% | 3.69% | 7.80% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $586.7M |
| **Number of Holdings** | 40 |
| **Portfolio Turnover** | 14.98% |
| **Total Advisory Fee** | $2.5M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 17.4 |
| **Large Cap (>$12 B)** | 82.7 |

---

![doughnut](qes1yer1mot0iaag.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes1fyp1movlwx9a.jpg)

**Thornburg American Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg American Opportunities Fund<br> CLASS: A TICKER: TVAFX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg American Opportunities Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, investment goals, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Core Fund to Thornburg American Opportunities Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class A shares outperformed the Russell 3000 Index – Total Return (the "Former Index"). For the period from March 23, 2026 through March 31, 2026, the Fund's Class A shares outperformed the S&P 500 Index – Total Return (the "New Index" and, together with the Former Index, each an "Index"). Stock selection was the primary driver of the Fund's outperformance relative to each Index. The Fund's stock selection in the industrial and information technology sectors were primary drivers of performance relative to each Index during the period. Stock selection in and underweight allocation to health care detracted from performance relative to each Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance relative to each Index, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio contributed positively to performance relative to each 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](qespblfz1mp4garpb.jpg)

Effective March 23, 2026, the Fund adopted the S&P 500 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Value Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $69.00 | 1.36% |

---

Thornburg American Opportunities Fund Tailored Shareholder Report 3/31/26 TH6278

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **American Opportunities Fund Class A (with sales charge)** | 9.99% | 2.49% | 7.76% |
| **American Opportunities Fund Class A (without sales charge)** | 15.17% | 3.44% | 8.26% |
| **Russell 1000 Value Index - Total Return** | 15.87% | 9.43% | 10.58% |
| **Russell 2500 Index - Total Return** | 23.45% | 5.48% | 10.58% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |
| **S&P 500 Index - Total Return** | 17.80% | 12.06% | 14.16% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $465.8M |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 6.1 |
| **Mid Cap ($2.5-12 B)** | 34.8 |
| **Large Cap (>$12 B)** | 59.1 |

---

![doughnut](qes30hemc1mot66j7c.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mougufv2.jpg)

**Thornburg American Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg American Opportunities Fund<br> CLASS: C TICKER: TVCFX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg American Opportunities Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, investment goals, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Core Fund to Thornburg American Opportunities Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class C shares outperformed the Russell 3000 Index – Total Return (the "Former Index"). For the period from March 23, 2026 through March 31, 2026, the Fund's Class C shares outperformed the S&P 500 Index – Total Return (the "New Index" and, together with the Former Index, each an "Index"). Stock selection was the primary driver of the Fund's outperformance relative to each Index. The Fund's stock selection in the industrial and information technology sectors were primary drivers of performance relative to each Index during the period. Stock selection in and underweight allocation to health care detracted from performance relative to each Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance relative to each Index, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio contributed positively to performance relative to each 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](qespblfz1mp5wh34n.jpg)

Effective March 23, 2026, the Fund adopted the S&P 500 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Value Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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 | 2.17% |

---

Thornburg American Opportunities Fund Tailored Shareholder Report 3/31/26 TH6279

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **American Opportunities Fund Class C (with sales charge)** | 13.17% | 2.49% | 7.33% |
| **American Opportunities Fund Class C (without sales charge)** | 14.17% | 2.49% | 7.33% |
| **Russell 1000 Value Index - Total Return** | 15.87% | 9.43% | 10.58% |
| **Russell 2500 Index - Total Return** | 23.45% | 5.48% | 10.58% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |
| **S&P 500 Index - Total Return** | 17.80% | 12.06% | 14.16% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $465.8M |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 6.1 |
| **Mid Cap ($2.5-12 B)** | 34.8 |
| **Large Cap (>$12 B)** | 59.1 |

---

![doughnut](qes30hemc1mot66j7c.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouh5rck.jpg)

**Thornburg American Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg American Opportunities Fund<br> CLASS: I TICKER: TVIFX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg American Opportunities Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, investment goals, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Core Fund to Thornburg American Opportunities Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class I shares outperformed the Russell 3000 Index – Total Return (the "Former Index"). For the period from March 23, 2026 through March 31, 2026, the Fund's Class I shares outperformed the S&P 500 Index – Total Return (the "New Index" and, together with the Former Index, each an "Index"). Stock selection was the primary driver of the Fund's outperformance relative to each Index. The Fund's stock selection in the industrial and information technology sectors were primary drivers of performance relative to each Index during the period. Stock selection in and underweight allocation to health care detracted from performance relative to each Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance relative to each Index, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio contributed positively to performance relative to each 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](qesf83i3s1mp5wf0tj.jpg)

Effective March 23, 2026, the Fund adopted the S&P 500 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Value Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $48.00 | 0.95% |

---

Thornburg American Opportunities Fund Tailored Shareholder Report 3/31/26 TH6280

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **American Opportunities Fund Class I** | 15.67% | 3.87% | 8.67% |
| **Russell 1000 Value Index - Total Return** | 15.87% | 9.43% | 10.58% |
| **Russell 2500 Index - Total Return** | 23.45% | 5.48% | 10.58% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |
| **S&P 500 Index - Total Return** | 17.80% | 12.06% | 14.16% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $465.8M |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 6.1 |
| **Mid Cap ($2.5-12 B)** | 34.8 |
| **Large Cap (>$12 B)** | 59.1 |

---

![doughnut](qes30hemc1mot66j7c.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouh2i4p.jpg)

**Thornburg American Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg American Opportunities Fund<br> CLASS: R3 TICKER: TVRFX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg American Opportunities Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, investment goals, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Core Fund to Thornburg American Opportunities Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class R3 shares outperformed the Russell 3000 Index – Total Return (the "Former Index"). For the period from March 23, 2026 through March 31, 2026, the Fund's Class R3 shares outperformed the S&P 500 Index – Total Return (the "New Index" and, together with the Former Index, each an "Index"). Stock selection was the primary driver of the Fund's outperformance relative to each Index. The Fund's stock selection in the industrial and information technology sectors were primary drivers of performance relative to each Index during the period. Stock selection in and underweight allocation to health care detracted from performance relative to each Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance relative to each Index, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio contributed positively to performance relative to each 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](qespblfz1mpb8kc81.jpg)

Effective March 23, 2026, the Fund adopted the S&P 500 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Value Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $68.00 | 1.35% |

---

Thornburg American Opportunities Fund Tailored Shareholder Report 3/31/26 TH6281

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **American Opportunities Fund Class R3** | 15.24% | 3.49% | 8.28% |
| **Russell 1000 Value Index - Total Return** | 15.87% | 9.43% | 10.58% |
| **Russell 2500 Index - Total Return** | 23.45% | 5.48% | 10.58% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |
| **S&P 500 Index - Total Return** | 17.80% | 12.06% | 14.16% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $465.8M |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 6.1 |
| **Mid Cap ($2.5-12 B)** | 34.8 |
| **Large Cap (>$12 B)** | 59.1 |

---

![doughnut](qes30hemc1mot66j7c.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mougvszy.jpg)

**Thornburg American Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg American Opportunities Fund<br> CLASS: R4 TICKER: TVIRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg American Opportunities Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, investment goals, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Core Fund to Thornburg American Opportunities Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class R4 shares outperformed the Russell 3000 Index – Total Return (the "Former Index"). For the period from March 23, 2026 through March 31, 2026, the Fund's Class R4 shares outperformed the S&P 500 Index – Total Return (the "New Index" and, together with the Former Index, each an "Index"). Stock selection was the primary driver of the Fund's outperformance relative to each Index. The Fund's stock selection in the industrial and information technology sectors were primary drivers of performance relative to each Index during the period. Stock selection in and underweight allocation to health care detracted from performance relative to each Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance relative to each Index, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio contributed positively to performance relative to each 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](qespblfz1mpb8ce8g.jpg)

Effective March 23, 2026, the Fund adopted the S&P 500 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Value Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $61.00 | 1.20% |

---

Thornburg American Opportunities Fund Tailored Shareholder Report 3/31/26 TH6282

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **American Opportunities Fund Class R4** | 15.38% | 3.60% | 8.39% |
| **Russell 1000 Value Index - Total Return** | 15.87% | 9.43% | 10.58% |
| **Russell 2500 Index - Total Return** | 23.45% | 5.48% | 10.58% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |
| **S&P 500 Index - Total Return** | 17.80% | 12.06% | 14.16% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $465.8M |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 6.1 |
| **Mid Cap ($2.5-12 B)** | 34.8 |
| **Large Cap (>$12 B)** | 59.1 |

---

![doughnut](qes30hemc1mot66j7c.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mougp2ax.jpg)

**Thornburg American Opportunities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg American Opportunities Fund<br> CLASS: R5 TICKER: TVRRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg American Opportunities Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, investment goals, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Core Fund to Thornburg American Opportunities Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class R5 shares outperformed the Russell 3000 Index – Total Return (the "Former Index"). For the period from March 23, 2026 through March 31, 2026, the Fund's Class R5 shares outperformed the S&P 500 Index – Total Return (the "New Index" and, together with the Former Index, each an "Index"). Stock selection was the primary driver of the Fund's outperformance relative to each Index. The Fund's stock selection in the industrial and information technology sectors were primary drivers of performance relative to each Index during the period. Stock selection in and underweight allocation to health care detracted from performance relative to each Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance relative to each Index, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio contributed positively to performance relative to each 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](qespblfz1mpbasniy.jpg)

Effective March 23, 2026, the Fund adopted the S&P 500 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Value Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $48.00 | 0.95% |

---

Thornburg American Opportunities Fund Tailored Shareholder Report 3/31/26 TH6283

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **American Opportunities Fund Class R5** | 15.68% | 3.86% | 8.67% |
| **Russell 1000 Value Index - Total Return** | 15.87% | 9.43% | 10.58% |
| **Russell 2500 Index - Total Return** | 23.45% | 5.48% | 10.58% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |
| **S&P 500 Index - Total Return** | 17.80% | 12.06% | 14.16% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $465.8M |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 6.1 |
| **Mid Cap ($2.5-12 B)** | 34.8 |
| **Large Cap (>$12 B)** | 59.1 |

---

![doughnut](qes30hemc1mot66j7c.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouglixt.jpg)

Thornburg American Opportunities Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg American Opportunities Fund<br> CLASS: ETF TICKER: TAOZ<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg American Opportunities Fund Class ETF Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

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

**Cumulative Performance**

![line](qes30hemc1mot6eaew.jpg)

Class ETF commenced operations on March 31, 2026, therefore no performance data was available for the period.

Effective March 23, 2026, the Fund adopted the S&P 500 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Value Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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 ETF** | $0.00 | 0.00% |

---

Fund costs may be higher for a full six month period.

Thornburg American Opportunities Fund Tailored Shareholder Report 3/31/26 TH6770

---

| | |
|:---|:---|
| **Annual Performance** | **Since Inception** |
| **American Opportunities Fund Class ETF** | - |
| **Russell 1000 Value Index - Total Return** | 2.12% |
| **Russell 2500 Index - Total Return** | 3.49% |
| **Russell 3000 Index - Total Return** | 2.96% |
| **S&P 500 Index - Total Return** | 2.92% |

---

Class ETF commenced operations on March 31, 2026, therefore, no performance data was available for the period.

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $465.8M |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 24.59% |
| **Total Advisory Fee** | $2.1M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 6.1 |
| **Mid Cap ($2.5-12 B)** | 34.8 |
| **Large Cap (>$12 B)** | 59.1 |

---

![doughnut](qes30hemc1mot66j7c.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qespblfz1mpegz8ft.jpg)

**Thornburg Focus Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Focus Growth Fund<br> CLASS: A TICKER: THCGX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Focus Growth Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Growth Fund to Thornburg Focus Growth Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class A shares underperformed the Russell 3000 Index – Total Return. For the period from March 23, 2026 through March 31, 2026, the Fund's Class A shares outperformed the Russell 1000 Index – Total Return.The following commentary will focus on the period in comparison to the Russell 3000 Index – Total Return (the "Index").Stock selection was the primary driver of the Fund's underperformance relative to the Index. The Fund's stock selection in the consumer staples and information technology sectors detracted from performance relative to the Index. Stock selection and an overweight allocation to the industrials sector also hampered performance relative to the Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio 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/fcg/THCGX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4fo583.jpg)

Effective March 23, 2026, the Fund adopted the Russell 1000 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Growth Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $69.00 | 1.41% |

---

Thornburg Focus Growth Fund Tailored Shareholder Report 3/31/26 TH6291

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Focus Growth Fund Class A (with sales charge)** | 9.07% | -2.60% | 6.84% |
| **Focus Growth Fund Class A (without sales charge)** | 14.23% | -1.70% | 7.33% |
| **Russell 2500 Growth Index - Total Return** | 19.31% | 1.75% | 10.46% |
| **Russell 1000 Growth Index - Total Return** | 18.81% | 12.76% | 16.83% |
| **Russell 1000 Index - Total Return** | 17.74% | 11.34% | 13.97% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $195.3M |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 38.38% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 4.0 |
| **Mid Cap ($2.5-12 B)** | 43.4 |
| **Large Cap (>$12 B)** | 52.6 |

---

![doughnut](qes4tz2n1mot1qqos.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouj8k5y.jpg)

**Thornburg Focus Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Focus Growth Fund<br> CLASS: C TICKER: TCGCX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Focus Growth Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Growth Fund to Thornburg Focus Growth Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class C shares underperformed the Russell 3000 Index – Total Return. For the period from March 23, 2026 through March 31, 2026, the Fund's Class C shares outperformed the Russell 1000 Index – Total Return.The following commentary will focus on the period in comparison to the Russell 3000 Index – Total Return (the "Index").Stock selection was the primary driver of the Fund's underperformance relative to the Index. The Fund's stock selection in the consumer staples and information technology sectors detracted from performance relative to the Index. Stock selection and an overweight allocation to the industrials sector also hampered performance relative to the Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio 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/fcg/TCGCX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4fn16c.jpg)

Effective March 23, 2026, the Fund adopted the Russell 1000 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Growth Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $107.00 | 2.20% |

---

Thornburg Focus Growth Fund Tailored Shareholder Report 3/31/26 TH6292

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Focus Growth Fund Class C (with sales charge)** | 12.32% | -2.56% | 6.44% |
| **Focus Growth Fund Class C (without sales charge)** | 13.32% | -2.56% | 6.44% |
| **Russell 2500 Growth Index - Total Return** | 19.31% | 1.75% | 10.46% |
| **Russell 1000 Growth Index - Total Return** | 18.81% | 12.76% | 16.83% |
| **Russell 1000 Index - Total Return** | 17.74% | 11.34% | 13.97% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $195.3M |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 38.38% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 4.0 |
| **Mid Cap ($2.5-12 B)** | 43.4 |
| **Large Cap (>$12 B)** | 52.6 |

---

![doughnut](qes4tz2n1mot1qqos.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mouj6o7u.jpg)

**Thornburg Focus Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Focus Growth Fund<br> CLASS: I TICKER: THIGX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Focus Growth Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Growth Fund to Thornburg Focus Growth Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class I shares underperformed the Russell 3000 Index – Total Return. For the period from March 23, 2026 through March 31, 2026, the Fund's Class I shares outperformed the Russell 1000 Index – Total Return.The following commentary will focus on the period in comparison to the Russell 3000 Index – Total Return (the "Index").Stock selection was the primary driver of the Fund's underperformance relative to the Index. The Fund's stock selection in the consumer staples and information technology sectors detracted from performance relative to the Index. Stock selection and an overweight allocation to the industrials sector also hampered performance relative to the Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio 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/fcg/THIGX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4flmh3.jpg)

Effective March 23, 2026, the Fund adopted the Russell 1000 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Growth Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $46.00 | 0.95% |

---

Thornburg Focus Growth Fund Tailored Shareholder Report 3/31/26 TH6293

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Focus Growth Fund Class I** | 14.80% | -1.25% | 7.78% |
| **Russell 2500 Growth Index - Total Return** | 19.31% | 1.75% | 10.46% |
| **Russell 1000 Growth Index - Total Return** | 18.81% | 12.76% | 16.83% |
| **Russell 1000 Index - Total Return** | 17.74% | 11.34% | 13.97% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $195.3M |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 38.38% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 4.0 |
| **Mid Cap ($2.5-12 B)** | 43.4 |
| **Large Cap (>$12 B)** | 52.6 |

---

![doughnut](qes4tz2n1mot1qqos.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mouj57yo.jpg)

**Thornburg Focus Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Focus Growth Fund<br> CLASS: R3 TICKER: THCRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Focus Growth Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Growth Fund to Thornburg Focus Growth Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class R3 shares underperformed the Russell 3000 Index – Total Return. For the period from March 23, 2026 through March 31, 2026, the Fund's Class R3 shares outperformed the Russell 1000 Index – Total Return.The following commentary will focus on the period in comparison to the Russell 3000 Index – Total Return (the "Index").Stock selection was the primary driver of the Fund's underperformance relative to the Index. The Fund's stock selection in the consumer staples and information technology sectors detracted from performance relative to the Index. Stock selection and an overweight allocation to the industrials sector also hampered performance relative to the Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio 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/fcg/THCRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4fkw2m.jpg)

Effective March 23, 2026, the Fund adopted the Russell 1000 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Growth Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $71.00 | 1.45% |

---

Thornburg Focus Growth Fund Tailored Shareholder Report 3/31/26 TH6294

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Focus Growth Fund Class R3** | 14.18% | -1.75% | 7.23% |
| **Russell 2500 Growth Index - Total Return** | 19.31% | 1.75% | 10.46% |
| **Russell 1000 Growth Index - Total Return** | 18.81% | 12.76% | 16.83% |
| **Russell 1000 Index - Total Return** | 17.74% | 11.34% | 13.97% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $195.3M |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 38.38% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 4.0 |
| **Mid Cap ($2.5-12 B)** | 43.4 |
| **Large Cap (>$12 B)** | 52.6 |

---

![doughnut](qes4tz2n1mot1qqos.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qesmfl1mouj3alm.jpg)

**Thornburg Focus Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Focus Growth Fund<br> CLASS: R4 TICKER: TCGRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Focus Growth Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Growth Fund to Thornburg Focus Growth Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class R4 shares underperformed the Russell 3000 Index – Total Return. For the period from March 23, 2026 through March 31, 2026, the Fund's Class R4 shares outperformed the Russell 1000 Index – Total Return.The following commentary will focus on the period in comparison to the Russell 3000 Index – Total Return (the "Index").Stock selection was the primary driver of the Fund's underperformance relative to the Index. The Fund's stock selection in the consumer staples and information technology sectors detracted from performance relative to the Index. Stock selection and an overweight allocation to the industrials sector also hampered performance relative to the Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio 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/fcg/TCGRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4fjfwl.jpg)

Effective March 23, 2026, the Fund adopted the Russell 1000 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Growth Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $63.00 | 1.29% |

---

Thornburg Focus Growth Fund Tailored Shareholder Report 3/31/26 TH6295

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Focus Growth Fund Class R4** | 14.34% | -1.65% | 7.34% |
| **Russell 2500 Growth Index - Total Return** | 19.31% | 1.75% | 10.46% |
| **Russell 1000 Growth Index - Total Return** | 18.81% | 12.76% | 16.83% |
| **Russell 1000 Index - Total Return** | 17.74% | 11.34% | 13.97% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $195.3M |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 38.38% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 4.0 |
| **Mid Cap ($2.5-12 B)** | 43.4 |
| **Large Cap (>$12 B)** | 52.6 |

---

![doughnut](qes4tz2n1mot1qqos.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mouj0kvd.jpg)

**Thornburg Focus Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Focus Growth Fund<br> CLASS: R5 TICKER: THGRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Focus Growth Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

During the reporting period, the Fund changed its name, principal investment strategies, and benchmark index. On March 23, 2026, the Fund changed its name from Thornburg Small/Mid Cap Growth Fund to Thornburg Focus Growth Fund. For the period from October 1, 2025 through March 22, 2026, the Fund's Class R5 shares underperformed the Russell 3000 Index – Total Return. For the period from March 23, 2026 through March 31, 2026, the Fund's Class R5 shares outperformed the Russell 1000 Index – Total Return.The following commentary will focus on the period in comparison to the Russell 3000 Index – Total Return (the "Index").Stock selection was the primary driver of the Fund's underperformance relative to the Index. The Fund's stock selection in the consumer staples and information technology sectors detracted from performance relative to the Index. Stock selection and an overweight allocation to the industrials sector also hampered performance relative to the Index.The Fund's allocation to small- and mid-cap securities (those with a market capitalization under $2.5 billion and those with a market capitalization ranging from $2.5 billion to $12 billion, respectively) negatively contributed to performance, while stock selection within large-cap securities (those with a market capitalization exceeding $12 billion) of the portfolio 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/fcg/THGRX or call 1-800-847-0200. Performance for other share classes of the Fund will vary.

**Cumulative Performance**

![line](qesf83i3s1mp4fidgm.jpg)

Effective March 23, 2026, the Fund adopted the Russell 1000 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Growth Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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** | $46.00 | 0.95% |

---

Thornburg Focus Growth Fund Tailored Shareholder Report 3/31/26 TH6296

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Focus Growth Fund Class R5** | 14.79% | -1.25% | 7.78% |
| **Russell 2500 Growth Index - Total Return** | 19.31% | 1.75% | 10.46% |
| **Russell 1000 Growth Index - Total Return** | 18.81% | 12.76% | 16.83% |
| **Russell 1000 Index - Total Return** | 17.74% | 11.34% | 13.97% |
| **Russell 3000 Index - Total Return** | 18.09% | 10.87% | 13.72% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $195.3M |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 38.38% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 4.0 |
| **Mid Cap ($2.5-12 B)** | 43.4 |
| **Large Cap (>$12 B)** | 52.6 |

---

![doughnut](qes4tz2n1mot1qqos.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes30hemc1mouiyaxx.jpg)

**Thornburg Focus Growth Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Focus Growth Fund<br> CLASS: ETF TICKER: TFGZ<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Focus Growth Fund Class ETF Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

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

**Cumulative Performance**

![line](qesmfl1mot6x1l5.jpg)

Class ETF commenced operations on March 31, 2026, therefore no performance data was available for the period.

Effective March 23, 2026, the Fund adopted the Russell 1000 Index – Total Return as its broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 1000 Growth Index—Total Return as an additional index that represents the market sectors which the Fund's advisor believes are more representative of the Fund's investment universe.

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

(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 ETF** | $0.00 | 0.00% |

---

Fund costs may be higher for a full six month period.

Thornburg Focus Growth Fund Tailored Shareholder Report 3/31/26 TH6771

---

| | |
|:---|:---|
| **Annual Performance** | **Since Inception** |
| **Focus Growth Fund Class ETF** | - |
| **Russell 1000 Growth Index - Total Return** | 3.76% |
| **Russell 2500 Growth Index - Total Return** | 4.52% |
| **Russell 1000 Index - Total Return** | 2.93% |
| **Russell 3000 Index - Total Return** | 2.96% |

---

Class ETF commenced operations on March 31, 2026, therefore no performance data was available for the period.

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $195.3M |
| **Number of Holdings** | 63 |
| **Portfolio Turnover** | 38.38% |
| **Total Advisory Fee** | $0.9M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 4.0 |
| **Mid Cap ($2.5-12 B)** | 43.4 |
| **Large Cap (>$12 B)** | 52.6 |

---

![doughnut](qes4tz2n1mot1qqos.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes1fkt1mpeh0pkb.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the benchmark composed of 75% MSCI World Net Total Return USD Index and 25% Bloomberg U.S. Aggregate Total Return Index Value USD (the "Blended Index") during the 6-month period ended March 31, 2026.A general overweight positioning to equity securities and underweight positioning to fixed income securities contributed positively to the Fund's performance relative to the Blended Index.Within equity securities, the Fund's emphasis on higher-dividend-paying markets outside the United States and security selection within the information technology and communication services sectors, as well as an overweight positioning to Europe, contributed positively to the Fund's performance relative to the Blended Index.Within fixed income securities, the Fund's selection effect, particularly within corporate bonds and securitized segments, contributed positively to the Fund's 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](qespblfz1mp5vv0ad.jpg)

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

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

(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** | $60.00 | 1.10% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 3/31/26 TH6264

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class A (with sales charge)** | 31.79% | 14.16% | 11.25% |
| **Investment Income Builder Fund Class A (without sales charge)** | 38.00% | 15.21% | 11.77% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **MSCI World Net Total Return USD Index** | 18.90% | 10.27% | 11.80% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 15.18% | 7.82% | 9.37% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $21,114.9M |
| **Number of Holdings** | 328 |
| **Portfolio Turnover** | 5.63% |
| **Total Advisory Fee** | $66.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 66.2 |
| **Domestic Equity** | 21.4 |
| **Domestic Other Bonds** | 2.6 |
| **Domestic Corporate Bonds** | 2.1 |
| **Foreign Bonds** | 1.7 |
| **Other Assets Less Liabilities** | 6.0 |

---

![doughnut](qes4tz2n1mot1wrsb.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movoih9h.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the benchmark composed of 75% MSCI World Net Total Return USD Index and 25% Bloomberg U.S. Aggregate Total Return Index Value USD (the "Blended Index") during the 6-month period ended March 31, 2026.A general overweight positioning to equity securities and underweight positioning to fixed income securities contributed positively to the Fund's performance relative to the Blended Index.Within equity securities, the Fund's emphasis on higher-dividend-paying markets outside the United States and security selection within the information technology and communication services sectors, as well as an overweight positioning to Europe, contributed positively to the Fund's performance relative to the Blended Index.Within fixed income securities, the Fund's selection effect, particularly within corporate bonds and securitized segments, contributed positively to the Fund's 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](qespblfz1mp5vsn1p.jpg)

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

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

(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** | $100.00 | 1.85% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 3/31/26 TH6265

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class C (with sales charge)** | 36.03% | 14.36% | 10.94% |
| **Investment Income Builder Fund Class C (without sales charge)** | 37.03% | 14.36% | 10.94% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **MSCI World Net Total Return USD Index** | 18.90% | 10.27% | 11.80% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 15.18% | 7.82% | 9.37% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $21,114.9M |
| **Number of Holdings** | 328 |
| **Portfolio Turnover** | 5.63% |
| **Total Advisory Fee** | $66.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 66.2 |
| **Domestic Equity** | 21.4 |
| **Domestic Other Bonds** | 2.6 |
| **Domestic Corporate Bonds** | 2.1 |
| **Foreign Bonds** | 1.7 |
| **Other Assets Less Liabilities** | 6.0 |

---

![doughnut](qes4tz2n1mot1wrsb.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movohcry.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the benchmark composed of 75% MSCI World Net Total Return USD Index and 25% Bloomberg U.S. Aggregate Total Return Index Value USD (the "Blended Index") during the 6-month period ended March 31, 2026.A general overweight positioning to equity securities and underweight positioning to fixed income securities contributed positively to the Fund's performance relative to the Blended Index.Within equity securities, the Fund's emphasis on higher-dividend-paying markets outside the United States and security selection within the information technology and communication services sectors, as well as an overweight positioning to Europe, contributed positively to the Fund's performance relative to the Blended Index.Within fixed income securities, the Fund's selection effect, particularly within corporate bonds and securitized segments, contributed positively to the Fund's 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](qespblfz1mp5vro9v.jpg)

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

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

(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** | $47.00 | 0.87% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 3/31/26 TH6266

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class I** | 38.31% | 15.48% | 12.05% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **MSCI World Net Total Return USD Index** | 18.90% | 10.27% | 11.80% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 15.18% | 7.82% | 9.37% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $21,114.9M |
| **Number of Holdings** | 328 |
| **Portfolio Turnover** | 5.63% |
| **Total Advisory Fee** | $66.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 66.2 |
| **Domestic Equity** | 21.4 |
| **Domestic Other Bonds** | 2.6 |
| **Domestic Corporate Bonds** | 2.1 |
| **Foreign Bonds** | 1.7 |
| **Other Assets Less Liabilities** | 6.0 |

---

![doughnut](qes4tz2n1mot1wrsb.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movog2ms.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the benchmark composed of 75% MSCI World Net Total Return USD Index and 25% Bloomberg U.S. Aggregate Total Return Index Value USD (the "Blended Index") during the 6-month period ended March 31, 2026.A general overweight positioning to equity securities and underweight positioning to fixed income securities contributed positively to the Fund's performance relative to the Blended Index.Within equity securities, the Fund's emphasis on higher-dividend-paying markets outside the United States and security selection within the information technology and communication services sectors, as well as an overweight positioning to Europe, contributed positively to the Fund's performance relative to the Blended Index.Within fixed income securities, the Fund's selection effect, particularly within corporate bonds and securitized segments, contributed positively to the Fund's 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](qespblfz1mp5vqyej.jpg)

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

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

(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** | $81.00 | 1.50% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 3/31/26 TH6267

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class R3** | 37.49% | 14.79% | 11.37% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **MSCI World Net Total Return USD Index** | 18.90% | 10.27% | 11.80% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 15.18% | 7.82% | 9.37% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $21,114.9M |
| **Number of Holdings** | 328 |
| **Portfolio Turnover** | 5.63% |
| **Total Advisory Fee** | $66.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 66.2 |
| **Domestic Equity** | 21.4 |
| **Domestic Other Bonds** | 2.6 |
| **Domestic Corporate Bonds** | 2.1 |
| **Foreign Bonds** | 1.7 |
| **Other Assets Less Liabilities** | 6.0 |

---

![doughnut](qes4tz2n1mot1wrsb.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movoe03r.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the benchmark composed of 75% MSCI World Net Total Return USD Index and 25% Bloomberg U.S. Aggregate Total Return Index Value USD (the "Blended Index") during the 6-month period ended March 31, 2026.A general overweight positioning to equity securities and underweight positioning to fixed income securities contributed positively to the Fund's performance relative to the Blended Index.Within equity securities, the Fund's emphasis on higher-dividend-paying markets outside the United States and security selection within the information technology and communication services sectors, as well as an overweight positioning to Europe, contributed positively to the Fund's performance relative to the Blended Index.Within fixed income securities, the Fund's selection effect, particularly within corporate bonds and securitized segments, contributed positively to the Fund's 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](qespblfz1mp5vq3fr.jpg)

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

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

(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** | $73.00 | 1.34% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 3/31/26 TH6268

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class R4** | 37.61% | 14.91% | 11.48% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **MSCI World Net Total Return USD Index** | 18.90% | 10.27% | 11.80% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 15.18% | 7.82% | 9.37% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $21,114.9M |
| **Number of Holdings** | 328 |
| **Portfolio Turnover** | 5.63% |
| **Total Advisory Fee** | $66.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 66.2 |
| **Domestic Equity** | 21.4 |
| **Domestic Other Bonds** | 2.6 |
| **Domestic Corporate Bonds** | 2.1 |
| **Foreign Bonds** | 1.7 |
| **Other Assets Less Liabilities** | 6.0 |

---

![doughnut](qes4tz2n1mot1wrsb.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movocrkr.jpg)

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

---

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

---

This semi-annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the benchmark composed of 75% MSCI World Net Total Return USD Index and 25% Bloomberg U.S. Aggregate Total Return Index Value USD (the "Blended Index") during the 6-month period ended March 31, 2026.A general overweight positioning to equity securities and underweight positioning to fixed income securities contributed positively to the Fund's performance relative to the Blended Index.Within equity securities, the Fund's emphasis on higher-dividend-paying markets outside the United States and security selection within the information technology and communication services sectors, as well as an overweight positioning to Europe, contributed positively to the Fund's performance relative to the Blended Index.Within fixed income securities, the Fund's selection effect, particularly within corporate bonds and securitized segments, contributed positively to the Fund's 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](qespblfz1mp5vp7u2.jpg)

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

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

(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** | $54.00 | 0.99% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 3/31/26 TH6269

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Investment Income Builder Fund Class R5** | 38.18% | 15.37% | 11.94% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **MSCI World Net Total Return USD Index** | 18.90% | 10.27% | 11.80% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 15.18% | 7.82% | 9.37% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $21,114.9M |
| **Number of Holdings** | 328 |
| **Portfolio Turnover** | 5.63% |
| **Total Advisory Fee** | $66.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 66.2 |
| **Domestic Equity** | 21.4 |
| **Domestic Other Bonds** | 2.6 |
| **Domestic Corporate Bonds** | 2.1 |
| **Foreign Bonds** | 1.7 |
| **Other Assets Less Liabilities** | 6.0 |

---

![doughnut](qes4tz2n1mot1wrsb.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movobgl1.jpg)

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

---

| | |
|:---|:---|
| Thornburg Investment Income Builder Fund<br> CLASS: R6 TICKER: TIBOX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Investment Income Builder Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the benchmark composed of 75% MSCI World Net Total Return USD Index and 25% Bloomberg U.S. Aggregate Total Return Index Value USD (the "Blended Index") during the 6-month period ended March 31, 2026.A general overweight positioning to equity securities and underweight positioning to fixed income securities contributed positively to the Fund's performance relative to the Blended Index.Within equity securities, the Fund's emphasis on higher-dividend-paying markets outside the United States and security selection within the information technology and communication services sectors, as well as an overweight positioning to Europe, contributed positively to the Fund's performance relative to the Blended Index.Within fixed income securities, the Fund's selection effect, particularly within corporate bonds and securitized segments, contributed positively to the Fund's performance relative to the Blended Index.

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

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

**Cumulative Performance**

![line](qespblfz1mp5vny44.jpg)

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

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

(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 | 0.80% |

---

Thornburg Investment Income Builder Fund Tailored Shareholder Report 3/31/26 TH6270

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Investment Income Builder Fund Class R6** | 38.43% | 15.59% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% |
| **MSCI World Net Total Return USD Index** | 18.90% | 10.27% |
| **Thornburg Investment Income Builder Fund's Blended Index** | 15.18% | 7.82% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $21,114.9M |
| **Number of Holdings** | 328 |
| **Portfolio Turnover** | 5.63% |
| **Total Advisory Fee** | $66.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 66.2 |
| **Domestic Equity** | 21.4 |
| **Domestic Other Bonds** | 2.6 |
| **Domestic Corporate Bonds** | 2.1 |
| **Foreign Bonds** | 1.7 |
| **Other Assets Less Liabilities** | 6.0 |

---

![doughnut](qes4tz2n1mot1wrsb.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movo97an.jpg)

**Thornburg Summit Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Summit Fund<br> CLASS: A TICKER: TSAMX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Summit Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the benchmark composed of 60% MSCI All Country World Net Total Return USD Index and 40% Bloomberg Global-Aggregate Total Return Index Value Unhedged USD (the "Blended Index") during the 6-month period ended March 31, 2026.The Fund's security selection within equity securities contributed positively to performance relative to the Blended Index.Within equity securities, selection effects from communication services, energy, and information technology sectors contributed positively to performance relative to the Blended Index, while security selection within the consumer discretionary sector detracted from performance relative to the Blended Index.The Fund's relative underweight positioning to fixed income securities contributed positively to performance relative to the Blended Index.

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

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](qesf83i3s1mp4d2mc7.jpg)

The Blended Index is composed of 60% MSCI All Country World Net Total Return USD Index and 40% Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, rebalanced monthly.

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

(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** | $48.00 | 0.94% |

---

Thornburg Summit Fund Tailored Shareholder Report 3/31/26 TH6319

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Summit Fund Class A (with sales charge)** | 16.00% |
| **Summit Fund Class A (without sales charge)** | 21.49% |
| **Bloomberg Global-Aggregate Total Return Index Value Unhedged USD** | 4.26% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% |
| **Thornburg Summit Fund's Blended Index** | 13.57% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $105.7M |
| **Number of Holdings** | 209 |
| **Portfolio Turnover** | 18.00% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 32.5 |
| **Domestic Equity** | 30.7 |
| **Domestic Other Bonds** | 26.1 |
| **Domestic Corporate Bonds** | 4.7 |
| **Foreign Bonds** | 4.2 |
| **Other Assets Less Liabilities** | 1.8 |

---

![doughnut](qes1yer1mot0vfq0.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movo9lqm.jpg)

**Thornburg Summit Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Summit Fund<br> CLASS: I TICKER: TSUMX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Summit Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the benchmark composed of 60% MSCI All Country World Net Total Return USD Index and 40% Bloomberg Global-Aggregate Total Return Index Value Unhedged USD (the "Blended Index") during the 6-month period ended March 31, 2026.The Fund's security selection within equity securities contributed positively to performance relative to the Blended Index.Within equity securities, selection effects from communication services, energy, and information technology sectors contributed positively to performance relative to the Blended Index, while security selection within the consumer discretionary sector detracted from performance relative to the Blended Index.The Fund's relative underweight positioning to fixed income securities contributed positively to performance relative to the Blended Index.

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

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

**Cumulative Performance**

![line](qespblfz1mpefc2ew.jpg)

The Blended Index is composed of 60% MSCI All Country World Net Total Return USD Index and 40% Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, rebalanced monthly.

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

(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** | $35.00 | 0.69% |

---

Thornburg Summit Fund Tailored Shareholder Report 3/31/26 TH6320

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Summit Fund Class I** | 21.76% | 8.62% |
| **Bloomberg Global-Aggregate Total Return Index Value Unhedged USD** | 4.26% | -1.46% |
| **MSCI All Country World Net Total Return USD Index** | 20.01% | 9.49% |
| **Thornburg Summit Fund's Blended Index** | 13.57% | 5.11% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $105.7M |
| **Number of Holdings** | 209 |
| **Portfolio Turnover** | 18.00% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Portfolio Composition** | **(%)** |
| **Foreign Equity** | 32.5 |
| **Domestic Equity** | 30.7 |
| **Domestic Other Bonds** | 26.1 |
| **Domestic Corporate Bonds** | 4.7 |
| **Foreign Bonds** | 4.2 |
| **Other Assets Less Liabilities** | 1.8 |

---

![doughnut](qes1yer1mot0vfq0.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movo6rsg.jpg)

**Thornburg Ultra Short Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Ultra Short Income Fund<br> CLASS: A TICKER: TLDAX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Ultra Short Income Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mpbaoyj1.jpg)

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

(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** | $27.00 | 0.53% |

---

Thornburg Ultra Short Income Fund Tailored Shareholder Report 3/31/26 TH6260

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Ultra Short Income Fund Class A (with sales charge)** | 1.75% | 2.82% | 2.51% |
| **Ultra Short Income Fund Class A (without sales charge)** | 4.08% | 3.29% | 2.67% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **ICE BofA U.S. Treasury Bill Index** | 4.11% | 3.37% | 2.28% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $266.2M |
| **Number of Holdings** | 318 |
| **Portfolio Turnover** | 30.13% |
| **Total Advisory Fee** | $0.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 4.2 |
| **AAA** | 27.5 |
| **AA** | 7.0 |
| **A** | 13.5 |
| **BBB** | 27.1 |
| **NR** | 3.4 |
| **Below Invest. Grade** | 4.0 |
| **Cash Equivalents & Other** | 13.3 |

---

![doughnut](qespblfz1mp4apd7f.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movoswy2.jpg)

**Thornburg Ultra Short Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Ultra Short Income Fund<br> CLASS: I TICKER: TLDIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Ultra Short Income Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mpbar96c.jpg)

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

(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** | $16.00 | 0.32% |

---

Thornburg Ultra Short Income Fund Tailored Shareholder Report 3/31/26 TH6261

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Ultra Short Income Fund Class I** | 4.35% | 3.49% | 2.86% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **ICE BofA U.S. Treasury Bill Index** | 4.11% | 3.37% | 2.28% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $266.2M |
| **Number of Holdings** | 318 |
| **Portfolio Turnover** | 30.13% |
| **Total Advisory Fee** | $0.3M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 4.2 |
| **AAA** | 27.5 |
| **AA** | 7.0 |
| **A** | 13.5 |
| **BBB** | 27.1 |
| **NR** | 3.4 |
| **Below Invest. Grade** | 4.0 |
| **Cash Equivalents & Other** | 13.3 |

---

![doughnut](qespblfz1mp4apd7f.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movou3fh.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: A TICKER: LTUSX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp4kcry6.jpg)

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

(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** | $49.00 | 0.97% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 3/31/26 TH6235

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class A (with sales charge)** | 1.95% | 0.43% | 0.93% |
| **Limited Term U.S. Government Fund Class A (without sales charge)** | 4.31% | 0.89% | 1.08% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.98% | 1.00% | 1.53% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $82.6M |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 23.31% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **U.S. Treasury Securities** | 16.0 |
| **U.S. Government Agencies** | 6.5 |
| **Mortgage Backed** | 68.3 |
| **Corporate Bonds** | 3.2 |
| **Cash Equivalents & Other** | 6.0 |

---

![doughnut](qes1yer1mot0fha5.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movrdfjg.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: C TICKER: LTUCX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp4khmcw.jpg)

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

(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** | $61.00 | 1.22% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 3/31/26 TH6236

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class C (with sales charge)** | 3.61% | 0.59% | 0.77% |
| **Limited Term U.S. Government Fund Class C (without sales charge)** | 4.11% | 0.59% | 0.77% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.98% | 1.00% | 1.53% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $82.6M |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 23.31% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **U.S. Treasury Securities** | 16.0 |
| **U.S. Government Agencies** | 6.5 |
| **Mortgage Backed** | 68.3 |
| **Corporate Bonds** | 3.2 |
| **Cash Equivalents & Other** | 6.0 |

---

![doughnut](qes1yer1mot0fha5.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movrc3lp.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: C2 TICKER: LTUQX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class C2 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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

**Cumulative Performance**

![line](qesf83i3s1mp4ke1ax.jpg)

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

(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** | $64.00 | 1.27% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 3/31/26 TH6241

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term U.S. Government Fund Class C2 (with sales charge)** | 3.46% | 0.61% |
| **Limited Term U.S. Government Fund Class C2 (without sales charge)** | 4.11% | 0.61% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.98% | 1.00% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $82.6M |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 23.31% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **U.S. Treasury Securities** | 16.0 |
| **U.S. Government Agencies** | 6.5 |
| **Mortgage Backed** | 68.3 |
| **Corporate Bonds** | 3.2 |
| **Cash Equivalents & Other** | 6.0 |

---

![doughnut](qes1yer1mot0fha5.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: LTUIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mp4kh18g.jpg)

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

(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** | $34.00 | 0.67% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 3/31/26 TH6237

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class I** | 4.62% | 1.19% | 1.38% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.98% | 1.00% | 1.53% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $82.6M |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 23.31% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **U.S. Treasury Securities** | 16.0 |
| **U.S. Government Agencies** | 6.5 |
| **Mortgage Backed** | 68.3 |
| **Corporate Bonds** | 3.2 |
| **Cash Equivalents & Other** | 6.0 |

---

![doughnut](qes1yer1mot0fha5.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movrayhf.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: R3 TICKER: LTURX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mp4kgeaz.jpg)

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

(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** | $53.00 | 1.05% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 3/31/26 TH6238

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class R3** | 4.35% | 0.86% | 1.02% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.98% | 1.00% | 1.53% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $82.6M |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 23.31% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **U.S. Treasury Securities** | 16.0 |
| **U.S. Government Agencies** | 6.5 |
| **Mortgage Backed** | 68.3 |
| **Corporate Bonds** | 3.2 |
| **Cash Equivalents & Other** | 6.0 |

---

![doughnut](qes1yer1mot0fha5.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movraa3a.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: R4 TICKER: LTUGX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp4kfwzv.jpg)

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

(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** | $48.00 | 0.96% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 3/31/26 TH6239

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class R4** | 4.39% | 0.85% | 1.02% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.98% | 1.00% | 1.53% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $82.6M |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 23.31% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **U.S. Treasury Securities** | 16.0 |
| **U.S. Government Agencies** | 6.5 |
| **Mortgage Backed** | 68.3 |
| **Corporate Bonds** | 3.2 |
| **Cash Equivalents & Other** | 6.0 |

---

![doughnut](qes1yer1mot0fha5.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movr8rff.jpg)

**Thornburg Limited Term U.S. Government Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term U.S. Government Fund<br> CLASS: R5 TICKER: LTGRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term U.S. Government Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mp4kewx0.jpg)

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

(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** | $34.00 | 0.67% |

---

Thornburg Limited Term U.S. Government Fund Tailored Shareholder Report 3/31/26 TH6240

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term U.S. Government Fund Class R5** | 4.70% | 1.17% | 1.35% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged** | 3.98% | 1.00% | 1.53% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $82.6M |
| **Number of Holdings** | 135 |
| **Portfolio Turnover** | 23.31% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **U.S. Treasury Securities** | 16.0 |
| **U.S. Government Agencies** | 6.5 |
| **Mortgage Backed** | 68.3 |
| **Corporate Bonds** | 3.2 |
| **Cash Equivalents & Other** | 6.0 |

---

![doughnut](qes1yer1mot0fha5.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movr7hx3.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: A TICKER: THIFX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5uemh9.jpg)

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

(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** | $39.00 | 0.78% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6252

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class A (with sales charge)** | 2.29% | 1.55% | 2.41% |
| **Limited Term Income Fund Class A (without sales charge)** | 4.65% | 2.01% | 2.56% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% | 2.04% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movpcflk.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: C TICKER: THICX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5ue80h.jpg)

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

(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** | $51.00 | 1.02% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6253

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class C (with sales charge)** | 3.92% | 1.78% | 2.33% |
| **Limited Term Income Fund Class C (without sales charge)** | 4.42% | 1.78% | 2.33% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% | 2.04% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movp5d6w.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: C2 TICKER: THIQX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class C2 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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

**Cumulative Performance**

![line](qespblfz1mp5uac14.jpg)

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

(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** | $61.00 | 1.21% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6259

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term Income Fund Class C2 (with sales charge)** | 3.54% | 1.54% |
| **Limited Term Income Fund Class C2 (without sales charge)** | 4.19% | 1.54% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: THIIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mp5udtra.jpg)

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

(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** | $25.00 | 0.49% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6254

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class I** | 5.01% | 2.30% | 2.88% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% | 2.04% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movp4733.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R3 TICKER: THIRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5udcql.jpg)

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

(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** | $50.00 | 0.99% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6255

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class R3** | 4.44% | 1.80% | 2.37% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% | 2.04% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movp3dqk.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R4 TICKER: THRIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mp5ucu6b.jpg)

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

(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** | $46.00 | 0.92% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6256

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class R4** | 4.48% | 1.79% | 2.37% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% | 2.04% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movp09su.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R5 TICKER: THRRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5ubq47.jpg)

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

(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** | $25.00 | 0.49% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6257

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Income Fund Class R5** | 4.92% | 2.30% | 2.82% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% | 2.04% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movoz9uo.jpg)

**Thornburg Limited Term Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Income Fund<br> CLASS: R6 TICKER: THRLX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Income Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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

**Cumulative Performance**

![line](qespblfz1mpbaetkc.jpg)

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

(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** | $21.00 | 0.42% |

---

Thornburg Limited Term Income Fund Tailored Shareholder Report 3/31/26 TH6258

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term Income Fund Class R6** | 5.08% | 2.37% |
| **Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged** | 4.41% | 1.33% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $6,208.1M |
| **Number of Holdings** | 784 |
| **Portfolio Turnover** | 14.13% |
| **Total Advisory Fee** | $10.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 27.4 |
| **AAA** | 20.5 |
| **AA** | 7.9 |
| **A** | 15.9 |
| **BBB** | 23.1 |
| **NR** | 1.3 |
| **Below Invest. Grade** | 0.1 |
| **Cash Equivalents & Other** | 3.8 |

---

![doughnut](qesf83i3s1mp4boxgw.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movoxhd0.jpg)

**Thornburg Core Plus Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: A TICKER: THCAX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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](qesf83i3s1mp5y5gwf.jpg)

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

(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** | $38.00 | 0.75% |

---

Thornburg Core Plus Bond Fund Tailored Shareholder Report 3/31/26 TH6322

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class A (with sales charge)** | -0.54% |
| **Core Plus Bond Fund Class A (without sales charge)** | 4.13% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $96.1M |
| **Number of Holdings** | 321 |
| **Portfolio Turnover** | 27.44% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 39.0 |
| **AAA** | 12.0 |
| **AA** | 3.7 |
| **A** | 10.3 |
| **BBB** | 18.5 |
| **NR** | 4.9 |
| **Below Invest. Grade** | 10.1 |
| **Cash Equivalents & Other** | 1.5 |

---

![doughnut](qesf83i3s1mp4ayjan.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movq8ai8.jpg)

**Thornburg Core Plus Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: C TICKER: THCCX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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

**Cumulative Performance**

![line](qespblfz1mp5y83jj.jpg)

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

(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** | $75.00 | 1.50% |

---

Thornburg Core Plus Bond Fund Tailored Shareholder Report 3/31/26 TH6323

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class C (with sales charge)** | 2.39% |
| **Core Plus Bond Fund Class C (without sales charge)** | 3.38% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $96.1M |
| **Number of Holdings** | 321 |
| **Portfolio Turnover** | 27.44% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 39.0 |
| **AAA** | 12.0 |
| **AA** | 3.7 |
| **A** | 10.3 |
| **BBB** | 18.5 |
| **NR** | 4.9 |
| **Below Invest. Grade** | 10.1 |
| **Cash Equivalents & Other** | 1.5 |

---

![doughnut](qesf83i3s1mp4ayjan.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movq6v2m.jpg)

Thornburg Core Plus Bond Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: I TICKER: THCIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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

**Cumulative Performance**

![line](qesf83i3s1mp5y6nng.jpg)

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

(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** | $25.00 | 0.50% |

---

Thornburg Core Plus Bond Fund Tailored Shareholder Report 3/31/26 TH6324

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class I** | 4.47% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $96.1M |
| **Number of Holdings** | 321 |
| **Portfolio Turnover** | 27.44% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 39.0 |
| **AAA** | 12.0 |
| **AA** | 3.7 |
| **A** | 10.3 |
| **BBB** | 18.5 |
| **NR** | 4.9 |
| **Below Invest. Grade** | 10.1 |
| **Cash Equivalents & Other** | 1.5 |

---

![doughnut](qesf83i3s1mp4ayjan.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movq52hs.jpg)

**Thornburg Core Plus Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Core Plus Bond Fund<br> CLASS: R6 TICKER: THCSX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Core Plus Bond Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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

**Cumulative Performance**

![line](qespblfz1mpef5mws.jpg)

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

(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** | $25.00 | 0.49% |

---

Thornburg Core Plus Bond Fund Tailored Shareholder Report 3/31/26 TH6328

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Core Plus Bond Fund Class R6** | 4.38% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $96.1M |
| **Number of Holdings** | 321 |
| **Portfolio Turnover** | 27.44% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 39.0 |
| **AAA** | 12.0 |
| **AA** | 3.7 |
| **A** | 10.3 |
| **BBB** | 18.5 |
| **NR** | 4.9 |
| **Below Invest. Grade** | 10.1 |
| **Cash Equivalents & Other** | 1.5 |

---

![doughnut](qesf83i3s1mp4ayjan.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movq1u15.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: A TICKER: TSIAX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Income Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5wd5fy.jpg)

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

(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** | $49.00 | 0.99% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 3/31/26 TH6271

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class A (with sales charge)** | 0.01% | 1.80% | 3.64% |
| **Strategic Income Fund Class A (without sales charge)** | 4.71% | 2.74% | 4.11% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 4.64% | 0.65% | 2.11% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $10,165.4M |
| **Number of Holdings** | 1219 |
| **Portfolio Turnover** | 17.38% |
| **Total Advisory Fee** | $26.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\*** | **(%)** |
| **U.S. Government** | 24.8 |
| **AAA** | 11.5 |
| **AA** | 3.5 |
| **A** | 11.5 |
| **BBB** | 24.4 |
| **BB** | 13.8 |
| **B** | 3.4 |
| **CC** | 0.0 |
| **CCC** | 0.1 |
| **D** | 0.2 |
| **NR** | 4.9 |
| **Cash Equivalents & Other** | 2.0 |

---

![doughnut](qesf83i3s1mp4bjy7q.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movngsv4.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: C TICKER: TSICX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Income Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5wc3ek.jpg)

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

(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** | $85.00 | 1.70% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 3/31/26 TH6272

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class C (with sales charge)** | 2.96% | 2.00% | 3.37% |
| **Strategic Income Fund Class C (without sales charge)** | 3.96% | 2.00% | 3.37% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 4.64% | 0.65% | 2.11% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $10,165.4M |
| **Number of Holdings** | 1219 |
| **Portfolio Turnover** | 17.38% |
| **Total Advisory Fee** | $26.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\*** | **(%)** |
| **U.S. Government** | 24.8 |
| **AAA** | 11.5 |
| **AA** | 3.5 |
| **A** | 11.5 |
| **BBB** | 24.4 |
| **BB** | 13.8 |
| **B** | 3.4 |
| **CC** | 0.0 |
| **CCC** | 0.1 |
| **D** | 0.2 |
| **NR** | 4.9 |
| **Cash Equivalents & Other** | 2.0 |

---

![doughnut](qesf83i3s1mp4bjy7q.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movndyvx.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: I TICKER: TSIIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Income Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5wanjw.jpg)

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

(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** | $30.00 | 0.60% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 3/31/26 TH6273

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class I** | 5.11% | 3.14% | 4.50% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 4.64% | 0.65% | 2.11% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $10,165.4M |
| **Number of Holdings** | 1219 |
| **Portfolio Turnover** | 17.38% |
| **Total Advisory Fee** | $26.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\*** | **(%)** |
| **U.S. Government** | 24.8 |
| **AAA** | 11.5 |
| **AA** | 3.5 |
| **A** | 11.5 |
| **BBB** | 24.4 |
| **BB** | 13.8 |
| **B** | 3.4 |
| **CC** | 0.0 |
| **CCC** | 0.1 |
| **D** | 0.2 |
| **NR** | 4.9 |
| **Cash Equivalents & Other** | 2.0 |

---

![doughnut](qesf83i3s1mp4bjy7q.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movn9l37.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R3 TICKER: TSIRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R3 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R3 shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mp5w9ave.jpg)

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

(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** | $63.00 | 1.25% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 3/31/26 TH6274

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class R3** | 4.43% | 2.48% | 3.89% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 4.64% | 0.65% | 2.11% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $10,165.4M |
| **Number of Holdings** | 1219 |
| **Portfolio Turnover** | 17.38% |
| **Total Advisory Fee** | $26.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\*** | **(%)** |
| **U.S. Government** | 24.8 |
| **AAA** | 11.5 |
| **AA** | 3.5 |
| **A** | 11.5 |
| **BBB** | 24.4 |
| **BB** | 13.8 |
| **B** | 3.4 |
| **CC** | 0.0 |
| **CCC** | 0.1 |
| **D** | 0.2 |
| **NR** | 4.9 |
| **Cash Equivalents & Other** | 2.0 |

---

![doughnut](qesf83i3s1mp4bjy7q.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movmw4ev.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R4 TICKER: TSRIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R4 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R4 shares underperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qespblfz1mp5w7ygw.jpg)

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

(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** | $63.00 | 1.25% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 3/31/26 TH6275

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class R4** | 4.34% | 2.46% | 3.87% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 4.64% | 0.65% | 2.11% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $10,165.4M |
| **Number of Holdings** | 1219 |
| **Portfolio Turnover** | 17.38% |
| **Total Advisory Fee** | $26.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\*** | **(%)** |
| **U.S. Government** | 24.8 |
| **AAA** | 11.5 |
| **AA** | 3.5 |
| **A** | 11.5 |
| **BBB** | 24.4 |
| **BB** | 13.8 |
| **B** | 3.4 |
| **CC** | 0.0 |
| **CCC** | 0.1 |
| **D** | 0.2 |
| **NR** | 4.9 |
| **Cash Equivalents & Other** | 2.0 |

---

![doughnut](qesf83i3s1mp4bjy7q.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes1uxr1movmol3m.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R5 TICKER: TSRRX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R5 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R5 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

**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](qesf83i3s1mp5vzdgc.jpg)

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

(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** | $30.00 | 0.60% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 3/31/26 TH6276

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Income Fund Class R5** | 5.11% | 3.14% | 4.51% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 4.64% | 0.65% | 2.11% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $10,165.4M |
| **Number of Holdings** | 1219 |
| **Portfolio Turnover** | 17.38% |
| **Total Advisory Fee** | $26.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\*** | **(%)** |
| **U.S. Government** | 24.8 |
| **AAA** | 11.5 |
| **AA** | 3.5 |
| **A** | 11.5 |
| **BBB** | 24.4 |
| **BB** | 13.8 |
| **B** | 3.4 |
| **CC** | 0.0 |
| **CCC** | 0.1 |
| **D** | 0.2 |
| **NR** | 4.9 |
| **Cash Equivalents & Other** | 2.0 |

---

![doughnut](qesf83i3s1mp4bjy7q.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes1uxr1movmqrde.jpg)

**Thornburg Strategic Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Income Fund<br> CLASS: R6 TICKER: TSRSX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Income Fund Class R6 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class R6 shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.

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

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

**Cumulative Performance**

![line](qesf83i3s1mp5vxno9.jpg)

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

(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** | $27.00 | 0.53% |

---

Thornburg Strategic Income Fund Tailored Shareholder Report 3/31/26 TH6277

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Strategic Income Fund Class R6** | 5.18% | 3.22% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% | 0.31% |
| **Bloomberg U.S. Universal Total Return Index Value Unhedged** | 4.64% | 0.65% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $10,165.4M |
| **Number of Holdings** | 1219 |
| **Portfolio Turnover** | 17.38% |
| **Total Advisory Fee** | $26.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Fixed Income Credit Quality\*** | **(%)** |
| **U.S. Government** | 24.8 |
| **AAA** | 11.5 |
| **AA** | 3.5 |
| **A** | 11.5 |
| **BBB** | 24.4 |
| **BB** | 13.8 |
| **B** | 3.4 |
| **CC** | 0.0 |
| **CCC** | 0.1 |
| **D** | 0.2 |
| **NR** | 4.9 |
| **Cash Equivalents & Other** | 2.0 |

---

![doughnut](qesf83i3s1mp4bjy7q.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes4wcl91movmsmrx.jpg)

**Thornburg Short Duration Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Short Duration Municipal Fund<br> CLASS: A TICKER: TLMAX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Short Duration Municipal Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.

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 underperformance 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](qesf83i3s1mp4bzm7i.jpg)

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

(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** | $35.00 | 0.70% |

---

Thornburg Short Duration Municipal Fund Tailored Shareholder Report 3/31/26 TH6229

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Short Duration Municipal Fund Class A (with sales charge)** | 0.70% | 0.95% | 0.97% |
| **Short Duration Municipal Fund Class A (without sales charge)** | 2.99% | 1.41% | 1.12% |
| **ICE BofA 1-3 Year U.S. Municipal Securities Index** | 3.29% | 1.66% | 1.61% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $94.2M |
| **Number of Holdings** | 107 |
| **Portfolio Turnover** | 23.41% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 3.3 |
| **AA** | 36.7 |
| **A** | 39.9 |
| **BBB** | 9.4 |
| **NR** | 5.4 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 5.3 |

---

![doughnut](qesf83i3s1mp4c018b.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movs11qy.jpg)

Thornburg Short Duration Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Short Duration Municipal Fund<br> CLASS: I TICKER: TLMIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Short Duration Municipal Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qesf83i3s1mp4ksulj.jpg)

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

(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** | $25.00 | 0.50% |

---

Thornburg Short Duration Municipal Fund Tailored Shareholder Report 3/31/26 TH6230

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Short Duration Municipal Fund Class I** | 3.19% | 1.63% | 1.33% |
| **ICE BofA 1-3 Year U.S. Municipal Securities Index** | 3.29% | 1.66% | 1.61% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $94.2M |
| **Number of Holdings** | 107 |
| **Portfolio Turnover** | 23.41% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 3.3 |
| **AA** | 36.7 |
| **A** | 39.9 |
| **BBB** | 9.4 |
| **NR** | 5.4 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 5.3 |

---

![doughnut](qesf83i3s1mp4c018b.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movryys5.jpg)

**Thornburg Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Municipal Fund<br> CLASS: A TICKER: LTMFX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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 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](qesf83i3s1mp4cq1n0.jpg)

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

(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** | $39.00 | 0.79% |

---

Thornburg Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6225

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Municipal Fund Class A (with sales charge)** | 1.33% | 0.52% | 1.14% |
| **Limited Term Municipal Fund Class A (without sales charge)** | 3.66% | 0.98% | 1.29% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 4.12% | 1.29% | 1.85% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $2,137.1M |
| **Number of Holdings** | 796 |
| **Portfolio Turnover** | 9.90% |
| **Total Advisory Fee** | $3.8M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 4.8 |
| **AA** | 39.3 |
| **A** | 43.5 |
| **BBB** | 4.8 |
| **NR** | 2.5 |
| **Below Invest. Grade** | 0.2 |
| **Cash & Cash Equivalent** | 4.9 |

---

![doughnut](qespblfz1mp4c0unt.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movt0jad.jpg)

**Thornburg Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Municipal Fund<br> CLASS: C TICKER: LTMCX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qespblfz1mp4cp9ez.jpg)

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

(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** | $56.00 | 1.11% |

---

Thornburg Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6226

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Municipal Fund Class C (with sales charge)** | 2.83% | 0.71% | 1.02% |
| **Limited Term Municipal Fund Class C (without sales charge)** | 3.33% | 0.71% | 1.02% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 4.12% | 1.29% | 1.85% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $2,137.1M |
| **Number of Holdings** | 796 |
| **Portfolio Turnover** | 9.90% |
| **Total Advisory Fee** | $3.8M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 4.8 |
| **AA** | 39.3 |
| **A** | 43.5 |
| **BBB** | 4.8 |
| **NR** | 2.5 |
| **Below Invest. Grade** | 0.2 |
| **Cash & Cash Equivalent** | 4.9 |

---

![doughnut](qespblfz1mp4c0unt.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movsys43.jpg)

**Thornburg Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Limited Term Municipal Fund<br> CLASS: C2 TICKER: LTMQX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class C2 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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 since inception?**

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

**Cumulative Performance**

![line](qesf83i3s1mpba8flo.jpg)

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

(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** | $63.00 | 1.27% |

---

Thornburg Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6228

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Limited Term Municipal Fund Class C2 (with sales charge)** | 2.61% | 0.49% |
| **Limited Term Municipal Fund Class C2 (without sales charge)** | 3.26% | 0.49% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 4.12% | 1.29% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $2,137.1M |
| **Number of Holdings** | 796 |
| **Portfolio Turnover** | 9.90% |
| **Total Advisory Fee** | $3.8M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 4.8 |
| **AA** | 39.3 |
| **A** | 43.5 |
| **BBB** | 4.8 |
| **NR** | 2.5 |
| **Below Invest. Grade** | 0.2 |
| **Cash & Cash Equivalent** | 4.9 |

---

![doughnut](qespblfz1mp4c0unt.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: LTMIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Limited Term Municipal Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qespblfz1mp4co1uc.jpg)

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

(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** | $27.00 | 0.54% |

---

Thornburg Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6227

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Limited Term Municipal Fund Class I** | 3.93% | 1.23% | 1.55% |
| **ICE BofA 1-10 Year U.S. Municipal Securities Index** | 4.12% | 1.29% | 1.85% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $2,137.1M |
| **Number of Holdings** | 796 |
| **Portfolio Turnover** | 9.90% |
| **Total Advisory Fee** | $3.8M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 4.8 |
| **AA** | 39.3 |
| **A** | 43.5 |
| **BBB** | 4.8 |
| **NR** | 2.5 |
| **Below Invest. Grade** | 0.2 |
| **Cash & Cash Equivalent** | 4.9 |

---

![doughnut](qespblfz1mp4c0unt.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movsxa0f.jpg)

**Thornburg Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Intermediate Municipal Fund<br> CLASS: A TICKER: THIMX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares outperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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](qesf83i3s1mp4jvgr3.jpg)

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

(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** | $36.00 | 0.72% |

---

Thornburg Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6245

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Intermediate Municipal Fund Class A (with sales charge)** | 2.29% | 0.86% | 1.59% |
| **Intermediate Municipal Fund Class A (without sales charge)** | 4.40% | 1.26% | 1.79% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 4.67% | 1.12% | 2.12% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,236.0M |
| **Number of Holdings** | 615 |
| **Portfolio Turnover** | 5.03% |
| **Total Advisory Fee** | $2.7M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 5.0 |
| **AA** | 37.2 |
| **A** | 37.8 |
| **BBB** | 6.0 |
| **NR** | 6.7 |
| **Below Invest. Grade** | 0.5 |
| **Cash & Cash Equivalent** | 6.9 |

---

![doughnut](qesf83i3s1mp4bq4ni.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movqz8wj.jpg)

**Thornburg Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Intermediate Municipal Fund<br> CLASS: C TICKER: THMCX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.

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 underperformance 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](qesf83i3s1mp5tude9.jpg)

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

(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** | $55.00 | 1.09% |

---

Thornburg Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6246

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Intermediate Municipal Fund Class C (with sales charge)** | 3.33% | 0.87% | 1.42% |
| **Intermediate Municipal Fund Class C (without sales charge)** | 3.93% | 0.87% | 1.42% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 4.67% | 1.12% | 2.12% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,236.0M |
| **Number of Holdings** | 615 |
| **Portfolio Turnover** | 5.03% |
| **Total Advisory Fee** | $2.7M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 5.0 |
| **AA** | 37.2 |
| **A** | 37.8 |
| **BBB** | 6.0 |
| **NR** | 6.7 |
| **Below Invest. Grade** | 0.5 |
| **Cash & Cash Equivalent** | 6.9 |

---

![doughnut](qesf83i3s1mp4bq4ni.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movqy1oi.jpg)

**Thornburg Intermediate Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Intermediate Municipal Fund<br> CLASS: C2 TICKER: THMQX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class C2 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.

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 underperformance 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 since inception?**

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

**Cumulative Performance**

![line](qespblfz1mpb9l0wr.jpg)

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

(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** | $55.00 | 1.10% |

---

Thornburg Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6248

---

| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **Intermediate Municipal Fund Class C2 (with sales charge)** | 3.29% | 0.87% |
| **Intermediate Municipal Fund Class C2 (without sales charge)** | 3.94% | 0.87% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 4.67% | 1.12% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,236.0M |
| **Number of Holdings** | 615 |
| **Portfolio Turnover** | 5.03% |
| **Total Advisory Fee** | $2.7M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 5.0 |
| **AA** | 37.2 |
| **A** | 37.8 |
| **BBB** | 6.0 |
| **NR** | 6.7 |
| **Below Invest. Grade** | 0.5 |
| **Cash & Cash Equivalent** | 6.9 |

---

![doughnut](qesf83i3s1mp4bq4ni.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: THMIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Intermediate Municipal Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares outperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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](qespblfz1mp5ttmys.jpg)

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

(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** | $24.00 | 0.48% |

---

Thornburg Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6247

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Intermediate Municipal Fund Class I** | 4.66% | 1.50% | 2.04% |
| **ICE BofA 3-15 Year U.S. Municipal Securities Index** | 4.67% | 1.12% | 2.12% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1,236.0M |
| **Number of Holdings** | 615 |
| **Portfolio Turnover** | 5.03% |
| **Total Advisory Fee** | $2.7M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 5.0 |
| **AA** | 37.2 |
| **A** | 37.8 |
| **BBB** | 6.0 |
| **NR** | 6.7 |
| **Below Invest. Grade** | 0.5 |
| **Cash & Cash Equivalent** | 6.9 |

---

![doughnut](qesf83i3s1mp4bq4ni.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movqwlh0.jpg)

**Thornburg Strategic Municipal Income** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Municipal Income<br> CLASS: A TICKER: TSSAX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Municipal Income Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qesf83i3s1mp4kteth.jpg)

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

(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** | $40.00 | 0.79% |

---

Thornburg Strategic Municipal Income Tailored Shareholder Report 3/31/26 TH6249

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Municipal Income Fund Class A (with sales charge)** | 1.62% | 0.63% | 1.54% |
| **Strategic Municipal Income Fund Class A (without sales charge)** | 3.66% | 1.03% | 1.74% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $406.1M |
| **Number of Holdings** | 327 |
| **Portfolio Turnover** | 4.05% |
| **Total Advisory Fee** | $1.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 2.5 |
| **AA** | 23.7 |
| **A** | 31.2 |
| **BBB** | 15.5 |
| **NR** | 19.6 |
| **Below Invest. Grade** | 2.6 |
| **Cash & Cash Equivalent** | 5.0 |

---

![doughnut](qespblfz1mp4c5cvl.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movqq007.jpg)

**Thornburg Strategic Municipal Income** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Municipal Income<br> CLASS: C TICKER: TSSCX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Municipal Income Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qesf83i3s1mp4c4x3c.jpg)

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

(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** | $61.00 | 1.22% |

---

Thornburg Strategic Municipal Income Tailored Shareholder Report 3/31/26 TH6250

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Municipal Income Fund Class C (with sales charge)** | 2.52% | 0.55% | 1.27% |
| **Strategic Municipal Income Fund Class C (without sales charge)** | 3.11% | 0.55% | 1.27% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $406.1M |
| **Number of Holdings** | 327 |
| **Portfolio Turnover** | 4.05% |
| **Total Advisory Fee** | $1.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 2.5 |
| **AA** | 23.7 |
| **A** | 31.2 |
| **BBB** | 15.5 |
| **NR** | 19.6 |
| **Below Invest. Grade** | 2.6 |
| **Cash & Cash Equivalent** | 5.0 |

---

![doughnut](qespblfz1mp4c5cvl.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movqryi4.jpg)

**Thornburg Strategic Municipal Income** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Strategic Municipal Income<br> CLASS: I TICKER: TSSIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Strategic Municipal Income Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qesf83i3s1mp4kuf5n.jpg)

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

(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** | $28.00 | 0.56% |

---

Thornburg Strategic Municipal Income Tailored Shareholder Report 3/31/26 TH6251

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Strategic Municipal Income Fund Class I** | 3.89% | 1.24% | 1.97% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $406.1M |
| **Number of Holdings** | 327 |
| **Portfolio Turnover** | 4.05% |
| **Total Advisory Fee** | $1.0M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 2.5 |
| **AA** | 23.7 |
| **A** | 31.2 |
| **BBB** | 15.5 |
| **NR** | 19.6 |
| **Below Invest. Grade** | 2.6 |
| **Cash & Cash Equivalent** | 5.0 |

---

![doughnut](qespblfz1mp4c5cvl.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movqtar6.jpg)

**Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: A TICKER: LTCAX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qespblfz1mp4cml0f.jpg)

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

(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** | $37.00 | 0.74% |

---

Thornburg California Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6231

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **California Limited Term Municipal Fund Class A (with sales charge)** | 1.30% | 0.56% | 0.90% |
| **California Limited Term Municipal Fund Class A (without sales charge)** | 3.59% | 1.02% | 1.05% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $294.4M |
| **Number of Holdings** | 194 |
| **Portfolio Turnover** | 13.73% |
| **Total Advisory Fee** | $0.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 1.7 |
| **AA** | 60.2 |
| **A** | 25.7 |
| **BBB** | 4.9 |
| **NR** | 1.4 |
| **Below Invest. Grade** | 0.3 |
| **Cash & Cash Equivalent** | 5.8 |

---

![doughnut](qespblfz1mp4bt6vh.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movrxjlj.jpg)

**Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: C TICKER: LTCCX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class C Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qespblfz1mp4cm2nl.jpg)

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

(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** | $50.00 | 1.01% |

---

Thornburg California Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6232

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **California Limited Term Municipal Fund Class C (with sales charge)** | 2.81% | 0.74% | 0.78% |
| **California Limited Term Municipal Fund Class C (without sales charge)** | 3.32% | 0.74% | 0.78% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $294.4M |
| **Number of Holdings** | 194 |
| **Portfolio Turnover** | 13.73% |
| **Total Advisory Fee** | $0.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 1.7 |
| **AA** | 60.2 |
| **A** | 25.7 |
| **BBB** | 4.9 |
| **NR** | 1.4 |
| **Below Invest. Grade** | 0.3 |
| **Cash & Cash Equivalent** | 5.8 |

---

![doughnut](qespblfz1mp4bt6vh.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movrvw5o.jpg)

**Thornburg California Limited Term Municipal Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: C2 TICKER: LTCQX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class C2 Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class C2 shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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 since inception?**

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

**Cumulative Performance**

![line](qesf83i3s1mp5t7hau.jpg)

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

(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** | $53.00 | 1.06% |

---

Thornburg California Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6234

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| | | |
|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** |
| **California Limited Term Municipal Fund Class C2 (with sales charge)** | 2.63% | 0.73% |
| **California Limited Term Municipal Fund Class C2 (without sales charge)** | 3.28% | 0.73% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $294.4M |
| **Number of Holdings** | 194 |
| **Portfolio Turnover** | 13.73% |
| **Total Advisory Fee** | $0.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 1.7 |
| **AA** | 60.2 |
| **A** | 25.7 |
| **BBB** | 4.9 |
| **NR** | 1.4 |
| **Below Invest. Grade** | 0.3 |
| **Cash & Cash Equivalent** | 5.8 |

---

![doughnut](qespblfz1mp4bt6vh.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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

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| | |
|:---|:---|
| Thornburg California Limited Term Municipal Fund<br> CLASS: I TICKER: LTCIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg California Limited Term Municipal Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qespblfz1mp4cqtbm.jpg)

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

(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** | $24.00 | 0.49% |

---

Thornburg California Limited Term Municipal Fund Tailored Shareholder Report 3/31/26 TH6233

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **California Limited Term Municipal Fund Class I** | 3.85% | 1.26% | 1.31% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $294.4M |
| **Number of Holdings** | 194 |
| **Portfolio Turnover** | 13.73% |
| **Total Advisory Fee** | $0.6M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 1.7 |
| **AA** | 60.2 |
| **A** | 25.7 |
| **BBB** | 4.9 |
| **NR** | 1.4 |
| **Below Invest. Grade** | 0.3 |
| **Cash & Cash Equivalent** | 5.8 |

---

![doughnut](qespblfz1mp4bt6vh.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movru71p.jpg)

**Thornburg New Mexico Intermediate Municipal Fund** Tailored Shareholder Report

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| | |
|:---|:---|
| Thornburg New Mexico Intermediate Municipal Fund<br> CLASS: A TICKER: THNMX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg New Mexico Intermediate Municipal Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class A shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qespblfz1mp4c3ub9.jpg)

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

(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** | $48.00 | 0.97% |

---

Thornburg New Mexico Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6242

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New Mexico Intermediate Municipal Fund Class A (with sales charge)** | 1.35% | 0.13% | 0.97% |
| **New Mexico Intermediate Municipal Fund Class A (without sales charge)** | 3.42% | 0.52% | 1.17% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $87.7M |
| **Number of Holdings** | 102 |
| **Portfolio Turnover** | 5.58% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 22.0 |
| **AA** | 58.4 |
| **A** | 8.3 |
| **BBB** | 8.3 |
| **NR** | 0.0 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 3.0 |

---

![doughnut](qespblfz1mp4c4dh6.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movr1vk4.jpg)

Thornburg New Mexico Intermediate Municipal Fund Tailored Shareholder Report

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| | |
|:---|:---|
| Thornburg New Mexico Intermediate Municipal Fund<br> CLASS: D TICKER: THNDX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg New Mexico Intermediate Municipal Fund Class D Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class D shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qesf83i3s1mp4kqsww.jpg)

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

(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** | $61.00 | 1.22% |

---

Thornburg New Mexico Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6243

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New Mexico Intermediate Municipal Fund Class D** | 3.25% | 0.29% | 0.92% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $87.7M |
| **Number of Holdings** | 102 |
| **Portfolio Turnover** | 5.58% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 22.0 |
| **AA** | 58.4 |
| **A** | 8.3 |
| **BBB** | 8.3 |
| **NR** | 0.0 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 3.0 |

---

![doughnut](qespblfz1mp4c4dh6.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movr3gmp.jpg)

Thornburg New Mexico Intermediate Municipal Fund Tailored Shareholder Report

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| | |
|:---|:---|
| Thornburg New Mexico Intermediate Municipal Fund<br> CLASS: I TICKER: THNIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg New Mexico Intermediate Municipal Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class I shares underperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.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 underperformance 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](qespblfz1mp4krdxy.jpg)

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

(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** | $34.00 | 0.67% |

---

Thornburg New Mexico Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6244

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New Mexico Intermediate Municipal Fund Class I** | 3.83% | 0.86% | 1.49% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $87.7M |
| **Number of Holdings** | 102 |
| **Portfolio Turnover** | 5.58% |
| **Total Advisory Fee** | $0.2M |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 22.0 |
| **AA** | 58.4 |
| **A** | 8.3 |
| **BBB** | 8.3 |
| **NR** | 0.0 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 3.0 |

---

![doughnut](qespblfz1mp4c4dh6.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movr4vut.jpg)

Thornburg New York Intermediate Municipal Fund Tailored Shareholder Report

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| | |
|:---|:---|
| Thornburg New York Intermediate Municipal Fund<br> CLASS: A TICKER: THNYX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg New York Intermediate Municipal Fund Class A Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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](qesf83i3s1mp4ala1i.jpg)

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

(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** | $49.00 | 0.97% |

---

Thornburg New York Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6262

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New York Intermediate Municipal Fund Class A (with sales charge)** | 1.96% | 0.53% | 1.07% |
| **New York Intermediate Municipal Fund Class A (without sales charge)** | 4.03% | 0.93% | 1.27% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $28.5M |
| **Number of Holdings** | 79 |
| **Portfolio Turnover** | 3.97% |
| **Total Advisory Fee** | $40505 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 8.5 |
| **AA** | 62.5 |
| **A** | 14.9 |
| **BBB** | 6.4 |
| **NR** | 2.1 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 5.6 |

---

![doughnut](qesf83i3s1mp46hkf7.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes3p51hq1movoop6q.jpg)

Thornburg New York Intermediate Municipal Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg New York Intermediate Municipal Fund<br> CLASS: I TICKER: TNYIX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg New York Intermediate Municipal Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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](qespblfz1mp464u6r.jpg)

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

(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** | $34.00 | 0.67% |

---

Thornburg New York Intermediate Municipal Fund Tailored Shareholder Report 3/31/26 TH6263

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **New York Intermediate Municipal Fund Class I** | 4.44% | 1.27% | 1.60% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% | 0.87% | 2.19% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $28.5M |
| **Number of Holdings** | 79 |
| **Portfolio Turnover** | 3.97% |
| **Total Advisory Fee** | $40505 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 8.5 |
| **AA** | 62.5 |
| **A** | 14.9 |
| **BBB** | 6.4 |
| **NR** | 2.1 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 5.6 |

---

![doughnut](qesf83i3s1mp46hkf7.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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](qes5fpv1movor51v.jpg)

**Thornburg Emerging Markets Managed Account Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| Thornburg Emerging Markets Managed Account Fund<br> CLASS: SMA TICKER: THMGX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Emerging Markets Managed Account Fund Class SMA Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026. The Fund's underperformance relative to the Index during the period was primarily driven by weaker stock selection, followed by country allocation decisions. During the period, stock selection within the energy sector detracted from performance relative to the Index, while stock selection and an underweight positioning to the consumer discretionary sector contributed positively to performance relative to the Index. On a geographic basis, stock selection within the United Arab Emirates detracted from performance relative to the Index, while an underweight positioning to China contributed positively to 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 SMA portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

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

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

**Cumulative Performance**

![line](qesf83i3s1mp4cyl4x.jpg)

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

(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 3/31/26 TH6329

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Emerging Markets Managed Account Fund Class SMA** | 15.47% |
| **MSCI Emerging Markets Net Total Return USD Index** | 29.55% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $1.2M |
| **Number of Holdings** | 20 |
| **Portfolio Turnover** | 22.05% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Market Capitalization Exposure** | **(%)** |
| **Small Cap (<$2.5 B)** | 0.0 |
| **Mid Cap ($2.5-12 B)** | 32.9 |
| **Large Cap (>$12 B)** | 67.1 |

---

![doughnut](qes1yer1mot19nw2.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: THIBX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg High Income Bond Managed Account Fund Class SMA Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class SMA shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.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 SMA portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

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

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

**Cumulative Performance**

![line](qesf83i3s1mp5xvxvj.jpg)

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

(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 High Income Bond Managed Account Fund Tailored Shareholder Report 3/31/26 TH6539

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **High Income Bond Managed Account Fund Class SMA** | 6.79% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $5.4M |
| **Number of Holdings** | 141 |
| **Portfolio Turnover** | 8.00% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 0.2 |
| **AAA** | 15.5 |
| **AA** | 6.7 |
| **A** | 3.6 |
| **BBB** | 11.7 |
| **BB** | 39.8 |
| **B** | 6.7 |
| **CCC** | 0.0 |
| **D** | 0.0 |
| **NR** | 6.0 |
| **Cash Equivalents & Other** | 9.8 |

---

![doughnut](qespblfz1mp4arvu2.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: TIGMX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Investment Grade Bond Managed Account Fund Class SMA Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class SMA shares outperformed the Bloomberg U.S. Aggregate Total Return Index Value USD (the "Index") during the 6-month period ended March 31, 2026.Against a backdrop of a steepening yield curve and tightening credit spreads, short end yields generally moved lower while 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 benefitted from shorter duration positioning and its focus on opportunistic higher yielding sectors.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 SMA portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

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

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

**Cumulative Performance**

![line](qesf83i3s1mp5xo604.jpg)

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

(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 Investment Grade Bond Managed Account Fund Tailored Shareholder Report 3/31/26 TH6540

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Investment Grade Bond Managed Account Fund Class SMA** | 5.47% |
| **Bloomberg U.S. Aggregate Total Return Index Value USD** | 4.35% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $2.2M |
| **Number of Holdings** | 169 |
| **Portfolio Turnover** | 4.88% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **U.S. Government** | 3.0 |
| **AAA** | 42.2 |
| **AA** | 7.5 |
| **A** | 19.5 |
| **BBB** | 17.1 |
| **NR** | 0.6 |
| **Below Invest. Grade** | 0.0 |
| **Cash Equivalents & Other** | 10.1 |

---

![doughnut](qespblfz1mp4aqoiy.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: THMMX<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Municipal Managed Account Fund Class SMA Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

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

The Fund's Class SMA shares outperformed the ICE BofA US Municipal Securities Index (the "Index") during the 6-month period ended March 31, 2026.

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 SMA portfolio. Accordingly, we encourage you to consider the SMA investment program's performance for the period as a whole.

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

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

**Cumulative Performance**

![line](qespblfz1mp4d24vo.jpg)

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

(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 3/31/26 TH6321

---

| | |
|:---|:---|
| **Annual Performance** | **1 Year** |
| **Municipal Managed Account Fund Class SMA** | 4.52% |
| **ICE BofA U.S. Municipal Securities Index** | 4.29% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $12.3M |
| **Number of Holdings** | 74 |
| **Portfolio Turnover** | 1.29% |
| **Total Advisory Fee** | $0 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Credit Quality Ratings\*** | **(%)** |
| **AAA** | 2.7 |
| **AA** | 32.4 |
| **A** | 22.0 |
| **BBB** | 19.2 |
| **BB** | 0.8 |
| **NR** | 21.3 |
| **Below Invest. Grade** | 0.0 |
| **Cash & Cash Equivalent** | 1.7 |

---

![doughnut](qespblfz1mp4b5dbc.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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 TICKER: N/A<br> Semi-Annual Shareholder Report<br>| ![logo](d7qyq2elm38hbd9o.jpg) <br>|

---

This semi-annual shareholder report contains important information about the Thornburg Capital Management Fund Class I Shares for the period from October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.thornburg.com/download. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

**How did the Fund perform 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 6-month period ended March 31, 2026.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 March 31, 2026, 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](qespblfz1mp4cx6k4.jpg)

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

(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** | $0.00 | 0.01% |

---

Thornburg Capital Management Fund Tailored Shareholder Report 3/31/26 TH6343

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance** | **1 Year** | **5 Year** | **10 Year** |
| **Capital Management Fund Class I** | 4.42% | 3.69% | 2.49% |
| **ICE BofA U.S. 1-Month Treasury Bill Index** | 4.08% | 3.35% | 2.20% |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Millions)** | $2,383.9M |
| **Number of Holdings** | 172 |
| **Portfolio Turnover\*** | 0% |
| **Total Advisory Fee** | $0 |

---

\* Portfolio turnover rate equals zero due to no long term investment transactions in the period.

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
|  **Types of Holdings** | **(%)** |
| **Commercial Paper** | 96.4 |
| **Repurchase Agreement** | 0.0 |
| **U.S. Treasury Securities** | 0.0 |
| **Mutual Fund** | 0.0 |
| **Other Assets Less Liabilities** | 3.6 |

---

![doughnut](qespblfz1mpef38z4.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, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2027 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

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

(b) Not
 applicable.

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

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

Thornburg Global Opportunities Fund

Thornburg International Equity Fund

Thornburg Better World International Fund

Thornburg International Growth Fund

Thornburg Developing World Fund

Thornburg American Opportunities Fund

Thornburg Focus 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

![](tbitncsrs001.jpg)

**SEMI-ANNUAL FINANCIAL STATEMENTS \| MARCH 31, 2026**

THORNBURG FUNDS - ALL CLASSES

Semi-Annual Financial Statements \| March 31, 2026

**Table of Contents**

---

| | |
|:---|:---|
| Equity Funds | Equity Funds |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa001) | &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Global Opportunities Fund](#tbitncsrsa002) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Equity Fund](#tbitncsrsa003) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Better World International Fund](#tbitncsrsa004) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg International Growth Fund](#tbitncsrsa005) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Developing World Fund](#tbitncsrsa006) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg American Opportunities Fund](#tbitncsrsa007) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Focus Growth Fund](#tbitncsrsa008) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Investment Income Builder Fund](#tbitncsrsa009) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Summit Fund](#tbitncsrsa010) | 40 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsrsa011) | 48 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsrsa012) | 52 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsrsa013) | 56 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsrsa014) | 61 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsrsa015) | 86 |
| Taxable Fixed Income Funds | Taxable Fixed Income Funds |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa016) | &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Ultra Short Income Fund](#tbitncsrsa017) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Limited Term U.S. Government Fund](#tbitncsrsa018) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Limited Term Income Fund](#tbitncsrsa019) | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Core Plus Bond Fund](#tbitncsrsa020) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Strategic Income Fund](#tbitncsrsa021) | 145 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsrsa022) | 176 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsrsa023) | 178 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsrsa024) | 180 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsrsa025) | 183 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsrsa026) | 200 |
| Municipal Funds | Municipal Funds |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa027) | &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Short Duration Municipal Fund](#tbitncsrsa028) | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Limited Term Municipal Fund](#tbitncsrsa029) | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Intermediate Municipal Fund](#tbitncsrsa030) | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Strategic Municipal Income Fund](#tbitncsrsa031) | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg California Limited Term Municipal Fund](#tbitncsrsa032) | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg New Mexico Intermediate Municipal Fund](#tbitncsrsa033) | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg New York Intermediate Municipal Fund](#tbitncsrsa034) | 253 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsrsa035) | 256 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsrsa036) | 260 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsrsa037) | 262 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsrsa038) | 266 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsrsa039) | 280 |
| Managed Account Funds | Managed Account Funds |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa040) | &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Emerging Markets Managed Account Fund](#tbitncsrsa041) | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg High Income Bond Managed Account Fund](#tbitncsrsa042) | 296 |

---

Semi-Annual Financial Statements \| 3

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Investment Grade Bond Managed Account Fund](#tbitncsrsa043) | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Municipal Managed Account Fund](#tbitncsrsa044) | 308 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsrsa045) | 311 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsrsa046) | 312 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#tbitncsrsa047) | 313 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsrsa048) | 315 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsrsa049) | 324 |
| Capital Management Fund | Capital Management Fund |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa050) | &nbsp;&nbsp;&nbsp;[Schedule of Investments](#tbitncsrsa050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thornburg Capital Management Fund](#tbitncsrsa051) | 332 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#tbitncsrsa052) | 336 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#tbitncsrsa053) | 337 |
| &nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#tbitncsrsa054) | 338 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#tbitncsrsa055) | 339 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#tbitncsrsa056) | 344 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#tbitncsrsa057) | 346 |
| [Proxy Disclosures for Open-End Management Investment Companies](#tbitncsrsa058) | 346 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#tbitncsrsa059) | 346 |

---

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 \| Semi-Annual Financial Statements

Schedule of Investments

Thornburg Global Opportunities Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **COMMON STOCK — 91.6%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 214458 | $13181209 |
|  |  |  | 13181209 |
|  | **BANKS — 10.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 10.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 2972784 | 53935906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 656072 | 62499800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 609766 | 69153562 |
|  |  |  | 185589268 |
|  | **CAPITAL GOODS — 6.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 72197 | 24918795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | 996886 | 58981814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 1680638 | 22319253 |
|  |  |  | 106219862 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 3.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. Class A | 65034 | 35370042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Teleperformance SE | 464876 | 27317445 |
|  |  |  | 62687487 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. Sponsored ADR | 357053 | 44795869 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 168207 | 26862658 |
|  |  |  | 71658527 |
|  | **CONSUMER DURABLES & APPAREL — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Barratt Redrow plc | 408126 | 1419496 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | 734690 | 7706751 |
|  |  |  | 9126247 |
|  | **CONSUMER SERVICES — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 6823 | 28727013 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 8516863 | 38495272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Round One Corp. | 2727683 | 14343216 |
|  |  |  | 81565501 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 4509770 | 28344031 |
|  |  |  | 28344031 |
|  | **ENERGY — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 3003620 | 43338179 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | 830216 | 38821801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 449556 | 41257600 |
|  |  |  | 123417580 |
|  | **FINANCIAL SERVICES — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 539195 | 50673546 |

---

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

**Schedule of Investments, Continued** 

Thornburg Global Opportunities Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 68578 | $12510685 |
|  |  |  | 63184231 |
|  | **FOOD, BEVERAGE & TOBACCO — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Icecek AS | 14826506 | 23536269 |
|  |  |  | 23536269 |
|  | **INSURANCE — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NN Group NV | 561823 | 43876076 |
|  |  |  | 43876076 |
|  | **MATERIALS — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 886737 | 52122401 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources Ltd. | 592543 | 22761254 |
|  |  |  | 74883655 |
|  | **MEDIA & ENTERTAINMENT — 8.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 8.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 263856 | 75874431 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 63366 | 36253590 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 591759 | 37323624 |
|  |  |  | 149451645 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 34560 | 31787251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Class B | 422929 | 15476860 |
|  |  |  | 47264111 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 1343293 | 77688712 |
|  |  |  | 77688712 |
|  | **SOFTWARE & SERVICES — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 3.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 121788 | 29604227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 179066 | 30527632 |
|  |  |  | 60131859 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 721996 | 84445586 |
|  |  |  | 84445586 |
|  | **TELECOMMUNICATION SERVICES — 16.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 16.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 1799357 | 52163359 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Converge Information & Communications Technology Solutions, Inc. | 66193186 | 13486784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 1149272 | 42894584 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 3749327 | 76872662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Zegona Communications plc | 4310811 | 94846378 |
|  |  |  | 280263767 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $833,080,532) |  | 1586515623 |
|  | **SHORT-TERM INVESTMENTS — 9.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 15658504 | 156585036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $156,585,036) |  | 156585036 |

---

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

**Schedule of Investments, Continued**

Thornburg Global Opportunities Fund \| March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 100.6% (Cost $989,665,568) |  | $1743100659 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES NET OF OTHER ASSETS — (0.6)% |  | (10877742) |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS — 100.0% |  | $1732222917 |

---

**OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONTRACT**<br>**DESCRIPTION** | **CONTRACT**<br>**PARTY\*** | <br>**BUY/SELL** | **CONTRACT**<br>**AMOUNT** | **CONTRACT**<br>**VALUE DATE** | **VALUE**<br>**USD** | **UNREALIZED**<br>**APPRECIATION** | **UNREALIZED**<br>**DEPRECIATION** |
| Great Britain Pound | SSB | Sell | 14346600 | 6/17/2026 | 18984891 | $198952 | $— |
| Euro | BBH | Sell | 229583200 | 6/26/2026 | 266388169 |  | (957848) |
| Total |  |  |  |  |  | $198952 | $(957848) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  |  |  | $(758896) |

---

\* 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 American Depositary Receipt

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 35.6% |
| &nbsp;&nbsp;France | 13.1% |
| &nbsp;&nbsp;China | 8.9% |
| &nbsp;&nbsp;United Kingdom | 7.9% |
| &nbsp;&nbsp;Germany | 5.5% |
| &nbsp;&nbsp;Taiwan | 5.4% |
| &nbsp;&nbsp;South Korea | 5.3% |
| &nbsp;&nbsp;Ireland | 3.4% |
| &nbsp;&nbsp;Netherlands | 2.8% |
| &nbsp;&nbsp;India | 2.7% |
| &nbsp;&nbsp;Macao | 2.4% |
| &nbsp;&nbsp;Turkey | 1.5% |
| &nbsp;&nbsp;Australia | 1.4% |
| &nbsp;&nbsp;Hong Kong | 1.4% |
| &nbsp;&nbsp;Denmark | 1.0% |
| &nbsp;&nbsp;Japan | 0.9% |
| &nbsp;&nbsp;Philippines | 0.8% |

---

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

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

Schedule of Investments

Thornburg International Equity Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **COMMON STOCK — 92.1%** |  |  |
|  | **BANKS — 9.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 9.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 184933077 | $71436094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 1444569 | 137614886 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV Series N | 4937910 | 128171709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 8371131 | 141756064 |
|  |  |  | 478978753 |
|  | **CAPITAL GOODS — 13.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 216221 | 78881475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Safran SA | 304035 | 99489185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ferrovial SE | 1455346 | 94679640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 6.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 1158460 | 94191981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 3342282 | 109316285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 459938 | 125278662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 3787346 | 111103643 |
|  |  |  | 712940871 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kanzhun Ltd. ADR | 4703923 | 62985529 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | 1540336 | 67112343 |
|  |  |  | 130097872 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 6909458 | 108302194 |
|  |  |  | 108302194 |
|  | **CONSUMER DURABLES & APPAREL — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 4886776 | 101853696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 23564 | 12881245 |
|  |  |  | 114734941 |
|  | **CONSUMER SERVICES — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.7%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B | 7999629 | 87293897 |
|  |  |  | 87293897 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 2093783 | 118679311 |
|  |  |  | 118679311 |
|  | **ENERGY — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | 1084513 | 50713004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 1980913 | 181796521 |
|  |  |  | 232509525 |
|  | **FINANCIAL SERVICES — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 18384035 | 65304255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 5275400 | 61606001 |
|  |  |  | 126910256 |

---

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

**Schedule of Investments, Continued**

Thornburg International Equity Fund \| March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| **FOOD, BEVERAGE & TOBACCO — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diageo plc | 1763191 | $32790440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | 396989 | 83599676 |
|  |  | 116390116 |
| **HEALTH CARE EQUIPMENT & SERVICES — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcon AG | 1114915 | 84008845 |
|  |  | 84008845 |
| **HOUSEHOLD & PERSONAL PRODUCTS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | 268668 | 109694599 |
|  |  | 109694599 |
| **INSURANCE — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Generali | 2087470 | 83982072 |
| &nbsp;&nbsp;&nbsp;&nbsp;NN Group NV | 1626567 | 127028223 |
|  |  | 211010295 |
| **MATERIALS — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Liquide SA | 266740 | 55134758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 210009 | 104565847 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 1336687 | 78570462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glencore plc | 19732360 | 149450398 |
|  |  | 387721465 |
| **MEDIA & ENTERTAINMENT — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 1777765 | 112127795 |
|  |  | 112127795 |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 801091 | 156645291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 300285 | 119840994 |
|  |  | 276486285 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 337037 | 113901654 |
|  |  | 113901654 |
| **SOFTWARE & SERVICES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 322708 | 55016090 |
|  |  | 55016090 |
| **TECHNOLOGY HARDWARE & EQUIPMENT — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 288203 | 102573500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 3359334 | 64014255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 1062525 | 124274298 |
|  |  | 290862053 |
| **TELECOMMUNICATION SERVICES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 7150678 | 146610752 |
|  |  | 146610752 |

---

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

**Schedule of Investments, Continued** 

Thornburg International Equity Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **TRANSPORTATION — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG | 1679639 | $88528570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 1668959 | 131280315 |
|  |  |  | 219808885 |
|  | **UTILITIES — 9.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Endesa SA | 3096173 | 129119938 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 10362263 | 113288848 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Iberdrola SA | 5195927 | 118956342 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 5593466 | 122505093 |
|  |  |  | 483870221 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $3,255,218,932) |  | 4717956675 |
|  | **WARRANT — 0.0%** |  |  |
|  | **SOFTWARE & SERVICES — 0.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.0%** | | |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc., 3/31/2040 | 16647 | 2 |
|  |  |  | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL WARRANTS (Cost $0) |  | 2 |
|  | **SHORT-TERM INVESTMENTS — 7.4%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 37703763 | 377037625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $377,037,625) |  | 377037625 |
|  | TOTAL INVESTMENTS — 99.5% (Cost $3,632,256,557) |  | $5094994302 |
|  | OTHER ASSETS LESS LIABILITIES — 0.5% |  | 24239649 |
|  | NET ASSETS — 100.0% |  | $5119233951 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $87,293,897, representing 1.71% of the Fund's net assets. |

---

b Non-income producing.

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 American Depositary Receipt

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

**Schedule of Investments, Continued**

Thornburg International Equity Fund \| March 31, 2026 (Unaudited)

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Japan | 16.1% |
| &nbsp;&nbsp;France | 15.8% |
| &nbsp;&nbsp;United States | 13.9% |
| &nbsp;&nbsp;China | 9.6% |
| &nbsp;&nbsp;Germany | 7.3% |
| &nbsp;&nbsp;Netherlands | 5.4% |
| &nbsp;&nbsp;Canada | 5.3% |
| &nbsp;&nbsp;Spain | 5.3% |
| &nbsp;&nbsp;Italy | 4.2% |
| &nbsp;&nbsp;United Kingdom | 4.0% |
| &nbsp;&nbsp;Australia | 3.2% |
| &nbsp;&nbsp;South Korea | 2.6% |
| &nbsp;&nbsp;Taiwan | 2.4% |
| &nbsp;&nbsp;Switzerland | 2.0% |
| &nbsp;&nbsp;Indonesia | 1.5% |
| &nbsp;&nbsp;Brazil | 1.4% |

---

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

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

Schedule of Investments

Thornburg Better World International Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **COMMON STOCK — 94.6%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 226368 | $7755116 |
|  |  |  | 7755116 |
|  | **BANKS — 11.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 11.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 15030300 | 5805916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 177340 | 16894052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV Series N | 513380 | 13325636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 928877 | 15729529 |
|  |  |  | 51755133 |
|  | **CAPITAL GOODS — 15.7%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 10.3%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 142924 | 11620854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | 121800 | 7206426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 456100 | 14917699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 52969 | 14427782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 430800 | 12637729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | 32179 | 7839902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Weir Group plc | 134039 | 5026826 |
|  |  |  | 73677218 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 4.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Elis SA | 166494 | 4714851 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Experian plc | 169116 | 5850482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kanzhun Ltd. ADR | 442103 | 5919759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | 55500 | 2418132 |
|  |  |  | 18903224 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 3.9%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 3.9%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 670400 | 10508175 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 4374 | 7562733 |
|  |  |  | 18070908 |
|  | **CONSUMER DURABLES & APPAREL — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 464617 | 9683881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 13770 | 7527362 |
|  |  |  | 17211243 |
|  | **CONSUMER SERVICES — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Compass Group plc | 165007 | 4603846 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. | 117297 | 4374005 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Meituan Class B | 964700 | 10527041 |
|  |  |  | 19504892 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 237723 | 13474559 |
|  |  |  | 13474559 |

---

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

**Schedule of Investments, Continued**

Thornburg Better World International Fund \| March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| **FINANCIAL SERVICES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 800400 | $9347053 |
|  |  | 9347053 |
| **HEALTH CARE EQUIPMENT & SERVICES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcon AG | 161044 | 12173351 |
|  |  | 12173351 |
| **HOUSEHOLD & PERSONAL PRODUCTS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | 29976 | 12238917 |
|  |  | 12238917 |
| **INSURANCE — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 331800 | 3686737 |
|  |  | 3686737 |
| **MATERIALS — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 31300 | 15584623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novonesis Novozymes B Class B | 79108 | 4699897 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Holcim AG | 56860 | 4700157 |
|  |  | 24984677 |
| **MEDIA & ENTERTAINMENT — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group Sponsored ADR | 151834 | 1409019 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 154300 | 9732062 |
|  |  | 11141081 |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 79658 | 15576321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 35498 | 14166927 |
|  |  | 29743248 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3945 | 5245887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 38921 | 13153352 |
|  |  | 18399239 |
| **SOFTWARE & SERVICES — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Software — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE Sponsored ADR | 45643 | 7814538 |
| &nbsp;&nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | 79571 | 2146871 |
|  |  | 9961409 |
| **TECHNOLOGY HARDWARE & EQUIPMENT — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 27887 | 9925182 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 279000 | 5316523 |
|  |  | 15241705 |
| **TELECOMMUNICATION SERVICES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 302428 | 6200698 |
|  |  | 6200698 |

---

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

**Schedule of Investments, Continued**

Thornburg Better World International Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **TRANSPORTATION — 5.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG | 181877 | $9586173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;DSV AS | 21805 | 5266084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 117293 | 9226267 |
|  |  |  | 24078524 |
|  | **UTILITIES — 9.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 9.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Endesa SA | 375855 | 15674310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 1334116 | 14585662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Iberdrola SA | 696748 | 15951454 |
|  |  |  | 46211426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $371,205,407) |  | 443760358 |
|  | **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 — 3.5%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 1660731 | 16607307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $16,607,307) |  | 16607307 |
|  | TOTAL INVESTMENTS — 98.1% (Cost $387,812,714) |  | $460367666 |
|  | OTHER ASSETS LESS LIABILITIES — 1.9% |  | 8755559 |
|  | NET ASSETS — 100.0% |  | $469123225 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $10,527,041, representing 2.24% 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 American Depositary Receipt

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

**Schedule of Investments, Continued** 

Thornburg Better World International Fund \| March 31, 2026 (Unaudited)

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Japan | 18.0% |
| &nbsp;&nbsp;United States | 15.1% |
| &nbsp;&nbsp;France | 12.5% |
| &nbsp;&nbsp;China | 10.2% |
| &nbsp;&nbsp;Spain | 7.1% |
| &nbsp;&nbsp;Germany | 5.7% |
| &nbsp;&nbsp;United Kingdom | 5.7% |
| &nbsp;&nbsp;Canada | 5.1% |
| &nbsp;&nbsp;Netherlands | 4.2% |
| &nbsp;&nbsp;Italy | 3.3% |
| &nbsp;&nbsp;Taiwan | 3.0% |
| &nbsp;&nbsp;Switzerland | 2.6% |
| &nbsp;&nbsp;Denmark | 2.2% |
| &nbsp;&nbsp;Brazil | 1.7% |
| &nbsp;&nbsp;Indonesia | 1.3% |
| &nbsp;&nbsp;India | 1.0% |
| &nbsp;&nbsp;Hong Kong | 0.8% |
| &nbsp;&nbsp;Australia | 0.5% |

---

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

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

Schedule of Investments

Thornburg International Growth Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **COMMON STOCK — 95.9%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ferrari NV | 55524 | $18792098 |
|  |  |  | 18792098 |
|  | **BANKS — 3.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 3.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 101308 | 9650968 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 632004 | 8152889 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 449087 | 6453380 |
|  |  |  | 24257237 |
|  | **CAPITAL GOODS — 11.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 5.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 25610 | 9343008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings plc | 1094458 | 16627473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Thales SA | 26691 | 7827005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nitto Boseki Co. Ltd. | 48300 | 6114341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | 54500 | 3224550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 37119 | 10110534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | 60729 | 8330804 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Diploma plc | 159132 | 12705419 |
|  |  |  | 74283134 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kanzhun Ltd. ADR | 305274 | 4087619 |
|  |  |  | 4087619 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 4.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 7870 | 13607388 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. ADR | 151177 | 12518967 |
|  |  |  | 26126355 |
|  | **CONSUMER DURABLES & APPAREL — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | 84821 | 7412857 |
|  |  |  | 7412857 |
|  | **CONSUMER SERVICES — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 201493 | 5818079 |
|  |  |  | 5818079 |
|  | **FINANCIAL SERVICES — 9.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 5.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 2027767 | 7203088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | 37076 | 10861242 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fairfax India Holdings Corp. | 299961 | 4814374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 807200 | 9426463 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 52710 | 26337079 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wise plc Class A | 265518 | 3197416 |
|  |  |  | 61839662 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 5.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 5.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alcon AG | 117859 | 8908988 |

---

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

**Schedule of Investments, Continued**

Thornburg International Growth Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | &nbsp;&nbsp;Hoya Corp. | 145114 | $25157014 |
|  |  |  | 34066002 |
|  | **INSURANCE — 0.9%** |  |  |
|  | &nbsp;&nbsp;**Insurance — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;PB Fintech Ltd. | 390642 | 5922577 |
|  |  |  | 5922577 |
|  | **MATERIALS — 2.1%** |  |  |
|  | &nbsp;&nbsp;**Chemicals — 2.1%** |  |  |
|  | &nbsp;&nbsp;Air Liquide SA | 64042 | 13237385 |
|  |  |  | 13237385 |
|  | **MEDIA & ENTERTAINMENT — 9.8%** |  |  |
|  | &nbsp;&nbsp;**Interactive Media & Services — 9.8%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;SMG Swiss Marketplace Group AG | 242035 | 8456338 |
|  | &nbsp;&nbsp;Tencent Holdings Ltd. | 704183 | 44414468 |
|  | &nbsp;&nbsp;Vend Marketplaces ASA | 371368 | 9193471 |
|  |  |  | 62064277 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 7.7%** |  |  |
|  | &nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;BioArctic AB | 32994 | 1124858 |
|  | &nbsp;&nbsp;**Life Sciences Tools & Services — 3.0%** |  |  |
|  | &nbsp;&nbsp;Lonza Group AG | 29067 | 18647014 |
|  | &nbsp;&nbsp;**Pharmaceuticals — 4.5%** |  |  |
|  | &nbsp;&nbsp;AstraZeneca plc | 146169 | 28581878 |
|  |  |  | 48353750 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 23.3%** |  |  |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 23.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Advanced Micro Devices, Inc. | 73967 | 15047107 |
|  | &nbsp;&nbsp;ASM International NV | 19111 | 14485231 |
|  | &nbsp;&nbsp;ASML Holding NV | 20967 | 27880994 |
|  | &nbsp;&nbsp;BE Semiconductor Industries NV | 65028 | 13928593 |
|  | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 1303000 | 75358386 |
|  |  |  | 146700311 |
|  | **SOFTWARE & SERVICES — 5.9%** |  |  |
|  | &nbsp;&nbsp;**Information Technology Services — 4.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Globant SA | 62897 | 2900181 |
|  | &nbsp;&nbsp;Nomura Research Institute Ltd. | 315000 | 8620804 |
| <sup>a</sup> | &nbsp;&nbsp;Shopify, Inc. Class A | 114233 | 13550319 |
|  | &nbsp;&nbsp;**Software — 1.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Cellebrite DI Ltd. | 457217 | 6300450 |
| <sup>a</sup> | &nbsp;&nbsp;Money Forward, Inc. | 255800 | 5701731 |
|  |  |  | 37073485 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 4.0%** |  |  |
|  | &nbsp;&nbsp;**Communications Equipment — 2.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Arista Networks, Inc. | 90098 | 11062232 |
|  | &nbsp;&nbsp;Zhongji Innolight Co. Ltd. Class A | 35900 | 3075520 |
|  | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 1.7%** |  |  |
|  | &nbsp;&nbsp;Samsung Electronics Co. Ltd. | 92222 | 10786405 |
|  |  |  | 24924157 |
|  | **UTILITIES — 1.5%** |  |  |
|  | &nbsp;&nbsp;**Multi-Utilities — 1.5%** |  |  |
|  | &nbsp;&nbsp;E.ON SE | 434019 | 9505651 |
|  |  |  | 9505651 |
|  | &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $377,821,331) |  | 604464636 |

---

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

**Schedule of Investments, Continued**

Thornburg International Growth Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS — 3.8%** | | |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 2421428 | $24214277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $24,214,277) |  | 24214277 |
|  | TOTAL INVESTMENTS — 99.7% (Cost $402,035,608) |  | $628678913 |
|  | OTHER ASSETS LESS LIABILITIES — 0.3% |  | 1889949 |
|  | NET ASSETS — 100.0% |  | $630568862 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $14,395,570, representing 2.28% of the Fund's net assets. |

---

c Investment in Affiliates.

---

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

---

**COUNTRY EXPOSURE \***

(percent of equity holdings)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Taiwan | 12.5% |
| &nbsp;&nbsp;United States | 12.3% |
| &nbsp;&nbsp;United Kingdom | 10.1% |
| &nbsp;&nbsp;Netherlands | 9.3% |
| &nbsp;&nbsp;Japan | 9.1% |
| &nbsp;&nbsp;China | 9.1% |
| &nbsp;&nbsp;Italy | 5.3% |
| &nbsp;&nbsp;France | 5.1% |
| &nbsp;&nbsp;Germany | 4.9% |
| &nbsp;&nbsp;Brazil | 4.5% |
| &nbsp;&nbsp;Switzerland | 4.5% |
| &nbsp;&nbsp;India | 3.1% |
| &nbsp;&nbsp;Canada | 2.2% |
| &nbsp;&nbsp;Singapore | 2.1% |
| &nbsp;&nbsp;South Korea | 1.8% |
| &nbsp;&nbsp;Norway | 1.5% |
| &nbsp;&nbsp;Ireland | 1.4% |
| &nbsp;&nbsp;Israel | 1.0% |
| &nbsp;&nbsp;Sweden | 0.2% |

---

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

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

Schedule of Investments

Thornburg Developing World Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCK — 92.1%** | &nbsp;&nbsp;&nbsp;**COMMON STOCK — 92.1%** |  |  |
|  | **BANKS — 12.7%** |  |  |
|  | **Banks — 12.7%** |  |  |
|  | Bank Central Asia Tbk PT | 36129100 | $13955977 |
|  | China Construction Bank Corp. Class H | 9764500 | 10537982 |
|  | Credicorp Ltd. | 39124 | 13270078 |
|  | ICICI Bank Ltd. | 1314776 | 16960688 |
|  | KB Financial Group, Inc. | 94755 | 9302141 |
|  | Piraeus Bank SA | 1240452 | 10191560 |
|  |  |  | 74218426 |
|  | **CAPITAL GOODS — 5.5%** |  |  |
|  | **Aerospace & Defense — 1.7%** |  |  |
| <sup>a</sup> | CSG NV | 116153 | 3133522 |
|  | LIG Nex1 Co. Ltd. | 16515 | 6814923 |
|  | **Electrical Equipment — 1.9%** |  |  |
|  | Contemporary Amperex Technology Co. Ltd. Class A | 185159 | 10955128 |
|  | **Machinery — 1.9%** |  |  |
|  | Techtronic Industries Co. Ltd. | 843916 | 11207396 |
|  |  |  | 32110969 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 9.9%** |  |  |
|  | **Broadline Retail — 9.9%** |  |  |
|  | Alibaba Group Holding Ltd. | 975500 | 15290460 |
| <sup>a</sup> | MercadoLibre, Inc. | 4902 | 8475656 |
|  | Naspers Ltd. Class N | 493181 | 25510760 |
| <sup>a</sup> | Sea Ltd. ADR | 104726 | 8672360 |
|  |  |  | 57949236 |
|  | **CONSUMER DURABLES & APPAREL — 1.1%** |  |  |
|  | **Household Durables — 1.1%** |  |  |
|  | Nien Made Enterprise Co. Ltd. | 605344 | 6349937 |
|  |  |  | 6349937 |
|  | **CONSUMER SERVICES — 1.1%** |  |  |
|  | **Hotels, Restaurants & Leisure — 1.1%** |  |  |
| <sup>a</sup> | MakeMyTrip Ltd. | 176566 | 6584146 |
|  |  |  | 6584146 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.2%** |  |  |
|  | **Consumer Staples Distribution & Retail — 4.2%** |  |  |
| <sup>a</sup> | BBB Foods, Inc. Class A | 169676 | 6001440 |
|  | Bid Corp. Ltd. | 782787 | 18854891 |
|  |  |  | 24856331 |
|  | **ENERGY — 4.1%** |  |  |
|  | **Energy Equipment & Services — 2.2%** |  |  |
|  | ADNOC Drilling Co. PJSC | 9162545 | 12957674 |
|  | **Oil, Gas & Consumable Fuels — 1.9%** |  |  |
|  | Reliance Industries Ltd. | 765442 | 11044294 |
|  |  |  | 24001968 |
|  | **FINANCIAL SERVICES — 3.0%** |  |  |
|  | **Capital Markets — 3.0%** |  |  |
|  | 360 ONE WAM Ltd. | 731083 | 7272201 |
|  | XP, Inc. Class A | 551855 | 10507319 |
|  |  |  | 17779520 |
|  | **FOOD, BEVERAGE & TOBACCO — 6.5%** |  |  |
|  | **Beverages — 4.9%** |  |  |
|  | Arca Continental SAB de CV | 1685800 | 19418256 |
|  | Kweichow Moutai Co. Ltd. Class A | 43034 | 9062288 |

---

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

**Schedule of Investments, Continued** 

Thornburg Developing World Fund \| March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China Mengniu Dairy Co. Ltd. | 4229200 | $9343582 |
|  |  | 37824126 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL Class F | 13706100 | 7854577 |
|  |  | 7854577 |
| &nbsp;&nbsp;&nbsp;**INSURANCE — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 1988000 | 22089309 |
|  |  | 22089309 |
| &nbsp;&nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 142200 | 8968887 |
|  |  | 8968887 |
| &nbsp;&nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 23.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 23.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 329000 | 15780530 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 41823 | 23728896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 1717659 | 99339992 |
|  |  | 138849418 |
| &nbsp;&nbsp;&nbsp;**SOFTWARE & SERVICES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 260535 | 6577406 |
|  |  | 6577406 |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 274593 | 32116752 |
|  |  | 32116752 |
| &nbsp;&nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 504897 | 9631353 |
|  |  | 9631353 |
| &nbsp;&nbsp;&nbsp;**TRANSPORTATION — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV Class B | 387135 | 9534844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salik Co. PJSC | 6629142 | 9322088 |
|  |  | 18856932 |
| &nbsp;&nbsp;&nbsp;**UTILITIES — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd. | 3884299 | 13378701 |
|  |  | 13378701 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $362,060,984) |  | 539997994 |
| **PREFERRED STOCK — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**BANKS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA 7.837% | 1305727 | 10960358 |
|  |  | 10960358 |

---

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

**Schedule of Investments, Continued**

Thornburg Developing World Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **ENERGY — 3.4%** | | |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA 6.007% | 2137972 | $20088438 |
|  |  |  | 20088438 |
|  | &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $18,937,547) |  | 31048796 |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 1419639 | 14196386 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $14,196,386) |  | 14196386 |
|  | TOTAL INVESTMENTS — 99.8% (Cost $395,194,917) |  | $585243176 |
|  | OTHER ASSETS LESS LIABILITIES — 0.2% |  | 1463748 |
|  | NET ASSETS — 100.0% |  | $586706924 |

---

**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 American Depositary Receipt

---

| | |
|:---|:---|
| **COUNTRY EXPOSURE \*** |  |
| (percent of equity holdings) |  |
| Taiwan | 21.3% |
| South Korea | 12.6% |
| China | 11.2% |
| India | 10.2% |
| Brazil | 8.8% |
| South Africa | 7.8% |
| Mexico | 6.1% |
| Hong Kong | 5.8% |
| United Arab Emirates | 3.9% |
| Indonesia | 2.4% |
| Malaysia | 2.3% |
| Peru | 2.3% |
| Greece | 1.8% |
| Singapore | 1.5% |
| Thailand | 1.4% |
| Czech Republic | 0.6% |

---

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

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

Schedule of Investments

Thornburg American Opportunities Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCK — 81.0%** | &nbsp;&nbsp;&nbsp;**COMMON STOCK — 81.0%** |  |  |
|  | **BANKS — 5.0%** |  |  |
|  | **Banks — 5.0%** |  |  |
|  | Pinnacle Financial Partners, Inc. | 139204 | $11991033 |
|  | Western Alliance Bancorp | 158357 | 11219593 |
|  |  |  | 23210626 |
|  | **CAPITAL GOODS — 17.3%** |  |  |
|  | &nbsp;&nbsp;**Aerospace & Defense — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Ducommun, Inc. | 130431 | 15912582 |
|  | &nbsp;&nbsp;**Building Products — 2.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Builders FirstSource, Inc. | 115529 | 9511502 |
|  | &nbsp;&nbsp;**Construction & Engineering — 4.1%** |  |  |
|  | &nbsp;&nbsp;Arcosa, Inc. | 79739 | 8463498 |
| <sup>a</sup> | &nbsp;&nbsp;MYR Group, Inc. | 37351 | 10544934 |
|  | &nbsp;&nbsp;**Electrical Equipment — 3.7%** |  |  |
|  | &nbsp;&nbsp;Vertiv Holdings Co. Class A | 68010 | 17041946 |
|  | &nbsp;&nbsp;**Machinery — 2.1%** |  |  |
|  | &nbsp;&nbsp;ITT, Inc. | 50105 | 9546506 |
|  | &nbsp;&nbsp;**Trading Companies & Distributors — 2.0%** |  |  |
|  | &nbsp;&nbsp;Applied Industrial Technologies, Inc. | 35687 | 9468475 |
|  |  |  | 80489443 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 6.4%** |  |  |
|  | &nbsp;&nbsp;**Commercial Services & Supplies — 4.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Casella Waste Systems, Inc. Class A | 121747 | 9659407 |
| <sup>a</sup> | &nbsp;&nbsp;Clean Harbors, Inc. | 37762 | 10827498 |
|  | &nbsp;&nbsp;**Professional Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;TransUnion | 136407 | 9438000 |
|  |  |  | 29924905 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 1.5%** |  |  |
|  | **Specialty Retail — 1.5%** |  |  |
|  | Group 1 Automotive, Inc. | 21853 | 7225257 |
|  |  |  | 7225257 |
|  | **CONSUMER DURABLES & APPAREL — 3.5%** |  |  |
|  | &nbsp;&nbsp;**Household Durables — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;SharkNinja, Inc. | 104629 | 11080211 |
|  | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Deckers Outdoor Corp. | 50889 | 5093480 |
|  |  |  | 16173691 |
|  | **CONSUMER SERVICES — 2.4%** |  |  |
|  | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.4%** |  |  |
|  | &nbsp;&nbsp;Booking Holdings, Inc. | 791 | 3330363 |
|  | &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 96056 | 7802629 |
|  |  |  | 11132992 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%** |  |  |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 52579 | 5174825 |
|  |  |  | 5174825 |
|  | **ENERGY — 6.9%** |  |  |
|  | &nbsp;&nbsp;**Energy Equipment & Services — 3.1%** |  |  |
|  | &nbsp;&nbsp;TechnipFMC plc | 211463 | 14618437 |
|  | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.8%** |  |  |
|  | &nbsp;&nbsp;DT Midstream, Inc. | 77547 | 10443254 |
|  | &nbsp;&nbsp;Matador Resources Co. | 113175 | 7150397 |
|  |  |  | 32212088 |

---

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

**Schedule of Investments, Continued**

Thornburg American Opportunities Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **FINANCIAL SERVICES — 6.2%** |  |  |
|  | &nbsp;&nbsp;**Capital Markets — 6.2%** |  |  |
|  | &nbsp;&nbsp;LPL Financial Holdings, Inc. | 35061 | $10547401 |
|  | &nbsp;&nbsp;Marex Group plc | 245925 | 10963337 |
|  | &nbsp;&nbsp;PJT Partners, Inc. Class A | 51684 | 7221288 |
|  |  |  | 28732026 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 3.1%** |  |  |
|  | &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.0%** |  |  |
|  | &nbsp;&nbsp;Medtronic plc | 53584 | 4643054 |
|  | &nbsp;&nbsp;**Health Care Providers & Services — 2.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Tenet Healthcare Corp. | 52134 | 9838207 |
|  |  |  | 14481261 |
|  | **INSURANCE — 2.1%** |  |  |
|  | &nbsp;&nbsp;**Insurance — 2.1%** |  |  |
|  | &nbsp;&nbsp;Assurant, Inc. | 44316 | 9652468 |
|  |  |  | 9652468 |
|  | **MATERIALS — 3.0%** |  |  |
|  | &nbsp;&nbsp;**Chemicals — 1.9%** |  |  |
|  | &nbsp;&nbsp;Sensient Technologies Corp. | 101425 | 8767177 |
|  | &nbsp;&nbsp;**Metals & Mining — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Constellium SE Class A | 205467 | 5050379 |
|  |  |  | 13817556 |
|  | **MEDIA & ENTERTAINMENT — 2.6%** |  |  |
|  | &nbsp;&nbsp;**Entertainment — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Netflix, Inc. | 125985 | 12113458 |
|  |  |  | 12113458 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.9%** |  |  |
|  | &nbsp;&nbsp;**Pharmaceuticals — 1.9%** |  |  |
|  | &nbsp;&nbsp;Eli Lilly & Co. | 9669 | 8893256 |
|  |  |  | 8893256 |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.4%** |  |  |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 2.4%** |  |  |
|  | &nbsp;&nbsp;Colliers International Group, Inc. | 105183 | 11243011 |
|  |  |  | 11243011 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.5%** |  |  |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 3.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 74613 | 16569309 |
|  |  |  | 16569309 |
|  | **SOFTWARE & SERVICES — 2.3%** |  |  |
|  | &nbsp;&nbsp;**Software — 2.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Agilysys, Inc. | 112371 | 7994073 |
| <sup>a</sup> | &nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. | 447744 | 2686464 |
| <sup>a</sup> | &nbsp;&nbsp;Nutanix, Inc. Class A | 550 | 20905 |
|  |  |  | 10701442 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 4.7%** |  |  |
|  | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Coherent Corp. | 74771 | 17811200 |
|  | &nbsp;&nbsp;Crane NXT Co. | 175 | 6928 |
|  | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Everpure, Inc. Class A | 67370 | 3977525 |
|  |  |  | 21795653 |

---

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

**Schedule of Investments, Continued** 

Thornburg American Opportunities Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **TRANSPORTATION — 2.6%** |  |  |
|  | &nbsp;&nbsp;**Ground Transportation — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;XPO, Inc. | 62018 | $12065602 |
|  |  |  | 12065602 |
|  | **UTILITIES — 2.5%** |  |  |
|  | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 2.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Talen Energy Corp. | 35991 | 11489407 |
|  |  |  | 11489407 |
|  | &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $234,319,255) |  | 377098276 |
|  | **EXCHANGE-TRADED FUNDS — 3.2%** |  |  |
|  | &nbsp;&nbsp;Vanguard Small-Cap ETF | 57542 | 15071401 |
|  | &nbsp;&nbsp;TOTAL EXCHANGE-TRADED FUNDS (Cost $15,871,116) |  | 15071401 |
|  | **SHORT-TERM INVESTMENTS — 14.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Thornburg Capital Management Fund | 6878313 | 68783125 |
|  | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $68,783,125) |  | 68783125 |
|  | TOTAL INVESTMENTS — 99.0% (Cost $318,973,496) |  | $460952802 |
|  | OTHER ASSETS LESS LIABILITIES — 1.0% |  | 4814841 |
|  | NET ASSETS — 100.0% |  | $465767643 |

---

**Footnote Legend** 

a Non-income producing.

b Investment in Affiliates.

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

Schedule of Investments

Thornburg Focus Growth Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCK — 91.7%** | &nbsp;&nbsp;&nbsp;**COMMON STOCK — 91.7%** |  |  |
|  | **CAPITAL GOODS — 22.5%** |  |  |
|  | &nbsp;&nbsp;**Aerospace & Defense — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;AeroVironment, Inc. | 3206 | $586859 |
|  | &nbsp;&nbsp;HEICO Corp. Class A | 5512 | 1163528 |
| <sup>a</sup> | &nbsp;&nbsp;Karman Holdings, Inc. | 6044 | 483822 |
| <sup>a</sup> | &nbsp;&nbsp;StandardAero, Inc. | 167359 | 4322883 |
|  | &nbsp;&nbsp;**Building Products — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Builders FirstSource, Inc. | 7070 | 582073 |
|  | &nbsp;&nbsp;**Construction & Engineering — 6.9%** |  |  |
|  | &nbsp;&nbsp;Argan, Inc. | 24848 | 13533463 |
|  | &nbsp;&nbsp;**Electrical Equipment — 6.1%** |  |  |
|  | &nbsp;&nbsp;Vertiv Holdings Co. Class A | 47006 | 11778764 |
|  | &nbsp;&nbsp;**Machinery — 2.7%** |  |  |
|  | &nbsp;&nbsp;ITT, Inc. | 27853 | 5306832 |
|  | &nbsp;&nbsp;**Trading Companies & Distributors — 3.1%** |  |  |
|  | &nbsp;&nbsp;AerCap Holdings NV | 4364 | 598653 |
|  | &nbsp;&nbsp;Applied Industrial Technologies, Inc. | 20727 | 5499288 |
|  |  |  | 43856165 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 3.9%** |  |  |
|  | &nbsp;&nbsp;**Commercial Services & Supplies — 3.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Casella Waste Systems, Inc. Class A | 81420 | 6459863 |
|  | &nbsp;&nbsp;**Professional Services — 0.6%** |  |  |
|  | &nbsp;&nbsp;TransUnion | 15198 | 1051549 |
|  |  |  | 7511412 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 2.1%** |  |  |
|  | &nbsp;&nbsp;**Broadline Retail — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Amazon.com, Inc. | 12929 | 2692723 |
|  | &nbsp;&nbsp;**Specialty Retail — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Victoria's Secret & Co. | 32032 | 1485003 |
|  |  |  | 4177726 |
|  | **CONSUMER DURABLES & APPAREL — 4.2%** |  |  |
|  | &nbsp;&nbsp;**Household Durables — 3.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;SharkNinja, Inc. | 65192 | 6903833 |
|  | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;On Holding AG Class A | 15334 | 521663 |
|  | &nbsp;&nbsp;Tapestry, Inc. | 6130 | 865004 |
|  |  |  | 8290500 |
|  | **ENERGY — 4.3%** |  |  |
|  | &nbsp;&nbsp;**Energy Equipment & Services — 4.3%** |  |  |
|  | &nbsp;&nbsp;TechnipFMC plc | 121711 | 8413881 |
|  |  |  | 8413881 |
|  | **FINANCIAL SERVICES — 9.8%** |  |  |
|  | &nbsp;&nbsp;**Capital Markets — 8.6%** |  |  |
|  | &nbsp;&nbsp;Acadian Asset Management, Inc. | 27786 | 1512114 |
|  | &nbsp;&nbsp;LPL Financial Holdings, Inc. | 1949 | 586318 |
|  | &nbsp;&nbsp;Marex Group plc | 162952 | 7264400 |
|  | &nbsp;&nbsp;PJT Partners, Inc. Class A | 4339 | 606245 |
|  | &nbsp;&nbsp;S&P Global, Inc. | 5547 | 2359361 |
|  | &nbsp;&nbsp;StepStone Group, Inc. Class A | 16225 | 774257 |
|  | &nbsp;&nbsp;Tradeweb Markets, Inc. Class A | 32066 | 3772885 |
|  | &nbsp;&nbsp;**Financial Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;Mastercard, Inc. Class A | 4645 | 2320921 |
|  |  |  | 19196501 |

---

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

**Schedule of Investments, Continued**

Thornburg Focus Growth Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **FOOD, BEVERAGE & TOBACCO — 1.6%** |  |  |
|  | &nbsp;&nbsp;**Beverages — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Celsius Holdings, Inc. | 88133 | $3126959 |
|  |  |  | 3126959 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 3.8%** |  |  |
|  | &nbsp;&nbsp;**Health Care Equipment & Supplies — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Artivion, Inc. | 130276 | 4770707 |
| <sup>a</sup> | &nbsp;&nbsp;Glaukos Corp. | 10886 | 1171987 |
| <sup>a</sup> | &nbsp;&nbsp;Insulet Corp. | 3249 | 681770 |
|  | &nbsp;&nbsp;**Health Care Technology — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Veeva Systems, Inc. Class A | 4803 | 843695 |
|  |  |  | 7468159 |
|  | **INSURANCE — 0.6%** |  |  |
|  | &nbsp;&nbsp;**Insurance — 0.6%** |  |  |
|  | &nbsp;&nbsp;Progressive Corp. | 5670 | 1124021 |
|  |  |  | 1124021 |
|  | **MATERIALS — 0.3%** |  |  |
|  | &nbsp;&nbsp;**Metals & Mining — 0.3%** |  |  |
|  | &nbsp;&nbsp;Wheaton Precious Metals Corp. | 4868 | 637757 |
|  |  |  | 637757 |
|  | **MEDIA & ENTERTAINMENT — 5.3%** |  |  |
|  | &nbsp;&nbsp;**Entertainment — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | 36301 | 3086311 |
|  | &nbsp;&nbsp;**Interactive Media & Services — 3.7%** |  |  |
|  | &nbsp;&nbsp;Alphabet, Inc. Class A | 13226 | 3803269 |
|  | &nbsp;&nbsp;Meta Platforms, Inc. Class A | 3950 | 2259913 |
| <sup>a</sup> | &nbsp;&nbsp;Reddit, Inc. Class A | 8431 | 1135234 |
|  |  |  | 10284727 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 8.9%** |  |  |
|  | &nbsp;&nbsp;**Biotechnology — 6.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | 10608 | 599246 |
| <sup>a</sup> | &nbsp;&nbsp;Cytokinetics, Inc. | 83190 | 5483053 |
| <sup>a</sup> | &nbsp;&nbsp;Insmed, Inc. | 38337 | 6268866 |
|  | &nbsp;&nbsp;**Life Sciences Tools & Services — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Repligen Corp. | 29401 | 3464026 |
|  | &nbsp;&nbsp;**Pharmaceuticals — 0.8%** |  |  |
|  | &nbsp;&nbsp;Royalty Pharma plc Class A | 31409 | 1506690 |
|  |  |  | 17321881 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.2%** |  |  |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 10.2%** |  |  |
|  | &nbsp;&nbsp;Broadcom, Inc. | 9303 | 2879372 |
| <sup>a</sup> | &nbsp;&nbsp;Credo Technology Group Holding Ltd. | 49584 | 4654450 |
| <sup>a</sup> | &nbsp;&nbsp;Rambus, Inc. | 58106 | 4998859 |
| <sup>a</sup> | &nbsp;&nbsp;SiTime Corp. | 21207 | 7323837 |
|  |  |  | 19856518 |
|  | **SOFTWARE & SERVICES — 8.1%** |  |  |
|  | &nbsp;&nbsp;**Information Technology Services — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Shopify, Inc. Class A | 7441 | 882651 |
|  | &nbsp;&nbsp;**Software — 7.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Agilysys, Inc. | 14062 | 1000371 |
| <sup>a</sup> | &nbsp;&nbsp;Cadence Design Systems, Inc. | 2058 | 571856 |
| <sup>a</sup> | &nbsp;&nbsp;Datadog, Inc. Class A | 4686 | 553182 |
| <sup>a</sup> | &nbsp;&nbsp;Guidewire Software, Inc. | 5891 | 881058 |
| <sup>a</sup> | &nbsp;&nbsp;JFrog Ltd. | 107419 | 5041174 |
|  | &nbsp;&nbsp;Microsoft Corp. | 13912 | 5149805 |

---

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

**Schedule of Investments, Continued**

Thornburg Focus Growth Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Rubrik, Inc. Class A | 12017 | $588473 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Samsara, Inc. Class A | 35873 | 1136815 |
|  |  |  | 15805385 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | 797 | 560100 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 51597 | 959188 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Everpure, Inc. Class A | 80064 | 4726979 |
|  |  |  | 6246267 |
|  | **TELECOMMUNICATION SERVICES — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 2739 | 575272 |
|  |  |  | 575272 |
|  | **TRANSPORTATION — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 1.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Saia, Inc. | 10180 | 3576030 |
|  |  |  | 3576030 |
|  | **UTILITIES — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Talen Energy Corp. | 4620 | 1474843 |
|  |  |  | 1474843 |
|  | &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $118,487,224) |  | 178944004 |
|  | **EXCHANGE-TRADED FUNDS — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Vanguard Small-Cap ETF | 6938 | 1817201 |
|  | &nbsp;&nbsp;&nbsp;TOTAL EXCHANGE-TRADED FUNDS (Cost $1,924,340) |  | 1817201 |
|  | **SHORT-TERM INVESTMENTS — 7.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 1465732 | 14657316 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $14,657,316) |  | 14657316 |
|  | TOTAL INVESTMENTS — 100.1% (Cost $135,068,880) |  | $195418521 |
|  | LIABILITIES NET OF OTHER ASSETS — (0.1)% |  | (148751) |
|  | NET ASSETS — 100.0% |  | $195269770 |

---

**Footnote Legend** 

a Non-income producing.

b Investment in Affiliates.

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

Schedule of Investments

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **COMMON STOCK — 87.3%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 1238700 | $42436482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 1903100 | 116970033 |
|  |  |  | 159406515 |
|  | **BANKS — 9.7%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 9.7%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 19129250 | 347066395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 7892300 | 751849145 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 6986967 | 792391927 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 5862414 | 153126254 |
|  |  |  | 2044433721 |
|  | **CAPITAL GOODS — 3.3%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems plc | 11749400 | 344474807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 25407 | 29445697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 23928000 | 183671797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 2629400 | 129486918 |
|  |  |  | 687079219 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 0.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 505482 | 166247975 |
|  |  |  | 166247975 |
|  | **CONSUMER DURABLES & APPAREL — 0.5%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.5%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. Class A | 9034630 | 100635614 |
|  |  |  | 100635614 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar AS | 5157800 | 79502103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 83026330 | 521822817 |
|  |  |  | 601324920 |
|  | **ENERGY — 7.5%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 7.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 3309521 | 179405491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eni SpA | 3846400 | 109367697 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA | 147823 | 6393345 |
| <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 | 126699473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;South Bow Corp. | 3421560 | 113830635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | 4549089 | 284861723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 8285200 | 760366826 |
|  |  |  | 1580937629 |
|  | **FINANCIAL SERVICES — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 1063223 | 314022913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MidCap Financial Investment Corp. | 3237783 | 36392681 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SLR Investment Corp. | 4357900 | 62361549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 4814078 | 178650435 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \|March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chimera Investment Corp. | 5197862 | $65233168 |
|  |  |  | 656660746 |
|  | **FOOD, BEVERAGE & TOBACCO — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA | 1451300 | 142359473 |
|  |  |  | 142359473 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 1829695 | 158543072 |
|  |  |  | 158543072 |
|  | **HOUSEHOLD & PERSONAL PRODUCTS — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | 1379307 | 92745071 |
|  |  |  | 92745071 |
|  | **INSURANCE — 6.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 6.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ASR Nederland NV | 1670500 | 115008597 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AXA SA | 6551100 | 301033095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Generali | 4639547 | 186655986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NN Group NV | 9581916 | 748308406 |
|  |  |  | 1351006084 |
|  | **MATERIALS — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | 894177 | 72034899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | 6902000 | 249731811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Glencore plc | 21342700 | 161646909 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO | 35140000 | 0 |
|  |  |  | 483413619 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 6.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 476780 | 103694882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 5.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 1545700 | 302246096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 3559942 | 428225423 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 1390208 | 213389026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 1517298 | 42605728 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 618500 | 246837686 |
|  |  |  | 1336998841 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2029364 | 628108452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 17649261 | 1020736624 |
|  |  |  | 1648845076 |
|  | **SOFTWARE & SERVICES — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies Ltd. | 2092600 | 30196753 |
|  |  |  | 30196753 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 4.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2613737 | 202799854 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 5529200 | $646702382 |
|  |  |  | 849502236 |
|  | **TELECOMMUNICATION SERVICES — 22.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 19.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 27002773 | 782810389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 15821300 | 590502587 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Digicel Holdings Ltd. | 220592 | 200066 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 59231000 | 330131472 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 72111380 | 1478503667 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | 65130000 | 250777956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Swisscom AG | 143600 | 120503794 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zegona Communications plc | 27593000 | 607100637 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group plc | 327785324 | 494415405 |
|  |  |  | 4654945973 |
|  | **TRANSPORTATION — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG | 5217600 | 275003537 |
|  |  |  | 275003537 |
|  | **UTILITIES — 6.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Endesa SA | 10955857 | 456892937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 54735431 | 598413103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Gas Utilities — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Snam SpA | 15827000 | 119896398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 8053300 | 176379058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Engie SA | 2047372 | 65981563 |
|  |  |  | 1417563059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $10,088,627,022) |  | 18437849133 |
|  | **PREFERRED STOCK — 0.3%** |  |  |
|  | **BANKS — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.1%** |  |  |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;First Horizon Bank (TSFR3M + 1.11%), 4/29/2026 | 12000 | 8877000 |
|  |  |  | 8877000 |
|  | **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%, 4/30/2026 | 160970 | 25667246 |
|  |  |  | 25667246 |
|  | **FINANCIAL SERVICES — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.0%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Series A, 4.634% (TSFR3M + 0.96%), 4/30/2026 | 120000 | 2271600 |
|  |  |  | 2271600 |
|  | **INSURANCE — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.1%** |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. 7.125% (5-Yr. CMT + 3.46%), 10/15/2052 | 762175 | 19366867 |
|  |  |  | 19366867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $58,496,360) |  | 56182713 |
|  | **ASSET BACKED SECURITIES — 0.7%** |  |  |
|  | **AUTO RECEIVABLES — 0.1%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class R, due 12/10/2027 | $24000 | $0 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P2 Class R, due 5/10/2028 | 8000 | 1058668 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P4 Class R, due 9/11/2028 | 17500 | 1786490 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | 24000 | 4980894 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 5888494 | 5997430 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | 125836 | 125898 |
|  | &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 | 2022366 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class R, due 3/15/2027 | 60000 | 3378600 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, Series 2021-1 Class R, 28.348% due 9/25/2028 | 416803 | 431037 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | 37000 | 1762646 |
|  |  |  | 21544029 |
|  | **CREDIT CARD — 0.2%** |  |  |
| <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 | 9235698 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fortiva Retail Credit Master Note Business Trust, Series 2025-ONE Class A, 5.55% due 1/15/2031 | 22585000 | 22434896 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Perimeter Master Notes Business Trust, 8.55% due 9/17/2029 | 5000000 | 5013320 |
|  |  |  | 36683914 |
|  | **OTHER ASSET BACKED — 0.3%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 5250041 | 5202003 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ASP WHCO Partner 2 LP, 6.783% due 3/29/2029 | 23750000 | 23695430 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 10000000 | 9859100 |
| <sup>b,d,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | 13687621 | 8912949 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 42000 | 1634299 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Asset Securitization Trust, Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 2696083 | 2711609 |
|  | &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 | 18352 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | 26000 | 356600 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | 23881 | 350846 |
|  | &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 | 1255518 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 12/20/2046 | 8500000 | 1179647 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 4/22/2047 | 10000000 | 607220 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | 11604 | 149926 |
| <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 | 4974926 |
|  | &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 | 262342 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST9 Class CERT, due 11/20/2029 | 1415000 | 151542 |
|  |  |  | 61322309 |
|  | **STUDENT LOAN — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC Series 2023-A Class R, due 5/25/2055 | 35000 | 16506283 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MPOWER Education Trust, Series 2025-A Class A, 6.62% due 7/21/2042 | 12337918 | 12463778 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.083% (TSFR1M + 0.40%) due 1/25/2033 | 4716890 | 4591928 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | 23000 | 501787 |
|  |  |  | 34063776 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $147,130,925) |  | 153614028 |
|  | **CORPORATE BONDS — 3.7%** |  |  |
|  | **BANKS — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.2%** |  |  |
|  | &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 | 1925519 |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 34407000 | 33730214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Keybank National Association, 5.00% due 1/26/2033 | 10250000 | 10115110 |
|  |  |  | 45770843 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 31

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **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 | $7306050 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | 6345000 | 6417460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 5840000 | 6013565 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 7470000 | 7737052 |
|  |  |  | 27474127 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | 7500000 | 6698625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 12869000 | 13430088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | 8975000 | 9321974 |
|  |  |  | 29450687 |
|  | **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 | 9731374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | 5000000 | 5240250 |
|  |  |  | 14971624 |
|  | **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 | 4236264 |
|  |  |  | 4236264 |
|  | **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 | 25135472 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | 5880000 | 5807147 |
|  |  |  | 30942619 |
|  | **ENERGY — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.1%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | 7850000 | 7642524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.7%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | 13230000 | 13693182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 3/30/2028 | 6500000 | 6247150 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% due 9/30/2033 | 12410941 | 12758820 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.943% (TSFR3M + 3.28%) due 11/1/2066 | 13820000 | 13578150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/1/2043 | 10000000 | 8970000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/15/2035 | 10000000 | 10384400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 12/1/2034 | 23630000 | 23839598 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 6/1/2045 | 5000000 | 4768100 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte. Ltd., 8.96% due 4/27/2029 | 7000000 | 7186760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | 10000000 | 9555300 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% due 2/16/2032 | 3000000 | 2935680 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69% due 1/23/2050 | 5650000 | 4895725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | 4892000 | 5065960 |
| <sup>d,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% (5-Yr. CMT + 4.23%) due 9/18/2030 | 7588000 | 7732703 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028 | 5000000 | 4993550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 5.75% due 6/24/2044 | 14198000 | 13834531 |
|  |  |  | 158082133 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **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 | $7647150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | 8186500 | 8147778 |
|  |  |  | 15794928 |
|  | **FINANCIAL SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | 2500000 | 2536650 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | 13000000 | 12930970 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 11500000 | 10384385 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA, 7.50% due 6/15/2030 | 1520371 | 1492685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | 4098000 | 4040341 |
|  | &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 | 2915850 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% due 10/23/2029 | 5000000 | 4949000 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95% due 8/11/2028 | 3000000 | 3109980 |
|  |  |  | 42359861 |
|  | **FOOD, BEVERAGE & TOBACCO — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.0%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 10443000 | 10185476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 6.00% due 6/15/2030 | 4050000 | 4090378 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Tobacco — 0.1%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 6.125% due 7/27/2027 | 5000000 | 5101050 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JT International Financial Services BV, 6.875% due 10/24/2032 | 5000000 | 5540300 |
|  |  |  | 24917204 |
|  | **INSURANCE — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.2%** |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | 8354000 | 7378754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% due 3/15/2031 | 1617000 | 1427455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% due 6/15/2030 | 8383000 | 7884547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 7.25% due 9/15/2028 | 10000000 | 10552900 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc., 9.25% due 4/8/2068 | 12000000 | 14034840 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 8101000 | 7166550 |
|  |  |  | 48445046 |
|  | **MATERIALS — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.0%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 3000000 | 2708430 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OCP SA, 3.75% due 6/23/2031 | 1735000 | 1577531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.1%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | 7500000 | 7633875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375% due 2/14/2031 | 4150000 | 4094058 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50% due 10/6/2028 | 2000000 | 1999260 |
|  |  |  | 18013154 |
|  | **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 | 7252080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/1/2026 | 5000000 | 4967450 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 | 6250000 | 6240063 |
|  |  |  | 18459593 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 33

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **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 | $3004470 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 2490000 | 2597991 |
|  |  |  | 5602461 |
|  | **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 | 8862336 |
|  |  |  | 8862336 |
|  | **SOFTWARE & SERVICES — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 7000000 | 6886530 |
|  | &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 | 6266195 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 10000000 | 9886600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | 11800000 | 10572210 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.832% due 2/8/2051 | 5000000 | 3208400 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.027% due 8/3/2050 | 5000000 | 3334400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | 17800000 | 17280062 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 9/15/2034 | 2364000 | 2323126 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 5/1/2028 | 4354350 | 2148034 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 12/1/2029 | 10000000 | 8954000 |
|  |  |  | 70859557 |
|  | **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 | 4938350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | 5832000 | 5589797 |
|  |  |  | 10528147 |
|  | **TELECOMMUNICATION SERVICES — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.6%** |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV (Guaranty: Deutsche Telekom AG), 8.75% due 6/15/2030 | 26150000 | 30041381 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Telefonica Emisiones SA (Guaranty: Telefonica SA), 7.045% due 6/20/2036 | 85390000 | 94299593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.0%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 10000000 | 10150500 |
|  |  |  | 134491474 |
|  | **TRANSPORTATION — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust, Series 2019-1 Class B, 3.85% due 8/15/2029 | 4330585 | 4199498 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | 14750000 | 14614743 |
|  |  |  | 18814241 |
|  | **UTILITIES — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 0.3%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AES Espana BV, 5.70% due 5/4/2028 | 4850000 | 4754552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 8708000 | 8078847 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% due 1/24/2035 | 8000000 | 7956160 |
| <sup>f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (TSFR3M + 5.44%) due 6/15/2076 | 31457000 | 31463606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.0%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | 9500000 | 9350280 |
|  |  |  | 61603445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $745,934,109) |  | 789679744 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **OTHER GOVERNMENT — 0.1%** |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 3.625% due 3/10/2033 | $7000000 | $5976670 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government International Bonds, 7.625% due 11/28/2047 | 6000000 | 5466300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $9,629,046) |  | 11442970 |
|  | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | 29810000 | 29841301 |
| <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 | 5123900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $34,911,491) |  | 34965201 |
|  | **MORTGAGE BACKED — 1.5%** |  |  |
| <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 | 3466307 | 3451383 |
| <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 | 11384937 | 11187772 |
|  | &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 | 4347431 | 4349535 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 7.25% due 2/25/2028 | 9361893 | 9419979 |
| <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 | 12214 | 12176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B4, 3.877% due 3/25/2050 | 917943 | 818532 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B5, 3.877% due 3/25/2050 | 429435 | 340856 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B6, 3.65% due 3/25/2050 | 745503 | 496312 |
| <sup>d,f</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 | 530012 | 494957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class A1, 0.435% due 10/25/2049 | 46940517 | 1010122 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class A2, 0.50% due 10/25/2049 | 41867108 | 1158559 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AS, 0.20% due 10/25/2049 | 58617189 | 633488 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B4, 3.435% due 10/25/2049 | 1247478 | 1088259 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B5, 3.435% due 10/25/2049 | 631062 | 423062 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B6, 3.435% due 10/25/2049 | 1145464 | 573010 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AX1, 0.253% due 1/25/2051 | 91980190 | 1335543 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 98425160 | 1187519 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B4, 2.753% due 1/25/2051 | 491000 | 236323 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B5, 2.753% due 1/25/2051 | 164000 | 77572 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B6, 2.753% due 1/25/2051 | 655000 | 280637 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I1 Class M1, 7.039% due 4/25/2058 | 5000000 | 5000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-HYB2 Class B1, 5.726% due 3/25/2034 | 129131 | 36812 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 2150000 | 1780210 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 1450000 | 1145176 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 725000 | 466608 |
| <sup>d,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class XS, due 5/25/2060 | 28295093 | 678516 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B5, 4.001% due 8/25/2050 | 585000 | 349130 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B6, 4.001% due 8/25/2050 | 1400000 | 752851 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B4, 2.609% due 4/25/2051 | 429000 | 206807 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B5, 2.609% due 4/25/2051 | 665000 | 295808 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B6, 2.609% due 4/25/2051 | 509528 | 201767 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.86% due 9/25/2051 | 1033000 | 561477 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.86% due 9/25/2051 | 573149 | 240293 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | 2598000 | 2676477 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AFC1 Class M1, 2.841% due 2/25/2050 | 3808500 | 3254601 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class AS, 0.25% due 3/25/2056 | 61199086 | 598974 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B3, 4.311% due 3/25/2056 | 215000 | 146678 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class XS, 3.206% due 3/25/2056 | 61199086 | 10293074 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 2983019 | 2972420 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 3025000 | 2728589 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX1, 0.654% due 8/25/2050 | 85932929 | 2935856 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 14728457 | 412871 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B4, 3.654% due 8/25/2050 | 777895 | 681315 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B5, 3.654% due 8/25/2050 | 2333686 | 2065723 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B6C, 2.801% due 8/25/2050 | 3069674 | 1777879 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 35

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX1, 0.172% due 12/30/2051 | $145775590 | $1438018 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | 12085023 | 133567 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | 11027583 | 338556 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B4, 3.352% due 12/30/2051 | 2272482 | 1877722 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B5, 3.352% due 12/30/2051 | 445406 | 359424 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B6C, 3.197% due 12/30/2051 | 3911113 | 2701789 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-H1 Class B1, 3.386% due 1/25/2060 | 4379900 | 3141345 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | 6502741 | 6512578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A11X, 3.38% due 10/25/2050 | 1152649 | 184687 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A12X, 2.897% due 10/25/2050 | 13800974 | 1898110 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AS, 0.189% due 10/25/2050 | 77524055 | 859432 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX1, due 10/25/2050 | 49900011 | 499 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX2, 0.397% due 10/25/2050 | 2487296 | 52423 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX4, 0.917% due 10/25/2050 | 2677786 | 116423 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B4, 3.814% due 10/25/2050 | 1731255 | 1525595 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B5, 3.814% due 10/25/2050 | 1735353 | 1536681 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B6, 3.814% due 10/25/2050 | 4398412 | 3128744 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class BX, 0.314% due 10/25/2050 | 19758800 | 317184 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GSMS Trust, CMBS, Series 2026-DAWN Class A, 5.823% due 4/10/2043 | 13345000 | 13337380 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class B, 5.815% (TSFR1M + 2.14%) due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/2040 | 8000000 | 7994207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AX1, 0.128% due 8/25/2050 | 11068322 | 54295 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A11X, 1.462% (5.14% - TSFR1M) due 11/25/2050 | 2171327 | 103282 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 9843350 | 242792 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX1, 0.065% due 11/25/2050 | 36357788 | 73290 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 1005928 | 177131 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 2321511 | 62882 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B4, 3.615% due 11/25/2050 | 1777463 | 1580013 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B5, 3.615% due 11/25/2050 | 820499 | 664700 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B6, 3.615% due 11/25/2050 | 1582548 | 842450 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B4, 3.507% due 1/25/2051 | 2187423 | 1914685 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B5, 3.507% due 1/25/2051 | 1552763 | 1027629 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B6, 3.401% due 1/25/2051 | 2260779 | 1168918 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.018% due 1/25/2052 | 3484055 | 2799275 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.535% due 1/25/2052 | 3956128 | 2083624 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B4, 3.121% due 8/25/2052 | 3053284 | 2491438 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B5, 3.121% due 8/25/2052 | 1621774 | 1048703 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B6, 2.308% due 8/25/2052 | 1795512 | 757362 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B4, 3.094% due 8/25/2052 | 2503742 | 1967546 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B5, 3.094% due 8/25/2052 | 1593538 | 784558 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B6, 1.768% due 8/25/2052 | 1459907 | 614831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.108% due 8/25/2051 | 86150084 | 365070 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 5902850 | 247910 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.308% due 8/25/2051 | 296863 | 235093 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 3.242% due 8/25/2051 | 1445321 | 804967 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.149% due 10/25/2051 | 105477920 | 684056 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 8542226 | 234439 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.199% due 10/25/2051 | 413501 | 324259 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.14% due 10/25/2051 | 1837413 | 1055332 |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.091% due 8/25/2034 | 516758 | 490256 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 8106833 | 8116830 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 9497753 | 9932834 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.744% due 6/25/2051 | 85013051 | 3392896 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | 1015998 | 858814 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.226% due 6/25/2051 | 1825770 | 1184908 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 5000000 | 5004168 |
| <sup>d,f</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 | 7335469 | 7361333 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 5000000 | 4306460 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 15195352 | 13080741 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pretium Mortgage Credit Partners LLC, Whole Loan Securities Trust CMO, Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | $23027110 | $23048945 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | 6608561 | 6588707 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 3.81% due 9/25/2059 | 1500000 | 1459204 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.724% due 10/25/2047 | 1751964 | 1569219 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.938% (TSFR1M + 1.26%) due 5/15/2038 | 5212000 | 5189851 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 39488187 | 592343 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B2, 5.663% due 9/25/2059 | 7910000 | 7882609 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B3, 6.373% due 9/25/2059 | 3366214 | 2919963 |
| <sup>a,d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class C, due 9/25/2059 | 950 | 950 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS1, due 9/25/2059 | 38791753 | 388 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS2, due 9/25/2059 | 36851794 | 2011227 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.261% (TSFR1M + 2.59%) due 4/15/2042 | 4024596 | 4051999 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class B1, 3.657% due 9/27/2049 | 10000000 | 9605515 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 9311397 | 8330158 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R2 Class A1, 4.50% due 9/25/2064 | 14691397 | 13714375 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.661% due 8/25/2057 | 5351000 | 5335015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class A1, 0.181% due 6/25/2050 | 128013179 | 1147907 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class B5, 3.181% due 6/25/2050 | 1046000 | 646767 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class B6, 3.181% due 6/25/2050 | 1912755 | 971974 |
| <sup>d,f,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A2, 0.50% due 8/25/2051 | 151815796 | 4490165 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.30% due 8/25/2051 | 3170531 | 2704374 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.30% due 8/25/2051 | 2445838 | 2033174 |
| <sup>d,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.30% due 8/25/2051 | 1881528 | 945960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $305,012,109) |  | 311670431 |
|  | **LOAN PARTICIPATIONS — 0.2%** |  |  |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 6.675% (SOFR + 3.00%) due 3/12/2032 | 19800500 | 19701497 |
|  |  |  | 19701497 |
|  | **FOOD, BEVERAGE & TOBACCO — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., 6.20% (SOFR + 2.50%) due 4/1/2032 | 6191111 | 6196931 |
|  |  |  | 6196931 |
|  | **HOUSEHOLD & PERSONAL PRODUCTS — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 5.675% (SOFR + 2.00%) due 3/19/2032 | 6436904 | 6412766 |
|  |  |  | 6412766 |
|  | **MEDIA & ENTERTAINMENT — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Century De Buyer LLC, 6.667% (SOFR + 3.00%) due 10/30/2030 | 1477613 | 1433594 |
|  |  |  | 1433594 |
|  | **SOFTWARE & SERVICES — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |  |
| <sup>k</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc, due 3/24/2033 | 14850000 | 14757188 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 8.571% (SOFR + 4.75%) due 4/28/2028 | 2229326 | 1149152 |
|  |  |  | 15906340 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Xerox Holdings Corp., 7.627% - 7.73% (SOFR + 4.00%) due 11/19/2029 | 5768000 | 3633840 |
|  |  |  | 3633840 |
|  | TOTAL LOAN PARTICIPATIONS (Cost $56,626,122) |  | 53284968 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 37

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **SHORT-TERM INVESTMENTS — 5.8%** | | |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 121385137 | $1213851363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $1,213,851,363) |  | 1213851363 |
|  | TOTAL INVESTMENTS — 99.8% (Cost $12,660,218,547) |  | $21062540551 |
|  | OTHER ASSETS LESS LIABILITIES — 0.2% |  | 52402951 |
| NET ASSETS — 100.0% | NET ASSETS — 100.0% |  | $21114943502 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** |
| **CONTRACT**<br>**DESCRIPTION** | **CONTRACT**<br>**PARTY\*** | <br>**BUY/SELL** | **CONTRACT**<br>**AMOUNT** | **CONTRACT**<br>**VALUE DATE** | **VALUE**<br>**USD** | **UNREALIZED**<br>**APPRECIATION** | **UNREALIZED**<br>**DEPRECIATION** |
| Great Britain Pound | SSB | Sell | 453266100 | 6/17/2026 | 599808139 | $6285692 | $— |
| Swiss Franc | SSB | Sell | 61675600 | 6/17/2026 | 77776061 | 867220 |  |
| Euro | BBH | Sell | 3141675800 | 6/26/2026 | 3645324499 |  | (13107440) |
| Total |  |  |  |  |  | $7152912 | $(13107440) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  |  | $(5954528) |

---

\* 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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $817,937,536, representing 3.87% 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 March 31, 2026. |

---

g Bond in default.

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

i Interest only.

j The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at March 31, 2026.

&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.

---

| | | | |
|:---|:---|:---|:---|
| **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 | CMO | Collateralized Mortgage Obligation |
| ACB | Agricultural Credit Bank | CMT | Constant Maturity Rate |
| AG | Insured by Assured Guaranty, Inc. | SOFR | Secured Overnight Financing Rate |
| ARM | Adjustable Rate Mortgage | TSFR1M | Term SOFR 1 Month |
| CMBS | Commercial Mortgage-Backed Securities | TSFR3M | Term SOFR 3 Month |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Income Builder Fund \| March 31, 2026 (Unaudited)

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | | |
|:---|:---|:---|
| United States | 28.5% |  |
| France | 16.1% |  |
| United Kingdom | 12.1% |  |
| Germany | 6.2% |  |
| Netherlands | 5.7% |  |
| Taiwan | 4.8% |  |
| Italy | 4.8% |  |
| South Korea | 3.1% |  |
| Canada | 3.0% |  |
| Spain | 2.6% |  |
| Australia | 2.0% |  |
| Ireland | 1.6% |  |
| Singapore | 1.2% |  |
| Switzerland | 0.6% |  |
| China | 0.6% |  |
| Turkey | 0.5% |  |
| Mexico | 0.2% |  |
| India | 0.1% |  |
| Israel | 0.1% |  |
| Dominican Republic | 0.1% |  |
| Guatemala | 0.1% |  |
| Brazil | 0.0% | \*\* |
| Uzbekistan | 0.0% | \*\* |
| Indonesia | 0.0% | \*\* |
| Cayman Islands | 0.0% | \*\* |
| United Arab Emirates | 0.0% | \*\* |
| Japan | 0.0% | \*\* |
| Nigeria | 0.0% | \*\* |
| Morocco | 0.0% | \*\* |
| Luxembourg | 0.0% | \*\* |
| Russian Federation | 0.0% | \*\* |
| Other Assets Less Liabilities | 6.0% |  |

---

\* 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. Semi-Annual Financial Statements \| 39

Schedule of Investments

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | **COMMON STOCK — 63.0%** | | |
|  | **BANKS — 4.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 4.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 15194 | $1447436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 19869 | 2253343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1949 | 573318 |
|  |  |  | 4274097 |
|  | **CAPITAL GOODS — 2.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 2371 | 818351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | 7947 | 654276 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ITOCHU Corp. | 50000 | 636024 |
|  |  |  | 2108651 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Teleperformance SE | 8752 | 514293 |
|  |  |  | 514293 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 3.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 10748 | 2238486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;B&M European Value Retail plc | 163416 | 366958 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 445 | 769414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 801 | 263441 |
|  |  |  | 3638299 |
|  | **CONSUMER SERVICES — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 205000 | 926577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Round One Corp. | 143400 | 754053 |
|  |  |  | 1680630 |
|  | **ENERGY — 7.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy, Inc. Class A | 60352 | 1738138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | 33154 | 1703784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tenaris SA ADR | 16792 | 976958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shell plc | 43754 | 2045985 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 12107 | 1111109 |
|  |  |  | 7575974 |
|  | **FINANCIAL SERVICES — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 10362 | 973821 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 4088 | 1207391 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Roko AB | 8117 | 1317672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | 2211 | 1104748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. Class A | 4166 | 1259132 |
|  |  |  | 5862764 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 16516 | 1431111 |
|  |  |  | 1431111 |

---

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

**Schedule of Investments, Continued**

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | **MATERIALS — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 1130 | $560209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Glencore plc | 125911 | 953634 |
|  |  |  | 1513843 |
|  | **MEDIA & ENTERTAINMENT — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | 6581 | 1892432 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | 3031 | 1734126 |
|  |  |  | 3626558 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ICON plc ADR | 6010 | 665067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 6780 | 1325761 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 5273 | 634289 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS Class B | 8204 | 300221 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 19654 | 551884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 4494 | 1793514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 5816 | 687510 |
|  |  |  | 5958246 |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Colliers International Group, Inc. | 18651 | 1994079 |
|  |  |  | 1994079 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 6.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | 1616 | 328743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 485 | 644931 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3894 | 1205232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8627 | 1504549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 53792 | 3111035 |
|  |  |  | 6794490 |
|  | **SOFTWARE & SERVICES — 5.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. Class A | 6024 | 714567 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 776 | 1362220 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lumine Group, Inc. | 78906 | 1256960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 2909 | 1076825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp. | 42633 | 950056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 881 | 150195 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | 4835 | 505499 |
|  |  |  | 6016322 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | 1719 | 611804 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 1329 | 337287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 28829 | 3371877 |
|  |  |  | 4320968 |
|  | **TELECOMMUNICATION SERVICES — 7.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 7.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 54682 | 1585231 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 119713 | 2454482 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 41

**Schedule of Investments, Continued**

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Zegona Communications plc | 178678 | $3931270 |
|  |  |  | 7970983 |
|  | **TRANSPORTATION — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 16986 | 1336119 |
|  |  |  | 1336119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $44,433,150) |  | 66617427 |
|  | **PREFERRED STOCK — 0.1%** |  |  |
|  | **INSURANCE — 0.1%** |  |  |
|  | **Insurance — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (TSFR3M + 4.04%), 6/15/2056 | 4175 | 104041 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% (5-Yr. CMT + 3.46%), 10/15/2052 | 1825 | 46373 |
|  |  |  | 150414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $151,684) |  | 150414 |
|  | **ASSET BACKED SECURITIES — 7.0%** |  |  |
|  | **AUTO RECEIVABLES — 2.9%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A Class B, 7.70% due 2/15/2029 | $250000 | 252954 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2022-A Class D, 2.84% due 4/16/2029 | 62654 | 62505 |
|  | &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 | 231550 | 231212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | 223160 | 224257 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2025-2A Class A2, 5.75% due 5/15/2030 | 200000 | 200872 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust Series 2019-4 Class R, due 3/15/2027 | 5000 | 281550 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2026-1A Class A1, 4.176% due 1/15/2027 | 142987 | 142951 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Series 2022-1A Class A4, 5.69% due 11/15/2029 | 258214 | 259912 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-6A Class A2, 4.705% due 8/25/2034 | 200000 | 200092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class B, 5.55% due 9/17/2029 | 200000 | 201627 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A2, 4.04% due 3/15/2029 | 250000 | 249852 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>a,c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 169625 | 158328 |
| <sup>a,c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 44707 | 41283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | 318616 | 319142 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A, 4.53% due 8/15/2028 | 211880 | 211785 |
|  |  |  | 3038322 |
|  | **CREDIT CARD — 0.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fortiva Retail Credit Master Note Business Trust, Series 2025-ONE Class A, 5.55% due 1/15/2031 | 200000 | 198671 |
|  |  |  | 198671 |
|  | **OTHER ASSET BACKED — 3.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | 966 | 967 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | 88160 | 88338 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A Class B, 3.47% due 7/16/2040 | 74866 | 71933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class B, 5.93% due 10/17/2035 | 30768 | 30812 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class B, 6.35% due 4/17/2036 | 178787 | 180220 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 171766 | 172788 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class D, 8.53% due 6/26/2028 | 250000 | 251725 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 200000 | 197182 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dividend Solar Loans LLC, Series 2019-1 Class A, 3.67% due 8/22/2039 | 212007 | 197487 |
| <sup>c,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 59946 | 55576 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | 33762 | 33806 |
| <sup>c,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 2000 | 77824 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 279709 | 266854 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lending Funding Trust, Series 2020-2A Class A, 2.32% due 4/21/2031 | 167386 | 165448 |

---

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

**Schedule of Investments, Continued**

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lendmark Funding Trust, Series 2021-1A Class A, 1.90% due 11/20/2031 | $250000 | $244844 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | 1200 | 2306 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | 1150 | 15773 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.53% due 12/15/2031 | 35009 | 34982 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | 1200 | 17630 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 7.80% due 11/15/2032 | 165784 | 168126 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 14470 | 14528 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047 | 1150000 | 69830 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2022-1 Class C, 6.01% due 7/17/2028 | 200000 | 200018 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | 225000 | 226599 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 180565 | 180695 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 56330 | 56425 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | 7573 | 7580 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class B, 8.25% due 10/20/2033 | 260000 | 265065 |
|  |  |  | 3295361 |
|  | **STUDENT LOAN — 0.8%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS Class A1, 2.68% due 9/25/2042 | 231213 | 217905 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | 63657 | 62672 |
| <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 | 199961 | 189044 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2020-A Class A2A, 2.23% due 9/15/2037 | 179746 | 174663 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | 219846 | 194869 |
|  |  |  | 839153 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $7,259,406) |  | 7371507 |
| |  | | |
|  | **CORPORATE BONDS — 7.7%** |  |  |
|  | **BANKS — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| <sup>b,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 100000 | 99510 |
| <sup>b,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H, 7.166% (5-Yr. CMT + 3.35%) due 6/20/2026 | 100000 | 100265 |
| <sup>b,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 200000 | 196066 |
|  |  |  | 395841 |
|  | **CONSUMER DURABLES & APPAREL — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc., 5.60% due 3/1/2031 | 200000 | 198244 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25% due 6/15/2026 | 300000 | 298899 |
|  |  |  | 497143 |
|  | **ENERGY — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.3%** |  |  |
| <sup>c,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | 350000 | 340750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.402% due 1/15/2038 | 275000 | 239470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 2/1/2032 | 125000 | 126393 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875% due 1/13/2033 | 117000 | 123134 |
| <sup>b,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 225000 | 224570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | 120000 | 114664 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69% due 1/23/2050 | 315000 | 272947 |
|  |  |  | 1441928 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 0.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust, 3.652% due 3/15/2048 | 300000 | 296747 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 43

**Schedule of Investments, Continued**

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | $200000 | $196732 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | 150000 | 146392 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | 13000 | 13220 |
|  |  |  | 653091 |
|  | **FINANCIAL SERVICES — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.8%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 4.653% due 11/15/2030 | 225000 | 223025 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 250000 | 225748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | 250000 | 246482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II LP, 4.875% due 5/15/2031 | 200000 | 196122 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.9%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP, 6.50% due 2/8/2029 | 250000 | 249922 |
| <sup>b,c,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.61%) due 6/20/2026 | 250000 | 248125 |
| <sup>b,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp., Series D, 4.60% (TSFR3M + 3.46%) due 10/1/2026 | 250000 | 247615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Western Union Co., 4.75% due 6/15/2029 | 200000 | 198246 |
|  |  |  | 1835285 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 250000 | 248978 |
|  |  |  | 248978 |
|  | **INSURANCE — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 2.75% due 1/21/2027 | 275000 | 271175 |
|  |  |  | 271175 |
|  | **MATERIALS — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc., 4.75% due 3/30/2031 | 145000 | 143930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| <sup>c,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, 9.375% due 2/14/2031 | 200000 | 197304 |
|  |  |  | 341234 |
|  | **MEDIA & ENTERTAINMENT — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.5%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50% due 8/15/2030 | 500000 | 466650 |
|  |  |  | 466650 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc., 4.75% due 12/12/2030 | 242000 | 240746 |
|  |  |  | 240746 |
|  | **SOFTWARE & SERVICES — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV (EUR), 1.288% due 7/13/2029 | 285000 | 304207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 5/1/2028 | 184029 | 90783 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 4.615% due 9/16/2026 | 250000 | 244843 |
|  |  |  | 639833 |
|  | **TELECOMMUNICATION SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.2%** |  |  |
| <sup>c,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 250000 | 253762 |
|  |  |  | 253762 |
|  | **TRANSPORTATION — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |  |
| <sup>c,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | 200000 | 198166 |
|  |  |  | 198166 |

---

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

**Schedule of Investments, Continued**

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | **UTILITIES — 0.6%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 0.3%** | | |
| <sup>b,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., Series C, 4.35% (5-Yr. CMT + 3.20%) due 1/15/2027 | $150000 | $147618 |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (TSFR3M + 5.44%) due 6/15/2076 | 200000 | 200042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.3%** |  |  |
| <sup>c,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | 250000 | 246060 |
|  |  |  | 593720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $8,105,929) |  | 8077552 |
|  | **OTHER GOVERNMENT — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), 3.00% due 11/21/2033 | 500000 | 305003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), 10.00% due 1/1/2029 | 1000000 | 182742 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036 | 13000000 | 225427 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), 23.865% due 6/4/2027 | 7075000 | 128767 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | 100000 | 90220 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), 16.625% due 5/29/2027 | 4500000000 | 389095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 1.625% due 10/22/2028 | 140000 | 173811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $1,455,149) |  | 1495065 |
|  | **U.S. TREASURY SECURITIES — 8.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/2051 | 574600 | 304740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 1/15/2033 | 240189 | 231370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 1/15/2036 | 974838 | 963185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/30/2028 | 100000 | 94906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 8/15/2046 | 2650000 | 1726641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2045 | 130000 | 98272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 12/31/2030 | 320000 | 315675 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/31/2032 | 320000 | 315400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2035 | 2805000 | 2736190 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 1055000 | 1076924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 5.184%, 11/15/2043 | 3850000 | 1570722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $9,529,035) |  | 9434025 |
|  | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>b,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | 200000 | 200210 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $200,536) |  | 200210 |
|  | **MORTGAGE BACKED — 9.9%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-A Class A1, 1.065% due 9/25/2065 | 200838 | 186756 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-5 Class M1, 2.97% due 5/25/2065 | 60000 | 56353 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class M1, 3.269% due 11/25/2059 | 250000 | 246966 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | 325000 | 283240 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 245000 | 226292 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, Series 2021-RPL4 Class A1, 4.152% due 12/27/2060 | 114245 | 114986 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 250000 | 225503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool SE9046, 3.00% due 12/1/2051 | 219116 | 193198 |
|  | &nbsp;&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 | 32302 | 31229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0094, 5.00% due 2/1/2056 | 165450 | 163186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1669, 2.50% due 1/1/2052 | 241495 | 203216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | 957917 | 810549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8242, 3.00% due 9/1/2052 | 522560 | 460667 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 57252 | 50432 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, Series 2026-7 Class CD, 4.00% due 4/25/2053 | 247725 | 241676 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | 559304 | 472763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB1388, 2.50% due 8/1/2051 | 474755 | 402884 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 45

**Schedule of Investments, Continued**

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/**<br> **PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | $408001 | $358904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FM8761, 2.50% due 9/1/2051 | 348586 | 293405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | 180223 | 152497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4512, 2.50% due 1/1/2052 | 652525 | 552680 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4548, 2.50% due 2/1/2052 | 470588 | 398436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4653, 3.00% due 7/1/2052 | 467386 | 412656 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5972, 5.50% due 2/1/2056 | 158214 | 159046 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 106981 | 100578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | 209268 | 187039 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 273115 | 243837 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041 | 245000 | 229278 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.073% due 9/25/2056 | 151815 | 130055 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-11 Class A4, 6.00% due 4/25/2055 | 245323 | 245909 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 203994 | 201637 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 6.579% due 3/25/2069 | 234924 | 236970 |
| <sup>b,c</sup> | &nbsp;&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 | 280579 | 278188 |
|  | &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 2016-2A Class A1, 3.75% due 11/26/2035 | 109697 | 106341 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 285738 | 270652 |
| <sup>b,c</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 | 206633 | 207362 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 250000 | 230994 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-10 Class A2, 5.00% due 11/25/2055 | 268125 | 262328 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.938% (TSFR1M + 1.26%) due 5/15/2038 | 174000 | 173261 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.261% (TSFR1M + 2.59%) due 4/15/2042 | 96508 | 97165 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 250000 | 222428 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.656% due 7/25/2048 | 137616 | 126956 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 232785 | 208254 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $10,340,595) |  | 10456752 |
|  | **LOAN PARTICIPATIONS — 0.2%** |  |  |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 6.675% (SOFR + 3.00%) due 3/12/2032 | 199000 | 198005 |
|  |  |  | 198005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LOAN PARTICIPATIONS (Cost $198,560) |  | 198005 |
|  | **SHORT-TERM INVESTMENTS — 1.3%** |  |  |
| <sup>i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 133542 | 1335421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $1,335,421) |  | 1335421 |
|  | TOTAL INVESTMENTS — 99.7% (Cost $83,009,465) |  | $105336378 |
|  | OTHER ASSETS LESS LIABILITIES — 0.3% |  | 352487 |
|  | NET ASSETS — 100.0% |  | $105688865 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** |
| **CONTRACT**<br>**DESCRIPTION** | **CONTRACT**<br>**PARTY\*** | <br>**BUY/SELL** | **CONTRACT**<br>**AMOUNT** | **CONTRACT**<br>**VALUE DATE** | **VALUE**<br>**USD** | **UNREALIZED**<br>**APPRECIATION** | **UNREALIZED**<br>**DEPRECIATION** |
| Euro | SSB | Buy | 2862000 | 6/17/2026 | 3319539 | $17300 | $— |
| Japanese Yen | MSC | Buy | 351500000 | 6/17/2026 | 2228935 | 774 |  |
| Total |  |  |  |  |  | $18074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net unrealized appreciation (depreciation) |  |  |  |  |  | $18074 |  |

---

\* Counterparties include State Street Bank and Trust Company ("SSB") and Morgan Stanley & Co. Inc. ("MSC").

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

**Schedule of Investments, Continued**

Thornburg Summit Fund \| March 31, 2026 (Unaudited)

**Footnote Legend**

a Non-income producing.

---

| | |
|:---|:---|
| 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 March 31, 2026. |

---

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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $16,226,567, representing 15.35% of the Fund's net assets.

d Bond in default.

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

f Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

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

h The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at March 31, 2026.

i 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 | EUR | Denominated in Euro |
| ACB | Agricultural Credit Bank | GBP | Denominated in Pound Sterling |
| ADR | American Depositary Receipt | Mtg | Mortgage |
| AUD | Denominated in Australian Dollar | REMIC | Real Estate Mortgage Investment Conduit |
| BRL | Denominated in Brazilian Real | SOFR | Secured Overnight Financing Rate |
| CMBS | Commercial Mortgage-Backed Securities | TSFR1M | Term SOFR 1 Month |
| CMO | Collateralized Mortgage Obligation | TSFR3M | Term SOFR 3 Month |
| CMT | Constant Maturity Rate | UMBS | Uniform Mortgage-Backed Securities |
| DOP | Denominated in Dominican Peso | UZS | Denominated in Uzbekistani Som |
| EGP | Denominated in Egyptian Pound |  |  |

---

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;63.7% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Macao | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Uzbekistan | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Panama | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;1.6% |

---

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

See notes to financial statements. Semi-Annual Financial Statements \| 47

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $833080532 | $3255218932 | $371205407 | $377821331 | $380998531 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 156585036 | 377037625 | 16607307 | 24214277 | 14196386 |
| Investments at value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 1586515623 | 4717956677 | 443760359 | 604464636 | 571046790 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 156585036 | 377037625 | 16607307 | 24214277 | 14196386 |
| Foreign currency at value<sup>(a)</sup> | 383534 | 5025 | 799 | 975 | 69 |
| Unrealized appreciation on forward currency contracts | 198952 |  |  |  |  |
| Receivable for investments sold | 1182271 | 10021431 | 9355341 |  |  |
| Receivable for fund shares sold | 1176259 | 5434213 | 173802 | 391101 | 611144 |
| Dividends receivable | 2960037 | 16200788 | 1319395 | 839989 | 2525455 |
| Tax reclaims receivable | 2302200 | 9489995 | 1171482 | 2261975 |  |
| Prepaid expenses and other assets | 119759 | 121414 | 48827 | 69415 | 51763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 1751423671 | 5136267168 | 472437312 | 632242368 | 588431607 |
| **LIABILITIES** |  |  |  |  |  |
| Unrealized depreciation on forward currency contracts | 957848 |  |  |  |  |
| Payable for investments purchased | 9362220 | 1199035 | 2239324 | 66455 | 48699 |
| Payable for fund shares redeemed | 3439752 | 4101499 | 347208 | 661069 | 219670 |
| Payable to investment advisor and other affiliates | 1478603 | 3629854 | 346440 | 512359 | 511896 |
| IRS compliance fees for foreign withholding tax claims payable |  | 6084924 |  |  |  |
| Deferred taxes payable | 3372502 |  |  |  |  |
| Accounts payable and accrued expenses | 589829 | 2014406 | 381115 | 433623 | 944418 |
| Dividends payable | - | 3499 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 19200754 | 17033217 | 3314087 | 1673506 | 1724683 |
| **NET ASSETS** | $1732222917 | $5119233951 | $469123225 | $630568862 | $586706924 |
| **NET ASSETS CONSIST OF** |  |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $901020171 | $3528725010 | $376618395 | $368956963 | $479154592 |
| Distributable earnings | 831202746 | 1590508941 | 92504830 | 261611899 | 107552332 |
| **NET ASSETS** | $1732222917 | $5119233951 | $469123225 | $630568862 | $586706924 |

---

48 \| Semi-Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $414266765 | $488224236 | $39835570 | $70561179 | $72304079 |
| Shares outstanding | 8454800 | 14692374 | 1892546 | 2944402 | 2700956 |
| Net asset value and redemption price per share | $49.00 | $33.23 | $21.05 | $23.96 | $26.77 |
| Maximum offering price per share (net asset value, plus 4.50% of offering price) | $51.31 | $34.80 | $22.04 | $25.09 | $28.03 |
| **Class C Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 25642139 | 12230430 | 4927233 | 2244967 | 5564538 |
| Shares outstanding | 552124 | 437607 | 240987 | 108995 | 221233 |
| Net asset value and redemption price per share<sup>\*</sup> | 46.44 | 27.95 | 20.45 | 20.60 | 25.15 |
| **Class I Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 1123141761 | 3432445552 | 424360422 | 468568638 | 470786594 |
| Shares outstanding | 22798331 | 98671756 | 19562631 | 18727595 | 17151484 |
| Net asset value and redemption price per share | 49.26 | 34.79 | 21.69 | 25.02 | 27.45 |
| **Class R3 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 3230782 | 141621808 |  | 2883621 |  |
| Shares outstanding | 66767 | 4271123 |  | 122938 |  |
| Net asset value and redemption price per share | 48.39 | 33.16 | - | 23.46 | - |
| **Class R4 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 8233081 | 129071931 |  | 2885352 |  |
| Shares outstanding | 169644 | 3934012 |  | 121808 |  |
| Net asset value and redemption price per share | 48.53 | 32.81 | - | 23.69 | - |
| **Class R5 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 30623034 | 100091306 |  | 4511918 | 2063023 |
| Shares outstanding | 620406 | 2879602 |  | 179612 | 75434 |
| Net asset value and redemption price per share | 49.36 | 34.76 | - | 25.12 | 27.35 |
| **Class R6 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 127085355 | 815548688 |  | 78913187 | 35988690 |
| Shares outstanding | 2566987 | 23584875 |  | 3128055 | 1308381 |
| Net asset value and redemption price per share | 49.51 | 34.58 | - | 25.23 | 27.51 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Cost
of foreign currency is $380,301; $5,006; $798; $972; $70 respectively.

\* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See notes to financial statements.

Semi-Annual Financial Statements \| 49

**Statements of Assets and Liabilities, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG**<br>**AMERICAN**<br>**OPPORTUNITIES**<br>**FUND** | **THORNBURG**<br>**FOCUS**<br>**GROWTH**<br>**FUND** | **THORNBURG**<br>**INVESTMENT**<br>**INCOME BUILDER**<br>**FUND** |<br>**THORNBURG**<br>**SUMMIT**<br>**FUND** |
| **ASSETS** |  |  |  |  |
| Investments at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $250190371 | $120411564 | $11182631945 | $81674044 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 68783125 | 14657316 | 1477586602 | 1335421 |
| Investments at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 392169677 | 180761205 | 19113981395 | 104000957 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 68783125 | 14657316 | 1948559156 | 1335421 |
| Foreign currency at value<sup>(a)</sup> |  |  | 3109569 | 7514 |
| Unrealized appreciation on forward currency contracts |  |  | 7152912 | 18074 |
| Receivable for investments sold | 10286671 | 4442878 | 20837523 |  |
| Receivable for fund shares sold | 2008028 | 1806909 | 28488565 | 25459 |
| Dividends receivable | 222743 | 86858 | 35119770 | 90239 |
| Tax reclaims receivable |  | 1687 | 48737010 | 58200 |
| Principal and interest receivable |  |  | 15319398 | 267554 |
| Prepaid expenses and other assets | 47032 | 46285 | 50085 | 23287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 473517276 | 201803138 | 21221355383 | 105826705 |
| **LIABILITIES** |  |  |  |  |
| Unrealized depreciation on forward currency contracts |  |  | 13107440 |  |
| Payable for investments purchased | 6457899 | 5907958 | 42811317 | 4657 |
| Payable for fund shares redeemed | 585256 | 297766 | 10481484 | 882 |
| Payable to investment advisor and other affiliates | 503770 | 205914 | 16638824 | 35481 |
| Deferred taxes payable |  |  | 886093 |  |
| Accounts payable and accrued expenses | 202708 | 121730 | 3048198 | 96820 |
| Dividends payable | - | - | 19438525 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 7749633 | 6533368 | 106411881 | 137840 |
| **NET ASSETS** | $465767643 | $195269770 | $21114943502 | $105688865 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $336526738 | $230403869 | $12505519623 | $80127504 |
| Distributable earnings (accumulated loss) | 129240905 | (35134099) | 8609423879 | 25561361 |
| **NET ASSETS** | $465767643 | $195269770 | $21114943502 | $105688865 |

---

50 \| Semi-Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **THORNBURG**<br>**AMERICAN**<br>**OPPORTUNITIES**<br>**FUND** | **THORNBURG**<br>**FOCUS**<br>**GROWTH**<br>**FUND** | **THORNBURG**<br>**INVESTMENT**<br>**INCOME BUILDER**<br>**FUND** |<br>**THORNBURG**<br>**SUMMIT**<br>**FUND** |
| **NET ASSET VALUE** |  |  |  |  |
| **Class A Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | $258380071 | $106482573 | $6056612724 | $14528284 |
| Shares outstanding | 3183819 | 3527137 | 168658471 | 991637 |
| Net asset value and redemption price per share | $81.15 | $30.19 | $35.91 | $14.65 |
| Maximum offering price per share (net asset value, plus 4.50% of offering price) | $84.97 | $31.60 | $37.60 | $15.34 |
| **Class C Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 2529852 | 1303092 | 691200612 |  |
| Shares outstanding | 37705 | 61019 | 19287228 |  |
| Net asset value and redemption price per share<sup>\*</sup> | 67.10 | 21.36 | 35.84 | - |
| **Class ETF Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 1999999 | 1800000 |  |  |
| Shares outstanding | 25000 | 60000 |  |  |
| Net asset value and redemption price per share | 80.00 | 30.00 | - | - |
| **Class I Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 189091838 | 68158609 | 13945422308 | 91160581 |
| Shares outstanding | 2201011 | 1931563 | 385304523 | 6218296 |
| Net asset value and redemption price per share | 85.91 | 35.29 | 36.19 | 14.66 |
| **Class R3 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 9703312 | 10367552 | 26668502 |  |
| Shares outstanding | 120121 | 350824 | 743185 |  |
| Net asset value and redemption price per share | 80.78 | 29.55 | 35.88 | - |
| **Class R4 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 2561832 | 600094 | 14303258 |  |
| Shares outstanding | 31110 | 19761 | 398130 |  |
| Net asset value and redemption price per share | 82.35 | 30.37 | 35.93 | - |
| **Class R5 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 1500739 | 6557850 | 23042351 |  |
| Shares outstanding | 17501 | 186165 | 637137 |  |
| Net asset value and redemption price per share | 85.75 | 35.23 | 36.17 | - |
| **Class R6 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding |  |  | 357693747 |  |
| Shares outstanding |  |  | 9912325 |  |
| Net asset value and redemption price per share | - | - | 36.09 | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Cost
of foreign currency is $0; $0; $3,108,402; $7,454 respectively.

\* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See notes to financial statements.

Semi-Annual Financial Statements \| 51

Statements of Operations

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $21939041 | $40225004 | $4294320 | $1681356 | $5605856 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 1189588 | 6872954 | 354866 | 199867 | 364746 |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld | (815147) | (3735194) | (434469) | (137746) | (756148) |
| Interest income |  | 4511 | 208 | 5974 |  |
| Foreign withholding tax claims | - | - | - | 104414 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 22313482 | 43367275 | 4214925 | 1853865 | 5214454 |
| **EXPENSES** |  |  |  |  |  |
| Investment management fees | 6627558 | 17416487 | 2438765 | 2984776 | 2913921 |
| Administration fees | 630715 | 1863044 | 194879 | 270019 | 234646 |
| Distribution and service fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 512220 | 594414 | 51092 | 105860 | 92779 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 109653 | 58787 | 26430 | 15553 | 30136 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 7654 | 365590 |  | 8614 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 9695 | 141171 |  | 5267 |  |
| Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 224690 | 309050 | 25746 | 45766 | 55640 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 14146 | 3820 | 4104 | 4834 | 7292 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 467500 | 1578260 | 217704 | 245170 | 233306 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 5600 | 164676 |  | 7826 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 14284 | 150486 |  | 19662 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 26898 | 163206 |  | 8234 | 5648 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 5728 | 35470 |  | 4276 | 6006 |
| Registration and filing fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 10580 | 10666 | 8148 | 7802 | 7471 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 7552 | 7618 | 7958 | 7072 | 7372 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 16359 | 68859 | 9451 | 8665 | 9387 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 7502 | 7628 |  | 7296 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 7502 | 7479 |  | 7301 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 7494 | 7479 |  | 7260 | 7586 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 7777 | 10268 |  | 7302 | 7586 |
| Custodian fees | 152930 | 309956 | 45923 | 84719 | 187348 |
| Audit and tax fees | 40020 | 60536 | 35930 | 41400 | 30835 |
| Legal fees | 6280 | 29420 | 916 | 2986 | 2399 |
| Trustee and officer fees | 60316 | 176673 | 21181 | 30695 | 25829 |
| Other expenses | 50614 | 98237 | 16447 | 26571 | 41041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 9031267 | 23639280 | 3104674 | 3964926 | 3906228 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (295250) | (686102) | (412557) | (317096) | (234697) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | - | (1154252) | (306389) | (65221) | (367214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 8736017 | 21798926 | 2385728 | 3582609 | 3304317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $13577465 | $21568349 | $1829197 | $(1728744) | $1910137 |

---

52 \| Semi-Annual Financial Statements

**Statements of Operations, Continued**

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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\* | $68960436 | $112731622 | $34297829 | $38948219 | $44066712 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 7640986 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (325065) | (963299) | (43810) | (87843) | (172432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 76276357 | 111768323 | 34254019 | 38860376 | 43894280 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | 53786160 | 205832138 | (32230180) | (71471590) | (6430366) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | (1703153) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (19764) | (64504) | 5116 | (13784) | (49881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | 52063243 | 205767634 | (32225064) | (71485374) | (6480247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 128339600 | 317535957 | 2028955 | (32624998) | 37414033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $141917065 | $339104306 | $3858152 | $(34353742) | $39324170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Net of foreign capital gain taxes | $26563 | $- | $- | $- | $696316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $2273474 | $- | $- | $- | $370567 |

---

See notes to financial statements.

Semi-Annual Financial Statements \| 53

**Statements of Operations, Continued**

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG**<br>**AMERICAN**<br>**OPPORTUNITIES**<br>**FUND** | **THORNBURG**<br>**FOCUS**<br>**GROWTH**<br>**FUND** | **THORNBURG**<br>**INVESTMENT**<br>**INCOME BUILDER**<br>**FUND** | <br>**THORNBURG**<br>**SUMMIT**<br>**FUND** |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $1583304 | $228420 | $245802085 | $976654 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 280036 | 149374 | 103360523 | 71959 |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld |  | (129) | (13143315) | (25311) |
| Interest income | - | - | 49310150 | 938366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 1863340 | 377665 | 385329443 | 1961668 |
| **EXPENSES** |  |  |  |  |
| Investment management fees | 2069560 | 935111 | 66218927 | 385121 |
| Administration fees | 184923 | 83598 | 7484926 | 39946 |
| Distribution and service fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 332020 | 148015 | 7009544 | 18108 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 13412 | 8237 | 3198149 |  |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 25358 | 29754 | 63366 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 3273 | 798 | 16503 |  |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 156420 | 82166 | 1745800 | 22071 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 6123 | 4740 | 188266 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 96966 | 34300 | 5230090 | 19290 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 15578 | 19836 | 23840 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 4491 | 1685 | 17180 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 3708 | 10916 | 24680 |  |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 14460 |  |
| Registration and filing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 8113 | 7105 | 51736 | 8291 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 7449 | 7105 | 14049 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 7113 | 7240 | 115482 | 8873 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 7215 | 7181 | 7545 |  |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 7273 | 7251 | 7520 |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 7276 | 7177 | 7592 |  |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 8153 |  |
| Custodian fees | 20925 | 16949 | 782500 | 30759 |
| Audit and tax fees | 32570 | 27718 | 57050 | 41820 |
| Legal fees | 1859 | 990 | 101820 | 437 |
| Trustee and officer fees | 20424 | 9238 | 731417 | 3951 |
| Other expenses | 15361 | 13317 | 305779 | 32091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 3047410 | 1470427 | 93426374 | 610758 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (208072) | (136742) | (19233) | (98495) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | - | - | - | (139844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 2839338 | 1333685 | 93407141 | 372419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $(975998) | $(956020) | $291922302 | $1589249 |

---

54 \| Semi-Annual Financial Statements

**Statements of Operations, Continued**

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG**<br>**AMERICAN**<br>**OPPORTUNITIES**<br>**FUND** | **THORNBURG**<br>**FOCUS**<br>**GROWTH**<br>**FUND** | **THORNBURG**<br>**INVESTMENT**<br>**INCOME BUILDER**<br>**FUND** | <br>**THORNBURG**<br>**SUMMIT**<br>**FUND** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\* | $1338439 | $(9278364) | $222022710 | $3958892 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers |  |  | 17992166 |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  | 106273642 | (273895) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (1363) | - | (2452607) | (11827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 1337076 | (9278364) | 343835911 | 3673170 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | 8818622 | 400481 | 2333822058 | 200229 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers |  |  | 130650339 |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  | (19829900) | (16363) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | - | - | (718481) | (2119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | 8818622 | 400481 | 2443924016 | 181747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 10155698 | (8877883) | 2787759927 | 3854917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $9179700 | $(9833903) | $3079682229 | $5444166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Net of foreign capital gain taxes | $- | $- | $- | $(8916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $- | $- | $204235 | $- |

---

See notes to financial statements.

Semi-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** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $13577465 | $35810961 | $21568349 | $63304279 |
| Net realized gain (loss) | 76276357 | 84767865 | 111768323 | 131529780 |
| Net change in unrealized appreciation (depreciation) | 52063243 | 194110840 | 205767634 | 434531414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 141917065 | 314689666 | 339104306 | 629365473 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (24199000) | (16693609) | (16207294) | (25636817) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1158964) | (1054048) | (399104) | (575980) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (62553207) | (42302552) | (114466875) | (106307815) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (169969) | (134690) | (4818601) | (7373804) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (449764) | (246375) | (3844948) | (5865332) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (1408947) | (893517) | (3454758) | (6983706) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (6365826) | (4044478) | (24485578) | (27618147) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 10045589 | (22589504) | 1239044 | (10043373) |
| &nbsp;&nbsp;&nbsp;Class C Shares | 2873096 | (8861861) | 893731 | 58274 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 129076786 | (18412123) | 347876950 | 918357524 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 186392 | (426812) | (8366725) | 1384095 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 1637466 | 257965 | 15907030 | 4843162 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 8254274 | (162693) | 1391071 | (34533284) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 13897991 | 15491247 | 191870408 | 98788873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 211582982 | 214616616 | 722238657 | 1427859143 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1520639935 | 1306023319 | 4396995294 | 2969136151 |
| &nbsp;&nbsp;&nbsp;End of Period | $1732222917 | $1520639935 | $5119233951 | $4396995294 |

---

\* Unaudited.

See notes to financial statements.

56 \| Semi-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** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $1829197 | $7199980 | $(1728744) | $1515464 |
| Net realized gain (loss) | 34254019 | 43728255 | 38860376 | 14243752 |
| Net change in unrealized appreciation (depreciation) | (32225064) | (2553949) | (71485374) | (8595891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 3858152 | 48374286 | (34353742) | 7163325 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (445267) | (285868) | (789693) | (6359612) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (17679) | (602) | (36551) | (519670) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (6821734) | (6173390) | (5453683) | (45751939) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (32393) | (338279) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (46130) | (494854) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (49273) | (443466) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | (978970) | (6479794) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 274913 | (1830169) | (13142748) | 1214111 |
| &nbsp;&nbsp;&nbsp;Class C Shares | (454722) | (1590517) | (1588380) | (2312729) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (35104201) | (100716021) | (29581356) | (102075119) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (632698) | (743240) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (2279588) | (1384397) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (140864) | (1003484) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | - | - | (5096017) | 2696559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (38710538) | (62222281) | (94202086) | (156832588) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 507833763 | 570056044 | 724770948 | 881603536 |
| &nbsp;&nbsp;&nbsp;End of Period | $469123225 | $507833763 | $630568862 | $724770948 |

---

\* Unaudited.

See notes to financial statements.

Semi-Annual Financial Statements \| 57

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG DEVELOPING WORLD FUND** | **THORNBURG DEVELOPING WORLD FUND** | **THORNBURG AMERICAN OPPORTUNITIES FUND** | **THORNBURG AMERICAN OPPORTUNITIES FUND** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $1910137 | $8054897 | $(975998) | $(2023748) |
| Net realized gain (loss) | 43894280 | 49653142 | 1337076 | 25472983 |
| Net change in unrealized appreciation (depreciation) | (6480247) | 23744422 | 8818622 | (9531659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 39324170 | 81452461 | 9179700 | 13917576 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (2253301) | (1662856) |  |  |
| &nbsp;&nbsp;&nbsp;Class C Shares | (142072) | (96357) |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (16384691) | (13288605) |  |  |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (109859) | (90752) |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (1282372) | (1833103) |  |  |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (4115411) | (10916506) | (17956563) | (43134092) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1024770) | (1900814) | (229734) | (575367) |
| &nbsp;&nbsp;&nbsp;Class ETF Shares<sup>(a)</sup> |  |  | 2000000 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (10594132) | (105950796) | (10055538) | (42413047) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (641998) | (2463035) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (168674) | (138543) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (975059) | (777033) | (755658) | (646494) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (22978) | (35410291) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 2419525 | (90474652) | (18628465) | (75453002) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 584287399 | 674762051 | 484396108 | 559849110 |
| &nbsp;&nbsp;&nbsp;End of Period | $586706924 | $584287399 | $465767643 | $484396108 |

---

\* Unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective
date of this class of shares was March 31, 2026.

See notes to financial statements.

58 \| Semi-Annual Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG FOCUS GROWTH FUND** | **THORNBURG FOCUS GROWTH FUND** | **THORNBURG INVESTMENT INCOME BUILDER FUND** | **THORNBURG INVESTMENT INCOME BUILDER FUND** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $(956020) | $(2483910) | $291922302 | $727716857 |
| Net realized gain (loss) | (9278364) | 21148222 | 343835911 | 437277393 |
| Net change in unrealized appreciation (depreciation) | 400481 | (9929760) | 2443924016 | 2420472283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (9833903) | 8734552 | 3079682229 | 3585466533 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares |  |  | (213870306) | (236992792) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | (22145660) | (22673710) |
| &nbsp;&nbsp;&nbsp;Class I Shares |  |  | (489397091) | (497044963) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (924552) | (1037787) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (482837) | (641078) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (841773) | (961672) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | (13401349) | (16069881) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (10358392) | (23431925) | 116889757 | (104360163) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (493196) | (880385) | 15141242 | (7144775) |
| &nbsp;&nbsp;&nbsp;Class ETF Shares<sup>(a)</sup> | 1800000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (3764947) | (34744419) | 954176593 | 1076627583 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (1306663) | (3453500) | (165601) | (1987146) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | 7913 | (300246) | 279810 | (2732487) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (598449) | (1718195) | 91384 | (2159738) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | - | - | (48031119) | 37630386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (24547637) | (55794118) | 3377000727 | 3805918310 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 219817407 | 275611525 | 17737942775 | 13932024465 |
| &nbsp;&nbsp;&nbsp;End of Period | $195269770 | $219817407 | $21114943502 | $17737942775 |

---

\* Unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective
date of this class of shares was March 31, 2026.

See notes to financial statements.

Semi-Annual Financial Statements \| 59

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

---

| | | |
|:---|:---|:---|
|  | **THORNBURG SUMMIT FUND** | **THORNBURG SUMMIT FUND** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $1589249 | $2295981 |
| Net realized gain (loss) | 3673170 | 4067839 |
| Net change in unrealized appreciation (depreciation) | 181747 | 6092220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 5444166 | 12456040 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (726798) | (442985) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (4662198) | (4065138) |
| **FUND SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 1706417 | (1961699) |
| &nbsp;&nbsp;&nbsp;Class I Shares | 7534667 | (21940431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 9296254 | (15954213) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 96392611 | 112346824 |
| &nbsp;&nbsp;&nbsp;End of Period | $105688865 | $96392611 |

---

\* Unaudited.

See notes to financial statements.

60 \| Semi-Annual Financial Statements

Notes to Financial Statements

March 31, 2026 (Unaudited)

**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 American Opportunities Fund ("American Opportunities Fund", prior to March 23, 2026, the Small/Mid Cap Core Fund), Thornburg Focus Growth Fund ("Focus Growth Fund", prior to March 23, 2026, the 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 March 31, 2026, 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.

**American Opportunities Fund:** The Fund's investment goal is to seek long-term capital appreciation by investing in equity and debt securities of all types. 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, equity risk, foreign investment risk, liquidity risk, management risk, market and economic risk, redemption risk, risks affecting specific countries or regions, and risks affecting specific issuers. Please see the Fund's prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

**Focus 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, equity risk, foreign investment risk, growth company risk,

Semi-Annual Financial Statements \| 61

**Notes to Financial Statements, Continued** 

March 31, 2026 (Unaudited)

liquidity risk, management risk, market and economic risk, redemption risk, and risks affecting specific issuers. 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 March 31, 2026, 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 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 ETF shares are bought and sold through exchange trading at market prices (not net asset value), are not individually redeemable with the Funds and may trade at a premium or discount to their net asset value in the secondary market, (iv) 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, (v) Class R3 shares are sold at net asset value without a sales charge, but bear both a service fee and a distribution fee, (vi) Class R4 shares are sold at net asset value without a sales charge at the time of purchase but bear a service fee, (vii) Class R6 shares are sold at net asset value without a sales charge at the time of purchase, and (viii) 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 March 31, 2026, the following classes of shares are offered in each respective Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS C** | **CLASS ETF** | **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 |
| American Opportunities Fund | X | X | X | X | X | X | X |  |
| Focus Growth Fund | X | 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

62 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 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 (not including Class ETF shares; see Other Notes).

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

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

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

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

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

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

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

<u>Repurchase Agreements:</u> The Funds may invest excess cash in repurchase agreements whereby the Funds purchase investments, which serve as collateral, with an agreement to resell such collateral to the seller at an agreed upon price at the maturity date of the repurchase agreement. Investments pledged as collateral for repurchase agreements are held in custody until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the six months ended March 31, 2026, the Funds did not enter into repurchase agreements.

Semi-Annual Financial Statements \| 63

**Notes to Financial Statements, Continued** 

March 31, 2026 (Unaudited)

<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 March 31, 2026 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 ask prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment's value in accordance with the first sentence of this paragraph will be the close of that investment's primary exchange preceding the Fund's valuation time.

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

64 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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

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

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.

Semi-Annual Financial Statements \| 65

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GLOBAL OPPORTUNITIES FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $1586515623 | $570817429 | $1015698194 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 156585036 | 156585036 |  |  |
| Total Investments in Securities | $1743100659 | $727402465 | $1015698194 | $— |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $198952 | $— | $198952 | $— |
| **Total Assets** | $**1743299611** | $**727402465** | $**1015897146** | $**—** |
| **Liabilities** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $(957848) | $— | $(957848) | $— |
| Total Other Financial Instruments | $(957848) | $— | $(957848) | $— |
| **Total Liabilities** | $**(957848)** | $**—** | $**(957848)** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $4717956675 | $783850309 | $3934106366 | $— |
| &nbsp;&nbsp;&nbsp;Warrant | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 377037625 | 377037625 |  |  |
| Total Investments in Securities | $5094994302 | $1160887934 | $3934106366 | $2 |
| **Total Assets** | $**5094994302** | $**1160887934** | $**3934106366** | $**2** **<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 March 31, 2026 is not presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BETTER WORLD INTERNATIONAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $443760358 | $78608542 | $365151816 | $— |
| &nbsp;&nbsp;&nbsp;Warrant | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 16607307 | 16607307 |  |  |
| Total Investments in Securities | $460367666 | $95215849 | $365151816 | $1 |
| **Total Assets** | $**460367666** | $**95215849** | $**365151816** | $**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 March 31, 2026 is not presented.

66 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL GROWTH FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $604464636 | $151005086 | $453459550 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 24214277 | 24214277 |  |  |
| Total Investments in Securities | $628678913 | $175219363 | $453459550 | $— |
| **Total Assets** | $**628678913** | $**175219363** | $**453459550** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DEVELOPING WORLD FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $539997994 | $104452512 | $435545482 | $— |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 31048796 | 31048796 |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 14196386 | 14196386 |  |  |
| Total Investments in Securities | $585243176 | $149697694 | $435545482 | $— |
| **Total Assets** | $**585243176** | $**149697694** | $**435545482** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AMERICAN OPPORTUNITIES FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $377098276 | $377098276 | $— | $— |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 15071401 | 15071401 |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 68783125 | 68783125 |  |  |
| Total Investments in Securities | $460952802 | $460952802 | $— | $— |
| **Total Assets** | $**460952802** | $**460952802** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FOCUS GROWTH FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $178944004 | $178944004 | $— | $— |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 1817201 | 1817201 |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 14657316 | 14657316 |  |  |
| Total Investments in Securities | $195418521 | $195418521 | $— | $— |
| **Total Assets** | $**195418521** | $**195418521** | $**—** | $**—** |

---

Semi-Annual Financial Statements \| 67

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INCOME BUILDER FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $18437849133 | $5251686084 | $13179557199 | $6605850 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 56182713 | 21638467 | 34544246 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 153614028 |  | 151979729 | 1634299 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 789679744 |  | 789679744 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 11442970 |  | 11442970 |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 34965201 |  | 34965201 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 311670431 |  | 311669481 | 950 |
| &nbsp;&nbsp;&nbsp;Loan Participations | 53284968 |  | 53284968 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1213851363 | 1213851363 |  |  |
| Total Investments in Securities | $21062540551 | $6487175914 | $14567123538 | $8241099 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $7152912 | $— | $7152912 | $— |
| **Total Assets** | $**21069693463** | $**6487175914** | $**14574276450** | $**8241099** **<sup>(b)</sup>** |
| **Liabilities** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $(13107440) | $— | $(13107440) | $— |
| Total Other Financial Instruments | $(13107440) | $— | $(13107440) | $— |
| **Total Liabilities** | $**(13107440)** | $**—** | $**(13107440)** | $**—** |

---

<sup>(a)</sup> Includes securities categorized as Level 3 currently valued at zero as of March 31, 2026.

<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 March 31, 2026 is not presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SUMMIT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $66617427 | $38848596 | $27768831 | $— |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 150414 | 150414 |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 7371507 |  | 7293683 | 77824 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 8077552 |  | 8077552 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 1495065 |  | 1495065 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 9434025 | 9434025 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 200210 |  | 200210 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 10456752 |  | 10456752 |  |
| &nbsp;&nbsp;&nbsp;Loan Participations | 198005 |  | 198005 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1335421 | 1335421 |  |  |
| Total Investments in Securities | $105336378 | $49768456 | $55490098 | $77824 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $18074 | $— | $18074 | $— |
| **Total Assets** | $**105354452** | $**49768456** | $**55508172** | $**77824** **<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 March 31, 2026 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,

68 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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> INCOME BUILDER FUND** | **GLOBAL OPPORTUNITIES FUND, <br> INTERNATIONAL EQUITY FUND, <br> INTERNATIONAL GROWTH FUND, <br> INCOME BUILDER FUND** | **BETTER WORLD <br> INTERNATIONAL FUND, <br> DEVELOPING WORLD FUND** | **BETTER WORLD <br> INTERNATIONAL FUND, <br> DEVELOPING WORLD FUND** | **AMERICAN OPPORTUNITIES FUND, <br> FOCUS GROWTH FUND** | **AMERICAN OPPORTUNITIES FUND, <br> FOCUS GROWTH FUND** | **SUMMIT FUND** | **SUMMIT FUND** |
| **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE** | **DAILY NET ASSETS** | **FEE RATE<sup>\*</sup>** | **DAILY NET ASSETS** | **FEE RATE** |
| Up to $500 million | 0.875% | Up to $500 million | 0.975% | Up to $500 million | 0.795% | Up to $500 million | 0.750% |
| Next $500 million | 0.825&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.925&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.745&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.700 |
| Next $500 million | 0.775&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.875&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.695&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.650 |
| Next $500 million | 0.725&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.825&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.645&nbsp;&nbsp;&nbsp;&nbsp; | Next $500 million | 0.625 |
| Over $2 billion | 0.675&nbsp;&nbsp;&nbsp;&nbsp; | Over $2 billion | 0.775&nbsp;&nbsp;&nbsp;&nbsp; | Over $2 billion | 0.595&nbsp;&nbsp;&nbsp;&nbsp; | Over $2 billion | 0.600 |

---

\* Effective March 23, 2026 through March 31, 2026. For the period from October 1, 2025 through March 22 2026, the fee rates were 0.875%, 0.825% , 0.775%, 0.725%, and 0.675%, from top to bottom.

The Funds' effective management fees, calculated on the basis of the Funds' average daily net assets (before applicable management fee waivers) for the six months ended March 31, 2026 were as shown in the following table. Total management fees incurred by the Funds for the six months ended March 31, 2026 are set forth in the Statement of Operations.

---

| | |
|:---|:---|
| | **EFFECTIVE**<br>**MANAGEMENT**<br>**FEE** |
| Global Opportunities Fund | 0.817% |
| International Equity Fund | 0.727 |
| Better World International Fund | 0.974 |
| International Growth Fund | 0.861 |
| Developing World Fund | 0.966 |
| American Opportunities Fund | 0.871 |
| Focus Growth Fund | 0.872 |
| Income Builder Fund | 0.688 |
| 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** | **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 six months ended March 31, 2026, 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 (not including Class ETF shares). For the six months ended March 31, 2026, 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:

Semi-Annual Financial Statements \| 69

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **COMMISSIONS** | **CDSC FEES** |
| Global Opportunities Fund | $16315 | $(45) |
| International Equity Fund | 12234 | (99) |
| Better World International Fund | 607 | 30 |
| International Growth Fund | 747 |  |
| Developing World Fund | 693 |  |
| American Opportunities Fund | 2266 | 21 |
| Focus Growth Fund | 316 |  |
| Income Builder Fund | 295954 | 17631 |
| Summit Fund | 313 |  |

---

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, American Opportunities Fund, Focus 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, Class A and Class I shares of the Summit Fund, and Class ETF shares of the American Opportunities Fund and Focus Growth Fund. For the six months ended March 31, 2026, there were no 12b-1 service plan fees charged for Class I, Class R5 or Class ETF 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 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 six months ended March 31, 2026 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, 2027 unless the Advisor ceases to be the investment advisor to the Funds prior to that date. The Advisor has contractually agreed to waive certain fees and reimburse certain expenses incurred by Class ETF of the American Opportunities Fund and Focus Growth Fund. The agreement may be terminated by the Trust at any time, but may not be terminated by the Advisor before March 27, 2027 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 six months ended March 31, 2026 if, during the period, 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<sup>(a)</sup> | —% | —% | 0.99% | 1.49% | 1.24% | 0.99% | 0.89% |
| International Equity Fund<sup>(b)</sup> | 1.15 | 1.90 | 0.90 | 1.40 | 1.15 | 0.90 | 0.72 |
| Better World International Fund<sup>(c)</sup> | 1.42 | 1.95 | 0.90 |  |  |  |  |
| International Growth Fund<sup>(d)</sup> |  | 2.38 | 0.99 | 1.49 | 1.24 | 0.99 | 0.91 |
| Developing World Fund | 1.45 | 2.33 | 1.04 |  |  | 1.04 | 0.94 |
| American Opportunities Fund<sup>(e)</sup> |  | 1.87 | 0.87 | 1.37 | 1.12 | 0.87 |  |
| Focus Growth Fund<sup>(f)</sup> |  | 1.87 | 0.87 | 1.37 | 1.12 | 0.87 |  |
| Income Builder Fund<sup>(g)</sup> |  |  |  | 1.49 | 1.24 | 0.99 | 0.80 |
| Summit Fund | 0.94 |  | 0.69 |  |  |  |  |

---

70 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

(a) Effective
 February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class R3,
 1.49%; Class R4, 1.24%; Class R6, 0.89%. For the period from October 1, 2025 through
 January 31, 2025, the expense ratio level maximum was: Class R3, 1.50%; Class R4, 1.40%;
 Class R6, 0.85%.

(b) Effective
 February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class R3,
 1.40%; Class R4, 1.15%; Class R6, 0.72%. For the period from October 1, 2025 through
 January 31, 2026, the expense ratio level maximum was: Class R3, 1.36%; Class R4, 1.16%;
 Class R6, 0.70%.

(c) Effective
 February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class C,
 1.95%. For the period from October 1, 2025 through January 31, 2026, the expense ratio
 level maximum was: Class C, 2.19%.

(d) Effective
 February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class R3,
 1.49%; Class R4, 1.24%; Class R6, 0.91%. For the period from October 1, 2025 through
 January 31, 2026, the expense ratio level maximum was: Class R3, 1.50%; Class R4, 1.40%;
 Class R6, 0.89%.

(e) Effective
 March 23, 2026 through March 31, 2026, the expense ratio level maximum was: Class C,
 1.87%; Class I, 0.87%, Class R3, 1.37%; Class R4, 1.12%; Class R5, 0.87%. For the period
 from February 1, 2026 through March 22, 2026, the expense ratio level maximum was: Class
 R3, 1.45%. For the period from January 15, 2026 through March 22, 2026, the expense ratio
 level maximum was: Class C, 1.95%; Class I, 0.95%, Class R4, 1.20%; Class R5, 0.95%.
 For the period from October 1, 2025 through January 14, 2026, the expense ratio level
 maximum was: Class C, 2.34%; Class I, 0.95%, Class R3, 1.31%; Class R4, 1.21%; Class
 R5, 0.95%.

(f) Effective
 March 23, 2026 through March 31, 2026, the expense ratio level maximum was: Class C,
 1.87%; Class I, 0.87%, Class R3, 1.37%; Class R4, 1.12%; Class R5, 0.87%. For the period
 from January 15, 2026 through March 22, 2026, the expense ratio level maximum was: Class
 C, 1.95%; Class I, 0.95%, Class R3, 1.45%; Class R4, 1.20%; Class R5, 0.95%. For the
 period from October 1, 2025 through January 14, 2026, the expense ratio level maximum
 was: Class C, 2.34%; Class I, 0.95%, Class R3, 1.46%; Class R4, 1.36%; Class R5, 0.95%.

(g) Effective
 February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class R3,
 1.49%; Class R4, 1.24%. For the period from October 1, 2025 through January 31, 2026,
 the expense ratio level maximum was: Class R3, 1.50%; Class R4, 1.40%.

For the six months ended March 31, 2026, the Advisor contractually reimbursed certain class specific expenses and distribution fees and voluntarily waived certain expenses as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**CONTRACTUAL:** | **CLASS**<br>**A** | **CLASS**<br>**C** | **CLASS**<br>**I** | **CLASS**<br>**R3** | **CLASS**<br>**R4** | **CLASS**<br>**R5** | **CLASS**<br>**R6** |<br>**TOTAL** |
| Global Opportunities Fund | $— | $— | $188019 | $12133 | $15550 | $27128 | $52420 | $295250 |
| International Equity Fund | 52893 | 1547 |  | 106992 | 89219 | 112942 | 322509 | 686102 |
| Better World International Fund |  | 8490 | 404067 |  |  |  |  | 412557 |
| International Growth Fund |  | 1901 | 213134 | 14725 | 24038 | 15125 | 44526 | 313449 |
| Developing World Fund |  | 5245 | 188745 |  |  | 12880 | 27827 | 234697 |
| American Opportunities Fund |  | 11071 | 143767 | 29661 | 12224 | 11349 |  | 208072 |
| Focus Growth Fund |  | 10333 | 66415 | 30612 | 8847 | 20535 |  | 136742 |
| Income Builder Fund |  |  |  | 4721 | 4365 | 10147 |  | 19233 |
| Summit Fund | 36019 |  | 62476 |  |  |  |  | 98495 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**VOLUNTARY:** | **CLASS**<br>**A** | **CLASS**<br>**C** | **CLASS**<br>**I** | **CLASS**<br>**R3** | **CLASS**<br>**R4** | **CLASS**<br>**R5** | **CLASS**<br>**R6** |<br>**TOTAL** |
| International Equity Fund | $114439 | $2833 | $778884 | $35189 | $27204 | $24023 | $171680 | $1154252 |
| Better World International Fund | 25022 | 3234 | 278133 |  |  |  |  | 306389 |
| International Growth Fund | 7953 | 3939 | 47850 | 324 | 395 | 449 | 7958 | 68868 |
| Developing World Fund | 45196 | 3667 | 294363 |  |  | 1706 | 22282 | 367214 |
| Summit Fund | 19727 |  | 120117 |  |  |  |  | 139844 |

---

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 March 31, 2026, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
| | **PERCENTAGE OF**<br>**DIRECT INVESTMENTS** |
| Global Opportunities Fund | 7.82% |
| International Equity Fund | 2.14 |
| Better World International Fund | 11.91 |
| International Growth Fund | 6.71 |
| Developing World Fund | 2.86 |
| American Opportunities Fund | 4.39 |
| Focus Growth Fund | 3.60 |
| Income Builder Fund | 1.99 |
| Summit Fund | 56.92 |

---

Semi-Annual Financial Statements \| 71

**Notes to Financial Statements, Continued** 

March 31, 2026 (Unaudited)

The Funds may purchase or sell portfolio securities from or to an affiliated fund provided that all such transactions will comply with Rule 17a-7 under the 1940 Act. For the six months ended March 31, 2026, the Funds had no such transactions with affiliated funds.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **GLOBAL OPPORTUNITIES FUND** | **MARKET VALUE <br> 9/30/25** | **PURCHASES AT COST** | **SALES <br> PROCEEDS** | **REALIZED <br> GAIN <br> (LOSS)** | **CHANGE IN UNREALIZED APPR./(DEPR.)** | **MARKET VALUE 3/31/26** | **DIVIDEND <br> INCOME** |
| Thornburg Capital Mgmt. Fund | $42548257 | $268030806 | $(153994027) | $- | $- | $156585036 | $1189588 |
| **INTERNATIONAL EQUITY FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $387461999 | $500206375 | $(510630749) | $- | $- | $377037625 | $6872954 |
| **BETTER WORLD INTERNATIONAL FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $18245901 | $90830249 | $(92468843) | $- | $- | $16607307 | $354866 |
| **INTERNATIONAL GROWTH FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $5584294 | $106769332 | $(88139349) | $- | $- | $24214277 | $199867 |
| **DEVELOPING WORLD FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $21768635 | $107399129 | $(114971378) | $- | $- | $14196386 | $364746 |
| **AMERICAN OPPORTUNITIES FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $3247058 | $141293092 | $(75757025) | $- | $- | $68783125 | $280036 |
| **FOCUS GROWTH FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $1570370 | $46253364 | $(33166418) | $- | $- | $14657316 | $149374 |
| **INCOME BUILDER FUND** |  |  |  |  |  |  |  |
| Chimera Investment Corp. | $65410736 | $3182154 | $- | $- | $(3359722) | $65233168 | $4262247 |
| Malamute Energy, Inc. | 12439 |  |  |  |  | 12439 |  |
| SLR Investment Corp. | 65867791 | 777911 |  |  | (4284153) | 62361549 | 3552978 |
| Thornburg Capital Mgmt. Fund | 2114075381 | 902975935 | (1803199953) |  |  | 1213851363 | 33270847 |
| Zegona Communications plc | 470511600 | - | (19697343) | 17992166 | 138294214 | 607100637 | 62274451 |
| Total | $2715877947 | $906936000 | $(1822897296) | $17992166 | $130650339 | $1948559156 | $103360523 |
| **SUMMIT FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $1943173 | $14925439 | $(15533191) | $- | $- | $1335421 | $71959 |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the six-month period ended March 31, 2026, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical

72 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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

At March 31, 2026, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> DEPRECIATION** | **NET UNREALIZED APPRECIATION (DEPRECIATION)** |
| Global Opportunities Fund | $989665568 | $794767461 | $(41332370) | $753435091 |
| International Equity Fund | 3632256557 | 1573189035 | (110451290) | 1462737745 |
| Better World International Fund | 387812714 | 101891254 | (29336302) | 72554952 |
| International Growth Fund | 402035608 | 247964816 | (21321511) | 226643305 |
| Developing World Fund | 395194917 | 221289199 | (31240940) | 190048259 |
| American Opportunities Fund | 318973496 | 146837644 | (4858338) | 141979306 |
| Focus Growth Fund | 135068880 | 62138735 | (1789094) | 60349641 |
| Income Builder Fund | 12660218547 | 8670661481 | (268339477) | 8402322004 |
| Summit Fund | 83009465 | 26870808 | (4543895) | 22326913 |

---

At March 31, 2026, 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** |
| American Opportunities Fund | $1443192 |
| Focus Growth Fund | 1771342 |

---

At March 31, 2026, the Funds had cumulative tax basis capital losses from prior fiscal years as shown on the following table, which may be carried forward to offset future capital gains. To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations. Such capital loss carryforwards do not expire.

---

| | | |
|:---|:---|:---|
|  | **CUMULATIVE CAPITAL LOSSES** | **CUMULATIVE CAPITAL LOSSES** |
| | **SHORT-TERM** | **LONG-TERM** |
| Better World International Fund | $15903351 | $— |
| Developing World Fund | 96705258 |  |
| American Opportunities Fund | 9155674 | 273253 |
| Focus Growth Fund | 42275815 | 39470075 |

---

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

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund's net assets was not significant and accordingly, a reconciliation of income taxes paid for the six months ended March 31, 2026 is not presented. Management expects the significance of the foreign withholding taxes paid in relation to net assets to change in future annual periods.

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

As a result of several court rulings in France, Sweden and Finland, the French, Swedish and Finnish 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

Semi-Annual Financial Statements \| 73

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

reclaims paid by France, Sweden and Finland 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, 2026, 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, 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 six months ended March 31, 2026 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) on investments in the Statement of Operations, if any.

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At March 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**GLOBAL OPPORTUNITIES FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 469581 | $22881914 | 675237 | $27221504 |
| Shares issued to shareholders in reinvestment of dividends | 508082 | 22746605 | 433325 | 15746718 |
| Shares repurchased | (733294) | (35582930) | (1654840) | (65557726) |
| Net increase (decrease) | 244369 | $10045589 | (546278) | $(22589504) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 174775 | $8419312 | 57309 | $2216534 |
| Shares issued to shareholders in reinvestment of dividends | 27122 | 1137485 | 29953 | 1035599 |
| Shares repurchased | (145409) | (6683701) | (320123) | (12113994) |
| Net increase (decrease) | 56488 | $2873096 | (232861) | $(8861861) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 4188716 | $208520387 | 3934399 | $162299606 |
| Shares issued to shareholders in reinvestment of dividends | 1295805 | 58472522 | 1090230 | 39775590 |
| Shares repurchased | (2847251) | (137916123) | (5633849) | (220487319) |
| Net increase (decrease) | 2637270 | $129076786 | (609220) | $(18412123) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 8368 | $419604 | 7174 | $283003 |
| Shares issued to shareholders in reinvestment of dividends | 3855 | 169959 | 3752 | 134665 |
| Shares repurchased | (8343) | (403171) | (20375) | (844480) |
| Net increase (decrease) | 3880 | $186392 | (9449) | $(426812) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 50099 | $2364378 | 36303 | $1387364 |
| Shares issued to shareholders in reinvestment of dividends | 7591 | 336524 | 5767 | 207815 |
| Shares repurchased | (21627) | (1063436) | (33808) | (1337214) |
| Net increase (decrease) | 36063 | $1637466 | 8262 | $257965 |

---

74 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**GLOBAL OPPORTUNITIES FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R5 Shares** | | | | |
| Shares sold | 215314 | $10531124 | 143177 | $5854459 |
| Shares issued to shareholders in reinvestment of dividends | 25856 | 1170714 | 19935 | 728777 |
| Shares repurchased | (70688) | (3447564) | (166548) | (6745929) |
| Net increase (decrease) | 170482 | $8254274 | (3436) | $(162693) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 532589 | $26849485 | 430603 | $16961378 |
| Shares issued to shareholders in reinvestment of dividends | 131378 | 5956953 | 95448 | 3503730 |
| Shares repurchased | (388817) | (18908447) | (124506) | (4973861) |
| Net increase (decrease) | 275150 | $13897991 | 401545 | $15491247 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERNATIONAL EQUITY FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 1037081 | $34490991 | 1766738 | $50390348 |
| Shares issued to shareholders in reinvestment of dividends | 480064 | 14918577 | 929880 | 23610514 |
| Shares repurchased | (1469765) | (48170524) | (2962137) | (84044235) |
| Net increase (decrease) | 47380 | $1239044 | (265519) | $(10043373) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 92927 | $2591889 | 124611 | $3117994 |
| Shares issued to shareholders in reinvestment of dividends | 15173 | 394528 | 26417 | 569012 |
| Shares repurchased | (75263) | (2092686) | (152007) | (3628732) |
| Net increase (decrease) | 32837 | $893731 | (979) | $58274 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 20147380 | $700266879 | 41513506 | $1241537887 |
| Shares issued to shareholders in reinvestment of dividends | 3237053 | 105583896 | 3677162 | 97552913 |
| Shares repurchased | (13161026) | (457973825) | (14405645) | (420733276) |
| Net increase (decrease) | 10223407 | $347876950 | 30785023 | $918357524 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 482664 | $15905601 | 906461 | $25657963 |
| Shares issued to shareholders in reinvestment of dividends | 155115 | 4801686 | 289892 | 7346963 |
| Shares repurchased | (877070) | (29074012) | (1129734) | (31620831) |
| Net increase (decrease) | (239291) | $(8366725) | 66619 | $1384095 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1131979 | $36992685 | 979309 | $26991833 |
| Shares issued to shareholders in reinvestment of dividends | 99760 | 3059902 | 190399 | 4776813 |
| Shares repurchased | (750271) | (24145557) | (956563) | (26925484) |
| Net increase (decrease) | 481468 | $15907030 | 213145 | $4843162 |

---

Semi-Annual Financial Statements \| 75

**Notes to Financial Statements, Continued** 

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERNATIONAL EQUITY FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R5 Shares** | | | | |
| Shares sold | 459847 | $15918175 | 1643064 | $49098764 |
| Shares issued to shareholders in reinvestment of dividends | 104792 | 3411954 | 261082 | 6916888 |
| Shares repurchased | (515868) | (17939058) | (2953450) | (90548936) |
| Net increase (decrease) | 48771 | $1391071 | (1049304) | $(34533284) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 7414723 | $256202566 | 6202974 | $183476520 |
| Shares issued to shareholders in reinvestment of dividends | 674998 | 21906393 | 941424 | 24826220 |
| Shares repurchased | (2507158) | (86238551) | (3699429) | (109513867) |
| Net increase (decrease) | 5582563 | $191870408 | 3444969 | $98788873 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**BETTER WORLD INTERNATIONAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 334946 | $7409917 | 401158 | $7688642 |
| Shares issued to shareholders in reinvestment of dividends | 20302 | 441565 | 15979 | 285868 |
| Shares repurchased | (344537) | (7576569) | (510094) | (9804679) |
| Net increase (decrease) | 10711 | $274913 | (92957) | $(1830169) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 7605 | $166488 | 32561 | $625952 |
| Shares issued to shareholders in reinvestment of dividends | 835 | 17679 | 35 | 603 |
| Shares repurchased | (30190) | (638889) | (121515) | (2217072) |
| Net increase (decrease) | (21750) | $(454722) | (88919) | $(1590517) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1412097 | $32036852 | 3334714 | $66427066 |
| Shares issued to shareholders in reinvestment of dividends | 287627 | 6437094 | 320147 | 5893909 |
| Shares repurchased | (3279986) | (73578147) | (8821284) | (173036996) |
| Net increase (decrease) | (1580262) | $(35104201) | (5166423) | $(100716021) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERNATIONAL GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 144073 | $3607235 | 885475 | $20972473 |
| Shares issued to shareholders in reinvestment of dividends | 26874 | 633421 | 257245 | 5924363 |
| Shares repurchased | (703522) | (17383404) | (1064279) | (25682725) |
| Net increase (decrease) | (532575) | $(13142748) | 78441 | $1214111 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 871 | $18977 | 21739 | $464871 |
| Shares issued to shareholders in reinvestment of dividends | 1774 | 36074 | 25319 | 508913 |
| Shares repurchased | (76068) | (1643431) | (156357) | (3286513) |
| Net increase (decrease) | (73423) | $(1588380) | (109299) | $(2312729) |

---

76 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERNATIONAL GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** | | | | |
| Shares sold | 989322 | $25814485 | 2672856 | $66785204 |
| Shares issued to shareholders in reinvestment of dividends | 214912 | 5323448 | 1791982 | 43106441 |
| Shares repurchased | (2321395) | (60719289) | (8495059) | (211966764) |
| Net increase (decrease) | (1117161) | $(29581356) | (4030221) | $(102075119) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 8602 | $211764 | 18566 | $440539 |
| Shares issued to shareholders in reinvestment of dividends | 1400 | 32322 | 14803 | 334261 |
| Shares repurchased | (35617) | (876784) | (64074) | (1518040) |
| Net increase (decrease) | (25615) | $(632698) | (30705) | $(743240) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 15972 | $391072 | 54720 | $1282952 |
| Shares issued to shareholders in reinvestment of dividends | 1103 | 25705 | 9798 | 223200 |
| Shares repurchased | (108016) | (2696365) | (116546) | (2890549) |
| Net increase (decrease) | (90941) | $(2279588) | (52028) | $(1384397) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 15692 | $413403 | 31277 | $803630 |
| Shares issued to shareholders in reinvestment of dividends | 1949 | 48465 | 18127 | 437674 |
| Shares repurchased | (22952) | (602732) | (90212) | (2244788) |
| Net increase (decrease) | (5311) | $(140864) | (40808) | $(1003484) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 56233 | $1483270 | 121888 | $3068894 |
| Shares issued to shareholders in reinvestment of dividends | 36562 | 915331 | 253883 | 6162308 |
| Shares repurchased | (279990) | (7494618) | (258119) | (6534643) |
| Net increase (decrease) | (187195) | $(5096017) | 117652 | $2696559 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**DEVELOPING WORLD FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 389692 | $10550158 | 515148 | $11584433 |
| Shares issued to shareholders in reinvestment of dividends | 85739 | 2176054 | 74890 | 1604139 |
| Shares repurchased | (626472) | (16841623) | (1066287) | (24105078) |
| Net increase (decrease) | (151041) | $(4115411) | (476249) | $(10916506) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 4821 | $122590 | 22726 | $474154 |
| Shares issued to shareholders in reinvestment of dividends | 5941 | 142057 | 4765 | 96300 |
| Shares repurchased | (50824) | (1289417) | (115472) | (2471268) |
| Net increase (decrease) | (40062) | $(1024770) | (87981) | $(1900814) |

---

Semi-Annual Financial Statements \| 77

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**DEVELOPING WORLD FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** | | | | |
| Shares sold | 1499937 | $41304000 | 2286264 | $52756203 |
| Shares issued to shareholders in reinvestment of dividends | 619202 | 16093051 | 593776 | 13015570 |
| Shares repurchased | (2466572) | (67991183) | (7439191) | (171722569) |
| Net increase (decrease) | (347433) | $(10594132) | (4559151) | $(105950796) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 39909 | $1150698 | 25148 | $588236 |
| Shares issued to shareholders in reinvestment of dividends | 4241 | 109854 | 4147 | 90620 |
| Shares repurchased | (82063) | (2235611) | (60042) | (1455889) |
| Net increase (decrease) | (37913) | $(975059) | (30747) | $(777033) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 160806 | $4475807 | 353233 | $8348933 |
| Shares issued to shareholders in reinvestment of dividends | 40160 | 1045763 | 76240 | 1674987 |
| Shares repurchased | (196544) | (5544548) | (2026736) | (45434211) |
| Net increase (decrease) | 4422 | $(22978) | (1597263) | $(35410291) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**AMERICAN OPPORTUNITIES FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 27584 | $2219765 | 86176 | $6883271 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (250165) | (20176328) | (657029) | (50017363) |
| Net increase (decrease) | (222581) | $(17956563) | (570853) | $(43134092) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 6507 | $422247 | 12428 | $769782 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (9763) | (651981) | (20871) | (1345149) |
| Net increase (decrease) | (3256) | $(229734) | (8443) | $(575367) |
| **Class ETF Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold | 25000 | $2000000 |  | $- |
| Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
| Net increase (decrease) | 25000 | $2000000 | - | $- |
| **Class I Shares** |  |  |  |  |
| Shares sold | 27191 | $2311860 | 146888 | $11605963 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (145325) | (12367398) | (687190) | (54019010) |
| Net increase (decrease) | (118134) | $(10055538) | (540302) | $(42413047) |

---

78 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**AMERICAN OPPORTUNITIES FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R3 Shares** | | | | |
| Shares sold | 4570 | $366921 | 13709 | $1047631 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (12360) | (1008919) | (45359) | (3510666) |
| Net increase (decrease) | (7790) | $(641998) | (31650) | $(2463035) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1290 | $105715 | 3849 | $303633 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (3393) | (274389) | (5503) | (442176) |
| Net increase (decrease) | (2103) | $(168674) | (1654) | $(138543) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1331 | $113600 | 4271 | $349085 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (9992) | (869258) | (12152) | (995579) |
| Net increase (decrease) | (8661) | $(755658) | (7881) | $(646494) |

---

<sup>\*</sup> Effective date of this class of shares was March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**FOCUS GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 24466 | $780454 | 79838 | $2391181 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (345313) | (11138846) | (877215) | (25823106) |
| Net increase (decrease) | (320847) | $(10358392) | (797377) | $(23431925) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 756 | $16796 | 3925 | $84970 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (22164) | (509992) | (44711) | (965355) |
| Net increase (decrease) | (21408) | $(493196) | (40786) | $(880385) |
| **Class ETF Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold | 60000 | $1800000 |  | $- |
| Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
| Net increase (decrease) | 60000 | $1800000 | - | $- |
| **Class I Shares** |  |  |  |  |
| Shares sold | 47280 | $1784797 | 94075 | $3203245 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (146419) | (5549744) | (1135777) | (37947664) |
| Net increase (decrease) | (99139) | $(3764947) | (1041702) | $(34744419) |

---

Semi-Annual Financial Statements \| 79

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**FOCUS GROWTH FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R3 Shares** | | | | |
| Shares sold | 12427 | $389745 | 44355 | $1293173 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (53908) | (1696408) | (159825) | (4746673) |
| Net increase (decrease) | (41481) | $(1306663) | (115470) | $(3453500) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 664 | $21540 | 1243 | $37433 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (431) | (13627) | (11151) | (337679) |
| Net increase (decrease) | 233 | $7913 | (9908) | $(300246) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 10829 | $407084 | 32823 | $1154150 |
| Shares issued to shareholders in reinvestment of dividends |  |  |  |  |
| Shares repurchased | (26569) | (1005533) | (83286) | (2872345) |
| Net increase (decrease) | (15740) | $(598449) | (50463) | $(1718195) |

---

<sup>\*</sup> Effective date of this class of shares was March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INCOME BUILDER FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 7543289 | $257033289 | 11687234 | $329071418 |
| Shares issued to shareholders in reinvestment of dividends | 6164526 | 199589936 | 7883660 | 219073710 |
| Shares repurchased | (10110935) | (339733468) | (23310867) | (652505291) |
| Net increase (decrease) | 3596880 | $116889757 | (3739973) | $(104360163) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 2253388 | $76306697 | 3642041 | $103500852 |
| Shares issued to shareholders in reinvestment of dividends | 662924 | 21330040 | 782193 | 21593317 |
| Shares repurchased | (2450691) | (82495495) | (4764377) | (132238944) |
| Net increase (decrease) | 465621 | $15141242 | (340143) | $(7144775) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 44789177 | $1535761871 | 72395128 | $2082567489 |
| Shares issued to shareholders in reinvestment of dividends | 14024449 | 458507932 | 16291236 | 458160924 |
| Shares repurchased | (30363455) | (1040093210) | (51889940) | (1464100830) |
| Net increase (decrease) | 28450171 | $954176593 | 36796424 | $1076627583 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 59488 | $1983454 | 70709 | $1987027 |
| Shares issued to shareholders in reinvestment of dividends | 28516 | 920511 | 36637 | 1014303 |
| Shares repurchased | (90278) | (3069566) | (174256) | (4988476) |
| Net increase (decrease) | (2274) | $(165601) | (66910) | $(1987146) |

---

80 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INCOME BUILDER FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R4 Shares** | | | | |
| Shares sold | 34154 | $1148029 | 79237 | $2228779 |
| Shares issued to shareholders in reinvestment of dividends | 11752 | 380048 | 19244 | 532850 |
| Shares repurchased | (37360) | (1248267) | (186254) | (5494116) |
| Net increase (decrease) | 8546 | $279810 | (87773) | $(2732487) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 56087 | $1908829 | 147522 | $4188026 |
| Shares issued to shareholders in reinvestment of dividends | 24245 | 790729 | 32223 | 898487 |
| Shares repurchased | (76010) | (2608174) | (263450) | (7246251) |
| Net increase (decrease) | 4322 | $91384 | (83705) | $(2159738) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1036742 | $34736594 | 2138663 | $59404404 |
| Shares issued to shareholders in reinvestment of dividends | 396796 | 12912637 | 538255 | 15120506 |
| Shares repurchased | (2900204) | (95680350) | (1302564) | (36894524) |
| Net increase (decrease) | (1466666) | $(48031119) | 1374354 | $37630386 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**SUMMIT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 261916 | $3835689 | 283410 | $3738572 |
| Shares issued to shareholders in reinvestment of dividends | 51526 | 726798 | 33528 | 442986 |
| Shares repurchased | (189043) | (2856070) | (462788) | (6143257) |
| Net increase (decrease) | 124399 | $1706417 | (145850) | $(1961699) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 427393 | $6348308 | 984100 | $13158404 |
| Shares issued to shareholders in reinvestment of dividends | 317821 | 4482953 | 294337 | 3869090 |
| Shares repurchased | (222150) | (3296594) | (2911968) | (38967925) |
| Net increase (decrease) | 523064 | $7534667 | (1633531) | $(21940431) |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2026, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments).

---

| | | |
|:---|:---|:---|
| | **PURCHASES** | **SALES** |
| Global Opportunities Fund | $147156070 | $147428057 |
| International Equity Fund | 825855449 | 445757949 |
| Better World International Fund | 166260589 | 213478316 |
| International Growth Fund | 162681224 | 238882614 |
| Developing World Fund | 87469383 | 120467361 |
| American Opportunities Fund | 112366627 | 212780740 |
| Focus Growth Fund | 79480303 | 108602352 |
| Income Builder Fund | 2675868526 | 1001611689 |
| Summit Fund | 25638284 | 17849788 |

---

Semi-Annual Financial Statements \| 81

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

**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 six months ended March 31, 2026, 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 six months ended March 31, 2026, 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 six months ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| | **CONTRACTS PURCHASED** | **CONTRACTS SOLD** |
| Global Opportunities Fund | $— | $257264200 |
| Income Builder Fund |  | 3694375790 |
| Summit Fund | 5679227 |  |

---

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.

The unrealized appreciation (depreciation) of the outstanding forward currency contracts recognized in each Fund's Statement of Assets and Liabilities at March 31, 2026 is disclosed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>**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 | $198952 | $— | $198952 |
|  | Forward currency contracts | Foreign currency risk | BBH |  | (957848) | (957848) |
|  |  |  |  | $198952 | $(957848) | $(758896) |
| Income Builder Fund | Forward currency contracts | Foreign currency risk | SSB | 7152912 |  | 7152912 |
|  | Forward currency contracts | Foreign currency risk | BBH |  | (13107440) | (13107440) |
|  |  |  |  | $7152912 | $(13107440) | $(5954528) |

---

82 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>**TYPE OF DERIVATIVE<sup>(a)</sup>** | **PRINCIPAL**<br>**RISK** | **COUNTER**<br>**PARTY** | **ASSET**<br>**DERIVATIVES** | **LIABILITY**<br>**DERIVATIVES** | **NET**<br>**AMOUNT** |
| Summit Fund | Forward currency contracts | Foreign currency risk | SSB | $17300 | $— | $17300 |
|  | Forward currency contracts | Foreign currency risk | MSC | 774 |  | 774 |
|  |  |  |  | $18074 | $— | $18074 |

---

(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 March 31, 2026 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 six months ended March 31, 2026 are disclosed in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TYPE OF DERIVATIVE<sup>(a)</sup>** | **PRINCIPAL RISK** | **NET REALIZED<br> GAIN (LOSS)** | **NET CHANGE IN UNREALIZED<br> APPRECIATION (DEPRECIATION)** |
| Global Opportunities Fund | Forward currency contracts | Foreign currency risk | $7640986 | $(1703153) |
| Income Builder Fund | Forward currency contracts | Foreign currency risk | 106273642 | (19829900) |
| Summit Fund | Forward currency contracts | Foreign currency risk | (273895) | (16363) |

---

(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.

**OTHER NOTES**

Thornburg and Thornburg Investment Trust (the "Trust"), on behalf of the Funds, have received an exemptive order from the SEC that permits each Fund to offer mutual fund share classes and an exchange-traded share class that operates as an exchange-traded fund ("ETF") (a "Multi-Class ETF Fund"). Under this structure, the ETF Class shares are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices, whereas the mutual fund share classes are purchased and redeemed at the net asset value of a Multi-Class ETF Fund's mutual fund class shares next determined after receipt of the order.

Due to the structural and operational differences between mutual funds and ETFs, shareholders of the mutual fund and ETF Class shares of a Multi-Class ETF Fund will have differing shareholder rights with respect to exchange privileges, how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. For additional information regarding these differences, see the "Distributions and Taxes" and "Conversions" sections of the Fund's Prospectus and the "Organization of the Funds" and "Creation and Redemptions of Creation Units" sections of the Statement of Additional Information ("SAI"). Because shareholders of each Fund have voting rights based on the number of shares owned (including fractional shares), and because the shareholders in the mutual fund classes may be able to reinvest dividends sooner than shareholders in the ETF Class, each mutual fund class shareholder could obtain more voting power than an ETF Class shareholder in the days immediately following an ex-dividend date.

In addition, because all of the classes of a Multi-Class ETF Fund represent interests in the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. For example, shareholders of the ETF Class of a Multi-Class ETF Fund (as opposed to shareholders of a standalone ETF) could experience greater portfolio transaction costs and taxable capital gains distributions as a result of shareholder purchases and redemptions through a mutual fund class, as well as costs due to cash drag associated with a Fund holding the cash necessary to satisfy redemptions of mutual fund class shares, which could negatively impact the ETF Class shares' performance. At the same time, shareholders of all classes of a Multi-Class ETF Fund might benefit from cost savings and economies of scale to the extent that the multiple classes draw additional assets to the Multi-Class ETF Fund.

A Multi-Class ETF Fund also is required to comply with certain requirements of Rule 6c-11 under the 1940 Act, in order to permit ETF operations, which do not normally apply to a mutual fund. For example, a Multi-Class ETF Fund is required to provide daily transparency of the Fund's holdings, which has the potential to make the Fund more susceptible to front running than a traditional mutual fund that provides less frequent public disclosure of portfolio holdings. Also, unlike a traditional mutual fund, a Multi-Class ETF Fund may not have the same flexibility to close the Fund to new purchases.

Semi-Annual Financial Statements \| 83

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

The use of this structure is subject to terms and conditions set forth in the Securities and Exchange Commission ("SEC") exemptive order that are designed to ensure that Thornburg and the Board of Trustees of the Trust (the "Board") consider these potential issues on an initial and ongoing basis. The conditions include that the Board, and a majority of the independent Trustees, approve (initially, and at least annually thereafter) the operation of a Multi-Class ETF Fund pursuant to a multiple-class plan, finding that the plan is in the best interests of each mutual fund class and the ETF Class individually, and in the best interests of the Multi-Class ETF Fund as a whole. Thornburg shall prepare written reports to assist the Board's findings that contain information regarding, among other items, the potential and/or observed benefits and costs to each class individually and the Multi-Class ETF Fund as a whole due to the structure, the appropriateness of the Multi-Class ETF Fund's investment strategy for the structure, and the potential and/or observed material conflicts of interest between the classes and/or material negative consequences resulting from the structure.

84 \| Semi-Annual Financial Statements

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Semi-Annual Financial Statements \| 85

Financial Highlights

Global Opportunities 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)** |
| <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>** | **CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $47.62 | 0.36 | 3.96 | 4.32 | (0.48) | (2.46) |  | (2.94) | $49.00 |
| &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>(f)</sup> | (2.30) |  | (2.30) | $39.32 |
| **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $45.07 | 0.15 | 3.74 | 3.89 | (0.06) | (2.46) |  | (2.52) | $46.44 |
| &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>(g)</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** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $47.92 | 0.43 | 3.98 | 4.41 | (0.61) | (2.46) |  | (3.07) | $49.26 |
| &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** | **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $46.99 | 0.30 | 3.93 | 4.23 | (0.37) | (2.46) |  | (2.83) | $48.39 |
| &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** | **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $47.19 | 0.36 | 3.90 | 4.26 | (0.46) | (2.46) |  | (2.92) | $48.53 |
| &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** | **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $48.01 | 0.44 | 3.99 | 4.43 | (0.62) | (2.46) |  | (3.08) | $49.36 |
| &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** | **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $48.17 | 0.45 | 4.02 | 4.47 | (0.67) | (2.46) |  | (3.13) | $49.51 |
| &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 |

---

<sup>(a)</sup> 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.

86 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Global Opportunities Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **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 (%)** | **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)** |
| **CLASS A SHARES<sup>(c)</sup>** | **CLASS A SHARES<sup>(c)</sup>** | **CLASS A SHARES<sup>(c)</sup>** | **CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 1.47 <sup>(e)</sup> | 1.30 <sup>(e)</sup> |  | 1.30 <sup>(e)</sup> | 9.72 | 9.36 | $414267 |
| &nbsp;&nbsp;&nbsp;2025 | 2.57 | 1.29 |  | 1.33 | 26.48 | 15.07 | $391006 |
| &nbsp;&nbsp;&nbsp;2024 | 1.29 | 1.30 |  | 1.34 | 28.68 | 14.91 | $347532 |
| &nbsp;&nbsp;&nbsp;2023 | 2.09 | 1.29 |  | 1.33 | 21.93 | 17.07 | $284351 |
| &nbsp;&nbsp;&nbsp;2022 | 0.83 | 1.29 |  | 1.35 | (19.31) | 26.92 | $218968 |
| &nbsp;&nbsp;&nbsp;2021 | 1.42 | 1.27 |  | 1.31 | 32.82 | 25.48 | $277126 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 0.63 <sup>(e)</sup> | 2.13 <sup>(e)</sup> |  | 2.13 <sup>(e)</sup> | 9.24 | 9.36 | $25642 |
| &nbsp;&nbsp;&nbsp;2025 | 1.87 | 2.13 |  | 2.16 | 25.47 | 15.07 | $22337 |
| &nbsp;&nbsp;&nbsp;2024 | 0.36 | 2.14 |  | 2.17 | 27.59 | 14.91 | $27358 |
| &nbsp;&nbsp;&nbsp;2023 | 1.31 | 2.09 |  | 2.13 | 20.99 | 17.07 | $39916 |
| &nbsp;&nbsp;&nbsp;2022 | — <sup>(h)</sup> | 2.06 |  | 2.11 | (19.94) | 26.92 | $63994 |
| &nbsp;&nbsp;&nbsp;2021 | 0.63 | 2.04 |  | 2.08 | 31.77 | 25.48 | $112420 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 1.76 <sup>(e)</sup> | 0.99 <sup>(e)</sup> |  | 1.03 <sup>(e)</sup> | 9.86 | 9.36 | $1123142 |
| &nbsp;&nbsp;&nbsp;2025 | 2.84 | 0.99 |  | 1.07 | 26.89 | 15.07 | $966053 |
| &nbsp;&nbsp;&nbsp;2024 | 1.64 | 0.99 |  | 1.08 | 29.05 | 14.91 | $829383 |
| &nbsp;&nbsp;&nbsp;2023 | 2.41 | 0.99 |  | 1.06 | 22.32 | 17.07 | $626942 |
| &nbsp;&nbsp;&nbsp;2022 | 1.14 | 0.99 |  | 1.06 | (19.06) | 26.92 | $446228 |
| &nbsp;&nbsp;&nbsp;2021 | 1.69 | 0.99 |  | 1.06 | 33.17 | 25.48 | $605581 |
| **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 1.25 <sup>(e)</sup> | 1.50 <sup>(e)</sup> |  | 2.29 <sup>(e)</sup> | 9.62 | 9.36 | $3231 |
| &nbsp;&nbsp;&nbsp;2025 | 2.38 | 1.50 |  | 2.42 | 26.29 | 15.07 | $2955 |
| &nbsp;&nbsp;&nbsp;2024 | 1.05 | 1.50 |  | 2.49 | 28.47 | 14.91 | $2833 |
| &nbsp;&nbsp;&nbsp;2023 | 1.94 | 1.50 |  | 2.43 | 21.76 | 17.07 | $2761 |
| &nbsp;&nbsp;&nbsp;2022 | 0.61 | 1.50 |  | 2.40 | (19.47) | 26.92 | $2639 |
| &nbsp;&nbsp;&nbsp;2021 | 1.15 | 1.50 |  | 2.07 | 32.48 | 25.48 | $3776 |
| **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 1.48 <sup>(e)</sup> | 1.34 <sup>(e)</sup> |  | 1.74 <sup>(e)</sup> | 9.67 | 9.36 | $8233 |
| &nbsp;&nbsp;&nbsp;2025 | 2.36 | 1.40 |  | 2.01 | 26.38 | 15.07 | $6303 |
| &nbsp;&nbsp;&nbsp;2024 | 1.15 | 1.40 |  | 2.15 | 28.53 | 14.91 | $4931 |
| &nbsp;&nbsp;&nbsp;2023 | 2.00 | 1.40 |  | 2.10 | 21.82 | 17.07 | $5023 |
| &nbsp;&nbsp;&nbsp;2022 | 0.72 | 1.40 |  | 2.09 | (19.37) | 26.92 | $4573 |
| &nbsp;&nbsp;&nbsp;2021 | 1.32 | 1.40 |  | 1.83 | 32.62 | 25.48 | $6177 |
| **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 1.79 <sup>(e)</sup> | 0.99 <sup>(e)</sup> |  | 1.20 <sup>(e)</sup> | 9.87 | 9.36 | $30623 |
| &nbsp;&nbsp;&nbsp;2025 | 2.86 | 0.99 |  | 1.31 | 26.88 | 15.07 | $21600 |
| &nbsp;&nbsp;&nbsp;2024 | 1.56 | 0.99 |  | 1.35 | 29.06 | 14.91 | $18134 |
| &nbsp;&nbsp;&nbsp;2023 | 2.43 | 0.99 |  | 1.20 | 22.32 | 17.07 | $17592 |
| &nbsp;&nbsp;&nbsp;2022 | 1.12 | 0.99 |  | 1.38 | (19.06) | 26.92 | $15512 |
| &nbsp;&nbsp;&nbsp;2021 | 1.64 | 0.99 |  | 1.36 | 33.18 | 25.48 | $20673 |
| **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 1.84 <sup>(e)</sup> | 0.86 <sup>(e)</sup> |  | 0.96 <sup>(e)</sup> | 9.94 | 9.36 | $127085 |
| &nbsp;&nbsp;&nbsp;2025 | 2.94 | 0.85 |  | 1.00 | 27.06 | 15.07 | $110386 |
| &nbsp;&nbsp;&nbsp;2024 | 1.77 | 0.85 |  | 1.01 | 29.25 | 14.91 | $75852 |
| &nbsp;&nbsp;&nbsp;2023 | 2.54 | 0.85 |  | 1.02 | 22.50 | 17.07 | $57844 |
| &nbsp;&nbsp;&nbsp;2022 | 1.28 | 0.85 |  | 1.03 | (18.95) | 26.92 | $47300 |
| &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) Unaudited
six-month period ended March 31.

(e) Annualized.

(f) Dividends
From Net Investment Income was less than 0.01.

(g) Net
investment income (loss) was less than $0.01 per share.

(h) Net
investment income (loss) was less than 0.01%.

+ Based on weighted average shares outstanding.

Semi-Annual Financial Statements \| 87

Financial Highlights

International Equity 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)** |
| <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>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $32.05 | 0.11 | 2.22 | 2.33 | (0.40) | (0.75) |  | (1.15) | $33.23 |
| &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** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $27.08 | (0.02) | 1.86 | 1.84 | (0.22) | (0.75) |  | (0.97) | $27.95 |
| &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** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $33.55 | 0.16 | 2.32 | 2.48 | (0.49) | (0.75) |  | (1.24) | $34.79 |
| &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** | **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $31.97 | 0.06 | 2.22 | 2.28 | (0.34) | (0.75) |  | (1.09) | $33.16 |
| &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** | **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $31.66 | 0.11 | 2.19 | 2.30 | (0.40) | (0.75) |  | (1.15) | $32.81 |
| &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** | **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $33.50 | 0.15 | 2.33 | 2.48 | (0.47) | (0.75) |  | (1.22) | $34.76 |
| &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** | **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $33.37 | 0.19 | 2.30 | 2.49 | (0.53) | (0.75) |  | (1.28) | $34.58 |
| &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.

88 \| Semi-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 <br> (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)** |
| **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.64 <sup>(f)</sup> | 1.15 <sup>(f)</sup> | 1.22 <sup>(f)</sup> | 7.53 | 9.92 | $488224 |
| &nbsp;&nbsp;&nbsp;2025 | 1.53 | 1.16 | 1.24 | 17.96 | 28.49 | $469430 |
| &nbsp;&nbsp;&nbsp;2024 | 1.81 | 1.22 | 1.33 | 31.94 | 45.47 | $432976 |
| &nbsp;&nbsp;&nbsp;2023 | 1.68 | 1.10 | 1.23 | 25.83 | 43.13 | $371073 |
| &nbsp;&nbsp;&nbsp;2022 | 1.25 | 1.30 | 1.38 | (27.88) | 48.88 | $339638 |
| &nbsp;&nbsp;&nbsp;2021 | 1.07 | 1.58 | 1.58 | 19.66 | 42.85 | $543262 |
| **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.16)<sup>(f)</sup> | 1.95 <sup>(f)</sup> | 2.03 <sup>(f)</sup> | 7.08 | 9.92 | $12230 |
| &nbsp;&nbsp;&nbsp;2025 | 0.58 | 2.05 | 2.14 | 16.94 | 28.49 | $10960 |
| &nbsp;&nbsp;&nbsp;2024 | 0.83 | 2.11 | 2.22 | 30.76 | 45.47 | $10055 |
| &nbsp;&nbsp;&nbsp;2023 | 0.77 | 1.98 | 2.12 | 24.70 | 43.13 | $12360 |
| &nbsp;&nbsp;&nbsp;2022 | 0.56 | 1.96 | 2.05 | (28.38) | 48.88 | $13978 |
| &nbsp;&nbsp;&nbsp;2021 | 0.24 | 2.26 | 2.26 | 18.83 | 42.85 | $27189 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.92 <sup>(f)</sup> | 0.89 <sup>(f)</sup> | 0.93 <sup>(f)</sup> | 7.67 | 9.92 | $3432446 |
| &nbsp;&nbsp;&nbsp;2025 | 1.98 | 0.87 | 0.96 | 18.32 | 28.49 | $2967479 |
| &nbsp;&nbsp;&nbsp;2024 | 2.11 | 0.93 | 1.04 | 32.37 | 45.47 | $1747826 |
| &nbsp;&nbsp;&nbsp;2023 | 1.90 | 0.88 | 1.01 | 26.09 <sup>(g)</sup> | 43.13 | $1390996 |
| &nbsp;&nbsp;&nbsp;2022 | 1.66 | 0.90 | 1.00 | (27.64) | 48.88 | $1254672 |
| &nbsp;&nbsp;&nbsp;2021 | 1.32 | 1.24 | 1.24 | 20.05 | 42.85 | $2000723 |
| **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.40 <sup>(f)</sup> | 1.37 <sup>(f)</sup> | 1.57 <sup>(f)</sup> | 7.39 | 9.92 | $141622 |
| &nbsp;&nbsp;&nbsp;2025 | 1.33 | 1.36 | 1.63 | 17.74 | 28.49 | $144188 |
| &nbsp;&nbsp;&nbsp;2024 | 1.62 | 1.42 | 1.73 | 31.71 | 45.47 | $128725 |
| &nbsp;&nbsp;&nbsp;2023 | 1.42 | 1.36 | 1.71 | 25.47 | 43.13 | $110275 |
| &nbsp;&nbsp;&nbsp;2022 | 1.16 | 1.40 | 1.70 | (27.97) | 48.88 | $100783 |
| &nbsp;&nbsp;&nbsp;2021 | 0.80 | 1.75 | 1.91 | 19.46 | 42.85 | $157724 |
| **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.67 <sup>(f)</sup> | 1.16 <sup>(f)</sup> | 1.36 <sup>(f)</sup> | 7.52 | 9.92 | $129072 |
| &nbsp;&nbsp;&nbsp;2025 | 1.55 | 1.16 | 1.42 | 17.95 | 28.49 | $109321 |
| &nbsp;&nbsp;&nbsp;2024 | 1.82 | 1.22 | 1.54 | 31.98 | 45.47 | $93021 |
| &nbsp;&nbsp;&nbsp;2023 | 1.62 | 1.16 | 1.48 | 25.68 | 43.13 | $82599 |
| &nbsp;&nbsp;&nbsp;2022 | 1.37 | 1.19 | 1.50 | (27.81) | 48.88 | $69822 |
| &nbsp;&nbsp;&nbsp;2021 | 0.99 | 1.55 | 1.70 | 19.69 | 42.85 | $104735 |
| **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.88 <sup>(f)</sup> | 0.90 <sup>(f)</sup> | 1.17 <sup>(f)</sup> | 7.66 | 9.92 | $100091 |
| &nbsp;&nbsp;&nbsp;2025 | 1.73 | 0.90 | 1.17 | 18.29 | 28.49 | $94843 |
| &nbsp;&nbsp;&nbsp;2024 | 2.07 | 0.96 | 1.24 | 32.29 | 45.47 | $117461 |
| &nbsp;&nbsp;&nbsp;2023 | 1.90 | 0.90 | 1.23 | 26.03 | 43.13 | $101451 |
| &nbsp;&nbsp;&nbsp;2022 | 1.57 | 0.94 | 1.28 | (27.60) | 48.88 | $86468 |
| &nbsp;&nbsp;&nbsp;2021 | 1.26 | 1.29 | 1.46 | 19.97 | 42.85 | $160007 |
| **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 1.13 <sup>(f)</sup> | 0.71 <sup>(f)</sup> | 0.85 <sup>(f)</sup> | 7.76 | 9.92 | $815549 |
| &nbsp;&nbsp;&nbsp;2025 | 2.07 | 0.70 | 0.88 | 18.52 | 28.49 | $600774 |
| &nbsp;&nbsp;&nbsp;2024 | 2.34 | 0.76 | 0.97 | 32.58 | 45.47 | $439072 |
| &nbsp;&nbsp;&nbsp;2023 | 2.09 | 0.70 | 0.94 | 26.29 | 43.13 | $294974 |
| &nbsp;&nbsp;&nbsp;2022 | 1.85 | 0.73 | 0.92 | (27.47) | 48.88 | $243442 |
| &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) Unaudited
six-month period ended March 31.

(f) Annualized.

(g) 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.

Semi-Annual Financial Statements \| 89

Financial Highlights

Better World International 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)** |
| <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>** | **CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $21.19 | 0.03 | 0.07 | 0.10 | (0.24) |  |  | (0.24) | $21.05 |
| &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** | **CLASS C SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $20.50 | (0.05) | 0.07 | 0.02 | (0.07) |  |  | (0.07) | $20.45 |
| &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** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | $21.88 | 0.09 | 0.06 | 0.15 | (0.34) |  |  | (0.34) | $21.69 |
| &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) Unaudited
six-month period ended March 31.

(e) Annualized.

(f) The
total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 0.41%.

(g) 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.

90 \| Semi-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** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE** **<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT** **<br> INCOME <br> (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)** |
| **CLASS A SHARES<sup>(c)</sup>** | **CLASS A SHARES<sup>(c)</sup>** | **CLASS A SHARES<sup>(c)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 0.30 <sup>(e)</sup> | 1.39 <sup>(e)</sup> | 1.52 <sup>(e)</sup> | 0.46 <sup>(f)</sup> | 34.41 | $39836 |
| &nbsp;&nbsp;&nbsp;2025 | 1.02 | 1.41 | 1.56 | 10.51 <sup>(g)</sup> | 39.30 | $39870 |
| &nbsp;&nbsp;&nbsp;2024 | 0.89 | 1.44 | 1.58 | 21.27 | 60.57 | $38159 |
| &nbsp;&nbsp;&nbsp;2023 | 0.87 | 1.46 | 1.60 | 19.79 | 80.23 | $40587 |
| &nbsp;&nbsp;&nbsp;2022 | 0.34 | 1.47 | 1.58 | (27.93) | 140.89 | $33050 |
| &nbsp;&nbsp;&nbsp;2021 | 0.05 | 1.57 | 1.57 | 37.04 | 119.96 | $40287 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | (0.43)<sup>(e)</sup> | 2.11 <sup>(e)</sup> | 2.56 <sup>(e)</sup> | 0.09 | 34.41 | $4927 |
| &nbsp;&nbsp;&nbsp;2025 | 0.17 | 2.19 | 2.62 | 9.64 | 39.30 | $5387 |
| &nbsp;&nbsp;&nbsp;2024 | 0.15 | 2.19 | 2.55 | 20.42 | 60.57 | $6575 |
| &nbsp;&nbsp;&nbsp;2023 | 0.14 | 2.19 | 2.82 | 18.92 | 80.23 | $6177 |
| &nbsp;&nbsp;&nbsp;2022 | (0.42) | 2.24 | 2.50 | (28.44) | 140.89 | $4391 |
| &nbsp;&nbsp;&nbsp;2021 | (0.77) | 2.38 | 2.85 | 35.91 | 119.96 | $5597 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 0.78 <sup>(e)</sup> | 0.90 <sup>(e)</sup> | 1.20 <sup>(e)</sup> | 0.65 | 34.41 | $424360 |
| &nbsp;&nbsp;&nbsp;2025 | 1.48 | 0.90 | 1.24 | 11.09 | 39.30 | $462577 |
| &nbsp;&nbsp;&nbsp;2024 | 1.42 | 0.90 | 1.24 | 21.90 | 60.57 | $525322 |
| &nbsp;&nbsp;&nbsp;2023 | 1.44 | 0.90 | 1.26 | 20.49 | 80.23 | $513331 |
| &nbsp;&nbsp;&nbsp;2022 | 0.89 | 0.96 | 1.25 | (27.54) | 140.89 | $346395 |
| &nbsp;&nbsp;&nbsp;2021 | 0.53 | 1.09 | 1.21 | 37.72 | 119.96 | $302026 |

---

Semi-Annual Financial Statements \| 91

Financial Highlights

International Growth 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)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** |
| <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** | **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>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $25.53 | (0.10) |  | (1.24) | (1.34) |  | (0.23) |  | (0.23) | $23.96 |
| &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** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $22.09 | (0.21) |  | (1.05) | (1.26) |  | (0.23) |  | (0.23) | $20.60 |
| &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** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $26.65 | (0.06) |  | (1.29) | (1.35) | (0.05) | (0.23) |  | (0.28) | $25.02 |
| &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** | **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $25.01 | (0.12) |  | (1.20) | (1.32) |  | (0.23) |  | (0.23) | $23.46 |
| &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>(g)</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>(g)</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** | **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $25.24 | (0.11) |  | (1.21) | (1.32) |  | (0.23) |  | (0.23) | $23.69 |
| &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** | **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $26.75 | (0.06) |  | (1.29) | (1.35) | (0.05) | (0.23) |  | (0.28) | $25.12 |
| &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** | **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $26.88 | (0.05) |  | (1.29) | (1.34) | (0.08) | (0.23) |  | (0.31) | $25.23 |
| &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** |
| 2026 | (0.85)% | (1.91)% | (0.48)% | (1.00)% | (0.91)% | (0.48)% | (0.39)% |
| 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.

92 \| Semi-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 <br> (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)** |
| **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.82)<sup>(f)</sup> | 1.35 <sup>(f)</sup> | 1.37 <sup>(f)</sup> | (5.23) | 23.90 | $70561 |
| &nbsp;&nbsp;&nbsp;2025 | (0.08) | 1.36 | 1.40 | 1.96 | 28.90 | $88769 |
| &nbsp;&nbsp;&nbsp;2024 | 0.11 | 1.37 | 1.38 | 25.81 | 44.57 | $92101 |
| &nbsp;&nbsp;&nbsp;2023 | 0.10 | 1.37 | 1.38 | 18.82 | 37.24 | $86983 |
| &nbsp;&nbsp;&nbsp;2022 | 0.13 | 1.36 | 1.36 | (35.72) | 63.54 | $86145 |
| &nbsp;&nbsp;&nbsp;2021 | (0.29) | 1.27 | 1.27 | 8.07 | 34.41 | $154613 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (1.89)<sup>(f)</sup> | 2.38 <sup>(f)</sup> | 2.76 <sup>(f)</sup> | (5.69) | 23.90 | $2245 |
| &nbsp;&nbsp;&nbsp;2025 | (1.19) | 2.38 | 2.59 | 0.90 | 28.90 | $4030 |
| &nbsp;&nbsp;&nbsp;2024 | (0.91) | 2.36 | 2.37 | 24.61 | 44.57 | $6985 |
| &nbsp;&nbsp;&nbsp;2023 | (0.81) | 2.27 | 2.28 | 17.70 | 37.24 | $8572 |
| &nbsp;&nbsp;&nbsp;2022 | (0.78) | 2.22 | 2.23 | (36.27) | 63.54 | $10939 |
| &nbsp;&nbsp;&nbsp;2021 | (1.10) | 2.07 | 2.07 | 7.21 | 34.41 | $27864 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.45)<sup>(f)</sup> | 0.99 <sup>(f)</sup> | 1.09 <sup>(f)</sup> | (5.06) | 23.90 | $468569 |
| &nbsp;&nbsp;&nbsp;2025 | 0.24 | 0.99 | 1.10 | 2.36 | 28.90 | $528819 |
| &nbsp;&nbsp;&nbsp;2024 | 0.48 | 0.99 | 1.04 | 26.30 | 44.57 | $673335 |
| &nbsp;&nbsp;&nbsp;2023 | 0.47 | 0.99 | 1.06 | 19.23 | 37.24 | $627050 |
| &nbsp;&nbsp;&nbsp;2022 | 0.47 | 0.99 | 1.06 | (35.47) | 63.54 | $724495 |
| &nbsp;&nbsp;&nbsp;2021 | (0.02) | 1.00 | 1.00 | 8.34 | 34.41 | $1584102 |
| **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.97)<sup>(f)</sup> | 1.50 <sup>(f)</sup> | 2.37 <sup>(f)</sup> | (5.26) | 23.90 | $2884 |
| &nbsp;&nbsp;&nbsp;2025 | (0.26) | 1.50 | 2.36 | 1.85 | 28.90 | $3716 |
| &nbsp;&nbsp;&nbsp;2024 | (0.01) | 1.50 | 2.18 | 25.63 | 44.57 | $4771 |
| &nbsp;&nbsp;&nbsp;2023 | (0.03) | 1.50 | 2.25 | 18.69 | 37.24 | $4508 |
| &nbsp;&nbsp;&nbsp;2022 | (0.01) | 1.50 | 2.29 | (35.79) | 63.54 | $4340 |
| &nbsp;&nbsp;&nbsp;2021 | (0.52) | 1.51 | 1.89 | 7.78 | 34.41 | $7643 |
| **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.89)<sup>(f)</sup> | 1.36 <sup>(f)</sup> | 2.52 <sup>(f)</sup> | (5.21) | 23.90 | $2885 |
| &nbsp;&nbsp;&nbsp;2025 | (0.14) | 1.40 | 2.12 | 1.89 | 28.90 | $5370 |
| &nbsp;&nbsp;&nbsp;2024 | 0.04 | 1.40 | 2.04 | 25.77 | 44.57 | $7103 |
| &nbsp;&nbsp;&nbsp;2023 | 0.08 | 1.40 | 2.01 | 18.78 | 37.24 | $7083 |
| &nbsp;&nbsp;&nbsp;2022 | 0.12 | 1.40 | 2.00 | (35.72) | 63.54 | $6670 |
| &nbsp;&nbsp;&nbsp;2021 | (0.42) | 1.41 | 1.63 | 7.91 | 34.41 | $9903 |
| **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.45)<sup>(f)</sup> | 0.99 <sup>(f)</sup> | 1.64 <sup>(f)</sup> | (5.04) | 23.90 | $4512 |
| &nbsp;&nbsp;&nbsp;2025 | 0.22 | 0.99 | 1.76 | 2.34 | 28.90 | $4947 |
| &nbsp;&nbsp;&nbsp;2024 | 0.44 | 0.99 | 1.57 | 26.24 | 44.57 | $6387 |
| &nbsp;&nbsp;&nbsp;2023 | 0.50 | 0.99 | 1.38 | 19.25 | 37.24 | $12979 |
| &nbsp;&nbsp;&nbsp;2022 | 0.49 | 0.99 | 1.45 | (35.46) | 63.54 | $21233 |
| &nbsp;&nbsp;&nbsp;2021 | (0.02) | 1.00 | 1.27 | 8.35 | 34.41 | $36396 |
| **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.36)<sup>(f)</sup> | 0.90 <sup>(f)</sup> | 1.02 <sup>(f)</sup> | (4.99) | 23.90 | $78913 |
| &nbsp;&nbsp;&nbsp;2025 | 0.37 | 0.89 | 1.04 | 2.45 | 28.90 | $89120 |
| &nbsp;&nbsp;&nbsp;2024 | 0.60 | 0.89 | 1.02 | 26.39 | 44.57 | $90922 |
| &nbsp;&nbsp;&nbsp;2023 | 0.60 | 0.89 | 1.02 | 19.38 | 37.24 | $73130 |
| &nbsp;&nbsp;&nbsp;2022 | 0.61 | 0.89 | 1.01 | (35.41) | 63.54 | $66867 |
| &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) Unaudited
six-month period ended March 31.

(f) Annualized.

(g) Net
investment income (loss) was less than $0.01 per share.

+ Based on weighted average shares outstanding.

Semi-Annual Financial Statements \| 93

Financial Highlights

Developing World 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)** |
| <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>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $25.94 | 0.04 | 1.63 | 1.67 | (0.84) |  |  | (0.84) | $26.77 |
| &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>(h)</sup> | 4.66 | 4.66 |  |  |  |  | $27.58 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $24.30 | (0.08) | 1.53 | 1.45 | (0.60) |  |  | (0.60) | $25.15 |
| &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** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $26.64 | 0.10 | 1.65 | 1.75 | (0.94) |  |  | (0.94) | $27.45 |
| &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** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $26.55 | 0.10 | 1.64 | 1.74 | (0.94) |  |  | (0.94) | $27.35 |
| &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** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $26.71 | 0.11 | 1.67 | 1.78 | (0.98) |  |  | (0.98) | $27.51 |
| &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) Unaudited
six-month period ended March 31.

(f) Annualized.

(g) 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.

(h) Net
investment income (loss) was less than $0.01 per share.

(i) 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.

94 \| Semi-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 <br> (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)** |
| **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.28 <sup>(f)</sup> | 1.44 <sup>(f)</sup> | 1.56 <sup>(f)</sup> | 6.60 | 14.98 | $72304 |
| &nbsp;&nbsp;&nbsp;2025 | 1.05 | 1.45 | 1.61 | 15.97 <sup>(g)</sup> | 46.93 | $73995 |
| &nbsp;&nbsp;&nbsp;2024 | 0.36 | 1.47 | 1.62 | 18.35 <sup>(g)</sup> | 90.88 | $76267 |
| &nbsp;&nbsp;&nbsp;2023 | 0.87 | 1.45 | 1.60 | 8.24 | 37.64 | $83389 |
| &nbsp;&nbsp;&nbsp;2022 | 1.63 | 1.44 | 1.54 | (33.18) | 68.24 | $87897 |
| &nbsp;&nbsp;&nbsp;2021 | (0.01) | 1.43 | 1.43 | 20.33 | 61.50 | $131471 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.62)<sup>(f)</sup> | 2.33 <sup>(f)</sup> | 2.63 <sup>(f)</sup> | 6.11 | 14.98 | $5565 |
| &nbsp;&nbsp;&nbsp;2025 | 0.16 | 2.33 | 2.71 | 14.94 | 46.93 | $6350 |
| &nbsp;&nbsp;&nbsp;2024 | (0.53) | 2.33 | 2.54 | 17.31 | 90.88 | $7493 |
| &nbsp;&nbsp;&nbsp;2023 | 0.04 | 2.27 | 2.42 | 7.36 | 37.64 | $11621 |
| &nbsp;&nbsp;&nbsp;2022 | 0.62 | 2.26 | 2.36 | (33.74) | 68.24 | $17044 |
| &nbsp;&nbsp;&nbsp;2021 | (0.81) | 2.19 | 2.19 | 19.49 <sup>(i)</sup> | 61.50 | $40933 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.69 <sup>(f)</sup> | 1.04 <sup>(f)</sup> | 1.24 <sup>(f)</sup> | 6.78 | 14.98 | $470786 |
| &nbsp;&nbsp;&nbsp;2025 | 1.44 | 1.04 | 1.34 | 16.43 | 46.93 | $466106 |
| &nbsp;&nbsp;&nbsp;2024 | 0.78 | 1.04 | 1.29 | 18.92 | 90.88 | $519163 |
| &nbsp;&nbsp;&nbsp;2023 | 1.31 | 1.04 | 1.28 | 8.66 | 37.64 | $802285 |
| &nbsp;&nbsp;&nbsp;2022 | 2.07 | 1.06 | 1.23 | (32.92) | 68.24 | $772911 |
| &nbsp;&nbsp;&nbsp;2021 | 0.34 | 1.09 | 1.15 | 20.78 | 61.50 | $925280 |
| **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.71 <sup>(f)</sup> | 1.04 <sup>(f)</sup> | 2.08 <sup>(f)</sup> | 6.77 | 14.98 | $2063 |
| &nbsp;&nbsp;&nbsp;2025 | 1.47 | 1.04 | 2.08 | 16.42 | 46.93 | $3009 |
| &nbsp;&nbsp;&nbsp;2024 | 0.80 | 1.04 | 2.04 | 18.88 | 90.88 | $3380 |
| &nbsp;&nbsp;&nbsp;2023 | 1.31 | 1.04 | 2.05 | 8.69 | 37.64 | $3206 |
| &nbsp;&nbsp;&nbsp;2022 | 1.94 | 1.06 | 2.15 | (32.89) | 68.24 | $2403 |
| &nbsp;&nbsp;&nbsp;2021 | 0.35 | 1.09 | 1.70 | 20.72 | 61.50 | $4157 |
| **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 0.79 <sup>(f)</sup> | 0.94 <sup>(f)</sup> | 1.21 <sup>(f)</sup> | 6.85 | 14.98 | $35989 |
| &nbsp;&nbsp;&nbsp;2025 | 1.30 | 0.94 | 1.27 | 16.54 | 46.93 | $34827 |
| &nbsp;&nbsp;&nbsp;2024 | 0.91 | 0.94 | 1.24 | 19.04 | 90.88 | $68459 |
| &nbsp;&nbsp;&nbsp;2023 | 1.40 | 0.94 | 1.24 | 8.75 | 37.64 | $60741 |
| &nbsp;&nbsp;&nbsp;2022 | 2.14 | 0.96 | 1.20 | (32.84) | 68.24 | $54406 |
| &nbsp;&nbsp;&nbsp;2021 | 0.43 | 0.99 | 1.11 | 20.90 | 61.50 | $78006 |

---

Semi-Annual Financial Statements \| 95

Financial Highlights

American Opportunities 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)** |
| <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>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $79.68 | (0.23) | 1.70 | 1.47 |  |  |  |  | $81.15 |
| &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** | **CLASS C SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $66.15 | (0.47) | 1.42 | 0.95 |  |  |  |  | $67.10 |
| &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 ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $80.00 |  | — (i) |  |  |  |  |  | $80.00 |
| **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $84.18 | (0.07) | 1.80 | 1.73 |  |  |  |  | $85.91 |
| &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** | **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $79.31 | (0.23) | 1.70 | 1.47 |  |  |  |  | $80.78 |
| &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** | **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $80.79 | (0.17) | 1.73 | 1.56 |  |  |  |  | $82.35 |
| &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** | **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $84.03 | (0.08) | 1.80 | 1.72 |  |  |  |  | $85.75 |
| &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 | — (j) | (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) Unaudited
six-month period ended March 31.

See notes to financial statements.

96 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

American 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 <br> (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)** |
| **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.58)<sup>(f)</sup> | 1.36 <sup>(f)</sup> | 1.36 <sup>(f)</sup> | 1.84 | 24.59 | $258380 |
| &nbsp;&nbsp;&nbsp;2025 | (0.56) | 1.37 | 1.37 | 3.28 | 23.05 | $271435 |
| &nbsp;&nbsp;&nbsp;2024 | (0.57) | 1.38 | 1.38 | 27.14 | 32.79 | $306852 |
| &nbsp;&nbsp;&nbsp;2023 | (0.40) | 1.36 | 1.36 | 9.68 | 37.54 | $276512 |
| &nbsp;&nbsp;&nbsp;2022 | (0.38) | 1.31 | 1.37 | (23.16) | 46.19 | $293290 |
| &nbsp;&nbsp;&nbsp;2021 | (0.06) | 1.18 | 1.33 | 30.46 | 135.80 <sup>(g)</sup> | $454488 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (1.39)<sup>(f)</sup> | 2.17 <sup>(f)</sup> | 3.00 <sup>(f)</sup> | 1.44 | 24.59 | $2530 |
| &nbsp;&nbsp;&nbsp;2025 | (1.53) | 2.34 | 3.09 | 2.30 | 23.05 | $2709 |
| &nbsp;&nbsp;&nbsp;2024 | (1.53) | 2.34 | 2.97 | 25.90 | 32.79 | $3195 |
| &nbsp;&nbsp;&nbsp;2023 | (1.36) | 2.34 | 2.59 | 8.61 | 37.54 | $4520 |
| &nbsp;&nbsp;&nbsp;2022 | (1.31) | 2.22 | 2.34 | (23.86) | 46.19 | $7476 |
| &nbsp;&nbsp;&nbsp;2021 | (0.86) | 2.00 | 2.15 | 29.40 | 135.80 <sup>(g)</sup> | $17364 |
| **CLASS ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> |  |  |  |  | 24.59 | $2000 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.16)<sup>(f)</sup> | 0.95 <sup>(f)</sup> | 1.10 <sup>(f)</sup> | 2.06 | 24.59 | $189092 |
| &nbsp;&nbsp;&nbsp;2025 | (0.14) | 0.95 | 1.09 | 3.72 | 23.05 | $195226 |
| &nbsp;&nbsp;&nbsp;2024 | (0.14) | 0.95 | 1.08 | 27.69 | 32.79 | $232076 |
| &nbsp;&nbsp;&nbsp;2023 | 0.01 | 0.95 | 1.08 | 10.13 | 37.54 | $196754 |
| &nbsp;&nbsp;&nbsp;2022 | 0.02 | 0.91 | 1.09 | (22.84) | 46.19 | $207251 |
| &nbsp;&nbsp;&nbsp;2021 | 0.26 | 0.86 | 1.08 | 30.88 | 135.80 <sup>(g)</sup> | $332235 |
| **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.57)<sup>(f)</sup> | 1.35 <sup>(f)</sup> | 1.94 <sup>(f)</sup> | 1.85 | 24.59 | $9703 |
| &nbsp;&nbsp;&nbsp;2025 | (0.50) | 1.31 | 1.94 | 3.35 | 23.05 | $10145 |
| &nbsp;&nbsp;&nbsp;2024 | (0.50) | 1.31 | 1.88 | 27.22 | 32.79 | $12245 |
| &nbsp;&nbsp;&nbsp;2023 | (0.34) | 1.31 | 1.93 | 9.74 | 37.54 | $12641 |
| &nbsp;&nbsp;&nbsp;2022 | (0.35) | 1.27 | 1.87 | (23.11) | 46.19 | $13406 |
| &nbsp;&nbsp;&nbsp;2021 | (0.08) | 1.22 | 1.81 | 30.41 | 135.80 <sup>(g)</sup> | $23594 |
| **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.42)<sup>(f)</sup> | 1.20 <sup>(f)</sup> | 2.14 <sup>(f)</sup> | 1.93 | 24.59 | $2562 |
| &nbsp;&nbsp;&nbsp;2025 | (0.40) | 1.21 | 2.18 | 3.44 | 23.05 | $2683 |
| &nbsp;&nbsp;&nbsp;2024 | (0.40) | 1.21 | 2.16 | 27.36 | 32.79 | $2723 |
| &nbsp;&nbsp;&nbsp;2023 | (0.24) | 1.21 | 2.30 | 9.83 | 37.54 | $2288 |
| &nbsp;&nbsp;&nbsp;2022 | (0.23) | 1.17 | 2.04 | (23.03) | 46.19 | $2819 |
| &nbsp;&nbsp;&nbsp;2021 | 0.01 | 1.12 | 1.78 | 30.54 | 135.80 <sup>(g)</sup> | $4386 |
| **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | (0.19)<sup>(f)</sup> | 0.95 <sup>(f)</sup> | 2.16 <sup>(f)</sup> | 2.05 | 24.59 | $1501 |
| &nbsp;&nbsp;&nbsp;2025 | (0.14) | 0.95 | 1.98 | 3.73 | 23.05 | $2198 |
| &nbsp;&nbsp;&nbsp;2024 | (0.14) | 0.95 | 1.87 | 27.68 | 32.79 | $2758 |
| &nbsp;&nbsp;&nbsp;2023 | 0.03 | 0.95 | 1.75 | 10.13 | 37.54 | $2896 |
| &nbsp;&nbsp;&nbsp;2022 | — <sup>(k)</sup> | 0.90 | 1.64 | (22.83) | 46.19 | $6106 |
| &nbsp;&nbsp;&nbsp;2021 | 0.27 | 0.86 | 1.48 | 30.88 | 135.80 <sup>(g)</sup> | $14710 |

---

(f) Annualized.

(g) 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.

(h) Effective
date of this class of shares was March 31, 2026.

(i) Net
realized and unrealized gain (loss) on investments was less than $0.01 per share.

(j) Net
investment income (loss) was less than $0.01 per share.

(k) Net
investment income (loss) was less than 0.01%.

+ Based on weighted average shares outstanding.

Semi-Annual Financial Statements \| 97

Financial Highlights

Focus Growth 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)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** |
| <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** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $31.80 | (0.17) |  | (1.44) | (1.61) |  |  |  |  | $30.19 |
| &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** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $22.58 | (0.21) |  | (1.01) | (1.22) |  |  |  |  | $21.36 |
| &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 ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $30.00 |  |  | — <sup>(i)</sup> |  |  |  |  |  | $30.00 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $37.08 | (0.11) |  | (1.68) | (1.79) |  |  |  |  | $35.29 |
| &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** | **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $31.13 | (0.17) |  | (1.41) | (1.58) |  |  |  |  | $29.55 |
| &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** | **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $31.96 | (0.15) |  | (1.44) | (1.59) |  |  |  |  | $30.37 |
| &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** | **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $37.01 | (0.11) |  | (1.67) | (1.78) |  |  |  |  | $35.23 |
| &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) Unaudited
six-month period ended March 31.

(d) Annualized.

(e) The
total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is (5.06)%.

(f) The
total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 5.19%

(g) 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.

(h) Effective
date of this class of shares was March 31, 2026.

(i) Net
realized and unrealized gain (loss) on investments was less than $0.01 per share.

+ Based on weighted average shares outstanding.

See notes to financial statements.

98 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Focus 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 PERIOD<br> (THOUSANDS)** |
| **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | (1.06)<sup>(d)</sup> | 1.41 <sup>(d)</sup> | 1.41 <sup>(d)</sup> | (5.03)<sup>(e)</sup> | 38.38 | $106482 |
| &nbsp;&nbsp;&nbsp;2025 | (1.22) | 1.43 | 1.44 | 5.16 <sup>(f)</sup> | 34.06 | $122351 |
| &nbsp;&nbsp;&nbsp;2024 | (1.16) | 1.42 | 1.42 | 24.51 | 32.58 | $140412 |
| &nbsp;&nbsp;&nbsp;2023 | (1.20) | 1.42 | 1.42 | 14.69 | 45.46 | $132659 |
| &nbsp;&nbsp;&nbsp;2022 | (1.20) | 1.33 | 1.40 | (38.84) | 57.56 | $147493 |
| &nbsp;&nbsp;&nbsp;2021 | (0.99) | 1.16 | 1.31 | 14.69 | 161.43 <sup>(g)</sup> | $340545 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | (1.86)<sup>(d)</sup> | 2.20 <sup>(d)</sup> | 3.45 <sup>(d)</sup> | (5.40) | 38.38 | $1303 |
| &nbsp;&nbsp;&nbsp;2025 | (2.12) | 2.34 | 3.34 | 4.25 | 34.06 | $1861 |
| &nbsp;&nbsp;&nbsp;2024 | (2.08) | 2.34 | 3.12 | 23.35 | 32.58 | $2669 |
| &nbsp;&nbsp;&nbsp;2023 | (2.12) | 2.34 | 2.72 | 13.66 | 45.46 | $3743 |
| &nbsp;&nbsp;&nbsp;2022 | (2.09) | 2.21 | 2.40 | (39.39) | 57.56 | $5596 |
| &nbsp;&nbsp;&nbsp;2021 | (1.76) | 1.94 | 2.09 | 13.80 | 161.43 <sup>(g)</sup> | $23433 |
| **CLASS ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** | **CLASS ETF SHARES<sup>(h)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> |  |  |  |  | 38.38 | $1800 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | (0.59)<sup>(d)</sup> | 0.95 <sup>(d)</sup> | 1.12 <sup>(d)</sup> | (4.83) | 38.38 | $68159 |
| &nbsp;&nbsp;&nbsp;2025 | (0.74) | 0.95 | 1.14 | 5.70 | 34.06 | $75295 |
| &nbsp;&nbsp;&nbsp;2024 | (0.69) | 0.95 | 1.08 | 25.11 | 32.58 | $107770 |
| &nbsp;&nbsp;&nbsp;2023 | (0.73) | 0.95 | 1.09 | 15.20 | 45.46 | $110878 |
| &nbsp;&nbsp;&nbsp;2022 | (0.76) | 0.90 | 1.10 | (38.54) | 57.56 | $113478 |
| &nbsp;&nbsp;&nbsp;2021 | (0.67) | 0.84 | 1.04 | 15.04 | 161.43 <sup>(g)</sup> | $274357 |
| **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | (1.10)<sup>(d)</sup> | 1.45 <sup>(d)</sup> | 1.97 <sup>(d)</sup> | (5.08) | 38.38 | $10368 |
| &nbsp;&nbsp;&nbsp;2025 | (1.24) | 1.46 | 1.99 | 5.17 | 34.06 | $12213 |
| &nbsp;&nbsp;&nbsp;2024 | (1.19) | 1.46 | 1.88 | 24.47 | 32.58 | $15030 |
| &nbsp;&nbsp;&nbsp;2023 | (1.24) | 1.46 | 1.93 | 14.60 | 45.46 | $13868 |
| &nbsp;&nbsp;&nbsp;2022 | (1.27) | 1.41 | 1.92 | (38.84) | 57.56 | $14115 |
| &nbsp;&nbsp;&nbsp;2021 | (1.17) | 1.35 | 1.79 | 14.45 | 161.43 <sup>(g)</sup> | $26881 |
| **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | (0.93)<sup>(d)</sup> | 1.29 <sup>(d)</sup> | 4.06 <sup>(d)</sup> | (4.98) | 38.38 | $600 |
| &nbsp;&nbsp;&nbsp;2025 | (1.15) | 1.36 | 4.71 | 5.27 | 34.06 | $624 |
| &nbsp;&nbsp;&nbsp;2024 | (1.10) | 1.36 | 3.49 | 24.58 | 32.58 | $894 |
| &nbsp;&nbsp;&nbsp;2023 | (1.14) | 1.36 | 3.29 | 14.74 | 45.46 | $861 |
| &nbsp;&nbsp;&nbsp;2022 | (1.18) | 1.31 | 2.97 | (38.79) | 57.56 | $1109 |
| &nbsp;&nbsp;&nbsp;2021 | (1.07) | 1.25 | 2.17 | 14.56 | 161.43 <sup>(g)</sup> | $2076 |
| **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | (0.60)<sup>(d)</sup> | 0.95 <sup>(d)</sup> | 1.51 <sup>(d)</sup> | (4.81) | 38.38 | $6558 |
| &nbsp;&nbsp;&nbsp;2025 | (0.73) | 0.95 | 1.58 | 5.68 | 34.06 | $7473 |
| &nbsp;&nbsp;&nbsp;2024 | (0.68) | 0.95 | 1.34 | 25.12 | 32.58 | $8837 |
| &nbsp;&nbsp;&nbsp;2023 | (0.73) | 0.95 | 1.55 | 15.19 | 45.46 | $7852 |
| &nbsp;&nbsp;&nbsp;2022 | (0.77) | 0.90 | 1.52 | (38.53) | 57.56 | $9235 |
| &nbsp;&nbsp;&nbsp;2021 | (0.67) | 0.84 | 1.31 | 15.04 | 161.43 <sup>(g)</sup> | $22945 |

---

Semi-Annual Financial Statements \| 99

Financial Highlights

Income Builder 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)** |
| <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>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $31.87 | 0.49 | 4.84 | 5.33 | (0.63) | (0.66) |  | (1.29) | $35.91 |
| &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** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $31.82 | 0.35 | 4.84 | 5.19 | (0.51) | (0.66) |  | (1.17) | $35.84 |
| &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** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $32.11 | 0.53 | 4.89 | 5.42 | (0.68) | (0.66) |  | (1.34) | $36.19 |
| &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** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $31.85 | 0.42 | 4.84 | 5.26 | (0.57) | (0.66) |  | (1.23) | $35.88 |
| &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** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $31.88 | 0.45 | 4.85 | 5.30 | (0.59) | (0.66) |  | (1.25) | $35.93 |
| &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** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $32.09 | 0.51 | 4.88 | 5.39 | (0.65) | (0.66) |  | (1.31) | $36.17 |
| &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** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | $32.01 | 0.54 | 4.88 | 5.42 | (0.68) | (0.66) |  | (1.34) | $36.09 |
| &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.

100 \| Semi-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 <br> (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)** |
| **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** | **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 2.90 <sup>(f)</sup> | 1.10 <sup>(f)</sup> | 1.10 <sup>(f)</sup> | 17.21 | 5.63 | $6056613 |
| &nbsp;&nbsp;&nbsp;2025 | 4.72 | 1.12 | 1.12 | 25.70 | 27.78 | $5259750 |
| &nbsp;&nbsp;&nbsp;2024 | 4.25 | 1.13 | 1.13 | 24.85 | 24.81 | $4501106 |
| &nbsp;&nbsp;&nbsp;2023 | 5.07 | 1.13 | 1.13 | 22.29 | 26.28 | $3888316 |
| &nbsp;&nbsp;&nbsp;2022 | 5.14 | 1.14 | 1.14 | (11.81) | 25.31 | $3344513 |
| &nbsp;&nbsp;&nbsp;2021 | 5.32 | 1.26 | 1.26 | 28.90 | 18.99 | $3876333 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 2.11 <sup>(f)</sup> | 1.85 <sup>(f)</sup> | 1.85 <sup>(f)</sup> | 16.77 | 5.63 | $691201 |
| &nbsp;&nbsp;&nbsp;2025 | 3.97 | 1.87 | 1.87 | 24.84 | 27.78 | $598811 |
| &nbsp;&nbsp;&nbsp;2024 | 3.48 | 1.89 | 1.89 | 23.88 | 24.81 | $510173 |
| &nbsp;&nbsp;&nbsp;2023 | 4.26 | 1.86 | 1.86 | 21.46 | 26.28 | $493453 |
| &nbsp;&nbsp;&nbsp;2022 | 4.26 | 1.89 | 1.89 | (12.52) | 25.31 | $570348 |
| &nbsp;&nbsp;&nbsp;2021 | 4.49 | 2.03 | 2.03 | 27.93 | 18.99 | $922523 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 3.14 <sup>(f)</sup> | 0.87 <sup>(f)</sup> | 0.87 <sup>(f)</sup> | 17.35 | 5.63 | $13945422 |
| &nbsp;&nbsp;&nbsp;2025 | 4.95 | 0.88 | 0.88 | 25.98 | 27.78 | $11458627 |
| &nbsp;&nbsp;&nbsp;2024 | 4.50 | 0.89 | 0.89 | 25.12 | 24.81 | $8599135 |
| &nbsp;&nbsp;&nbsp;2023 | 5.35 | 0.88 | 0.88 | 22.61 | 26.28 | $6799321 |
| &nbsp;&nbsp;&nbsp;2022 | 5.40 | 0.89 | 0.89 | (11.61) | 25.31 | $5213452 |
| &nbsp;&nbsp;&nbsp;2021 | 5.54 | 1.02 | 1.02 | 29.18 | 18.99 | $5858020 |
| **CLASS R3 SHARES** | **CLASS R3 SHARES** | **CLASS R3 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 2.51 <sup>(f)</sup> | 1.50 <sup>(f)</sup> | 1.53 <sup>(f)</sup> | 16.98 | 5.63 | $26669 |
| &nbsp;&nbsp;&nbsp;2025 | 4.37 | 1.50 | 1.55 | 25.26 | 27.78 | $23741 |
| &nbsp;&nbsp;&nbsp;2024 | 3.88 | 1.50 | 1.69 | 24.37 | 24.81 | $21650 |
| &nbsp;&nbsp;&nbsp;2023 | 4.65 | 1.50 | 1.63 | 21.87 | 26.28 | $19995 |
| &nbsp;&nbsp;&nbsp;2022 | 4.76 | 1.50 | 1.63 | (12.15) | 25.31 | $19842 |
| &nbsp;&nbsp;&nbsp;2021 | 4.93 | 1.63 | 1.71 | 28.39 | 18.99 | $24971 |
| **CLASS R4 SHARES** | **CLASS R4 SHARES** | **CLASS R4 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 2.66 <sup>(f)</sup> | 1.34 <sup>(f)</sup> | 1.41 <sup>(f)</sup> | 17.09 | 5.63 | $14303 |
| &nbsp;&nbsp;&nbsp;2025 | 4.45 | 1.39 | 1.39 | 25.39 | 27.78 | $12419 |
| &nbsp;&nbsp;&nbsp;2024 | 4.04 | 1.40 | 1.57 | 24.51 | 24.81 | $12741 |
| &nbsp;&nbsp;&nbsp;2023 | 4.82 | 1.40 | 1.44 | 21.96 | 26.28 | $10181 |
| &nbsp;&nbsp;&nbsp;2022 | 4.87 | 1.40 | 1.50 | (12.08) | 25.31 | $10181 |
| &nbsp;&nbsp;&nbsp;2021 | 5.02 | 1.53 | 1.59 | 28.60 <sup>(g)</sup> | 18.99 | $12751 |
| **CLASS R5 SHARES** | **CLASS R5 SHARES** | **CLASS R5 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 3.01 <sup>(f)</sup> | 0.99 <sup>(f)</sup> | 1.08 <sup>(f)</sup> | 17.29 | 5.63 | $23042 |
| &nbsp;&nbsp;&nbsp;2025 | 4.86 | 0.99 | 1.06 | 25.86 | 27.78 | $20305 |
| &nbsp;&nbsp;&nbsp;2024 | 4.39 | 0.99 | 1.25 | 25.01 | 24.81 | $19236 |
| &nbsp;&nbsp;&nbsp;2023 | 4.91 | 0.99 | 1.16 | 22.44 | 26.28 | $18323 |
| &nbsp;&nbsp;&nbsp;2022 | 5.21 | 0.99 | 1.12 | (11.71) | 25.31 | $29318 |
| &nbsp;&nbsp;&nbsp;2021 | 5.43 | 1.12 | 1.22 | 29.07 <sup>(h)</sup> | 18.99 | $38749 |
| **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(e)</sup> | 3.20 <sup>(f)</sup> | 0.80 <sup>(f)</sup> | 0.80 <sup>(f)</sup> | 17.43 | 5.63 | $357694 |
| &nbsp;&nbsp;&nbsp;2025 | 5.10 | 0.80 | 0.82 | 26.06 | 27.78 | $364290 |
| &nbsp;&nbsp;&nbsp;2024 | 4.64 | 0.80 | 0.83 | 25.23 | 24.81 | $267983 |
| &nbsp;&nbsp;&nbsp;2023 | 5.47 | 0.80 | 0.83 | 22.70 | 26.28 | $199924 |
| &nbsp;&nbsp;&nbsp;2022 | 5.55 | 0.80 | 0.85 | (11.54) | 25.31 | $133706 |
| &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) Unaudited
six-month period ended March 31.

(f) Annualized.

(g) The
total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 28.55%.

(h) 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.

Semi-Annual Financial Statements \| 101

Financial Highlights

Summit 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)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE 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** | **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>(e)(f)</sup>** | **CLASS A SHARES<sup>(e)(f)</sup>** | **CLASS A SHARES<sup>(e)(f)</sup>** | **CLASS A SHARES<sup>(e)(f)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(g)</sup> | $14.68 | 0.22 |  | 0.53 | 0.75 | (0.23) | (0.55) |  | (0.78) | $14.65 |
| &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** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(g)</sup> | $14.69 | 0.23 |  | 0.54 | 0.77 | (0.25) | (0.55) |  | (0.80) | $14.66 |
| &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) Unaudited
six-month period ended March 31.

(h) Annualized.

(i) 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.

102 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Summit Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br> **RATIOS TO AVERAGE NET ASSETS** | <br> **RATIOS TO AVERAGE NET ASSETS** | <br> **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 <br> (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 PERIOD<br> (THOUSANDS)** |
| **CLASS A SHARES<sup>(e)(f)</sup>** | **CLASS A SHARES<sup>(e)(f)</sup>** | **CLASS A SHARES<sup>(e)(f)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(g)</sup> | 2.94 <sup>(h)</sup> | 0.94 <sup>(h)</sup> | 1.71 <sup>(h)</sup> | 5.43 | 18.00 | $14528 |
| &nbsp;&nbsp;&nbsp;2025 | 2.10 | 0.94 | 1.82 | 13.70 | 32.68 | $12733 |
| &nbsp;&nbsp;&nbsp;2024 | 2.19 | 0.94 | 1.79 | 21.88 | 66.54 | $13639 |
| &nbsp;&nbsp;&nbsp;2023 | 2.58 | 0.94 | 2.03 | 12.39 | 80.17 | $5978 |
| &nbsp;&nbsp;&nbsp;2022 | 2.40 <sup>(h)</sup> | 0.99 <sup>(h)</sup> | 9.32 <sup>(h)(i)</sup> | (13.02) | 128.69 | $507 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(g)</sup> | 3.12 <sup>(h)</sup> | 0.69 <sup>(h)</sup> | 1.10 <sup>(h)</sup> | 5.55 | 18.00 | $91161 |
| &nbsp;&nbsp;&nbsp;2025 | 2.33 | 0.69 | 1.20 | 13.97 | 32.68 | $83660 |
| &nbsp;&nbsp;&nbsp;2024 | 2.44 | 0.69 | 1.15 | 22.26 | 66.54 | $98708 |
| &nbsp;&nbsp;&nbsp;2023 | 2.63 | 0.69 | 1.20 | 12.66 | 80.17 | $74869 |
| &nbsp;&nbsp;&nbsp;2022 | 2.38 | 0.88 | 1.22 | (13.36) | 128.69 | $56036 |
| &nbsp;&nbsp;&nbsp;2021 | 1.20 | 1.01 | 1.21 | 24.63 | 155.26 | $62466 |

---

Semi-Annual Financial Statements \| 103

Schedule of Investments

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **U.S. TREASURY SECURITIES — 6.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 3.654% due 5/19/2026 | $5000000 | $4975766 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% due 4/30/2026 | 1500000 | 1496367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 7/31/2027 | 3000000 | 2958164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 8/31/2026 | 2050000 | 2049760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 1/31/2027 | 3000000 | 3009141 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 1/15/2028 | 2500000 | 2517774 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $17,007,793) |  | 17006972 |
|  | **U.S. GOVERNMENT AGENCIES — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, Series 2009-20E Class 1, 4.43% due 5/1/2029 | 6736 | 6754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $6,763) |  | 6754 |
|  | **MORTGAGE BACKED — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-F Class A1, 2.86% due 7/25/2059 | 856134 | 846880 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | 905597 | 879736 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | 8910 | 8658 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | 10304 | 9818 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2020-RPL1 Class A1, 2.50% due 5/26/2059 | 1483668 | 1465581 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.857% due 5/25/2065 | 145802 | 127312 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2021-BPNY Class A, 7.502% (TSFR1M + 3.83%) due 8/15/2026 | 277358 | 272472 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL1 Class A1A, 3.65% due 7/25/2058 | 364931 | 361372 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM1 Class A1, 2.208% due 5/25/2065 | 38461 | 36998 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SPT1 Class A3, 3.734% due 4/25/2065 | 575941 | 570419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | 20824 | 19725 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | 14464 | 13607 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | 51734 | 49356 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Pool BZ3061, 5.26% due 2/1/2030 | 650000 | 655214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, Pool MA3557, 4.00% due 1/1/2029 | 10057 | 10003 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 6009 | 5533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 109640 | 105850 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 506750 | 476422 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.182% due 1/25/2068 | 468105 | 466962 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 26040 | 25950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A1, 1.381% due 4/25/2065 | 747403 | 719898 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 382489 | 378069 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM3 Class A1, 6.617% due 7/25/2068 | 802994 | 804003 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class M1, 3.25% due 5/25/2062 | 1319228 | 1293602 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 5.293% (TSFR1M + 1.61%) due 6/25/2057 | 8448 | 8550 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.928% due 11/25/2063 | 827583 | 829899 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pretium Mortgage Credit Partners LLC, Whole Loan Securities Trust CMO, Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | 462763 | 463202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SH1 Class M1, 3.223% due 1/28/2050 | 759460 | 749760 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | 903144 | 900201 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2020-3 Class A1, 1.486% due 4/25/2065 | 641079 | 625747 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039 | 455105 | 455404 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-6 Class M2, 3.75% due 4/25/2055 | 1141777 | 1129983 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | 53929 | 53236 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 5033 | 4995 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 90934 | 90506 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $14,993,989) |  | 14914923 |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **ASSET BACKED SECURITIES — 37.5%** | | |
|  | **AUTO RECEIVABLES — 21.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ACM Auto Trust, | | |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 9.85% due 6/20/2030 | $1053336 | $1059363 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.06% due 2/20/2029 | 6810 | 6810 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ally Auto Receivables Trust, Series 2022-2 Class A4, 4.87% due 4/17/2028 | 745666 | 746554 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2024-2 Class C, 6.24% due 4/12/2030 | 1450074 | 1459281 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | 250092 | 250866 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028 | 1168090 | 1169511 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Auto Trust, Series 2023-2A Class A4, 5.66% due 11/15/2029 | 540000 | 547251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BMW Vehicle Owner Trust, Series 2024-A Class A3, 5.18% due 2/26/2029 | 1748682 | 1760899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 60876 | 61300 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 206421 | 207610 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 1049558 | 1062056 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BofA Auto Trust, Series 2024-1A Class A3, 5.35% due 11/15/2028 | 1711170 | 1721298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2023-2 Class A3, 5.05% due 1/18/2028 | 2128347 | 2134093 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N2 Class D, 1.27% due 3/10/2028 | 340726 | 332893 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class A2, 3.21% due 12/11/2028 | 478022 | 474573 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | 337000 | 337651 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P2 Class A3, 5.42% due 4/10/2028 | 156163 | 156421 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-P1 Class A3, 5.05% due 4/10/2029 | 767602 | 770664 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-1A Class A1, 5.65% due 5/15/2035 | 670380 | 671465 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust, Series 2024-2 Class A3, 5.33% due 8/15/2028 | 1631803 | 1640448 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Consumer Portfolio Services Auto Trust, Series 2025-A Class A, 4.77% due 10/16/2028 | 454163 | 454592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 2.84% due 4/16/2029 | 275676 | 275023 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class C, 6.27% due 10/15/2029 | 937662 | 944726 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class B, 6.04% due 10/16/2028 | 146390 | 146799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D, 1.94% due 6/15/2029 | 224085 | 222417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class B, 5.31% due 1/16/2029 | 314486 | 315428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class B, 4.52% due 7/16/2029 | 1500000 | 1503000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-2A Class C, 5.79% due 2/15/2029 | 566781 | 567942 |
|  | &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 | 272412 | 272014 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 6.76% due 9/15/2028 | 207205 | 209388 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | 1004222 | 1009155 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class C, 6.32% due 5/15/2028 | 42934 | 42978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class D, 8.03% due 4/6/2029 | 650000 | 663451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C, 6.51% due 8/15/2028 | 296795 | 297905 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.38% due 6/15/2028 | 157727 | 157831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 5.69% due 2/15/2030 | 325673 | 326959 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | 327486 | 326971 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A1, 4.839% due 12/15/2026 | 534252 | 534298 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | 23743 | 23754 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class D, 3.79% due 6/15/2028 | 160000 | 159662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | 161875 | 161458 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A3, 5.44% due 4/17/2028 | 67508 | 67545 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | 97028 | 97086 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Series 2023-2 Class A2, 5.99% due 5/15/2028 | 368615 | 369003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A Class D, 2.48% due 10/15/2027 | 316936 | 315570 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | 256430 | 256247 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | 270193 | 271801 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class A2, 4.37% due 10/16/2028 | 1250000 | 1250817 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A Class A3, 5.96% due 10/16/2028 | 371285 | 373682 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A3, 4.47% due 2/16/2028 | 595884 | 596501 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 105

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class A3, 5.78% due 8/16/2028 | $1753829 | $1768528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust, Series 2022-C Class A4, 5.52% due 10/16/2028 | 1850000 | 1858626 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2024-1A Class A4, 5.17% due 9/15/2028 | 1500000 | 1505587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.97% due 10/15/2029 | 494844 | 494670 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1A Class A1, 4.176% due 1/15/2027 | 886517 | 886295 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class B, 8.67% due 5/15/2029 | 317340 | 318257 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Auto Receivables Trust, Series 2024-1A Class A3, 5.22% due 2/17/2032 | 1953720 | 1969672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nissan Auto Receivables Owner Trust, Series 2023-A Class A3, 4.91% due 11/15/2027 | 332371 | 333061 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Series 2022-1A Class A4, 5.69% due 11/15/2029 | 1708182 | 1719416 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Octane Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A2, 6.44% due 3/20/2029 | 111300 | 111556 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A2, 5.80% due 7/20/2032 | 575823 | 579623 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A1, 4.65% due 3/14/2029 | 157454 | 157495 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A, 5.41% due 11/14/2029 | 1993047 | 2005063 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIV LLC, Series 2022-1A Class A4, 2.82% due 4/10/2029 | 468493 | 464737 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Porsche Financial Auto Securitization Trust, Series 2023-2A Class A3, 5.79% due 1/22/2029 | 1467487 | 1477420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 2.08% due 2/15/2028 | 435676 | 430749 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 6.33% due 4/16/2029 | 1363000 | 1367082 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.64% due 12/15/2027 | 28856 | 28877 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2, 4.87% due 12/15/2027 | 181915 | 182027 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2026-1A Class A2, 4.515% due 1/25/2035 | 530000 | 529685 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-5A Class A2, 4.575% due 6/26/2034 | 135000 | 134941 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | 310340 | 311153 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-C Class F, 14.592% due 12/15/2032 | 290006 | 292671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6 Class D, 5.69% due 2/18/2031 | 70000 | 70507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class A3, 5.93% due 7/17/2028 | 251181 | 251461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class B, 5.98% due 4/16/2029 | 915000 | 923481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class A2, 4.28% due 1/15/2029 | 595015 | 595467 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A2, 4.04% due 3/15/2029 | 520000 | 519693 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2024-1A Class A3, 5.11% due 6/15/2029 | 269846 | 270961 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>a,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class E, 7.79% due 8/16/2027 | 618479 | 586566 |
| <sup>a,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class F, 9.80% due 7/16/2029 | 1250000 | 726000 |
| <sup>a,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 764704 | 713775 |
| <sup>a,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 223535 | 206413 |
| <sup>a,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | 169448 | 144946 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;USAA Auto Owner Trust, Series 2024-A Class A3, 5.03% due 3/15/2029 | 765444 | 769715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 8.32% due 11/15/2028 | 979000 | 989913 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.28% due 11/15/2027 | 120794 | 120942 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | 861125 | 862545 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A, 4.53% due 8/15/2028 | 161029 | 160957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 5.48% due 9/15/2027 | 1402210 | 1404734 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D, 7.01% due 11/15/2028 | 250000 | 253500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust, Series 2023-C Class A3, 5.15% due 11/15/2028 | 780243 | 783746 |
|  |  |  | 58067523 |
|  | **HOME EQUITY — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Knock Issuer Trust, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 7.119% due 2/25/2030 | 500000 | 504171 |
|  |  |  | 504171 |
|  | **OTHER ASSET BACKED — 13.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034 | 789150 | 789725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ACHV ABS Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1PL Class A, 5.90% due 4/25/2031 | 711465 | 713835 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2PL Class A, 5.07% due 10/27/2031 | 433466 | 434642 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X1 Class C, 6.57% due 5/15/2029 | 96292 | 96353 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-X2 Class A, 4.45% due 10/15/2030 | 332543 | 332788 |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AMCR ABS Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.26% due 8/18/2031 | $8573 | $8577 |
| <sup>a,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-A Class A, 5.52% due 5/18/2033 | 2000000 | 2002486 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | 550997 | 552113 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class A, 1.90% due 7/17/2046 | 267908 | 249044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class B, 1.67% due 10/17/2034 | 149962 | 149210 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class C, 3.08% due 2/20/2035 | 515000 | 508980 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class B, 5.93% due 10/17/2035 | 384604 | 385150 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class B, 6.35% due 4/17/2036 | 822422 | 829014 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 1116476 | 1123123 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | 1250000 | 1253674 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Series 2023-3 Class A3, 5.93% due 4/23/2029 | 379098 | 379940 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | 86760 | 86968 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | 368787 | 369268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.88% due 6/25/2059 | 56293 | 56573 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A2, 5.25% due 10/27/2059 | 33070 | 33146 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 4.93% due 6/25/2060 | 1003809 | 1006933 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Series 2023-2A Class C, 6.48% due 1/21/2031 | 46474 | 46523 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lending Funding Trust, Series 2020-2A Class A, 2.32% due 4/21/2031 | 557953 | 551495 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lendmark Funding Trust, Series 2021-1A Class A, 1.90% due 11/20/2031 | 1850000 | 1811844 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;M&T Equipment Notes, Series 2023-1A Class A3, 5.74% due 7/15/2030 | 1557242 | 1563568 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust, Series 2021-AA Class A, 1.86% due 3/20/2036 | 2513411 | 2483366 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 7.80% due 11/15/2032 | 626297 | 635144 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 6.96% due 6/15/2033 | 339965 | 340479 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | 89743 | 89845 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 6.07% due 7/17/2034 | 179897 | 180376 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.75% due 7/16/2035 | 194063 | 194183 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | 1338763 | 1345165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A2, 6.57% due 6/17/2030 | 445573 | 446956 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B Class A2, 4.64% due 1/18/2033 | 736193 | 738445 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2022-S1 Class A, 4.13% due 5/14/2035 | 151402 | 151319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | 115242 | 113289 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | 575903 | 568261 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10 Class ABC, 5.639% due 6/15/2032 | 1037032 | 1039355 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9 Class A, 5.065% due 3/15/2032 | 911735 | 913718 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-2 Class A1, 4.522% due 4/15/2027 | 665000 | 665000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2 Class D, 9.00% due 8/15/2031 | 114737 | 114920 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2022-1 Class C, 6.01% due 7/17/2028 | 1620000 | 1620150 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | 1131605 | 1134134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 6.29% due 2/18/2031 | 458997 | 461533 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 5.88% due 7/15/2031 | 138756 | 139185 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.96% due 8/16/2032 | 81899 | 82047 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A, 4.93% due 8/18/2032 | 141468 | 142029 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1A Class A, 4.32% due 2/15/2033 | 1635274 | 1635641 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 469131 | 461534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 4.80% due 2/27/2034 | 911983 | 914057 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A, 4.82% due 6/25/2034 | 690516 | 692113 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 132314 | 125409 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | 1398152 | 1423368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | 713652 | 716301 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 445141 | 445275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 326714 | 327264 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | 17305 | 17321 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 107

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class B, 8.25% due 10/20/2033 | $250000 | $254871 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 329856 | 329946 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 374814 | 375182 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.22% due 6/20/2035 | 262979 | 263834 |
|  |  |  | 36915987 |
|  | **STUDENT LOAN — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust, Series 2020-A Class A2FX, 1.40% due 11/25/2050 | 265293 | 254007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1 Class A5, 4.143% (TSFR1M + 0.46%) due 3/25/2033 | 409661 | 406028 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-4 Class A4, 4.103% (TSFR1M + 0.42%) due 5/25/2032 | 41298 | 41159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AA Class B, 3.50% due 12/16/2058 | 675387 | 666652 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BA Class A2A, 3.61% due 12/15/2059 | 11188 | 11182 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BA Class A2B, 4.507% (TSFR1M + 0.83%) due 12/15/2059 | 473 | 473 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-FA Class A2, 2.60% due 8/15/2068 | 274268 | 264617 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 4.767% (TSFR1M + 1.09%) due 12/15/2059 | 264356 | 263334 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-2A Class A, 4.576% (SOFR30A + 0.91%) due 12/26/2033 | 35308 | 35024 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A Class A2, 4.376% (SOFR30A + 0.71%) due 2/27/2051 | 7098 | 7082 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 4.48% (TSFR1M + 0.80%) due 4/20/2062 | 68257 | 67575 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.043% (TSFR1M + 1.36%) due 7/25/2051 | 25996 | 25936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4 Class A, 4.326% (SOFR30A + 0.66%) due 6/25/2043 | 14324 | 14032 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 4.426% (SOFR30A + 0.76%) due 6/26/2055 | 93457 | 92334 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 4.537% (TSFR1M + 0.86%) due 10/15/2035 | 19309 | 19305 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B Class A2B, 4.507% (TSFR1M + 0.83%) due 1/15/2037 | 113370 | 112996 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C Class A2B, 4.537% (TSFR1M + 0.86%) due 11/15/2035 | 30619 | 30498 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.44% due 7/15/2036 | 366377 | 362717 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2A, 2.23% due 9/15/2037 | 1557799 | 1513747 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 4.49% (TSFR1M + 0.81%) due 11/20/2061 | 36120 | 36080 |
|  |  |  | 4224778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $100,374,204) |  | 99712459 |
|  | **CORPORATE BONDS — 45.2%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.213% due 4/10/2026 | 224000 | 223768 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.269% (SOFR + 0.62%) due 12/11/2026 | 569000 | 568209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/23/2027 | 500000 | 501990 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | 1000000 | 1002290 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.45% due 9/11/2027 | 750000 | 748080 |
|  |  |  | 3044337 |
|  | **BANKS — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon, 4.587% (SOFR + 0.69%) due 4/20/2027 | 1000000 | 1000040 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 750000 | 737573 |
|  |  |  | 1737613 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.5%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | 1250000 | 1253325 |
|  |  |  | 1253325 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., 5.75% due 1/30/2027 | 1750000 | 1763930 |
|  |  |  | 1763930 |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **CONSUMER DURABLES & APPAREL — 0.7%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.7%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25% due 6/15/2026 | $1750000 | $1743577 |
|  |  |  | 1743577 |
|  | **ENERGY — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.7%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 5.25% due 4/5/2027 | 1000000 | 1008180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 3.90% due 7/15/2026 | 2500000 | 2496875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.55% due 11/1/2026 | 1250000 | 1257300 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Phillips 66, 4.183% due 5/4/2026 | 2000000 | 1992483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.50% due 12/15/2026 | 500000 | 500160 |
|  |  |  | 7254998 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., 1.60% due 4/15/2026 | 1250000 | 1247912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% due 3/15/2027 | 1250000 | 1231538 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.251% due 4/14/2026 | 2500000 | 2496226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, 4.25% due 12/15/2028 | 250000 | 246995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LifeStorage LP, 3.50% due 7/1/2026 | 1250000 | 1246013 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 1500000 | 1475490 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | 250000 | 243987 |
|  |  |  | 8188161 |
|  | **FINANCIAL SERVICES — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corp., 2.15% due 7/15/2026 | 1250000 | 1240150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 1/15/2027 | 750000 | 730545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% due 7/15/2026 | 750000 | 744405 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance, Inc., 4.25% due 6/2/2026 | 2000000 | 1998360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | 1500000 | 1478895 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | 1000000 | 992710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Main Street Capital Corp., 3.00% due 7/14/2026 | 637000 | 632675 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, Inc., 3.65% due 6/15/2026 | 1880000 | 1875732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FirstCash, Inc., 4.625% due 9/1/2028 | 750000 | 736808 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP, 3.95% due 7/15/2026 | 1000000 | 996130 |
|  |  |  | 11426410 |
|  | **FOOD, BEVERAGE & TOBACCO — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 2.2%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bacardi Ltd., 2.75% due 7/15/2026 | 2000000 | 1990600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 3.70% due 12/6/2026 | 1250000 | 1243675 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24% (SOFR + 0.58%) due 11/15/2026 | 1750000 | 1748355 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.371% due 4/27/2026 | 300000 | 299071 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.392% due 4/30/2026 | 650000 | 647743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc., 5.30% due 10/1/2026 | 1500000 | 1506225 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 3.50% due 10/1/2026 | 1250000 | 1241087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Tobacco — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., 3.215% due 9/6/2026 | 250000 | 248425 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 3.50% due 7/26/2026 | 438000 | 436682 |
|  |  |  | 9361863 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 109

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Alcon Finance Corp., 2.75% due 9/23/2026 | $2500000 | $2480600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc., 1.915% due 2/1/2027 | 1000000 | 977150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.25% due 6/15/2026 | 1700000 | 1700799 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 2414000 | 2404127 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00% due 10/15/2026 | 1250000 | 1247350 |
|  |  |  | 8810026 |
|  | **HOUSEHOLD & PERSONAL PRODUCTS — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Haleon U.S. Capital LLC, 3.375% due 3/24/2027 | 1000000 | 990530 |
|  |  |  | 990530 |
|  | **INDUSTRIALS — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CRH America Finance, Inc., 4.255% due 6/8/2026 | 2500000 | 2480356 |
|  |  |  | 2480356 |
|  | **INSURANCE — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.60% due 12/23/2026 | 1250000 | 1252412 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 1.30% due 7/12/2026 | 1000000 | 991870 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;F&G Global Funding, 1.75% due 6/30/2026 | 1153000 | 1144214 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., 4.361% (SOFRINDX + 0.70%) due 11/8/2027 | 751000 | 752735 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.512% due 9/28/2026 | 1750000 | 1724905 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 1/21/2027 | 800000 | 788872 |
|  |  |  | 6655008 |
|  | **MATERIALS — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc., 1.832% due 10/15/2027 | 650000 | 623525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Berry Global, Inc., 4.875% due 7/15/2026 | 1750000 | 1750297 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | 1000000 | 998600 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | 1250000 | 1247138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co., 4.45% due 9/1/2026 | 1000000 | 999830 |
|  |  |  | 5619390 |
|  | **MEDIA & ENTERTAINMENT — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 5.125% due 5/1/2027 | 750000 | 750135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., 2.90% due 3/1/2027 | 1279000 | 1256285 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.125% due 9/1/2026 | 975000 | 968653 |
|  |  |  | 2975073 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 1000000 | 988020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | 1258000 | 1258277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc., 2.875% due 7/15/2026 | 1250000 | 1239650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Utah Acquisition Sub, Inc., 3.95% due 6/15/2026 | 1500000 | 1495995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | 750000 | 727537 |
|  |  |  | 5709479 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 1250000 | 1244225 |
|  |  |  | 1244225 |

---

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

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **SOFTWARE & SERVICES — 4.2%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 1.0%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc., 4.55% due 3/15/2028 | $500000 | $497835 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., 2.05% due 10/15/2026 | 1250000 | 1228000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | 1000000 | 992970 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc., Series 2020-3 Class D, 3.40% due 9/15/2026 | 1355000 | 1345013 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | 1000000 | 970790 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc., 4.45% due 3/10/2028 | 500000 | 498540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc., 5.25% due 9/15/2026 | 2000000 | 2006640 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 4.615% due 9/16/2026 | 1700000 | 1664935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc., 4.50% due 3/15/2028 | 1000000 | 1000290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc., 3.50% due 4/1/2027 | 1000000 | 991090 |
|  |  |  | 11196103 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc., 4.625% due 4/15/2026 | 1045000 | 1044770 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 7.25% due 6/15/2028 | 750000 | 754260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Office Electronics — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 2.67% due 12/1/2026 | 2550000 | 2520063 |
|  |  |  | 4319093 |
|  | **TELECOMMUNICATION SERVICES — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 3.0%** |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada, 4.146% due 6/10/2026 | 2500000 | 2480312 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cox Communications, Inc., 3.35% due 9/15/2026 | 1250000 | 1243837 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV, 3.60% due 1/19/2027 | 1250000 | 1243338 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NBN Co. Ltd., 1.45% due 5/5/2026 | 1000000 | 997210 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TELUS Corp., 4.191% due 9/4/2026 | 2000000 | 1964900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 3.75% due 4/15/2027 | 1250000 | 1242438 |
|  |  |  | 9172035 |
|  | **TRANSPORTATION — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.227% due 5/14/2026 | 708627 | 707295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75% due 5/24/2026 | 2350000 | 2352021 |
|  |  |  | 3059316 |
|  | **UTILITIES — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp., 5.70% due 12/1/2026 | 1000000 | 1006870 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., Series A, 1.45% due 4/15/2026 | 945000 | 943535 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;E.ON SE, 4.071% due 7/6/2026 | 2000000 | 1978880 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Enel Americas SA, 4.00% due 10/25/2026 | 530000 | 528437 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ENEL Finance International NV, 1.625% due 7/12/2026 | 2000000 | 1982840 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fortis, Inc., 3.055% due 10/4/2026 | 260000 | 258086 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | 750000 | 743970 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power Corp., 4.222% due 4/24/2026 | 1250000 | 1246686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Gas Utilities — 0.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 2.742% due 8/15/2026 | 2250000 | 2236815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania-American Water Co., 7.80% due 9/1/2026 | 1500000 | 1519725 |
|  |  |  | 12445844 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $120,579,084) |  | 120450692 |
|  | **CONVERTIBLE BONDS — 0.5%** |  |  |

---

See notes to financial statements. Semi-Annual Financial Statements \| 111

**Schedule of Investments, Continued**

Thornburg Ultra Short Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **SOFTWARE & SERVICES — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc., Zero Coupon, due 5/1/2026 | $1411000 | $1405314 |
|  |  |  | 1405314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $1,405,122) |  | 1405314 |
|  | **LONG-TERM MUNICIPAL BONDS — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Jersey City GO, Series B, 4.75% due 7/8/2026 | 1250000 | 1253097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS (Cost $1,251,956) |  | 1253097 |
|  | **SHORT-TERM INVESTMENTS — 4.6%** |  |  |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 1230311 | 12303115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $12,303,115) |  | 12303115 |
|  | **TOTAL INVESTMENTS — 100.3% (Cost $267,922,026)** |  | $267053326 |
|  | **LIABILITIES NET OF OTHER ASSETS — (0.3)%** |  | (893585) |
|  | **NET ASSETS — 100.0%** |  | $266159741 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $157,944,233, representing 59.34% 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 March 31, 2026. |

---

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

d Bond in default.

e Non-income producing.

f When-issued security.

g Investment in Affiliates.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Abbreviations** | **Portfolio Abbreviations** |  |  |
| To simplify the listings of securities, abbreviations are used per the table below: | To simplify the listings of securities, abbreviations are used per the table below: |  |  |
| 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 | SOFRINDX | Secured Overnight Financing Rate Index |
| DAC | Designated Activity Company | TSFR1M | Term SOFR 1 Month |
| GO | General Obligation | UMBS | Uniform Mortgage-Backed Securities |
| Mtg | Mortgage |  |  |

---

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

Schedule of Investments

Thornburg Limited Term U.S. Government Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **U.S. TREASURY SECURITIES — 16.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 1.875% due 1/15/2036 | $2305981 | $2278418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% due 4/30/2028 | 243000 | 230622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875% due 2/15/2032 | 920000 | 815853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% due 10/31/2027 - 10/15/2028 | 1146000 | 1138636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% due 10/31/2030 | 383000 | 378063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 8/31/2031 - 2/28/2033 | 1656000 | 1629246 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2035 | 5575000 | 5438238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 6.215% due 8/15/2034 | 1890000 | 1319546 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $13,262,846) |  | 13228622 |
|  | **U.S. GOVERNMENT AGENCIES — 6.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3.00% due 3/8/2032 | 715000 | 663413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HNA Group LLC (Guaranty: Export-Import Bank of the United States), 2.291% due 6/30/2027 | 358225 | 351962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20D Class 1, 5.32% due 4/1/2027 | 17193 | 17304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20F Class 1, 5.71% due 6/1/2027 | 12607 | 12702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20I Class 1, 5.56% due 9/1/2027 | 36794 | 37140 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20K Class 1, 5.51% due 11/1/2027 | 38695 | 39005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-20G Class 1, 5.87% due 7/1/2028 | 93239 | 94706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20G Class 1, 3.74% due 7/1/2031 | 217498 | 214640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20K Class 1, 2.87% due 11/1/2031 | 379061 | 366699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-20H Class 1, 2.88% due 8/1/2034 | 262089 | 249248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20B Class 1, 2.46% due 2/1/2035 | 230719 | 215451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20I Class 1, 2.82% due 9/1/2035 | 523708 | 493484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-20I Class 1, 2.59% due 9/1/2037 | 1231077 | 1136987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-20K Class 1, 2.79% due 11/1/2037 | 666397 | 621751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Thirax 1 LLC (Guaranty: Export-Import Bank of the United States), 0.968% due 1/14/2033 | 900899 | 799890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $5,638,065) |  | 5314382 |
|  | **MORTGAGE BACKED — 68.3%** |  |  |
| <sup>a,b</sup> | &nbsp;&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 | 3610606 | 2983529 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Pool WN2511, 4.90% due 11/1/2032 | 2250000 | 2301403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0049, 6.025% (H15T1Y + 2.15%) due 2/1/2046 | 433983 | 443038 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool D98887, 3.50% due 1/1/2032 | 129709 | 127893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool E09025, 2.50% due 3/1/2028 | 10690 | 10528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool J37586, 3.50% due 9/1/2032 | 87762 | 86355 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | 1846412 | 1458632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RE6119, 2.50% due 12/1/2051 | 1605896 | 1320632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SE9046, 3.00% due 12/1/2051 | 1825965 | 1609980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool T61943, 3.50% due 8/1/2045 | 73620 | 68418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool T65457, 3.00% due 1/1/2048 | 357429 | 318888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN2382, 4.34% due 6/1/2028 | 565000 | 565494 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3922 Class PQ, 2.00% due 4/15/2041 | 13489 | 13343 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4105 Class FG, 4.187% (SOFR30A + 0.51%) due 9/15/2042 | 373790 | 369439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class TC, 1.50% due 10/15/2027 | 78755 | 77368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class UE, 2.00% due 10/15/2027 | 119978 | 118186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 514806 | 509491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5558 Class EV, 5.00% due 6/25/2036 | 473727 | 480134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K095 Class A2, 2.785% due 6/25/2029 | 577000 | 554814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KHG1 Class A3, 3.341% due 12/25/2027 | 286531 | 282978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | 216000 | 220414 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | 149000 | 154723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | 379000 | 389265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | 694145 | 657503 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class HT, 3.25% due 6/25/2057 | 2241101 | 2030890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class MT, 3.50% due 6/25/2057 | 504634 | 462048 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 113

**Schedule of Investments, Continued**

Thornburg Limited Term U.S. Government Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | $867819 | $816427 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | 452677 | 431867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class HA, 3.00% due 8/25/2057 | 637414 | 596852 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class HA, 3.00% due 3/25/2058 | 815183 | 764045 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class MA, 3.50% due 3/25/2058 | 519162 | 502535 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class MA, 3.50% due 8/26/2058 | 1337857 | 1286756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class MA, 3.50% due 10/25/2058 | 498495 | 482921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class MA, 3.00% due 2/25/2059 | 809996 | 759799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class MA, 2.50% due 8/25/2059 | 1157296 | 1078476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | 1164122 | 1043562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MA, 2.00% due 5/25/2060 | 380944 | 341076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MT, 2.00% due 5/25/2060 | 535708 | 418195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 889366 | 766441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA6808, 3.00% due 2/1/2052 | 857484 | 758060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SB8010, 2.50% due 10/1/2034 | 359494 | 340321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SB8030, 2.00% due 12/1/2034 | 586616 | 543684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SB8502, 2.00% due 8/1/2035 | 348698 | 323751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool ZS4730, 3.50% due 8/1/2047 | 626658 | 583087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 178775 | 162893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 1A, 3.00% due 7/25/2046 | 664043 | 590629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 209748 | 193390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 138059 | 126800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 1168899 | 1029643 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 2A, 3.50% due 12/25/2046 | 418445 | 383309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 258016 | 227279 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 114142 | 104684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 895572, 6.445% (RFUCCT1Y + 1.82%) due 6/1/2036 | 41805 | 43190 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BF0130, 3.50% due 8/1/2056 | 273664 | 251059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BF0144, 3.50% due 10/1/2056 | 391805 | 364169 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 3.913% (5-Yr. CMT + 1.15%) due 6/1/2046 | 1140523 | 1109514 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6885, 1.592% (2.20% - SOFR30A) due 12/1/2051 | 393152 | 375491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6983, 3.00% due 3/1/2052 | 951917 | 806730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056, 3.85% due 8/1/2032 | 290000 | 280491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ4611, 5.425% due 11/1/2032 | 497644 | 517761 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.531% (2.20% - SOFR30A) due 11/1/2051 | 431924 | 414404 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMBS, Series 2018-SB47 Class A5H, 4.483% (SOFR30A + 0.81%) due 1/25/2038 | 250449 | 249984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-17 Class AH, 0.475% due 3/25/2039 | 154587 | 128456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-70 Class CA, 3.00% due 8/25/2026 | 53468 | 53155 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-81 Class FW, 4.076% (SOFR30A + 0.41%) due 1/25/2043 | 613701 | 608291 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-92 Class FA, 4.326% (SOFR30A + 0.66%) due 9/25/2043 | 450458 | 448079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | 457849 | 473219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | 439853 | 434887 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 348557 | 337397 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 987310 | 971503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AJ1752, 3.50% due 9/1/2026 | 21452 | 21362 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AL6582, 3.50% due 4/1/2030 | 172910 | 171191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AL9445, 3.00% due 7/1/2031 | 5275 | 5171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS9749, 4.00% due 6/1/2047 | 228130 | 218185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AU2669, 2.50% due 10/1/2028 | 127759 | 125156 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM4864, 3.50% due 5/1/2033 | 383677 | 378139 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA0942, 2.50% due 12/1/2032 | 441672 | 423693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA4102, 3.50% due 8/1/2029 | 185832 | 183663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA5271, 2.50% due 3/1/2035 | 621314 | 589519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FM1523, 2.50% due 8/1/2029 | 141731 | 139107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FM2831, 2.50% due 5/1/2032 | 641055 | 620710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FM3494, 2.50% due 4/1/2048 | 309285 | 269612 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FM4936, 2.00% due 12/1/2035 | 949859 | 881025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FM5458, 1.50% due 12/1/2035 | 958569 | 864892 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term U.S. Government Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS0916, 3.00% due 3/1/2052 | $872127 | $767134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6212, 1.50% due 5/1/2032 | 229266 | 216688 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA2353, 3.00% due 8/1/2035 | 429342 | 410376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA3465, 4.00% due 9/1/2038 | 258315 | 253290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA3681, 3.00% due 6/1/2034 | 188227 | 181397 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA3896, 2.50% due 1/1/2035 | 62519 | 59056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4390, 2.00% due 7/1/2031 | 1773643 | 1702171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5464, 4.50% due 8/1/2039 | 772133 | 767219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5581, 3.50% due 12/1/2039 | 536050 | 516773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5886, 5.00% due 11/1/2040 | 937616 | 944647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 894205, 5.375% (H15T1Y + 1.50%) due 8/20/2039 | 71617 | 72199 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA0100, 5.625% (H15T1Y + 1.50%) due 5/20/2042 | 100017 | 102019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA0907, 2.00% due 4/20/2028 | 127278 | 124666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-147 Class B, 2.20% due 10/16/2063 | 1250000 | 880581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-104 Class AD, 4.00% due 1/16/2065 | 409454 | 392320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H04 Class HA, 2.25% due 7/20/2065 | 111187 | 106394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-186 Class VA, 3.00% due 2/20/2031 | 683249 | 678754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-110 Class L, 1.00% due 6/20/2051 | 361429 | 328775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 252705 | 253799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 1420122 | 1316682 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 1420122 | 1322321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $59,750,549) |  | 56428334 |
|  | **CORPORATE BONDS — 3.2%** |  |  |
|  | **UTILITIES — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 3.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Caledonia Generating LLC, 1.95% due 2/28/2034 | 2938165 | 2627895 |
|  |  |  | 2627895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $2,871,023) |  | 2627895 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
|  | **MUTUAL FUND — 0.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 3.60% | 70442 | 70442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND (Cost $70,442) |  | 70442 |
|  | **U.S. TREASURY SECURITIES — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.684% due 4/21/2026 | 100000 | 99799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.688% due 4/9/2026 | 450000 | 449638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $549,437) |  | 549437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $619,879) |  | 619879 |
|  | **TOTAL INVESTMENTS — 94.7% (Cost $82,142,362)** |  | $78219112 |
|  | **OTHER ASSETS LESS LIABILITIES — 5.3%** |  | 4372498 |
|  | **NET ASSETS — 100.0%** |  | $82591610 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $5,611,424, representing 6.79% 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 March 31, 2026. |

---

c Rate represents the money market fund annualized seven-day yield at March 31, 2026.

See notes to financial statements. Semi-Annual Financial Statements \| 115

**Schedule of Investments, Continued**

Thornburg Limited Term U.S. Government Fund \| March 31, 2026 (Unaudited)

---

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

Schedule of Investments

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **U.S. TREASURY SECURITIES — 7.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 1.875% due 1/15/2036 | $130290954 | $128733571 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% due 4/30/2028 | 18072000 | 17151458 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% due 11/30/2030 | 39545000 | 38818979 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 11/30/2032 - 2/28/2033 | 93585000 | 91574753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 6/30/2030 | 26800000 | 26760219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/31/2030 - 11/15/2035 | 115458000 | 112913151 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/15/2035 | 29032000 | 28954884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 12/31/2029 | 25000000 | 25423828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $472,911,282) |  | 470330843 |
|  | **U.S. GOVERNMENT AGENCIES — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3.00% due 3/8/2032 | 19285000 | 17893587 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 6000000 | 6011520 |
|  | &nbsp;&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 | 104014 | 105147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20E Class 1, 4.43% due 5/1/2029 | 67360 | 67540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20K Class 1, 4.09% due 11/1/2029 | 570937 | 569467 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20E Class 1, 3.79% due 5/1/2031 | 809326 | 800305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20F Class 1, 3.67% due 6/1/2031 | 174516 | 172027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20G Class 1, 3.74% due 7/1/2031 | 869993 | 858559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20I Class 1, 2.85% due 9/1/2031 | 1686733 | 1628226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20K Class 1, 2.87% due 11/1/2031 | 1475494 | 1427376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20D Class 1, 2.67% due 4/1/2032 | 1208580 | 1156300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20J Class 1, 2.18% due 10/1/2032 | 955829 | 899488 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20K Class 1, 2.09% due 11/1/2032 | 762113 | 716456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $32,386,026) |  | 32305998 |
|  | **OTHER GOVERNMENT — 0.5%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bermuda Government International Bonds, 2.375% due 8/20/2030 | 4000000 | 3612120 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding Luxco SARL, 5.50% due 8/17/2030 | 5000000 | 5018950 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bonds, 5.375% due 3/22/2033 | 5000000 | 4878700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bonds, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 1/12/2029 | 5737000 | 5647159 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 1/13/2028 | 11200000 | 11293520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $30,889,549) |  | 30450449 |
|  | **MORTGAGE BACKED — 37.3%** |  |  |
|  | &nbsp;&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 | 3096353 | 3062882 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A1, 1.065% due 9/25/2065 | 2060383 | 1915911 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-E Class A1, 1.74% due 12/25/2060 | 6424747 | 5621270 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | 8321698 | 8084062 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | 5754253 | 5557784 |
|  | &nbsp;&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 | 3231877 | 3220560 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 4.75% due 9/26/2067 | 10813867 | 10773892 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A1, 4.65% due 10/25/2067 | 3861602 | 3859169 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 5.122% (SOFR30A + 1.45%) due 1/15/2037 | 5301549 | 5301550 |
|  | &nbsp;&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 | 1917804 | 1863630 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A3, 4.208% due 1/25/2049 | 1003666 | 983025 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1, 3.347% due 4/25/2049 | 863999 | 831331 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | 2383236 | 2270831 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6518000 | 6208051 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3, 3.328% due 3/25/2055 | 4500000 | 4187142 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3189000 | 2904938 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1R Class A1, 1.175% due 10/25/2048 | 4884240 | 4385827 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class M1, 3.65% due 12/25/2056 | 7338000 | 6056766 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 117

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&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 | $10730098 | $10620383 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | 6924130 | 6807635 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BPR Trust, CMBS, Series 2023-BRK2 Class A, 6.899% due 10/5/2038 | 4250000 | 4354138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM5 Class A1, 6.505% due 6/25/2063 | 4873269 | 4877856 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM2 Class A1, 6.285% due 2/25/2064 | 3485323 | 3504685 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | 17378700 | 17191536 |
| <sup>b,c</sup> | &nbsp;&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 | 3212130 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047 | 14750000 | 14610027 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 4800000 | 4433479 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-9 Class A2, 5.50% due 9/25/2055 | 1571319 | 1561526 |
|  | &nbsp;&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, 3.73% due 4/25/2045 | 1297267 | 1214023 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 1666587 | 1556017 |
|  | &nbsp;&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, 4.007% due 1/25/2067 | 10508729 | 10136112 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class M1, 4.609% due 3/25/2067 | 14163000 | 13400668 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | 2808795 | 2803992 |
|  | &nbsp;&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 | 524777 | 492319 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R1 Class A1, 4.75% due 6/25/2064 | 9059105 | 9112660 |
|  | &nbsp;&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, 5.726% due 3/25/2034 | 35834 | 10215 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-A Class A, 4.00% due 1/25/2035 | 317969 | 310557 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-J1 Class B4, 3.601% due 6/25/2044 | 1489969 | 1232947 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 27831328 | 24987665 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 6575000 | 6855473 |
|  | &nbsp;&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 | 2454011 | 2430479 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 0.83% due 3/25/2056 | 6230319 | 5050126 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 7529888 | 6611985 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class A1, 2.841% due 10/25/2066 | 1681708 | 1516635 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 8547808 | 8515391 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 3.265% due 11/25/2066 | 10264453 | 9305677 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 7895000 | 7121392 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 1083227 | 1052730 |
|  | &nbsp;&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 | 1277830 | 1245533 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.206% due 1/25/2067 | 14267720 | 12649983 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.677% due 10/1/2053 | 6489108 | 5946622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0322, 5.881% (H15T1Y + 2.07%) due 2/1/2048 | 1751297 | 1804574 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 760025, 3.694% (5-Yr. CMT + 1.31%) due 10/1/2047 | 2785991 | 2747909 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841097, 3.873% (5-Yr. CMT + 1.30%) due 9/1/2048 | 3834712 | 3767272 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841362, 1.702% (2.15% - SOFR30A) due 2/1/2052 | 5171006 | 4927614 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841377, 1.942% (2.24% - SOFR30A) due 4/1/2052 | 5576835 | 5311071 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841463, 2.155% (2.18% - SOFR30A) due 7/1/2052 | 12680608 | 11517159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool D98887, 3.50% due 1/1/2032 | 434202 | 428121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool G16710, 3.00% due 11/1/2030 | 116708 | 114775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | 23353417 | 18448780 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RR0065, 4.00% due 3/1/2041 | 10450646 | 10204084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SE9046, 3.00% due 12/1/2051 | 19621936 | 17300949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN1497, 4.75% due 1/1/2030 | 21000000 | 21191990 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN2382, 4.34% due 6/1/2028 | 11295000 | 11304876 |
|  | &nbsp;&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 | 82143 | 84400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3922 Class PQ, 2.00% due 4/15/2041 | 20233 | 20014 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class TC, 1.50% due 10/15/2027 | 102264 | 100463 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5461 Class PA, 4.50% due 8/25/2054 | 19494517 | 19309689 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5462 Class P, 4.50% due 10/25/2054 | 12260524 | 12115759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 12086744 | 11961967 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.062% (SOFR30A + 1.40%) due 2/25/2055 | 10279054 | 10372704 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5552 Class PD, 5.00% due 9/25/2054 | $17874009 | $18092444 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5558 Class EV, 5.00% due 6/25/2036 | 5826656 | 5905465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5565 Class QA, 4.50% due 8/25/2055 | 13902547 | 13873790 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5607 Class KT, 4.25% due 11/15/2032 | 10098182 | 9994512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5638 Class A, 4.00% due 7/25/2054 | 18474151 | 17887260 |
|  | &nbsp;&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 | 8919619 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | 5968000 | 6197211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | 15306000 | 15720548 |
|  | &nbsp;&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 | 3352747 | 3173315 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | 5792779 | 5486990 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class HT, 3.25% due 6/25/2057 | 6007488 | 5443997 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | 3449581 | 3245299 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | 7242828 | 6909868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class HA, 3.00% due 8/25/2057 | 9178765 | 8594673 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class MA, 3.50% due 8/25/2057 | 5588005 | 5418223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class HA, 3.00% due 3/25/2058 | 8017152 | 7514219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class MA, 3.50% due 7/25/2058 | 14915386 | 14419960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class MA, 3.50% due 8/26/2058 | 16025919 | 15413791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class MA, 3.50% due 10/25/2058 | 7036753 | 6816912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class MA, 3.00% due 2/25/2059 | 12496835 | 11722382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class MA, 2.50% due 8/25/2059 | 1988905 | 1853447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | 15380522 | 13787674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MA, 2.00% due 5/25/2060 | 8765525 | 7848158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MT, 2.00% due 5/25/2060 | 3101752 | 2421347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 13052012 | 11248008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | 7123607 | 5926056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | 6485628 | 5652475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA6808, 3.00% due 2/1/2052 | 9476917 | 8378074 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA7021, 2.50% due 3/1/2052 | 19438138 | 16447749 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA7373, 3.00% due 5/1/2052 | 4805405 | 4253044 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0064, 5.50% due 11/1/2055 | 16965924 | 17049138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0094, 5.00% due 2/1/2056 | 9375192 | 9246904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1374, 3.00% due 3/1/2052 | 12669117 | 11143680 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | 41872942 | 35431153 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD5171, 2.50% due 1/1/2054 | 14320691 | 12117577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD5345, 2.50% due 4/1/2052 | 20046408 | 17073018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD6509, 6.00% due 8/1/2054 | 13626456 | 13931684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | 23071371 | 18744695 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8189, 2.50% due 1/1/2052 | 12032238 | 10191134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 10456252 | 9219010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8367, 5.50% due 10/1/2053 | 5193579 | 5238519 |
|  | &nbsp;&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 | 804034 | 741327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 7059173 | 6218187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 435166 | 399107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4523, 3.239% (5-Yr. CMT + 1.15%) due 4/1/2047 | 4048098 | 3952106 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 3.913% (5-Yr. CMT + 1.15%) due 6/1/2046 | 7977068 | 7760182 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6929, 1.928% (2.13% - SOFR30A) due 7/1/2051 | 3739180 | 3620290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM7067, 2.50% due 6/1/2051 | 2922662 | 2426077 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM7629, 1.50% due 9/1/2036 | 10798702 | 9606460 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BO9998, 2.74% (H15T1Y + 2.03%) due 3/1/2048 | 3164719 | 3232713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056, 3.85% due 8/1/2032 | 8922000 | 8629438 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BU9934, 1.839% (2.37% - SOFR30A) due 2/1/2052 | 8049273 | 7279762 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3061, 5.26% due 2/1/2030 | 18830000 | 18981037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3689, 4.82% due 4/1/2030 | 22990000 | 23289667 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3998, 4.88% due 6/1/2030 | 11823000 | 11980705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ4611, 5.425% due 11/1/2032 | 332426 | 345864 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.531% (2.20% - SOFR30A) due 11/1/2051 | 4351472 | 4174964 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 119

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-17 Class AH, 0.475% due 3/25/2039 | $257645 | $214094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-129 Class LA, 3.50% due 12/25/2042 | 970931 | 910112 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-81 Class FW, 4.076% (SOFR30A + 0.41%) due 1/25/2043 | 2229863 | 2210205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | 9594959 | 9917062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | 13625681 | 13471860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 18459214 | 17868156 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-7 Class CD, 4.00% due 4/25/2053 | 23885632 | 23302400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17771575 | 17487058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS9749, 4.00% due 6/1/2047 | 6550 | 6265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM4324, 3.50% due 7/1/2033 | 1261325 | 1239884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BP9550, 2.50% due 7/1/2035 | 5346 | 5098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BP9589, 2.50% due 8/1/2035 | 405983 | 387156 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | 25927983 | 22807912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB3050, 2.50% due 3/1/2052 | 16829126 | 14240110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS5447, 2.50% due 9/1/2052 | 2357226 | 2000925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | 16484772 | 13948733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6212, 1.50% due 5/1/2032 | 1451049 | 1371445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7577, 2.50% due 1/1/2054 | 20037381 | 16954804 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7757, 2.50% due 2/1/2052 | 17443865 | 14704113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | 14235308 | 11978867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA3465, 4.00% due 9/1/2038 | 2316568 | 2271504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA4390, 2.00% due 7/1/2031 | 656248 | 629803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5138, 5.50% due 9/1/2053 | 3644461 | 3676295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5139, 6.00% due 9/1/2053 | 2748042 | 2808027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5972, 5.50% due 2/1/2056 | 9146759 | 9194817 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 775112 | 713798 |
|  | &nbsp;&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 | 1517630 | 1484579 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 4637594 | 4477239 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 11013583 | 10354440 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 9729450 | 8059398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | 13590169 | 12146608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | 58833636 | 52556944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 97775089 | 87293618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065 | 22529595 | 21586822 |
|  | &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 | 5738055 | 4442534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-110 Class L, 1.00% due 6/20/2051 | 12804163 | 11647361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 10830218 | 10877109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-177 Class PA, 4.50% due 10/20/2055 | 17871871 | 17680482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-69 Class GJ, 4.50% due 1/20/2054 | 9541303 | 9302719 |
|  | &nbsp;&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, 3.519% due 7/25/2050 | 4733496 | 4169279 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | 7274015 | 7259080 |
|  | &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 2023-PJ2 Class A4, 5.50% due 5/25/2053 | 3064431 | 3062615 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 4183586 | 4128673 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | 3445294 | 3419519 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GSMS Trust, CMBS, Series 2026-DAWN Class A, 5.823% due 4/10/2043 | 3900000 | 3897773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | 12285350 | 12489753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM1 Class A1, 6.182% due 1/25/2068 | 5612574 | 5598874 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | 3143748 | 3160367 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039 | 8276477 | 8280648 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041 | 5870000 | 5493319 |
|  | &nbsp;&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 | 12434169 | 10698942 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 16093994 | 14317872 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.493% due 2/25/2067 | 26964929 | 25096320 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.638% due 3/25/2067 | 17543661 | 16881588 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | $20639568 | $20566403 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM1 Class A2, 6.703% due 2/25/2068 | 1066939 | 1064793 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM1 Class A3, 7.16% due 2/25/2068 | 1682012 | 1679245 |
|  | &nbsp;&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, 5.781% due 9/25/2044 | 855695 | 854481 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class B2, 3.698% due 9/25/2048 | 2031428 | 1826356 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class B2, 3.902% due 12/25/2048 | 826320 | 767734 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5 Class B3, 4.444% due 11/25/2049 | 6940333 | 6640551 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HYB1 Class B3, 5.095% due 10/25/2049 | 4959968 | 4986789 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV2 Class B3A, 3.713% due 2/25/2050 | 8376103 | 7361044 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | 28706629 | 23842893 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 10713127 | 9409909 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class A6A, 2.50% due 8/25/2052 | 22158479 | 20543625 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | 6615052 | 6522470 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11 Class A4, 6.00% due 4/25/2055 | 14879681 | 14915223 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CCM1 Class A4, 5.50% due 6/25/2055 | 12220114 | 12153326 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 4.874% due 10/13/2033 | 3740000 | 3728213 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 5769500 | 5558839 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.091% due 8/25/2034 | 70212 | 66611 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 455701 | 454131 |
|  | &nbsp;&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 | 2157243 | 2077856 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A1, 1.014% due 1/26/2065 | 1232216 | 1164999 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AEI1 Class A4, 2.50% due 8/25/2051 | 13783664 | 12075656 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 678144 | 660644 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 15518038 | 14054772 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 13680351 | 13522272 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4995000 | 4600820 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A3, 4.20% due 12/25/2066 | 13129000 | 12143785 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | 4647801 | 4604701 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM3 Class A1, 6.617% due 7/25/2068 | 1338324 | 1340006 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | 8314415 | 8053551 |
| <sup>b,c</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 | 9809992 | 9784983 |
| <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 | 4676513 | 4520118 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | 157057 | 155708 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 7579015 | 7926201 |
| <sup>b,c</sup> | &nbsp;&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 | 12543137 | 12436248 |
|  | &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 2017-2A Class A3, 4.00% due 3/25/2057 | 1909133 | 1876606 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A Class A1, 4.00% due 4/25/2057 | 2327610 | 2262316 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1, 4.00% due 5/25/2057 | 2584397 | 2485581 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1, 5.293% (TSFR1M + 1.61%) due 6/25/2057 | 160520 | 162449 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A Class A1, 4.00% due 8/27/2057 | 1123885 | 1105877 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 1362468 | 1342621 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A Class A1, 4.50% due 2/25/2058 | 2246880 | 2249921 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 1373408 | 1351122 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 27628707 | 26170054 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | 21061061 | 19770269 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 12174000 | 12184148 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 4900000 | 4220331 |
| <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 | 8675000 | 8710751 |
|  | &nbsp;&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 | 20622176 | 17752359 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 5.928% due 11/25/2063 | 7990592 | 8012953 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | 2755114 | 2771864 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM4 Class A1, 6.067% due 1/25/2064 | 4806240 | 4832134 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 18455652 | 17052603 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PMT Loan Trust, Whole Loan Securities Trust CMO, Series 2025-J3 Class A8, 5.50% due 11/27/2056 | 4427978 | 4436805 |
| <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 | 2925610 | 2791657 |
|  | &nbsp;&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 | 21841749 | 18269743 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC2 Class A1, 2.071% due 11/25/2056 | 13267342 | 11716122 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-AFC1 Class A2, 7.002% due 2/25/2058 | 2442116 | 2437813 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 121

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-AFC1 Class A3, 7.304% due 2/25/2058 | $2337711 | $2334159 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 7988831 | 8059108 |
|  | &nbsp;&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 | 11179807 | 11061348 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL3 Class A1, 3.25% due 4/25/2055 | 13142291 | 12690508 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4 Class A1, 3.00% due 5/25/2055 | 10395455 | 10014727 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 24097171 | 24002427 |
| <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 | 3732289 | 3732015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 127813 | 127547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 40656740 | 36336206 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J4 Class A5, 5.50% due 12/25/2054 | 11799161 | 11834936 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.47% due 2/25/2050 | 2813866 | 2556183 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | 7700000 | 7829887 |
|  | &nbsp;&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 | 11487693 | 11024888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1C, 2.75% due 11/25/2029 | 1851996 | 1776400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 16550136 | 15344648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 26541667 | 24713802 |
|  | &nbsp;&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 | 574336 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7 Class B4, 3.511% due 6/25/2043 | 408200 | 327591 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 6.00% due 9/25/2053 | 2699419 | 2722191 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-10 Class A2, 5.00% due 11/25/2055 | 10882476 | 10647166 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.938% (TSFR1M + 1.26%) due 5/15/2038 | 10872000 | 10825799 |
|  | &nbsp;&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 | 5621920 | 5177702 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A2, 1.587% due 5/25/2065 | 1096688 | 1014734 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 1.895% due 5/25/2065 | 374421 | 348862 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1, 1.737% due 12/25/2061 | 11958253 | 10153240 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 663492 | 637331 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.261% (TSFR1M + 2.59%) due 4/15/2042 | 2422971 | 2439469 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 13752000 | 12235332 |
|  | &nbsp;&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 | 1108711 | 1082195 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5 Class A1, 1.92% due 9/25/2066 | 17902245 | 15046672 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 5.279% due 3/25/2033 | 182195 | 183222 |
|  | &nbsp;&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 | 29723 | 29547 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 2776710 | 2756132 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 864679 | 860614 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 17528704 | 15681522 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R2 Class A1, 4.50% due 9/25/2064 | 9402494 | 8777200 |
| <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 | 17371029 | 17212750 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2021-R1 Class A1, 0.82% due 10/25/2063 | 1636246 | 1560235 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class M1, 3.26% due 11/25/2054 | 1415000 | 1389163 |
|  | &nbsp;&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 M1, 4.151% due 3/25/2065 | 4603508 | 4584541 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1, 1.475% due 4/25/2065 | 3263760 | 3161118 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 5.541% due 3/15/2040 | 4050000 | 4040979 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.829% due 3/20/2045 | 764882 | 718754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $2,362,613,457) |  | 2313289514 |
|  | **ASSET BACKED SECURITIES — 13.2%** |  |  |
|  | **AUTO RECEIVABLES — 4.1%** |  |  |
|  | &nbsp;&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 | 1243675 | 1250791 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.06% due 2/20/2029 | 39159 | 39159 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2024-2 Class C, 6.24% due 4/12/2030 | 2205639 | 2219644 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | 469547 | 471001 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028 | 2875299 | 2878797 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BMW Vehicle Owner Trust, Series 2024-A Class A3, 5.18% due 2/26/2029 | $2155648 | $2170708 |
|  | &nbsp;&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 | 837277 | 843116 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class A2, 5.542% due 10/27/2031 | 510097 | 513141 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 2634819 | 2650004 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 3015907 | 3051820 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class A2, 3.21% due 12/11/2028 | 9408848 | 9340952 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-P1 Class A3, 5.05% due 4/10/2029 | 2348864 | 2358231 |
|  | &nbsp;&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 | 284447 | 283774 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class C, 5.74% due 4/15/2030 | 1556955 | 1564096 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class B, 6.04% due 10/16/2028 | 2379509 | 2386144 |
|  | &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 | 11432046 | 11415333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | 4144753 | 4165112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class D, 8.03% due 4/6/2029 | 3900000 | 3980708 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 6.69% due 6/15/2029 | 3538299 | 3577084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C, 6.51% due 8/15/2028 | 1848663 | 1855575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | 2906435 | 2901868 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A1, 4.839% due 12/15/2026 | 3571270 | 3571573 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 5.75% due 5/15/2030 | 1250000 | 1255452 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028 | 472234 | 473822 |
|  | &nbsp;&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 | 5296907 | 5261996 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | 1002081 | 999501 |
|  | &nbsp;&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 | 6964052 | 6934039 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | 7737251 | 7783295 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class A2, 4.37% due 10/16/2028 | 7604000 | 7608969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Series 2023-4 Class A3, 5.78% due 8/16/2028 | 6411340 | 6465076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | 992560 | 1002578 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.97% due 10/15/2029 | 3595040 | 3593777 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1A Class A1, 4.176% due 1/15/2027 | 5824133 | 5822672 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class B, 8.67% due 5/15/2029 | 1389632 | 1393647 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust, Series 2022-1A Class A4, 5.69% due 11/15/2029 | 1080524 | 1087631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A1, 4.65% due 3/14/2029 | 467964 | 468083 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A, 5.41% due 11/14/2029 | 6871133 | 6912561 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Porsche Financial Auto Securitization Trust, Series 2023-2A Class A3, 5.79% due 1/22/2029 | 2945834 | 2965773 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2021-1A Class D, 2.08% due 2/15/2028 | 4347655 | 4298491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class A1, 4.731% due 7/27/2026 | 1815515 | 1815859 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1A Class A2, 4.515% due 1/25/2035 | 9592000 | 9586295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.575% due 6/26/2034 | 13102000 | 13096282 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-6A Class A2, 4.705% due 8/25/2034 | 16850000 | 16857797 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | 7467552 | 7487114 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-C Class F, 14.592% due 12/15/2032 | 1312279 | 1324337 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class A2, 4.28% due 1/15/2029 | 18035979 | 18049674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A2, 4.04% due 3/15/2029 | 6100000 | 6096402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>b,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | 597860 | 558042 |
| <sup>b,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 1303958 | 1204074 |
| <sup>b,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | 1355586 | 1159569 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;USAA Auto Owner Trust, Series 2023-A Class A3, 5.58% due 5/15/2028 | 11572671 | 11625196 |
|  | &nbsp;&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 | 513375 | 514004 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | 5338973 | 5347777 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A, 4.53% due 8/15/2028 | 5575827 | 5573345 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 123

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 5.48% due 9/15/2027 | $5570011 | $5580034 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class E, 6.00% due 12/15/2027 | 18528000 | 18649181 |
|  |  |  | 252340976 |
|  | **CREDIT CARD — 0.3%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class A, 5.78% due 12/15/2032 | 10000000 | 10050461 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | 9800000 | 9810118 |
|  |  |  | 19860579 |
|  | **OTHER ASSET BACKED — 6.4%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034 | 2610508 | 2612409 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X2 Class A, 4.45% due 10/15/2030 | 4821878 | 4825430 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;AMCR ABS Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.26% due 8/18/2031 | 41802 | 41823 |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-A Class A, 5.52% due 5/18/2033 | 6400000 | 6407957 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | 2719723 | 2725229 |
|  | &nbsp;&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 | 4852489 | 4510826 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class C, 3.97% due 7/17/2046 | 4033569 | 3853988 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.54% due 7/17/2046 | 4005112 | 3680046 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | 256599 | 257208 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2022-A Class C, 3.08% due 2/20/2035 | 8485000 | 8385812 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | 5704000 | 5769358 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 6071912 | 6108060 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | 10075000 | 10104615 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 13300000 | 13112603 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | 337280 | 338087 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 36000000 | 35192819 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051 | 27894000 | 27021381 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 1198914 | 1111525 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | 7794421 | 6596507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 1.27% due 5/15/2041 | 6516186 | 6142389 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A, 2.19% due 1/15/2042 | 4546820 | 4306292 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3FP Class D, 7.36% due 8/20/2029 | 1251797 | 1253430 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4FP Class D, 7.40% due 12/18/2029 | 151089 | 151089 |
|  | &nbsp;&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 | 2037131 | 2012695 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 1552121 | 1551416 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 2.63% due 4/15/2055 | 8072723 | 6839338 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 2.66% due 10/15/2056 | 13156974 | 10909392 |
|  | &nbsp;&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 | 12039327 | 9298923 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | 15705501 | 12207039 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | 6577335 | 5099650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.88% due 6/25/2059 | 619218 | 622299 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A2, 5.25% due 10/27/2059 | 417891 | 418846 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 4.93% due 6/25/2060 | 4254238 | 4267478 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.00% (SOFR30A + 2.25%) due 12/25/2051 | 4163122 | 4202912 |
|  | &nbsp;&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 | 1429507 | 1361406 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A Class A1, 3.28% due 9/20/2048 | 312229 | 287271 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2020-AA Class A, 2.74% due 2/25/2039 | 279989 | 275958 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 8010566 | 7642403 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Lendmark Funding Trust, Series 2021-1A Class A, 1.90% due 11/20/2031 | 870000 | 852056 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 17183778 | 13084494 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;M&T Equipment Notes, Series 2023-1A Class A3, 5.74% due 7/15/2030 | 5230694 | 5251944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 6.96% due 6/15/2033 | 285570 | 286002 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.75% due 7/16/2035 | 2724179 | 2725862 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | $2640983 | $2653613 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 452753 | 454583 |
|  | &nbsp;&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 | 706989 | 669432 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 2.10% due 4/20/2046 | 2358567 | 2072788 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | 4785255 | 4799893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class B, 5.48% due 8/15/2029 | 1804106 | 1804921 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 4.96% due 8/16/2032 | 1128872 | 1129387 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-C Class A, 2.18% due 10/8/2031 | 3747719 | 3697988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10 Class ABC, 5.639% due 6/15/2032 | 2945171 | 2951769 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9 Class A, 5.065% due 3/15/2032 | 2127383 | 2132010 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A1, 4.228% due 2/15/2027 | 7807000 | 7804780 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-2 Class A1, 4.522% due 4/15/2027 | 10500000 | 10500000 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2022-1 Class C, 6.01% due 7/17/2028 | 2771000 | 2771256 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | 3562421 | 3639478 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | 1311823 | 1314755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 6.29% due 2/18/2031 | 428397 | 430764 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 5.88% due 7/15/2031 | 860288 | 862945 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.96% due 8/16/2032 | 4832020 | 4840781 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A, 4.93% due 8/18/2032 | 3984713 | 4000504 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1A Class A, 4.32% due 2/15/2033 | 7273864 | 7275498 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 12300000 | 12238319 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 4080605 | 4014525 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, Series 2025-2 Class A, 4.82% due 6/25/2034 | 1611204 | 1614930 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 7902728 | 7490335 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | 5500000 | 5539081 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunnova Hestia I Issuer LLC, Series 2023-GRID1 Class 1A, 5.75% due 12/20/2050 | 8457809 | 8295161 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | 8627422 | 8419350 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 6106713 | 6111110 |
|  | &nbsp;&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 | 3862283 | 3876624 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 3573849 | 3574922 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 1127390 | 1129287 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | 60313 | 60367 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class B, 8.25% due 10/20/2033 | 10990000 | 11204107 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 3535039 | 3536005 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 3952043 | 3955921 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.22% due 6/20/2035 | 4799362 | 4814974 |
|  |  |  | 395388430 |
|  | **STUDENT LOAN — 2.4%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | 6461844 | 6592856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A1, 4.893% (TSFR1M + 1.21%) due 7/25/2051 | 4909968 | 4887875 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2, 1.60% due 7/25/2051 | 1135440 | 1049386 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A1, 4.693% (TSFR1M + 1.01%) due 7/26/2055 | 8884331 | 8756992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CGS Class A1, 3.87% due 2/25/2046 | 886219 | 860101 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | 5952520 | 5471717 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AGS Class A, 1.20% due 3/25/2052 | 7204754 | 6122176 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BGS Class A, 1.17% due 9/25/2051 | 6385674 | 5561811 |
|  | &nbsp;&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 | 5208004 | 5309277 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | 6082958 | 6145011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-D Class A2B, 4.837% (TSFR1M + 1.16%) due 12/15/2059 | 4025686 | 4014160 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 0.84% due 5/15/2069 | 1596859 | 1462903 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BA Class A, 4.16% due 10/15/2070 | 13554885 | 13164976 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 125

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1 Class A3, 4.286% (SOFR30A + 0.62%) due 6/25/2031 | $2370603 | $2344057 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BA Class A2B, 4.767% (TSFR1M + 1.09%) due 12/15/2059 | 480647 | 478789 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A Class A, 4.376% (SOFR30A + 0.71%) due 6/25/2041 | 1521858 | 1486461 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A Class A2, 4.376% (SOFR30A + 0.71%) due 9/25/2042 | 11785752 | 11342659 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A Class A2, 4.376% (SOFR30A + 0.71%) due 2/27/2051 | 356686 | 355880 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFL, 4.53% (TSFR1M + 0.85%) due 4/20/2062 | 5556470 | 5500921 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFX, 1.32% due 4/20/2062 | 4195994 | 3945795 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 4.48% (TSFR1M + 0.80%) due 4/20/2062 | 7788874 | 7711049 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.043% (TSFR1M + 1.36%) due 7/25/2051 | 727885 | 726211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2 Class A2, 4.976% (SOFR30A + 1.31%) due 10/25/2034 | 4240517 | 4261393 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 4.426% (SOFR30A + 0.76%) due 6/26/2055 | 15837388 | 15647000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 4.537% (TSFR1M + 0.86%) due 10/15/2035 | 13382 | 13378 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2A, 2.23% due 9/15/2037 | 2053898 | 1995817 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PTB Class A2A, 1.60% due 9/15/2054 | 1371493 | 1296591 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class A1B, 4.387% (TSFR1M + 0.71%) due 3/17/2053 | 3363165 | 3326210 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-E Class A1B, 4.417% (TSFR1M + 0.74%) due 2/15/2051 | 9969802 | 9861320 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Alternative Trust, Series 2019-C Class PT, 6.521% due 1/25/2045 | 8748877 | 8689654 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 4.49% (TSFR1M + 0.81%) due 11/20/2061 | 1504615 | 1502963 |
|  |  |  | 149885389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $836,470,886) |  | 817475374 |
|  | **CORPORATE BONDS — 37.3%** |  |  |
|  | **AUTOMOBILES & COMPONENTS — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;American Honda Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 9/1/2028 | 9883000 | 9802355 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.269% (SOFR + 0.62%) due 12/11/2026 | 13942000 | 13922620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 2/10/2027 | 1455000 | 1436565 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 4/6/2029 | 4302000 | 4302670 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% due 3/25/2027 | 5000000 | 5016000 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 3/19/2027 | 2000000 | 2015160 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | 4100000 | 4109389 |
|  | &nbsp;&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 | 2137514 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 3/27/2028 | 7926000 | 7975379 |
|  |  |  | 50717652 |
|  | **BANKS — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.016% (SOFR + 0.91%) due 1/12/2029 | 3740000 | 3780093 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 16283000 | 16013191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 3.244% due 10/5/2026 | 4023000 | 4000873 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.808% (SOFR + 1.98%) due 7/25/2028 | 3448000 | 3462413 |
|  |  |  | 27256570 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.643% due 3/13/2027 | 4400000 | 4438456 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.271% due 6/26/2026 | 11400000 | 11430324 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.319% due 12/4/2028 | 3422000 | 3565450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc., 4.75% due 8/9/2027 | 3500000 | 3519110 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | 9120000 | 9158031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 12800000 | 13400192 |
|  |  |  | 45511563 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.1%** |  |  |
|  | **Specialty Retail — 0.1%** |  |  |
|  | Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | $7500000 | $7378800 |
|  |  |  | 7378800 |
|  | **CONSUMER SERVICES — 0.4%** |  |  |
|  | **Hotels, Restaurants & Leisure — 0.1%** |  |  |
| <sup>b</sup> | Sodexo, Inc., 5.15% due 8/15/2030 | 4000000 | 4054920 |
|  | **Transportation Infrastructure — 0.3%** |  |  |
| <sup>a,b</sup> | Sydney Airport Finance Co. Pty. Ltd., 5.248% due 3/26/2036 | 19263000 | 19106199 |
|  |  |  | 23161119 |
|  | **ENERGY — 2.5%** |  |  |
|  | **Oil, Gas & Consumable Fuels — 2.5%** |  |  |
| <sup>b</sup> | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9092000 | 9071907 |
| <sup>b</sup> | El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 4068000 | 3748011 |
|  | Energy Transfer LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;3.90% due 7/15/2026 | 6000000 | 5992500 |
|  | &nbsp;&nbsp;&nbsp;4.55% due 1/15/2031 | 9650000 | 9562185 |
|  | Galaxy Pipeline Assets Bidco Ltd., |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;1.75% due 9/30/2027 | 4870742 | 4735530 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;2.16% due 3/31/2034 | 16596234 | 14693973 |
| <sup>a,b,e,f</sup> | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 32475000 | 20405017 |
| <sup>b</sup> | Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 12955000 | 12710410 |
| <sup>a,b</sup> | Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | 4160000 | 4172771 |
| <sup>b</sup> | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 13090000 | 13018790 |
| <sup>b</sup> | Phillips 66, 4.183% due 5/4/2026 | 16000000 | 15939867 |
| <sup>a,b</sup> | SA Global Sukuk Ltd., 4.25% due 10/2/2029 | 24040000 | 23462078 |
|  | South Bow USA Infrastructure Holdings LLC, 4.911% due 9/1/2027 | 2000000 | 2009180 |
| <sup>a,b</sup> | TMS Issuer SARL, 5.78% due 8/23/2032 | 10700000 | 10868097 |
| <sup>b</sup> | Whistler Pipeline LLC, 5.40% due 9/30/2029 | 6985000 | 7152431 |
|  |  |  | 157542747 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.3%** |  |  |
|  | **Diversified REITs — 1.3%** |  |  |
|  | American Tower Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.70% due 12/15/2032 | 2497000 | 2452329 |
|  | &nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | 3235000 | 3262659 |
| <sup>b</sup> | American Tower Trust, 3.652% due 3/15/2048 | 8015000 | 7928087 |
|  | Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.90% due 3/15/2027 | 2750000 | 2709382 |
|  | &nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | 6181000 | 6211658 |
|  | Digital Realty Trust LP, 5.55% due 1/15/2028 | 434000 | 441773 |
|  | SBA Tower Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 26585000 | 26150606 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | 10025000 | 9783872 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | 6480000 | 6508229 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | 7950000 | 8084419 |
|  | Vornado Realty LP, 2.15% due 6/1/2026 | 6893000 | 6860396 |
|  |  |  | 80393410 |
|  | **FINANCIAL SERVICES — 5.3%** |  |  |
|  | **Capital Markets — 2.5%** |  |  |
| <sup>a,b</sup> | Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029 | 15500000 | 15734825 |
|  | Ares Capital Corp., 2.15% due 7/15/2026 | 13350000 | 13244802 |
|  | Blue Owl Credit Income Corp., 3.125% due 9/23/2026 | 19056000 | 18816847 |
| <sup>b</sup> | Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | 12276000 | 12210814 |
|  | Brookfield Asset Management Ltd., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.653% due 11/15/2030 | 9500000 | 9416590 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.795% due 4/24/2035 | 5250000 | 5345235 |
| <sup>b</sup> | Equitable America Global Funding, 4.95% due 6/9/2030 | 3800000 | 3797340 |
|  | Hercules Capital, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.625% due 9/16/2026 | 14120000 | 13921332 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 127

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;3.375% due 1/20/2027 | $7458000 | $7319207 |
|  | LPL Holdings, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.375% due 5/15/2031 | 6885000 | 6600374 |
|  | &nbsp;&nbsp;&nbsp;4.90% due 4/3/2028 | 9457000 | 9491802 |
| <sup>b</sup> | Lseg U.S. Fin Corp., 4.25% due 3/23/2029 | 7055000 | 7003499 |
|  | Main Street Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.00% due 7/14/2026 | 14195000 | 14098616 |
|  | &nbsp;&nbsp;&nbsp;5.40% due 8/15/2028 | 4500000 | 4471605 |
|  | &nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | 3000000 | 3028230 |
|  | TPG Operating Group II LP, 4.875% due 5/15/2031 | 3410000 | 3343880 |
| <sup>b</sup> | Voya Global Funding, 4.60% due 11/24/2030 | 4760000 | 4690218 |
|  | **Commercial Services & Supplies — 0.2%** |  |  |
| <sup>a,b</sup> | Transurban Finance Co. Pty. Ltd., 4.924% due 3/24/2036 | 14225000 | 13916175 |
|  | **Consumer Finance — 0.1%** |  |  |
| <sup>c</sup> | U.S. Bank NA, 4.73% (SOFR + 0.91%) due 5/15/2028 | 6750000 | 6774300 |
|  | **Financial Services — 2.4%** |  |  |
|  | Antares Holdings LP, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;2.75% due 1/15/2027 | 7360000 | 7203894 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;3.95% due 7/15/2026 | 14391000 | 14335307 |
| <sup>c</sup> | Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | 6007000 | 6044724 |
| <sup>a,c</sup> | Barclays plc, 4.476% (SOFR + 1.08%) due 11/11/2029 | 7000000 | 6958700 |
|  | BNP Paribas SA, |  |  |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;2.591% (SOFR + 1.23%) due 1/20/2028 | 3650000 | 3593827 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;4.916% (SOFR + 1.29%) due 1/15/2034 | 3633000 | 3553074 |
|  | Citigroup, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | 7328000 | 7284838 |
|  | &nbsp;&nbsp;&nbsp;3.40% due 5/1/2026 | 2425000 | 2422599 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;4.952% (SOFR + 1.46%) due 5/7/2031 | 5912000 | 5949186 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.643% (SOFR + 1.14%) due 5/7/2028 | 4625000 | 4632030 |
| <sup>a,c</sup> | Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028 | 4940000 | 4864616 |
|  | Goldman Sachs Group, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;4.47% (SOFR + 0.82%) due 9/10/2027 | 10881000 | 10892425 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;4.937% (SOFR + 1.32%) due 4/23/2028 | 1800000 | 1808388 |
|  | HSBC Holdings plc, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;4.583% (TSFR3M + 1.80%) due 6/19/2029 | 3000000 | 2996370 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;5.286% (SOFR + 1.29%) due 11/19/2030 | 6100000 | 6204859 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;5.887% (SOFR + 1.57%) due 8/14/2027 | 6500000 | 6531785 |
| <sup>c</sup> | JPMorgan Chase & Co., 3.54% (TSFR3M + 1.64%) due 5/1/2028 | 3040000 | 3011454 |
| <sup>a,c</sup> | Mitsubishi UFJ Financial Group, Inc., 5.017% (H15T1Y + 1.95%) due 7/20/2028 | 3285000 | 3306780 |
| <sup>c</sup> | Morgan Stanley, 4.994% (SOFR + 1.38%) due 4/12/2029 | 3788000 | 3822509 |
|  | Societe Generale SA, |  |  |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;4.45% (SOFR + 1.10%) due 4/12/2030 | 3800000 | 3759758 |
| <sup>a,b,c</sup> | &nbsp;&nbsp;&nbsp;6.446% (H15T1Y + 2.55%) due 1/10/2029 | 4933000 | 5076896 |
| <sup>a</sup> | Sumitomo Mitsui Financial Group, Inc., 3.04% due 7/16/2029 | 11650000 | 11091615 |
| <sup>a,c</sup> | UBS AG, 4.302% (SOFR + 0.81%) due 3/16/2029 | 14750000 | 14727580 |
| <sup>a,b,c</sup> | UBS Group AG, 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 7121000 | 7044164 |
|  | **Mortgage Real Estate Investment Trusts — 0.1%** |  |  |
|  | Lineage OP LP, 5.25% due 7/15/2030 | 9424000 | 9407791 |
|  |  |  | 329750860 |
|  | **FOOD, BEVERAGE & TOBACCO — 1.6%** |  |  |
|  | **Beverages — 0.8%** |  |  |
| <sup>a,b</sup> | Becle SAB de CV, 2.50% due 10/14/2031 | 28038000 | 23974172 |
|  | Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027 | 2640000 | 2598578 |
|  | Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | 5750000 | 5728323 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.392% due 4/30/2026 | 8000000 | 7972224 |
|  | &nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | 8757000 | 8665052 |
|  | **Food Products — 0.2%** |  |  |
|  | Flowers Foods, Inc., 5.75% due 3/15/2035 | 15293000 | 14589675 |
|  | **Tobacco — 0.6%** |  |  |
|  | BAT Capital Corp., |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;3.215% due 9/6/2026 | $11382000 | $11310293 |
|  | &nbsp;&nbsp;&nbsp;4.625% due 3/22/2033 | 1800000 | 1761228 |
|  | Imperial Brands Finance plc, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;3.50% due 7/26/2026 | 230000 | 229308 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;4.50% due 6/30/2028 | 5000000 | 5003500 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;5.50% due 2/1/2030 | 16500000 | 16921410 |
|  |  |  | 98753763 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 1.2%** |  |  |
|  | **Health Care Equipment & Supplies — 0.3%** |  |  |
| <sup>a,b</sup> | Olympus Corp., 2.143% due 12/8/2026 | 14061000 | 13839821 |
| <sup>b</sup> | VSP Optical Group, Inc., 5.45% due 12/1/2035 | 1676000 | 1642111 |
|  | **Health Care Providers & Services — 0.7%** |  |  |
|  | Centene Corp., 4.625% due 12/15/2029 | 4906000 | 4657217 |
|  | HCA, Inc., 5.25% due 6/15/2026 | 9875000 | 9879641 |
| <sup>b</sup> | Highmark, Inc., 1.45% due 5/10/2026 | 20542000 | 20457983 |
|  | Laboratory Corp. of America Holdings, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.55% due 6/1/2026 | 4855000 | 4831502 |
|  | &nbsp;&nbsp;&nbsp;4.55% due 4/1/2032 | 5640000 | 5566003 |
|  | **Health Care Technology — 0.2%** |  |  |
|  | GE HealthCare Technologies, Inc., 4.15% due 12/15/2028 | 15439000 | 15335713 |
|  |  |  | 76209991 |
|  | **HOUSEHOLD & PERSONAL PRODUCTS — 0.3%** |  |  |
|  | **Personal Care Products — 0.3%** |  |  |
|  | Haleon U.S. Capital LLC, 3.375% due 3/24/2027 | 18500000 | 18324805 |
|  |  |  | 18324805 |
|  | **INSURANCE — 7.3%** |  |  |
|  | **Insurance — 7.3%** |  |  |
| <sup>b</sup> | American National Group, Inc., 6.144% due 6/13/2032 | 25662000 | 26211937 |
| <sup>a,b</sup> | Ascot Group Ltd., 4.25% due 12/15/2030 | 12308000 | 11484226 |
| <sup>a</sup> | Aspen Insurance Holdings Ltd., 5.75% due 7/1/2030 | 5800000 | 5984440 |
|  | Brighthouse Financial Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;1.55% due 5/24/2026 | 7538000 | 7506114 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;2.00% due 6/28/2028 | 13751000 | 12853197 |
|  | Brown & Brown, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.60% due 12/23/2026 | 3532000 | 3538817 |
|  | &nbsp;&nbsp;&nbsp;4.70% due 6/23/2028 | 4825000 | 4839668 |
|  | &nbsp;&nbsp;&nbsp;5.65% due 6/11/2034 | 2669000 | 2692781 |
|  | CNO Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.375% due 9/8/2028 | 2650000 | 2630814 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.875% due 12/10/2027 | 16264000 | 16318972 |
| <sup>b</sup> | Constellation Global Funding, 4.85% due 10/22/2030 | 9500000 | 9306295 |
| <sup>a</sup> | Enstar Group Ltd., 3.10% due 9/1/2031 | 7139000 | 6305593 |
|  | Equitable Financial Life Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | 4433000 | 4250094 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;1.80% due 3/8/2028 | 6800000 | 6442728 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | 2047000 | 2058606 |
|  | F&G Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | 16912000 | 16783131 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | 2475000 | 2303087 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;2.30% due 4/11/2027 | 11752000 | 11441982 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | 4320000 | 4385923 |
| <sup>a,b</sup> | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 17031000 | 16629068 |
|  | Fidelity National Financial, Inc., 2.45% due 3/15/2031 | 12517000 | 11049757 |
|  | First American Financial Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.40% due 8/15/2031 | 2261000 | 1947535 |
|  | &nbsp;&nbsp;&nbsp;4.00% due 5/15/2030 | 4316000 | 4120874 |
| <sup>b</sup> | Fortitude Global Funding, 4.625% due 10/6/2028 | 4386000 | 4343456 |
| <sup>b</sup> | Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 6453000 | 6571735 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 129

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | GA Global Funding Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;2.25% due 1/6/2027 | $6479000 | $6367885 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.50% due 9/18/2030 | 3500000 | 3372670 |
| <sup>b</sup> | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 5200000 | 5026424 |
|  | Horace Mann Educators Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.70% due 10/1/2030 | 14131000 | 13920589 |
|  | &nbsp;&nbsp;&nbsp;7.25% due 9/15/2028 | 2452000 | 2587571 |
| <sup>b</sup> | Jackson National Life Global Funding, 5.25% due 4/12/2028 | 8153000 | 8210968 |
| <sup>b</sup> | Lincoln Financial Global Funding, 4.625% due 5/28/2028 | 6838000 | 6833419 |
| <sup>d</sup> | Lincoln National Corp., 2.33% due 8/15/2030 | 4881000 | 4360857 |
|  | Mercury General Corp., 4.40% due 3/15/2027 | 2901000 | 2880925 |
|  | Mutual of Omaha Cos Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.35% due 4/9/2027 | 13420000 | 13535144 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.45% due 12/12/2028 | 7740000 | 7890079 |
| <sup>b,c</sup> | New York Life Global Funding, 4.13% (SOFR + 0.48%) due 6/9/2026 | 22760000 | 22765690 |
| <sup>a,b,d</sup> | Nippon Life Insurance Co., 5.046% due 4/2/2033 | 9800000 | 9808232 |
| <sup>b</sup> | NLG Global Funding, 5.40% due 1/23/2030 | 17659000 | 18078931 |
| <sup>b,c</sup> | Pacific Life Global Funding II, 4.272% (SOFR + 0.62%) due 6/4/2026 | 10105000 | 10108941 |
|  | Protective Life Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;3.40% due 1/15/2030 | 6698000 | 6386945 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.70% due 1/15/2031 | 3464000 | 3431300 |
| <sup>b</sup> | Protective Life Global Funding, 4.161% due 1/15/2029 | 4925000 | 4868461 |
| <sup>b</sup> | Reliance Standard Life Global Funding II, 1.512% due 9/28/2026 | 11512000 | 11346918 |
|  | RGA Global Funding, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;2.70% due 1/18/2029 | 4515000 | 4290514 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.60% due 11/25/2030 | 1986000 | 1963260 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.448% due 5/24/2029 | 6000000 | 6139140 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.50% due 1/11/2031 | 4148000 | 4265969 |
|  | RLI Corp., 5.375% due 6/1/2036 | 11101000 | 10691595 |
| <sup>b</sup> | Sammons Financial Group Global Funding, 4.80% due 12/12/2030 | 3707000 | 3675824 |
| <sup>b</sup> | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7950000 | 7904923 |
|  | Stewart Information Services Corp., 3.60% due 11/15/2031 | 22401000 | 19817045 |
|  | Unum Group, 5.25% due 12/15/2035 | 7127000 | 6961440 |
| <sup>b</sup> | Western-Southern Global Funding, 4.90% due 5/1/2030 | 14075000 | 14158324 |
|  | Willis North America, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.55% due 3/15/2031 | 3400000 | 3354712 |
|  | &nbsp;&nbsp;&nbsp;4.65% due 6/15/2027 | 4541000 | 4548992 |
|  |  |  | 451554517 |
|  | **MATERIALS — 0.8%** |  |  |
|  | **Chemicals — 0.3%** |  |  |
| <sup>a,b</sup> | Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | 17475000 | 17557133 |
|  | **Containers & Packaging — 0.4%** |  |  |
|  | Amcor Flexibles North America, Inc., 5.10% due 3/17/2030 | 4935000 | 4987015 |
|  | AptarGroup, Inc., 4.75% due 3/30/2031 | 4572000 | 4538258 |
| <sup>b</sup> | Berry Global, Inc., 4.875% due 7/15/2026 | 1928000 | 1928328 |
| <sup>b</sup> | Graphic Packaging International LLC, 1.512% due 4/15/2026 | 7623000 | 7612328 |
| <sup>b</sup> | Sealed Air Corp., 1.573% due 10/15/2026 | 7376000 | 7359109 |
|  | **Metals & Mining — 0.1%** |  |  |
| <sup>a,b,e,f</sup> | Metalloinvest Finance DAC, 3.375% due 10/22/2028 | 12700000 | 6334379 |
|  |  |  | 50316550 |
|  | **MEDIA & ENTERTAINMENT — 0.3%** |  |  |
|  | **Media — 0.3%** |  |  |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.65% due 2/1/2034 | 11306000 | 11788992 |
|  | FactSet Research Systems, Inc., 2.90% due 3/1/2027 | 7753000 | 7615307 |
|  |  |  | 19404299 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.8%** |  |  |
|  | **Biotechnology — 0.4%** |  |  |
|  | Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 12320000 | 12172406 |
|  | Illumina, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | 4081000 | 4081898 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;4.75% due 12/12/2030 | $9552000 | $9502521 |
|  | **Life Sciences Tools & Services — 0.2%** |  |  |
|  | Augusta SpinCo Corp., 4.321% due 9/23/2027 | 11500000 | 11493215 |
|  | **Pharmaceuticals — 0.2%** |  |  |
|  | Viatris, Inc., 2.30% due 6/22/2027 | 9885000 | 9588944 |
|  |  |  | 46838984 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%** |  |  |
|  | **Semiconductors & Semiconductor Equipment — 0.3%** |  |  |
| <sup>b</sup> | Qorvo, Inc., 3.375% due 4/1/2031 | 14210000 | 12850387 |
|  | Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 6434000 | 6404275 |
|  |  |  | 19254662 |
|  | **SOFTWARE & SERVICES — 3.8%** |  |  |
|  | **Information Technology Services — 2.0%** |  |  |
|  | Alphabet, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.70% due 2/15/2029 | 9383000 | 9302588 |
|  | &nbsp;&nbsp;&nbsp;4.10% due 2/15/2031 | 4516000 | 4483801 |
|  | Amazon.com, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.10% due 11/20/2030 | 9713000 | 9600232 |
|  | &nbsp;&nbsp;&nbsp;4.55% due 3/13/2033 | 4716000 | 4670396 |
|  | Block Financial LLC, 2.50% due 7/15/2028 | 10392000 | 9812646 |
|  | Booz Allen Hamilton, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | 6840000 | 6647112 |
|  | &nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | 4931000 | 4969117 |
|  | DXC Technology Co., 2.375% due 9/15/2028 | 12049000 | 11329675 |
| <sup>a</sup> | Genpact Luxembourg SARL/Genpact USA, Inc., 1.75% due 4/10/2026 | 5335000 | 5330145 |
| <sup>a</sup> | Genpact U.K. Finco plc/Genpact USA, Inc., 4.95% due 11/18/2030 | 2350000 | 2304809 |
|  | Global Payments, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.50% due 11/15/2028 | 12098000 | 11985851 |
|  | &nbsp;&nbsp;&nbsp;4.55% due 3/15/2028 | 1620000 | 1612985 |
|  | &nbsp;&nbsp;&nbsp;5.40% due 3/15/2033 | 3500000 | 3418870 |
|  | Kyndryl Holdings, Inc., 2.05% due 10/15/2026 | 14388000 | 14134771 |
|  | Meta Platforms, Inc., 4.60% due 11/15/2032 | 9385000 | 9287584 |
| <sup>b</sup> | Wipro IT Services LLC, 1.50% due 6/23/2026 | 10647000 | 10572152 |
|  | **Internet Software & Services — 0.4%** |  |  |
|  | Prosus NV, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | 7816000 | 7002745 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;3.257% due 1/19/2027 | 6400000 | 6313984 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;4.193% due 1/19/2032 | 13254000 | 12457965 |
|  | **Software — 1.4%** |  |  |
|  | Fidelity National Information Services, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.45% due 3/10/2028 | 2460000 | 2452817 |
|  | &nbsp;&nbsp;&nbsp;4.55% due 3/10/2029 | 2500000 | 2487750 |
| <sup>b</sup> | MSCI, Inc., 4.00% due 11/15/2029 | 6850000 | 6648267 |
| <sup>a,b</sup> | Open Text Corp., 6.90% due 12/1/2027 | 22673000 | 23276102 |
|  | Oracle Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.615% due 9/16/2026 | 16130000 | 15797292 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.64% due 10/2/2026 | 8640000 | 8443930 |
|  | Paychex, Inc., 5.35% due 4/15/2032 | 3503000 | 3521145 |
|  | Salesforce, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.50% due 3/15/2028 | 22830000 | 22836621 |
|  | &nbsp;&nbsp;&nbsp;4.90% due 9/15/2031 | 1500000 | 1497960 |
|  |  |  | 232199312 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.6%** |  |  |
|  | **Communications Equipment — 0.1%** |  |  |
|  | Motorola Solutions, Inc., 4.85% due 8/15/2030 | 4864000 | 4897367 |
|  | **Electronic Equipment, Instruments & Components — 1.1%** |  |  |
|  | Avnet, Inc., 6.25% due 3/15/2028 | 3938000 | 4054998 |
|  | CDW LLC/CDW Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 9124000 | 8687325 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 131

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;4.25% due 4/1/2028 | $11275000 | $11135979 |
| <sup>b</sup> | Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 3823000 | 3838445 |
|  | TD SYNNEX Corp., 1.75% due 8/9/2026 | 27306000 | 27041678 |
|  | Trimble, Inc., 4.90% due 6/15/2028 | 6000000 | 6021240 |
|  | Vontier Corp., 1.80% due 4/1/2026 | 5272000 | 5272000 |
|  | **Office Electronics — 0.1%** |  |  |
|  | CDW LLC/CDW Finance Corp., 2.67% due 12/1/2026 | 6950000 | 6868407 |
|  | **Technology Hardware, Storage & Peripherals — 0.3%** |  |  |
|  | Hewlett Packard Enterprise Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.15% due 9/15/2028 | 5406000 | 5362428 |
|  | &nbsp;&nbsp;&nbsp;4.50% due 3/23/2028 | 7353000 | 7353735 |
|  | NetApp, Inc., 5.50% due 3/17/2032 | 6433000 | 6574848 |
|  |  |  | 97108450 |
|  | **TELECOMMUNICATION SERVICES — 0.9%** |  |  |
|  | **Diversified Telecommunication Services — 0.5%** |  |  |
| <sup>a,b</sup> | NBN Co. Ltd., 1.45% due 5/5/2026 | 20000000 | 19944200 |
| <sup>a</sup> | TELUS Corp., 2.80% due 2/16/2027 | 12981000 | 12800434 |
|  | **Wireless Telecommunication Services — 0.4%** |  |  |
| <sup>a,b</sup> | Orange SA, 4.75% due 1/13/2033 | 3457000 | 3416380 |
|  | T-Mobile USA, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.75% due 4/15/2027 | 17288000 | 17183408 |
|  | &nbsp;&nbsp;&nbsp;5.125% due 5/15/2032 | 2791000 | 2830269 |
|  |  |  | 56174691 |
|  | **UTILITIES — 6.9%** |  |  |
|  | **Electric Utilities — 6.1%** |  |  |
|  | AEP Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | 4350000 | 4417686 |
|  | &nbsp;&nbsp;&nbsp;5.70% due 5/15/2034 | 2000000 | 2064020 |
|  | &nbsp;&nbsp;&nbsp;Series I, 2.10% due 7/1/2030 | 8375000 | 7583730 |
|  | Appalachian Power Co., Series AA, 2.70% due 4/1/2031 | 2250000 | 2047005 |
|  | Arizona Public Service Co., 5.70% due 8/15/2034 | 4517000 | 4679522 |
|  | Black Hills Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.50% due 6/15/2030 | 5490000 | 5013523 |
|  | &nbsp;&nbsp;&nbsp;4.55% due 1/31/2031 | 2599000 | 2572282 |
| <sup>b</sup> | Caledonia Generating LLC, 1.95% due 2/28/2034 | 13931149 | 12460020 |
|  | CenterPoint Energy, Inc., 5.40% due 6/1/2029 | 11148000 | 11423467 |
| <sup>b</sup> | Cleco Power LLC, 5.30% due 1/15/2036 | 5373000 | 5333186 |
|  | Comision Federal de Electricidad, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | 8740000 | 7819241 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 9454400 | 8771320 |
|  | Dayton Power & Light Co., 4.55% due 8/15/2030 | 9863000 | 9741685 |
|  | Dominion Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | 3700000 | 3712136 |
|  | &nbsp;&nbsp;&nbsp;Series B, 3.60% due 3/15/2027 | 8076000 | 8014057 |
|  | DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | 3477000 | 3509058 |
|  | &nbsp;&nbsp;&nbsp;5.05% due 10/1/2035 | 3800000 | 3745736 |
|  | &nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 3508000 | 3578020 |
|  | &nbsp;&nbsp;&nbsp;5.85% due 6/1/2034 | 2636000 | 2761658 |
|  | Duke Energy Corp., 4.95% due 9/15/2035 | 8500000 | 8299315 |
|  | Duke Energy Florida LLC, 4.20% due 12/1/2030 | 4736000 | 4686177 |
|  | Duke Energy Indiana LLC, Series DDDD, 4.95% due 3/15/2036 | 2515000 | 2476495 |
|  | Electricite de France SA, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;5.65% due 4/22/2029 | 9878000 | 10200912 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;5.75% due 1/13/2035 | 13500000 | 13955760 |
|  | Emera U.S. Finance LLC, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.50% due 4/1/2029 | 3611000 | 3605439 |
|  | &nbsp;&nbsp;&nbsp;5.20% due 4/1/2033 | 1978000 | 1967675 |
|  | ENEL Finance International NV, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;1.625% due 7/12/2026 | 10700000 | 10608194 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;2.125% due 7/12/2028 | $8844000 | $8380574 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;4.375% due 9/30/2030 | 2802000 | 2754282 |
|  | Entergy Mississippi LLC, 3.25% due 12/1/2027 | 4727000 | 4630853 |
|  | Entergy Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.50% due 9/1/2026 | 8640000 | 8513942 |
|  | &nbsp;&nbsp;&nbsp;3.45% due 12/1/2027 | 9000000 | 8848620 |
|  | Evergy Kansas Central, Inc., 4.70% due 3/13/2028 | 4940000 | 4962576 |
|  | Evergy Missouri West, Inc., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.15% due 12/15/2027 | 10711000 | 10812647 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.65% due 6/1/2034 | 6650000 | 6796566 |
|  | Eversource Energy, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.55% due 3/15/2031 | 5332000 | 4801253 |
|  | &nbsp;&nbsp;&nbsp;4.45% due 12/15/2030 | 2403000 | 2371208 |
|  | Exelon Corp., 5.125% due 3/15/2031 | 9899000 | 10079558 |
| <sup>b</sup> | FirstEnergy Pennsylvania Electric Co., 4.55% due 3/15/2031 | 4820000 | 4802744 |
|  | FirstEnergy Transmission LLC, 4.55% due 1/15/2030 | 2585000 | 2582518 |
|  | Interstate Power & Light Co., 4.95% due 9/30/2034 | 4747000 | 4673089 |
|  | ITC Holdings Corp., |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;2.95% due 5/14/2030 | 1883000 | 1760323 |
| <sup>b,d</sup> | &nbsp;&nbsp;&nbsp;4.875% due 4/15/2031 | 2000000 | 2000100 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;4.95% due 9/22/2027 | 12703000 | 12764483 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;5.65% due 5/9/2034 | 12000000 | 12328560 |
| <sup>b</sup> | Jersey Central Power & Light Co., 4.40% due 1/15/2031 | 6800000 | 6702284 |
| <sup>b</sup> | Liberty Utilities Co., 5.577% due 1/31/2029 | 5240000 | 5338826 |
| <sup>b</sup> | Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 9518000 | 8541358 |
|  | National Rural Utilities Cooperative Finance Corp., 4.30% due 12/10/2030 | 4571000 | 4525199 |
| <sup>b</sup> | New York State Electric & Gas Corp., 3.25% due 12/1/2026 | 9234000 | 9159759 |
| <sup>b</sup> | Niagara Mohawk Power Corp., 4.647% due 10/3/2030 | 2965000 | 2953377 |
| <sup>b</sup> | NorthWestern Corp., 5.073% due 3/21/2030 | 16310000 | 16560685 |
|  | PacifiCorp, 4.65% due 4/15/2029 | 4746000 | 4742820 |
|  | Pinnacle West Capital Corp., 4.90% due 5/15/2028 | 4773000 | 4811041 |
| <sup>b</sup> | PSEG Power LLC, 5.20% due 5/15/2030 | 5798000 | 5886130 |
|  | Public Service Co. of Colorado, 4.15% due 3/13/2029 | 6920000 | 6899932 |
|  | Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | 5930000 | 5973052 |
|  | Public Service Enterprise Group, Inc., 4.90% due 3/15/2030 | 4903000 | 4954383 |
|  | Puget Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.379% due 6/15/2028 | 2734000 | 2604490 |
|  | &nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | 2616000 | 2535270 |
|  | &nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | 9463000 | 9538042 |
|  | **Gas Utilities — 0.5%** |  |  |
| <sup>b</sup> | Brooklyn Union Gas Co., 5.456% due 3/16/2036 | 9297000 | 9207098 |
| <sup>b</sup> | KeySpan Gas East Corp., 5.994% due 3/6/2033 | 3492000 | 3645578 |
| <sup>a,b</sup> | Snam SpA, 5.00% due 5/28/2030 | 2800000 | 2820888 |
|  | Southwest Gas Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.05% due 3/15/2032 | 3024000 | 2889402 |
|  | &nbsp;&nbsp;&nbsp;5.80% due 12/1/2027 | 4828000 | 4933782 |
|  | Spire, Inc., 4.60% due 9/1/2031 | 6512000 | 6432293 |
|  | **Multi-Utilities — 0.3%** |  |  |
| <sup>a,b</sup> | E.ON SE, 4.071% due 7/6/2026 | 18000000 | 17809920 |
|  |  |  | 428376824 |
|  | TOTAL CORPORATE BONDS (Cost $2,351,171,162) |  | 2316229569 |
|  | **LONG-TERM MUNICIPAL BONDS — 0.3%** |  |  |
|  | Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series B, 5.50% due 9/1/2031 | 5035000 | 5237729 |
|  | City of Jersey City GO, Series B, 4.75% due 7/8/2026 | 10725000 | 10751577 |
|  | San Francisco City & County Redevelopment Agency Successor Agency (AG) (Green Bond), Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.406% due 8/1/2031 | 585000 | 586902 |
|  | &nbsp;&nbsp;&nbsp;4.536% due 8/1/2032 | 600000 | 602417 |
|  | &nbsp;&nbsp;&nbsp;4.697% due 8/1/2033 | 2966000 | 2987403 |
|  | TOTAL LONG-TERM MUNICIPAL BONDS (Cost $19,927,783) |  | 20166028 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 133

**Schedule of Investments, Continued**

Thornburg Limited Term Income Fund \| March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **SHARES/PRINCIPAL** | **SHARES/PRINCIPAL** | |
| | <br>**ISSUER-DESCRIPTION** | **AMOUNT** | **AMOUNT** |<br>**VALUE** |
|  | **PREFERRED STOCK — 0.6%** |  |  |  |
|  | **FINANCIAL SERVICES — 0.6%** |  |  |  |
|  | **Capital Markets — 0.6%** |  |  |  |
| <sup>g</sup> | Calamos Strategic Total Return Fund, 6.24% due 9/9/2029 | $| 370000 | $9098300 |
| <sup>c,g</sup> | Gabelli Dividend & Income Trust, Series J, 4.50% due 3/26/2028 |  | 1162 | 27961206 |
|  |  |  |  | 37059506 |
|  | TOTAL PREFERRED STOCK (Cost $38,269,196) |  |  | 37059506 |
|  | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |
| <sup>h</sup> | Thornburg Capital Management Fund |  | 19313293 | 193132927 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $193,132,927) |  |  | 193132927 |
|  | **TOTAL INVESTMENTS — 100.4% (Cost $6,337,772,268)** |  |  | $6230440208 |
|  | **LIABILITIES NET OF OTHER ASSETS — (0.4)%** |  |  | (22346693) |
|  | **NET ASSETS — 100.0%** |  |  | $6208093515 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $3,097,856,910, representing 49.90% 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 March 31, 2026.

d When-issued security.

e Bond in default.

f Non-income producing.

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: | 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 | ISD | Independent School District |
| AG | Insured by Assured Guaranty, Inc. | Mtg | Mortgage |
| CMBS | Commercial Mortgage-Backed Securities | REMIC | Real Estate Mortgage Investment Conduit |
| CMO | Collateralized Mortgage Obligation | SOFR | Secured Overnight Financing Rate |
| CMT | Constant Maturity Rate | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| DAC | Designated Activity Company | TSFR1M | Term SOFR 1 Month |
| GO | General Obligation | TSFR3M | Term SOFR 3 Month |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year | UMBS | Uniform Mortgage-Backed Securities |

---

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

Schedule of Investments

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **U.S. TREASURY SECURITIES — 20.2%** |  |  |
|  | U.S. Treasury Inflation-Indexed Bonds, 0.125% due 2/15/2051 | $2498260 | $1324956 |
|  | U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.125% due 8/15/2040 | 3525000 | 2197066 |
|  | &nbsp;&nbsp;&nbsp;1.375% due 11/15/2040 - 8/15/2050 | 2945000 | 1787695 |
|  | &nbsp;&nbsp;&nbsp;1.75% due 8/15/2041 | 2809000 | 1878080 |
|  | &nbsp;&nbsp;&nbsp;2.25% due 8/15/2046 | 3750000 | 2443359 |
|  | &nbsp;&nbsp;&nbsp;2.75% due 11/15/2042 | 730000 | 555028 |
|  | &nbsp;&nbsp;&nbsp;4.00% due 11/15/2035 | 2125000 | 2072871 |
|  | U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.073% due 2/15/2043 | 4125000 | 1759838 |
|  | &nbsp;&nbsp;&nbsp;8.252% due 2/15/2045 | 1850000 | 703174 |
|  | &nbsp;&nbsp;&nbsp;8.395% due 5/15/2044 | 4000000 | 1586719 |
|  | &nbsp;&nbsp;&nbsp;9.909% due 11/15/2048 | 875000 | 274189 |
|  | &nbsp;&nbsp;&nbsp;5.007% due 11/15/2041 | 4775000 | 2195888 |
|  | &nbsp;&nbsp;&nbsp;6.351% due 11/15/2036 | 1000000 | 620299 |
|  | TOTAL U.S. TREASURY SECURITIES (Cost $19,653,256) |  | 19399162 |
|  | **U.S. GOVERNMENT AGENCIES — 1.1%** |  |  |
| <sup>a,b</sup> | CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%) due 10/1/2026 | 315000 | 315331 |
| <sup>a,b</sup> | Farm Credit Bank of Texas, Series 6, 7.00% (5-Yr. CMT + 3.01%) due 9/15/2030 | 250000 | 256195 |
|  | Federal Home Loan Banks, 2.90% due 2/18/2037 | 625000 | 518969 |
|  | TOTAL U.S. GOVERNMENT AGENCIES (Cost $1,079,367) |  | 1090495 |
|  | **OTHER GOVERNMENT — 2.8%** |  |  |
| <sup>c</sup> | Albania Government International Bonds (EUR), 5.90% due 6/9/2028 | 200000 | 238750 |
| <sup>c,d</sup> | Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029 | 250000 | 257785 |
|  | Dominican Republic International Bonds (DOP), |  |  |
|  | &nbsp;&nbsp;&nbsp;9.75% due 6/5/2026 | 8000000 | 133137 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;10.75% due 6/1/2036 | 8000000 | 138724 |
| <sup>c,d</sup> | Eagle Funding Luxco SARL, 5.50% due 8/17/2030 | 425000 | 426611 |
|  | Egypt Government Bonds (EGP), 23.865% due 6/4/2027 | 8000000 | 145602 |
| <sup>c,d</sup> | Finance Department Government of Sharjah, 4.00% due 7/28/2050 | 250000 | 155190 |
| <sup>c</sup> | Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031 | 150000 | 166891 |
|  | New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 274000 | 148679 |
| <sup>c</sup> | Republic of Uzbekistan International Bonds (UZS), 15.50% due 2/25/2028 | 2500000000 | 218857 |
| <sup>c,d</sup> | Saudi Government International Bonds, 4.125% due 1/12/2029 | 325000 | 319911 |
|  | U.K. Gilts (GBP), 4.125% due 7/22/2029 | 253000 | 332125 |
|  | TOTAL OTHER GOVERNMENT (Cost $2,631,923) |  | 2682262 |
|  | **MORTGAGE BACKED — 31.3%** |  |  |
|  | Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-G Class A, 5.875% due 6/25/2061 | 403240 | 403402 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2023-B Class A, 4.25% due 10/25/2062 | 440485 | 438390 |
|  | Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.881% due 12/25/2066 | 94550 | 89064 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-3 Class A1, 4.80% due 11/26/2068 | 153629 | 152672 |
|  | Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | 211161 | 211263 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 7.25% due 2/25/2028 | 301997 | 303870 |
| <sup>b,c</sup> | BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2024-NQM2 Class A1, 6.285% due 2/25/2064 | 193629 | 194705 |
| <sup>b,c</sup> | Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class M1, 3.269% due 11/25/2059 | 305000 | 301299 |
| <sup>c</sup> | Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 400000 | 369457 |
| <sup>b,c</sup> | Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-9 Class A2, 5.50% due 9/25/2055 | 290985 | 289171 |
|  | CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 4.007% due 1/25/2067 | 85350 | 82324 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | 108448 | 108262 |
|  | Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A3A, 2.50% due 5/25/2051 | 69863 | 58043 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 252004 | 226256 |
| <sup>c</sup> | Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | 120000 | 123625 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 135

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>c</sup> | COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | $485000 | $505689 |
| <sup>c</sup> | CSMC Trust, CMBS, Series 2020-WEST Class A, 3.04% due 2/15/2035 | 340000 | 287370 |
|  | CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 0.83% due 3/25/2056 | 38939 | 31563 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-RP11 Class A1, 2.25% due 10/25/2061 | 562940 | 471654 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 89279 | 88940 |
| <sup>c</sup> | DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 400000 | 360805 |
| <sup>b,c</sup> | FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.677% due 10/1/2053 | 266451 | 244176 |
| <sup>b</sup> | Federal Home Loan Mtg Corp., Pool 841463, 2.155% (2.18% - SOFR30A) due 7/1/2052 | 96223 | 87394 |
|  | Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 371555 | 367720 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.062% (SOFR30A + 1.40%) due 2/25/2055 | 250709 | 252993 |
|  | Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Series K-154 Class A2, 4.35% due 1/25/2033 | 107000 | 106501 |
|  | &nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | 32000 | 32654 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | 22000 | 22845 |
|  | &nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | 56000 | 57517 |
|  | Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2024-1 Class MT, 3.00% due 11/25/2063 | 458010 | 381014 |
|  | Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;Pool RA6665, 3.00% due 2/1/2052 | 1072222 | 943195 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Pool RQ0064, 5.50% due 11/1/2055 | 289894 | 291316 |
|  | &nbsp;&nbsp;&nbsp;Pool RQ0094, 5.00% due 2/1/2056 | 192200 | 189570 |
|  | &nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | 381431 | 309899 |
|  | &nbsp;&nbsp;&nbsp;Pool SD8206, 3.00% due 4/1/2052 | 1303956 | 1149968 |
|  | &nbsp;&nbsp;&nbsp;Pool SD8213, 3.00% due 5/1/2052 | 1021459 | 900713 |
|  | &nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 172931 | 152469 |
|  | Federal National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Pool BL8603, 2.07% due 10/1/2050 | 450913 | 321970 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Pool BM7277, 1.968% (2.08% - SOFR30A) due 8/1/2051 | 96723 | 88850 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Pool BM7341, 2.437% (RFUCCT1Y + 1.61%) due 12/1/2050 | 466550 | 440652 |
|  | &nbsp;&nbsp;&nbsp;Pool BS1289, 2.17% due 3/1/2051 | 462968 | 322116 |
|  | &nbsp;&nbsp;&nbsp;Pool BS6056, 3.85% due 8/1/2032 | 385000 | 372375 |
|  | Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | 302353 | 312503 |
|  | &nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 477476 | 462187 |
|  | Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | 580191 | 490418 |
|  | &nbsp;&nbsp;&nbsp;Pool CB0199, 3.00% due 4/1/2051 | 367856 | 323589 |
|  | &nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | 425771 | 374536 |
|  | &nbsp;&nbsp;&nbsp;Pool CB2404, 2.50% due 12/1/2051 | 276559 | 232947 |
|  | &nbsp;&nbsp;&nbsp;Pool CB2665, 3.00% due 1/1/2052 | 245325 | 215804 |
|  | &nbsp;&nbsp;&nbsp;Pool FS0957, 3.00% due 3/1/2052 | 450619 | 397457 |
|  | &nbsp;&nbsp;&nbsp;Pool FS2676, 3.00% due 6/1/2052 | 306315 | 269454 |
|  | &nbsp;&nbsp;&nbsp;Pool FS4862, 2.50% due 10/1/2051 | 249024 | 209833 |
|  | &nbsp;&nbsp;&nbsp;Pool FS4919, 2.50% due 5/1/2053 | 344678 | 291653 |
|  | &nbsp;&nbsp;&nbsp;Pool FS7059, 3.00% due 7/1/2052 | 488276 | 430630 |
|  | &nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | 964442 | 811568 |
|  | &nbsp;&nbsp;&nbsp;Pool MA4399, 2.50% due 8/1/2051 | 304398 | 258293 |
|  | &nbsp;&nbsp;&nbsp;Pool MA4548, 2.50% due 2/1/2052 | 1711436 | 1449031 |
|  | &nbsp;&nbsp;&nbsp;Pool MA4578, 2.50% due 4/1/2052 | 1870611 | 1582689 |
|  | &nbsp;&nbsp;&nbsp;Pool MA4730, 3.00% due 9/1/2052 | 421456 | 371538 |
|  | &nbsp;&nbsp;&nbsp;Pool MA5972, 5.50% due 2/1/2056 | 197768 | 198807 |
|  | GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 53159 | 51321 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2023-INV1 Class A1, 6.00% due 8/25/2053 | 201534 | 203432 |
| <sup>b,c</sup> | Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | 67619 | 67722 |
|  | Government National Mtg Assoc., Pool MA7368, 3.00% due 5/20/2051 | 549329 | 490979 |
|  | Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065 | 62622 | 60002 |
|  | Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | 444304 | 343990 |
|  | &nbsp;&nbsp;&nbsp;Series 2025-177 Class PA, 4.50% due 10/20/2055 | 404738 | 400404 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | $155538 | $153497 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | 393821 | 390874 |
|  | Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | 255961 | 260220 |
| <sup>b,c</sup> | Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039 | 255974 | 256102 |
| <sup>b,c</sup> | Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041 | 250000 | 233957 |
| <sup>b,c</sup> | Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 82033 | 81742 |
|  | JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-1 Class A3A, 2.00% due 6/25/2051 | 324991 | 256045 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-INV6 Class A2, 3.00% due 4/25/2052 | 66558 | 57781 |
| <sup>b,c</sup> | LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 4.874% due 10/13/2033 | 410000 | 408708 |
| <sup>c</sup> | Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 350000 | 337220 |
|  | MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 54757 | 49593 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 343545 | 343969 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | 388447 | 376259 |
| <sup>b,c</sup> | Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | 344452 | 332933 |
| <sup>c</sup> | Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 287811 | 300995 |
| <sup>b,c</sup> | Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 6.152% due 12/25/2068 | 112118 | 112714 |
| <sup>b,c</sup> | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 92865 | 87962 |
| <sup>b,c</sup> | NLT Trust, Whole Loan Securities Trust CMO, Series 2023-1 Class B2, 3.682% due 10/25/2062 | 519750 | 323115 |
| <sup>b,c</sup> | NMLT Trust, Whole Loan Securities Trust CMO, Series 2021-INV1 Class A1, 1.185% due 5/25/2056 | 46216 | 40787 |
| <sup>b,c</sup> | NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | 325000 | 326339 |
|  | OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 4.31% due 5/25/2062 | 83122 | 82805 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | 261261 | 262849 |
| <sup>b,c</sup> | OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 6.116% due 5/25/2065 | 207606 | 207722 |
| <sup>b,c</sup> | PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 147414 | 140665 |
| <sup>b,c</sup> | Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | 123418 | 123409 |
| <sup>b,c</sup> | RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A13, 3.50% due 9/25/2049 | 23214 | 20717 |
| <sup>b,c</sup> | Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-10 Class A2, 5.00% due 11/25/2055 | 425595 | 416393 |
| <sup>b,c</sup> | SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.938% (TSFR1M + 1.26%) due 5/15/2038 | 171000 | 170273 |
| <sup>b,c</sup> | SKY Trust, CMBS, Series 2025-LINE Class A, 6.261% (TSFR1M + 2.59%) due 4/15/2042 | 121149 | 121973 |
| <sup>b,c</sup> | Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-SH1 Class A1A, 4.10% due 7/25/2057 | 86870 | 86012 |
|  | Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2020-1 Class A2A, 3.10% due 1/25/2060 | 100000 | 91801 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2025-R2 Class A1, 4.50% due 9/25/2064 | 391771 | 365717 |
| <sup>b,c</sup> | TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 306009 | 303221 |
| <sup>b,c</sup> | UWM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A3, 2.50% due 6/25/2051 | 68718 | 57031 |
|  | Verus Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 5.93% due 3/25/2068 | 56618 | 56618 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;Series 2023-4 Class A1, 5.811% due 5/25/2068 | 121763 | 121490 |
| <sup>b,c</sup> | WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 5.541% due 3/15/2040 | 195000 | 194566 |
| <sup>b,c</sup> | Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 2.50% due 12/25/2050 | 34465 | 29196 |
|  | TOTAL MORTGAGE BACKED (Cost $29,616,489) |  | 30017788 |
|  | **ASSET BACKED SECURITIES — 11.0%** |  |  |
|  | **AUTO RECEIVABLES — 1.6%** |  |  |
| <sup>c</sup> | Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | 40640 | 40766 |
|  | Exeter Automobile Receivables Trust, Series 2022-6A Class D, 8.03% due 4/6/2029 | 235000 | 239863 |
| <sup>c</sup> | FHF Issuer Trust, Series 2025-2A Class A2, 5.75% due 5/15/2030 | 315000 | 316374 |
| <sup>c</sup> | Lendbuzz Securitization Trust, Series 2024-3A Class A2, 4.97% due 10/15/2029 | 289484 | 289382 |
| <sup>c</sup> | Octane Receivables Trust, Series 2023-3A Class A2, 6.44% due 3/20/2029 | 46206 | 46313 |
|  | OneMain Direct Auto Receivables Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2022-1A Class A1, 4.65% due 3/14/2029 | 11577 | 11581 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2023-1A Class A, 5.41% due 11/14/2029 | 209061 | 210321 |
| <sup>c</sup> | Research-Driven Pagaya Motor Trust, Series 2025-5A Class A2, 4.575% due 6/26/2034 | 368000 | 367839 |
| <sup>c,f,g</sup> | Tricolor Auto Securitization Trust, Series 2024-2A Class A, 6.36% due 12/15/2027 | 37256 | 34402 |
|  |  |  | 1556841 |
|  | **CREDIT CARD — 1.3%** |  |  |
| <sup>c</sup> | Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032 | 315000 | 311416 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 137

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>c</sup> | Fortiva Retail Credit Master Note Business Trust, Series 2025-ONE Class A, 5.55% due 1/15/2031 | $250000 | $248338 |
| <sup>c</sup> | Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | 275000 | 275284 |
| <sup>c</sup> | Mission Lane Credit Card Master Trust, Series 2024-A Class A1, 6.20% due 8/15/2029 | 375000 | 375913 |
|  |  |  | 1210951 |
|  | **HOME EQUITY — 0.3%** |  |  |
| <sup>c</sup> | Knock Issuer Trust, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 7.119% due 2/25/2030 | 300000 | 302502 |
|  |  |  | 302502 |
|  | **OTHER ASSET BACKED — 6.0%** |  |  |
| <sup>c</sup> | ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034 | 198866 | 199011 |
| <sup>c</sup> | AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | 1570 | 1570 |
| <sup>c</sup> | AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | 220399 | 220845 |
| <sup>c</sup> | Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 105641 | 104674 |
| <sup>c</sup> | Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | 9409 | 9431 |
| <sup>c</sup> | BHG Securitization Trust, Series 2022-C Class B, 5.93% due 10/17/2035 | 30768 | 30812 |
| <sup>c</sup> | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | 358939 | 363052 |
| <sup>c</sup> | Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 309178 | 311019 |
| <sup>c</sup> | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 100000 | 97758 |
| <sup>c</sup> | EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | 130724 | 110633 |
| <sup>c</sup> | FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | 39995 | 40047 |
| <sup>c</sup> | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 417838 | 346459 |
|  | GoodLeap Sustainable Home Solutions Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | 196622 | 151867 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | 158969 | 123558 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | 300879 | 233282 |
| <sup>c</sup> | GreenSky Home Improvement Issuer Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | 28991 | 29135 |
| <sup>b,c</sup> | Harvest SBA Loan Trust, Series 2024-1 Class A, 6.00% (SOFR30A + 2.25%) due 12/25/2051 | 333050 | 336233 |
| <sup>c</sup> | InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 505031 | 481820 |
| <sup>c</sup> | Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 403720 | 307410 |
| <sup>c,d</sup> | Mill City Solar Loan Ltd., Series 2019-2GS Class A, 3.69% due 7/20/2043 | 83017 | 71604 |
| <sup>c</sup> | Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 9043 | 9080 |
| <sup>c</sup> | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061 | 135000 | 113316 |
| <sup>c</sup> | NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 | 9486 | 9516 |
|  | Oportun Issuance Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | 13884 | 13649 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | 119020 | 117441 |
| <sup>c</sup> | Pagaya AI Debt Trust, Series 2024-3 Class A, 6.258% due 10/15/2031 | 23773 | 23784 |
| <sup>c</sup> | PFS Financing Corp., Series 2023-B Class A, 5.27% due 5/15/2028 | 160000 | 160227 |
| <sup>c</sup> | PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | 102167 | 104378 |
| <sup>c</sup> | Reach ABS Trust, Series 2026-1A Class A, 4.32% due 2/15/2033 | 264128 | 264187 |
| <sup>c</sup> | Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 25000 | 24875 |
| <sup>c</sup> | Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 16755 | 16483 |
| <sup>c</sup> | Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044 | 163905 | 167972 |
| <sup>c</sup> | Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | 236307 | 230608 |
| <sup>c</sup> | Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 281681 | 281884 |
| <sup>c</sup> | Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | 335556 | 341608 |
|  | Upstart Securitization Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 63434 | 63451 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 217392 | 217606 |
|  |  |  | 5730285 |
|  | **STUDENT LOAN — 1.8%** |  |  |
| <sup>c</sup> | Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | 217990 | 222410 |
| <sup>c</sup> | Commonbond Student Loan Trust, Series 2018-CGS Class A1, 3.87% due 2/25/2046 | 362544 | 351859 |
| <sup>c</sup> | EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | 34776 | 32877 |
|  | MPOWER Education Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | 132710 | 135290 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | 83903 | 84759 |
| <sup>b</sup> | National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.083% (TSFR1M + 0.40%) due 1/25/2033 | 304109 | 296053 |
| <sup>c</sup> | Navient Private Education Refi Loan Trust, Series 2020-IA Class A1A, 1.33% due 4/15/2069 | 205102 | 189421 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **SHARES/PRINCIPAL** | **SHARES/PRINCIPAL** | | |
| | <br>**ISSUER-DESCRIPTION** | **AMOUNT** | **AMOUNT** | **VALUE** | **VALUE** |
| <sup>c</sup> | SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | $| 42278 | $| 37475 |
| <sup>b,c</sup> | Towd Point Asset Trust, Series 2021-SL1 Class D, 5.49% (TSFR1M + 1.81%) due 11/20/2061 |  | 365000 |  | 359564 |
|  |  |  |  |  | 1709708 |
|  | TOTAL ASSET BACKED SECURITIES (Cost $10,557,611) |  |  |  | 10510287 |
|  | **CORPORATE BONDS — 30.9%** | **CORPORATE BONDS — 30.9%** | **CORPORATE BONDS — 30.9%** | **CORPORATE BONDS — 30.9%** | **CORPORATE BONDS — 30.9%** |
|  | **AUTOMOBILES & COMPONENTS — 0.2%** |  |  |  |  |
|  | **Automobiles — 0.2%** |  |  |  |  |
| <sup>c</sup> | Hyundai Capital America, 4.75% due 4/6/2029 |  | 192000 |  | 192030 |
|  |  |  |  |  | 192030 |
|  | **BANKS — 0.6%** |  |  |  |  |
|  | **Banks — 0.6%** |  |  |  |  |
| <sup>a,b</sup> | Bank of New York Mellon Corp., Series H, 7.166% (5-Yr. CMT + 3.35%) due 6/20/2026 |  | 325000 |  | 325861 |
| <sup>b</sup> | Santander Holdings USA, Inc., 5.741% (SOFR + 1.88%) due 3/20/2031 |  | 277000 |  | 283970 |
|  |  |  |  |  | 609831 |
|  | **CAPITAL GOODS — 1.3%** |  |  |  |  |
|  | **Aerospace & Defense — 0.3%** |  |  |  |  |
| <sup>c</sup> | TransDigm, Inc., 6.375% due 3/1/2029 |  | 300000 |  | 306099 |
|  | **Machinery — 0.7%** |  |  |  |  |
| <sup>c</sup> | Mueller Water Products, Inc., 4.00% due 6/15/2029 |  | 365500 |  | 352265 |
| <sup>d</sup> | nVent Finance SARL, 2.75% due 11/15/2031 |  | 343000 |  | 304502 |
|  | **Trading Companies & Distributors — 0.3%** |  |  |  |  |
|  | LKQ Corp., 6.25% due 6/15/2033 |  | 269000 |  | 276995 |
|  |  |  |  |  | 1239861 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |  |  |
|  | **Commercial Services & Supplies — 0.0%** |  |  |  |  |
|  | UL Solutions, Inc., 6.50% due 10/20/2028 |  | 35000 |  | 36641 |
|  | **Professional Services — 0.2%** |  |  |  |  |
|  | Gartner, Inc., |  |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;3.625% due 6/15/2029 |  | 35000 |  | 32867 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;4.50% due 7/1/2028 |  | 115000 |  | 113018 |
|  |  |  |  |  | 182526 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.6%** |  |  |  |  |
|  | **Specialty Retail — 0.6%** |  |  |  |  |
| <sup>c,d</sup> | Belron U.K. Finance plc, 5.75% due 10/15/2029 |  | 320000 |  | 321642 |
| <sup>c,d</sup> | El Puerto de Liverpool SAB de CV, 6.255% due 1/22/2032 |  | 225000 |  | 232353 |
|  |  |  |  |  | 553995 |
|  | **CONSUMER DURABLES & APPAREL — 0.3%** |  |  |  |  |
|  | **Leisure Products — 0.3%** |  |  |  |  |
|  | Mattel, Inc., 5.00% due 11/17/2030 |  | 125000 |  | 124407 |
|  | Polaris, Inc., 5.60% due 3/1/2031 |  | 125000 |  | 123903 |
|  |  |  |  |  | 248310 |
|  | **CONSUMER SERVICES — 0.7%** |  |  |  |  |
|  | **Hotels, Restaurants & Leisure — 0.4%** |  |  |  |  |
| <sup>c,d</sup> | Arcos Dorados BV, 6.375% due 1/29/2032 |  | 360000 |  | 368406 |
|  | **Transportation Infrastructure — 0.3%** |  |  |  |  |
| <sup>c,d</sup> | Sydney Airport Finance Co. Pty. Ltd., 5.248% due 3/26/2036 |  | 300000 |  | 297558 |
|  |  |  |  |  | 665964 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.3%** |  |  |  |  |
|  | **Consumer Staples Distribution & Retail — 0.3%** |  |  |  |  |
| <sup>c</sup> | U.S. Foods, Inc., 4.75% due 2/15/2029 |  | 300000 |  | 296283 |
|  |  |  |  |  | 296283 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 139

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **ENERGY — 3.6%** |  |  |
|  | **Energy Equipment & Services — 0.3%** |  |  |
| <sup>d</sup> | Polaris Renewable Energy, Inc., 9.50% due 12/3/2029 | $250000 | $257335 |
|  | **Oil, Gas & Consumable Fuels — 3.3%** |  |  |
| <sup>c</sup> | Cameron LNG LLC, 3.402% due 1/15/2038 | 300000 | 261240 |
|  | Ecopetrol SA, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;4.625% due 11/2/2031 | 70000 | 61996 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;8.375% due 1/19/2036 | 125000 | 126891 |
| <sup>d</sup> | Energean Israel Finance Ltd., 8.50% due 9/30/2033 | 210000 | 215886 |
| <sup>a,b</sup> | Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 368000 | 367297 |
| <sup>c,d</sup> | Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | 440000 | 441351 |
| <sup>d</sup> | Petroleos Mexicanos, 7.69% due 1/23/2050 | 285000 | 246953 |
| <sup>c,d</sup> | Raizen Fuels Finance SA, 5.70% due 1/17/2035 | 330000 | 180015 |
|  | Sunoco LP, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | 350000 | 350052 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | 300000 | 307740 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | 150000 | 155334 |
| <sup>c</sup> | Whistler Pipeline LLC, 5.70% due 9/30/2031 | 440000 | 451656 |
|  |  |  | 3423746 |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.5%** |  |  |
|  | **Diversified REITs — 0.5%** |  |  |
|  | Crown Castle, Inc., 5.80% due 3/1/2034 | 145000 | 148438 |
| <sup>c</sup> | Iron Mountain, Inc. (EUR), 4.75% due 1/15/2034 | 146000 | 157208 |
|  | SBA Tower Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 70000 | 68856 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;2.328% due 7/15/2052 | 111000 | 107010 |
|  |  |  | 481512 |
|  | **FINANCIAL SERVICES — 4.4%** |  |  |
|  | **Capital Markets — 2.0%** |  |  |
| <sup>c</sup> | Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | 370000 | 368035 |
|  | Hercules Capital, Inc., 3.375% due 1/20/2027 | 440000 | 431812 |
| <sup>c</sup> | LPL Holdings, Inc., 4.00% due 3/15/2029 | 320000 | 311024 |
| <sup>c</sup> | Lseg U.S. Fin Corp., 4.25% due 3/23/2029 | 200000 | 198540 |
|  | Main Street Capital Corp., 6.50% due 6/4/2027 | 406000 | 409820 |
|  | TPG Operating Group II LP, 4.875% due 5/15/2031 | 168000 | 164743 |
|  | **Consumer Finance — 0.5%** |  |  |
| <sup>c</sup> | FirstCash, Inc., 6.875% due 3/1/2032 | 500000 | 510430 |
|  | **Financial Services — 1.8%** |  |  |
| <sup>c</sup> | Antares Holdings LP, 3.95% due 7/15/2026 | 500000 | 498065 |
| <sup>b</sup> | Citigroup, Inc., 3.785% (SOFR + 1.94%) due 3/17/2033 | 395000 | 370408 |
| <sup>a,b,c</sup> | Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.61%) due 6/20/2026 | 250000 | 248125 |
| <sup>b,c,d</sup> | Societe Generale SA, 4.758% (SOFR + 1.10%) due 2/19/2027 | 313000 | 313970 |
| <sup>b</sup> | Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034 | 277000 | 288307 |
|  | **Mortgage Real Estate Investment Trusts — 0.1%** |  |  |
|  | Lineage OP LP, 5.25% due 7/15/2030 | 150000 | 149742 |
|  |  |  | 4263021 |
|  | **FOOD, BEVERAGE & TOBACCO — 1.9%** |  |  |
|  | **Beverages — 0.9%** |  |  |
| <sup>c,d</sup> | Becle SAB de CV, 2.50% due 10/14/2031 | 650000 | 555789 |
| <sup>c,d</sup> | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 350000 | 341369 |
|  | **Food Products — 0.4%** |  |  |
|  | Flowers Foods, Inc., 5.75% due 3/15/2035 | 435000 | 414994 |
|  | **Tobacco — 0.6%** |  |  |
|  | BAT Capital Corp., 7.75% due 10/19/2032 | 160000 | 183538 |
| <sup>c,d</sup> | Imperial Brands Finance plc, 5.50% due 2/1/2030 | 350000 | 358939 |
|  |  |  | 1854629 |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 2.0%** |  |  |
|  | **Health Care Equipment & Supplies — 0.2%** |  |  |
| <sup>c</sup> | VSP Optical Group, Inc., 5.45% due 12/1/2035 | $187000 | $183219 |
|  | **Health Care Providers & Services — 1.8%** |  |  |
|  | Centene Corp., 3.00% due 10/15/2030 | 328000 | 287390 |
| <sup>c</sup> | Highmark, Inc., 1.45% due 5/10/2026 | 374000 | 372470 |
| <sup>c</sup> | IQVIA, Inc., 5.00% due 10/15/2026 - 5/15/2027 | 400000 | 399038 |
|  | Tenet Healthcare Corp., 6.75% due 5/15/2031 | 350000 | 358229 |
|  | Universal Health Services, Inc., 2.65% due 10/15/2030 | 333000 | 299723 |
|  |  |  | 1900069 |
|  | **INSURANCE — 4.2%** |  |  |
|  | **Insurance — 4.2%** |  |  |
| <sup>d</sup> | Aspen Insurance Holdings Ltd., 5.75% due 7/1/2030 | 250000 | 257950 |
|  | CNO Financial Group, Inc., 6.45% due 6/15/2034 | 200000 | 206124 |
| <sup>c</sup> | Constellation Global Funding, 4.85% due 10/22/2030 | 310000 | 303679 |
| <sup>c,d</sup> | DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 300000 | 297894 |
|  | F&G Global Funding, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | 173000 | 160984 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | 303000 | 307624 |
| <sup>c</sup> | Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 155000 | 157852 |
|  | Globe Life, Inc., 5.85% due 9/15/2034 | 308000 | 317576 |
|  | Horace Mann Educators Corp., 4.70% due 10/1/2030 | 315000 | 310310 |
|  | Lincoln National Corp., 5.35% due 11/15/2035 | 313000 | 304818 |
| <sup>c</sup> | Omnis Funding Trust, 6.722% due 5/15/2055 | 290000 | 292511 |
| <sup>c</sup> | Peachtree Corners Funding Trust II, 6.012% due 5/15/2035 | 286000 | 292632 |
| <sup>c</sup> | Protective Life Corp., 4.70% due 1/15/2031 | 188000 | 186225 |
| <sup>c</sup> | RGA Global Funding, 2.70% due 1/18/2029 | 65000 | 61768 |
|  | Stewart Information Services Corp., 3.60% due 11/15/2031 | 338000 | 299012 |
|  | Unum Group, 5.25% due 12/15/2035 | 312000 | 304752 |
|  |  |  | 4061711 |
|  | **MATERIALS — 0.3%** |  |  |
|  | **Metals & Mining — 0.3%** |  |  |
| <sup>c,d</sup> | Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | 330000 | 335890 |
|  |  |  | 335890 |
|  | **MEDIA & ENTERTAINMENT — 0.5%** |  |  |
|  | **Entertainment — 0.1%** |  |  |
| <sup>c</sup> | Flutter Treasury DAC (EUR), 4.00% due 6/4/2031 | 100000 | 111716 |
|  | **Media — 0.4%** |  |  |
| <sup>c</sup> | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034 | 330000 | 282328 |
|  | FactSet Research Systems, Inc., 2.90% due 3/1/2027 | 129000 | 126709 |
|  |  |  | 520753 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.3%** |  |  |
|  | **Biotechnology — 0.1%** |  |  |
|  | Illumina, Inc., 4.75% due 12/12/2030 | 125000 | 124352 |
|  | **Life Sciences Tools & Services — 0.2%** |  |  |
|  | Augusta SpinCo Corp., 4.656% due 3/23/2031 | 175000 | 174090 |
|  |  |  | 298442 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%** |  |  |
|  | **Semiconductors & Semiconductor Equipment — 0.3%** |  |  |
| <sup>c</sup> | Qorvo, Inc., 3.375% due 4/1/2031 | 331000 | 299330 |
|  |  |  | 299330 |
|  | **SOFTWARE & SERVICES — 3.9%** |  |  |
|  | **Information Technology Services — 1.7%** |  |  |
| <sup>c</sup> | Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | 448000 | 435366 |
| <sup>d</sup> | Genpact U.K. Finco plc/Genpact USA, Inc., 4.95% due 11/18/2030 | 314000 | 307962 |
|  | Global Payments, Inc., 4.50% due 11/15/2028 | 312000 | 309108 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 141

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>c</sup> | Insight Enterprises, Inc., 6.625% due 5/15/2032 | $250000 | $241098 |
| <sup>c</sup> | Science Applications International Corp., 4.875% due 4/1/2028 | 366000 | 360067 |
|  | **Internet Software & Services — 0.3%** |  |  |
| <sup>c,d</sup> | Prosus NV, 3.832% due 2/8/2051 | 200000 | 128336 |
| <sup>c</sup> | Prosus NV (EUR), 1.985% due 7/13/2033 | 100000 | 99106 |
|  | **Software — 1.9%** |  |  |
|  | Fair Isaac Corp., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | 140000 | 135911 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;6.25% due 9/15/2034 | 210000 | 206369 |
|  | Fidelity National Information Services, Inc., 4.55% due 3/10/2029 | 150000 | 149265 |
|  | Open Text Corp., |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;3.875% due 12/1/2029 | 300000 | 268620 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | 50000 | 51330 |
| <sup>c</sup> | Oracle Corp., 4.615% due 9/16/2026 | 325000 | 318296 |
|  | Salesforce, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.50% due 3/15/2028 | 370000 | 370107 |
|  | &nbsp;&nbsp;&nbsp;4.90% due 9/15/2031 | 80000 | 79891 |
| <sup>c</sup> | SS&C Technologies, Inc., 5.50% due 9/30/2027 | 250000 | 250243 |
|  |  |  | 3711075 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 1.1%** |  |  |
|  | **Electronic Equipment, Instruments & Components — 0.9%** |  |  |
|  | CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | 310000 | 295163 |
|  | Trimble, Inc., 4.90% due 6/15/2028 | 165000 | 165584 |
| <sup>c</sup> | WESCO Distribution, Inc., 6.375% due 3/15/2029 | 200000 | 203576 |
| <sup>c</sup> | Zebra Technologies Corp., 6.50% due 6/1/2032 | 200000 | 201202 |
|  | **Technology Hardware, Storage & Peripherals — 0.2%** |  |  |
|  | Hewlett Packard Enterprise Co., 4.50% due 3/23/2028 | 146000 | 146015 |
|  |  |  | 1011540 |
|  | **TELECOMMUNICATION SERVICES — 0.4%** |  |  |
|  | **Wireless Telecommunication Services — 0.4%** |  |  |
| <sup>c</sup> | Crown Castle Towers LLC, 4.241% due 7/15/2048 | 125000 | 124199 |
| <sup>c,d</sup> | Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 300000 | 304515 |
|  |  |  | 428714 |
|  | **UTILITIES — 3.3%** |  |  |
|  | **Electric Utilities — 2.8%** |  |  |
|  | AEP Texas, Inc., Series Q, 5.20% due 4/15/2036 | 60000 | 59045 |
| <sup>c</sup> | Boston Gas Co., 3.757% due 3/16/2032 | 200000 | 187526 |
| <sup>c</sup> | Cleco Power LLC, 5.30% due 1/15/2036 | 188000 | 186607 |
|  | Comision Federal de Electricidad, |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | 200000 | 178930 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 124400 | 115412 |
| <sup>b</sup> | Duke Energy Corp., 3.25% (5-Yr. CMT + 2.32%) due 1/15/2082 | 225000 | 215971 |
|  | Electricite de France SA, |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;5.60% due 1/27/2040 | 132000 | 130254 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;6.95% due 1/26/2039 | 225000 | 250504 |
|  | Evergy Missouri West, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;3.75% due 3/15/2032 | 65000 | 59801 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;5.25% due 12/15/2035 | 188000 | 185389 |
|  | ITC Holdings Corp., 5.30% due 7/1/2043 | 300000 | 276894 |
| <sup>c</sup> | Kentucky Power Co., 7.00% due 11/15/2033 | 311000 | 334782 |
|  | Puget Energy, Inc., 4.10% due 6/15/2030 | 200000 | 193828 |
|  | Southwestern Public Service Co., 6.00% due 6/1/2054 | 250000 | 251580 |
|  | **Gas Utilities — 0.5%** |  |  |
| <sup>c</sup> | KeySpan Gas East Corp., 5.994% due 3/6/2033 | 205000 | 214016 |
| <sup>c,d</sup> | Snam SpA, 5.75% due 5/28/2035 | 288000 | 293711 |
|  |  |  | 3134250 |
|  | TOTAL CORPORATE BONDS (Cost $29,643,841) |  | 29713482 |
|  | **CONVERTIBLE BONDS — 0.8%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/PRINCIPAL** | |
|  | **ISSUER-DESCRIPTION** | **AMOUNT** | |
|  | **MEDIA & ENTERTAINMENT — 0.3%** |  | |
|  | **Media — 0.3%** |  | |
|  | Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | $480000 |<br>**VALUE**<br>$294173 |
|  |  |  | 294173 |
|  | **SOFTWARE & SERVICES — 0.5%** |  |  |
|  | **Information Technology Services — 0.5%** |  |  |
|  | Block, Inc., Zero Coupon, due 5/1/2026 | 470000 | 468106 |
|  |  |  | 468106 |
|  | TOTAL CONVERTIBLE BONDS (Cost $788,753) |  | 762279 |
|  | **LONG-TERM MUNICIPAL BONDS — 0.1%** |  |  |
|  | County of Miami-Dade Seaport Department, 6.224% due 11/1/2055 | 100000 | 103059 |
|  | TOTAL LONG-TERM MUNICIPAL BONDS (Cost $100,000) |  | 103059 |
|  | **PREFERRED STOCK — 0.7%** |  |  |
|  | **FINANCIAL SERVICES — 0.7%** |  |  |
|  | **Capital Markets — 0.7%** |  |  |
| <sup>h</sup> | Calamos Strategic Total Return Fund, 6.24% due 9/9/2029 | 14000 | 344260 |
| <sup>b,h</sup> | Gabelli Dividend & Income Trust, Series J, 4.50% due 3/26/2028 | 14 | 336882 |
|  |  |  | 681142 |
|  | TOTAL PREFERRED STOCK (Cost $664,000) |  | 681142 |
|  | **SHORT-TERM INVESTMENTS — 1.1%** |  |  |
| <sup>i</sup> | Thornburg Capital Management Fund | 108239 | 1082392 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $1,082,392) |  | 1082392 |
|  | **TOTAL INVESTMENTS — 100.0% (Cost $95,817,632)** |  | $96042348 |
|  | **OTHER ASSETS LESS LIABILITIES — 0.0%** |  | 42977 |
|  | **NET ASSETS — 100.0%** |  | $96085325 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** |
| **CONTRACT**<br>**DESCRIPTION** | **CONTRACT**<br>**PARTY\*** | <br>**BUY/SELL** | **CONTRACT**<br>**AMOUNT** | **CONTRACT**<br>**VALUE DATE** | **VALUE**<br>**USD** | **UNREALIZED**<br>**APPRECIATION** | **UNREALIZED**<br>**DEPRECIATION** |
| Euro | SSB | Sell | 655100 | 6/17/2026 | 757056 | $4638 | $— |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | $4638 |  |

---

\* 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 March 31, 2026. |

---

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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $42,976,798, representing 44.73% 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 Bond in default.

g Non-income producing.

h Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

i Investment in Affiliates.

See notes to financial statements. Semi-Annual Financial Statements \| 143

**Schedule of Investments, Continued**

Thornburg Core Plus Bond Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| ACB | Agricultural Credit Bank | NZD | Denominated in New Zealand Dollar |
| 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 | SOFR | Secured Overnight Financing Rate |
| DAC | Designated Activity Company | SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| 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 |

---

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;87.4% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Uzbekistan | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Guatemala | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Peru | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Albania | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;1.1% |

---

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

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

Schedule of Investments

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **COMMON STOCK — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**ENERGY — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.0%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA | 19278 | $833773 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malamute Energy, Inc. | 847 | 847 |
|  |  |  | 834620 |
|  | &nbsp;&nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.0%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel Holdings Ltd. | 24516 | 22235 |
|  |  |  | 22235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $1,763,028) |  | 856855 |
|  | **PREFERRED STOCK — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**ENERGY — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Corp. Series A, 12.284%, 4/30/2026 | 21140 | 3370849 |
|  |  |  | 3370849 |
|  | &nbsp;&nbsp;&nbsp;**FINANCIAL SERVICES — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund 6.24%, 9/9/2029 | 510000 | 12540900 |
| <sup>a,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | 868 | 20886684 |
|  |  |  | 33427584 |
|  | &nbsp;&nbsp;&nbsp;**INSURANCE — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (TSFR3M + 4.04%), 6/15/2056 | 398675 | 9934981 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% (5-Yr. CMT + 3.46%), 10/15/2052 | 515975 | 13110925 |
|  |  |  | 23045906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $59,981,267) |  | 59844339 |
|  | **ASSET BACKED SECURITIES — 10.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**AUTO RECEIVABLES — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class B, 7.70% due 2/15/2029 | $1760000 | 1780799 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.46% due 4/17/2028 | 600220 | 602078 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 837465 | 843304 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class A2, 5.542% due 10/27/2031 | 586319 | 589818 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 2634595 | 2649780 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 3015907 | 3051820 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N4 Class E, 4.53% due 9/11/2028 | 6441769 | 6353326 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N4 Class R, due 9/12/2028 | 11650 | 449540 |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class R, due 12/10/2027 | 23500 | 0 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P2 Class R, due 5/10/2028 | 7500 | 992501 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P3 Class R, due 9/11/2028 | 9000 | 718315 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P4 Class R, due 9/11/2028 | 8250 | 842202 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class E, 6.01% due 12/11/2028 | 3750040 | 3662724 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | 24000 | 4980894 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class XS, due 1/10/2029 | 126212437 | 348422 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 4206068 | 4283878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | 6390788 | 6381445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 6.76% due 9/15/2028 | 16662028 | 16837586 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | 1018697 | 1023701 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class D, 8.03% due 4/6/2029 | 12464000 | 12721936 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 145

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C, 6.51% due 8/15/2028 | $1483976 | $1489524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C, 5.74% due 5/15/2029 | 1053552 | 1059523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | 4306436 | 4299669 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 5.75% due 5/15/2030 | 27985000 | 28107056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHF Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class A, 6.14% due 12/15/2027 | 125836 | 125898 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A2, 6.57% due 6/15/2028 | 472234 | 473822 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class E, 5.41% due 6/15/2029 | 5000000 | 5003738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class R, due 12/15/2026 | 31000 | 1044889 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class R, due 3/15/2027 | 26000 | 1464060 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class E, 3.84% due 7/17/2028 | 5296907 | 5261996 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class E, 5.37% due 6/15/2029 | 6120000 | 4446895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A Class D, 2.48% due 10/15/2027 | 5960219 | 5934532 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class A2, 4.37% due 10/16/2028 | 7603000 | 7607968 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, Series 2021-1 Class R, 28.348% due 9/25/2028 | 369319 | 381932 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2023-2A Class A2, 7.09% due 10/16/2028 | 992560 | 1002578 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class B, 8.67% due 5/15/2029 | 2084290 | 2090311 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2026-1A Class A2, 4.515% due 1/25/2035 | 9592000 | 9586295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.575% due 6/26/2034 | 21708000 | 21698527 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-6A Class A2, 4.705% due 8/25/2034 | 28203000 | 28216050 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | 11521366 | 11551547 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-C Class G, 18.057% due 12/15/2032 | 7075000 | 7474716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class B, 5.55% due 9/17/2029 | 22800000 | 22985447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A2, 4.04% due 3/15/2029 | 10042000 | 10036077 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| <sup>b,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | 1028264 | 949499 |
| <sup>b,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | 2202828 | 1884299 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | 37000 | 1762646 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | 8318463 | 8332182 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A, 4.53% due 8/15/2028 | 9293045 | 9288908 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2022-2A Class E, 6.00% due 12/15/2027 | 30832000 | 31033654 |
|  |  |  | 303708307 |
|  | &nbsp;&nbsp;&nbsp;**CREDIT CARD — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 5.78% due 12/15/2032 | 5000000 | 5025230 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D, 9.42% due 12/15/2032 | 9343000 | 9236686 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortiva Retail Credit Master Note Business Trust, Series 2025-ONE Class A, 5.55% due 1/15/2031 | 22585000 | 22434896 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | 9800000 | 9810118 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-A Class A1, 6.20% due 8/15/2029 | 4700000 | 4711441 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perimeter Master Notes Business Trust, 8.55% due 9/17/2029 | 10000000 | 10026641 |
|  |  |  | 61245012 |
|  | &nbsp;&nbsp;&nbsp;**HOME EQUITY — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knock Issuer Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A1, 7.119% due 2/25/2030 | 11200000 | 11293429 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A2, 9.054% due 2/25/2030 | 1000000 | 1007475 |
|  |  |  | 12300904 |
|  | &nbsp;&nbsp;&nbsp;**OTHER ASSET BACKED — 4.8%** |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-3A Class A1, 3.987% (TSFR1M + 0.31%) due 9/15/2041 | 235254 | 234743 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034 | 4419240 | 4422458 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACHV ABS Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3PL Class D, 8.36% due 8/19/2030 | 640708 | 641726 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4CP Class E, 10.50% due 11/25/2030 | 1969699 | 1976916 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2025-X2 Class A, 4.45% due 10/15/2030 | 4821878 | 4825430 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCR ABS Trust, | | |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.26% due 8/18/2031 | $10867 | $10873 |
| <sup>e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-A Class A, 5.52% due 5/18/2033 | 10500000 | 10513054 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | 4597521 | 4606829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class D, 6.07% due 7/16/2040 | 7074817 | 6953568 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class A, 1.90% due 7/17/2046 | 994688 | 924652 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class D, 7.15% due 7/17/2046 | 2061602 | 2042738 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.54% due 7/17/2046 | 1963254 | 1803911 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP WHCO Partner 2 LP, 6.783% due 3/29/2029 | 23750000 | 23695430 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | 311340 | 312079 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2021-A Class C, 3.69% due 11/17/2033 | 2200000 | 2113548 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Series 2021-MH1 Class B3, 7.499% due 2/25/2046 | 1936119 | 1731632 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | 7876455 | 7966705 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | 6071912 | 6108060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.63% due 6/26/2028 | 10075000 | 10104615 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D, 8.53% due 6/26/2028 | 6015000 | 6056501 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 16375000 | 16144277 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | 337280 | 338087 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 19150000 | 18720624 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051 | 10983000 | 10639414 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Solar Loans LLC, Series 2019-1 Class A, 3.67% due 8/22/2039 | 14442648 | 13453439 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class B1, 5.802% due 6/15/2040 | 4600060 | 2252235 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | 9886005 | 8366638 |
| <sup>b,e,f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | 10914785 | 7107365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 1.27% due 5/15/2041 | 721176 | 679806 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 4.96% due 5/15/2041 | 1090298 | 1067537 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A, 2.19% due 1/15/2042 | 726716 | 688273 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D, 5.73% due 1/15/2042 | 2600333 | 2598225 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | 644078 | 644918 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 1084188 | 1071182 |
| <sup>a,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class R, due 6/20/2051 | 41500 | 1614843 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 776060 | 775708 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 14508803 | 12030290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | 1623413 | 1253890 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class C, 3.50% due 5/20/2048 | 3800092 | 1556462 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | 9048614 | 7033000 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | 11963064 | 9275404 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1GS Class A, 2.70% due 1/20/2049 | 14390630 | 10688025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.88% due 6/25/2059 | 408684 | 410717 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class E, 9.00% due 6/25/2059 | 3731990 | 3895692 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A2, 5.25% due 10/27/2059 | 1052244 | 1054648 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 4.93% due 6/25/2060 | 1912017 | 1917968 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.00% (SOFR30A + 2.25%) due 12/25/2051 | 10491068 | 10591339 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HERO Funding Trust, Series 2017-2A Class A1, 3.28% due 9/20/2048 | 624458 | 574542 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InStar Leasing III LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 2.30% due 2/15/2054 | 3853774 | 3676655 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C, 5.29% due 2/15/2054 | 2325323 | 2210211 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending Funding Trust, Series 2020-2A Class A, 2.32% due 4/21/2031 | 5710088 | 5643995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LendingPoint Asset Securitization Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 625179 | 628779 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class D, 5.73% due 12/15/2028 | 1972350 | 1022001 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class D, 6.12% due 2/15/2029 | 5000000 | 1243404 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class E, 7.02% due 6/15/2029 | 6000000 | 60 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1GS Class A, 2.29% due 1/20/2048 | 11181812 | 8514330 |
| <sup>e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1GS Class R, due 1/20/2048 | 13252480 | 2237771 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2GS Class C, 3.50% due 3/20/2048 | 2820796 | 1673668 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 147

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029 | $2947000 | $2135420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | 9520 | 18294 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | 16347 | 224205 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | 53946 | 792543 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 7.80% due 11/15/2032 | 13674819 | 13867996 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | 147599 | 147766 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D, 8.04% due 9/15/2033 | 6000000 | 6141663 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | 4258793 | 4279160 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 723478 | 726402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | 2663511 | 2097295 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class D, 5.42% due 8/20/2046 | 460476 | 456217 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class R, due 8/20/2046 | 1549937 | 305254 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 12/20/2046 | 8600000 | 1193525 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 4/22/2047 | 9930000 | 602969 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 6/20/2052 | 12320000 | 596855 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031 | 5264906 | 5311103 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061 | 19365000 | 16254601 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | 7223895 | 7245993 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | 11000 | 142123 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | 1013572 | 996396 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | 4362272 | 4304386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A1, 4.228% due 2/15/2027 | 7806000 | 7803781 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-2 Class A1, 4.522% due 4/15/2027 | 21115000 | 21115000 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2022-2 Class C, 7.50% due 1/15/2030 | 1017156 | 1018014 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | 4495372 | 4592610 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | 2120711 | 2125451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A, 4.93% due 8/18/2032 | 1945200 | 1952909 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1A Class A, 4.32% due 2/15/2033 | 7273864 | 7275498 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 12100000 | 12039322 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 4142598 | 4075514 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2023-1A Class D, 9.80% due 1/20/2040 | 939020 | 961755 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 1603801 | 1520109 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044 | 4085476 | 4186845 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | 8900000 | 8963241 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | 5185370 | 5060312 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | 9078816 | 9085353 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | 1140271 | 1160836 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | 3862283 | 3876624 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | 5360774 | 5362383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST8 Class CERT, due 10/20/2029 | 5400000 | 341361 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST9 Class CERT, due 11/20/2029 | 1414000 | 151435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class CERT, due 7/20/2031 | 7165 | 228834 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class C, 3.19% due 9/20/2031 | 137778 | 137564 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class CERT, due 9/20/2031 | 4706 | 516739 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5 Class C, 4.15% due 11/20/2031 | 2655636 | 2652890 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 11.10% due 2/20/2033 | 4413510 | 4477143 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | 493451 | 494282 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | 29521 | 29547 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class B, 8.25% due 10/20/2033 | 19500000 | 19879900 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | 1801012 | 1801505 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | 3951544 | 3955420 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.22% due 6/20/2035 | 4799362 | 4814974 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-2A Class A, 4.25% due 6/17/2030 | 1915632 | 1911027 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A Class A2, 6.24% due 1/13/2031 | 3803084 | 3855337 |
|  |  |  | 485604571 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;**STUDENT LOAN — 1.6%** | | |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | $8719597 | $8896384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A1, 4.893% (TSFR1M + 1.21%) due 7/25/2051 | 1703160 | 1695497 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2, 1.60% due 7/25/2051 | 162206 | 149912 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A1, 4.693% (TSFR1M + 1.01%) due 7/26/2055 | 3610468 | 3558719 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class R, due 7/26/2055 | 38750 | 8617083 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class R, due 5/25/2055 | 35000 | 16506283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CGS Class A1, 3.87% due 2/25/2046 | 241696 | 234573 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | 850360 | 781674 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BGS Class A, 1.17% due 9/25/2051 | 3040797 | 2648481 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | 11650610 | 11014496 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPOWER Education Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | 6723788 | 6854536 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | 11700256 | 11819611 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-1 Class B, 4.173% (TSFR1M + 0.49%) due 3/26/2035 | 1534835 | 1449714 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1 Class A5, 4.143% (TSFR1M + 0.46%) due 3/25/2033 | 5665097 | 5614854 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-4 Class A4, 4.103% (TSFR1M + 0.42%) due 5/25/2032 | 639242 | 637096 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-2 Class A4, 4.083% (TSFR1M + 0.40%) due 1/25/2033 | 17731862 | 17262101 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-D Class A2B, 4.837% (TSFR1M + 1.16%) due 12/15/2059 | 1677369 | 1672567 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A Class A2, 4.376% (SOFR30A + 0.71%) due 9/25/2042 | 1069695 | 1029480 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFL, 4.53% (TSFR1M + 0.85%) due 4/20/2062 | 1575288 | 1559540 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFX, 1.32% due 4/20/2062 | 4195994 | 3945795 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 4.48% (TSFR1M + 0.80%) due 4/20/2062 | 1820185 | 1801998 |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.043% (TSFR1M + 1.36%) due 7/25/2051 | 259959 | 259361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-2 Class A3, 4.899% (SOFR90A + 1.01%) due 4/25/2023 | 12875 | 12866 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-5 Class A4, 5.849% (SOFR90A + 1.96%) due 7/25/2023 | 231601 | 225980 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2 Class A2, 4.976% (SOFR30A + 1.31%) due 10/25/2034 | 1587971 | 1595788 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-1 Class A3, 4.726% (SOFR30A + 1.06%) due 9/25/2028 | 962645 | 957363 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 4.426% (SOFR30A + 0.76%) due 6/26/2055 | 1150242 | 1136414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class R, due 1/15/2053 | 2742 | 4322654 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class A1B, 4.387% (TSFR1M + 0.71%) due 3/17/2053 | 1230426 | 1216906 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 4.75% due 11/16/2054 | 2230236 | 2105578 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Alternative Trust, Series 2019-C Class PT, 6.521% due 1/25/2045 | 13242089 | 13152450 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | 12059419 | 10689328 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | 90000 | 1963516 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Asset Trust, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SL1 Class A2, 4.49% (TSFR1M + 0.81%) due 11/20/2061 | 650160 | 649446 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SL1 Class D, 5.49% (TSFR1M + 1.81%) due 11/20/2061 | 11986000 | 11807480 |
|  |  |  | 157845524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $1,040,110,695) |  | 1020704318 |
|  | **CORPORATE BONDS — 44.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**AUTOMOBILES & COMPONENTS — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ European Holdings BV (EUR), 4.125% due 4/1/2028 | 6600000 | 7609082 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Hero Merger Sub 2, Inc., 6.25% due 2/1/2029 | 2671000 | 1079805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.7%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.00% due 10/12/2032 | 14700000 | 14582253 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 3.05% due 2/14/2027 | 15000000 | 14783550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 2/10/2027 | 1930000 | 1905547 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 4/6/2029 | 7125000 | 7126110 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | 6916000 | 6988134 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 3/19/2027 | 4750000 | 4786005 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 149

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | $5400000 | $5412366 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 1/16/2029 | 3000000 | 3134670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% due 9/11/2027 | 3507000 | 3498022 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 3/27/2028 | 12074000 | 12149221 |
|  |  |  | 83054765 |
|  | &nbsp;&nbsp;&nbsp;**BANKS — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 1935000 | 1925519 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H, 7.166% (5-Yr. CMT + 3.35%) due 6/20/2026 | 649000 | 650720 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 33455000 | 32796940 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank Ltd., 3.624% due 6/3/2030 | 2800000 | 2656304 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.016% (SOFR + 0.91%) due 1/12/2029 | 5610000 | 5670139 |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 5177000 | 5091217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.741% (SOFR + 1.88%) due 3/20/2031 | 11370000 | 11656069 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.124% (SOFR + 1.23%) due 5/31/2027 | 5000000 | 5009900 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66% (SOFR + 3.28%) due 11/9/2031 | 12000000 | 13217640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.808% (SOFR + 1.98%) due 7/25/2028 | 3350000 | 3364003 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.574% (SOFR + 1.74%) due 7/25/2029 | 10000000 | 10225700 |
|  |  |  | 92264151 |
|  | &nbsp;&nbsp;&nbsp;**CAPITAL GOODS — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 6/30/2028 | 4380000 | 4266733 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 4/15/2029 | 12081000 | 11628325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2029 | 14860000 | 15162104 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 8/15/2028 | 11165000 | 11292504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.0%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeropuertos Dominicanos Siglo XXI SA, 7.00% due 6/30/2034 | 5000000 | 5106400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 0.5%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | 9620000 | 9276277 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc., 6.125% due 3/15/2030 | 1975000 | 2015527 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 4/1/2031 | 500000 | 503480 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 4/15/2029 | 970000 | 982610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp., 3.50% due 10/1/2030 | 3431000 | 3228571 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | 20714000 | 19963946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Finance SARL, |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 11/15/2031 | 4097000 | 3637153 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/15/2028 | 3000000 | 2993070 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.30% due 2/15/2030 | 6000000 | 6287580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | 10840000 | 11162165 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 8470000 | 8772803 |
|  |  |  | 116279248 |
|  | &nbsp;&nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.4%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | 16611000 | 14836115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp., 5.75% due 3/15/2033 | 16449000 | 17130153 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 7/15/2029 | 2000000 | 1973040 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 10/15/2033 | 900000 | 900729 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 2/1/2031 | 3000000 | 3046230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | 12869000 | 13430088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.643% due 3/13/2027 | 5400000 | 5447196 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.271% due 6/26/2026 | $17735000 | $17782175 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.319% due 12/4/2028 | 3422000 | 3565450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc., 2.35% due 9/15/2031 | 9394000 | 8240229 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | 8975000 | 9321974 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc., 4.75% due 8/9/2027 | 3670000 | 3690038 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | 13680000 | 13737046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 16950000 | 17744785 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | 11362000 | 11543565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% due 6/15/2029 | 7155000 | 6718903 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 7/1/2028 | 10634000 | 10450776 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 17229000 | 17075662 |
|  |  |  | 176634154 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 0.1%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan, 4.50% due 4/2/2028 | 14600000 | 14580144 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., 5.75% due 1/30/2027 | 1750000 | 1763930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 0.4%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron U.K. Finance plc, 5.75% due 10/15/2029 | 2680000 | 2693748 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV, 6.255% due 1/22/2032 | 13175000 | 13605559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | 11803000 | 11612264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | 8613000 | 8581132 |
|  |  |  | 52836777 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | 11475000 | 9731374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acushnet Co., 5.625% due 12/1/2033 | 1955000 | 1950269 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc., 5.00% due 11/17/2030 | 1575000 | 1567534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% due 3/1/2031 | 6637000 | 6578727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% due 3/15/2029 | 9875000 | 10349494 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | 3590000 | 3761279 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. (EUR), 4.00% due 8/15/2030 | 2000000 | 2299402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 6/15/2026 | 17454000 | 17389944 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 7/15/2030 | 8990000 | 9089519 |
|  |  |  | 62717542 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER SERVICES — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | 5950000 | 5943217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.5%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados BV, 6.375% due 1/29/2032 | 13740000 | 14060829 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 12568000 | 11982708 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sodexo, Inc., 5.15% due 8/15/2030 | 6000000 | 6082380 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WMG Acquisition Corp. (EUR), 2.25% due 8/15/2031 | 19018000 | 20316167 |
|  |  |  | 58385301 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 3/31/2031 | 4725000 | 4673592 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 3/15/2033 | 1000000 | 1008600 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 24136000 | 25135472 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 151

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods, Inc., | | |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 2/15/2029 | $13800000 | $13629018 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 4/15/2033 | 5465000 | 5452157 |
|  |  |  | 49898839 |
|  | &nbsp;&nbsp;&nbsp;**ENERGY — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.2%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | 10800000 | 10514556 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., 9.50% due 12/3/2029 | 6250000 | 6433375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.2%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameron LNG LLC, 3.402% due 1/15/2038 | 10203000 | 8884772 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 725000 | 723398 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 10410000 | 10470378 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | 11960000 | 12520206 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% due 6/1/2028 | 2941000 | 2939941 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625% due 3/15/2029 | 18140000 | 18775081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 2/1/2032 | 4850000 | 4904029 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875% due 1/13/2033 | 10588000 | 11143129 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 1989000 | 1832545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 16-A, 6.00% (TSFR3M + 4.15%) due 1/15/2077 | 12330000 | 12306573 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-A, 5.50% (TSFR3M + 3.68%) due 7/15/2077 | 7110000 | 7051343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 3/30/2028 | 1500000 | 1441650 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% due 9/30/2033 | 13060000 | 13426072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% due 12/1/2026 | 10520000 | 10619098 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.943% (TSFR3M + 3.28%) due 11/1/2066 | 1200000 | 1179000 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | 22571000 | 22527889 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 9/30/2027 | 2413695 | 2346691 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% due 3/31/2034 | 15876953 | 14057137 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 3/31/2036 | 6630000 | 5636826 |
| <sup>b,e,f,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 16000000 | 10053280 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | 2735000 | 2758029 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | 10000000 | 10030700 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte. Ltd., 8.96% due 4/27/2029 | 13000000 | 13346840 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 5487000 | 5457151 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.95% due 9/1/2032 | 2790000 | 2782802 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | 8312000 | 7942365 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84% due 1/23/2030 | 10950000 | 10952628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 1/17/2035 | 11670000 | 6365985 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% due 3/5/2034 | 4800000 | 2639616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | 4460000 | 4490863 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625% due 10/31/2029 | 4950000 | 5098550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | 16591000 | 16593489 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% due 8/15/2032 | 7115000 | 7232896 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | 2083000 | 2136741 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | 7893000 | 8173675 |
| <sup>c,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% (5-Yr. CMT + 4.23%) due 9/18/2030 | 1897000 | 1933176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 3/15/2028 | 12530000 | 12513836 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 9/15/2028 | 2387000 | 2435337 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMS Issuer SARL, 5.78% due 8/23/2032 | 10700000 | 10868097 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcanada Trust, Series 16-A, 5.875% (TSFR3M + 4.64%) due 8/15/2076 | 9899000 | 9890883 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, | | |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 9/30/2029 | $5000000 | $5119850 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 9/30/2031 | 6560000 | 6733774 |
|  |  |  | 345284252 |
|  | &nbsp;&nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875% due 10/15/2030 | 6000000 | 5296860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 12/15/2032 | 4171000 | 4096381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | 521000 | 525455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 11/15/2028 | 5000000 | 5153850 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust, 3.652% due 3/15/2048 | 14250000 | 14095476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | 8536000 | 8578339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/11/2028 | 4100000 | 4130750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage LP, 5.90% due 1/15/2031 | 1882000 | 1965636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, 4.25% due 12/15/2028 | 2160000 | 2134037 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | 6085000 | 5738946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 9/15/2029 | 2000000 | 1946480 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/15/2030 | 4875000 | 4732357 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 2/15/2029 | 7985000 | 8141666 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. (EUR), 4.75% due 1/15/2034 | 9754000 | 10502785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp., 4.70% due 12/15/2028 | 4503000 | 4534926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | 13500000 | 13279413 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | 8000000 | 7807578 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | 16980000 | 17053970 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | 15000000 | 15253620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Operating LP, 2.70% due 7/15/2031 | 9377000 | 8393446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | 9336500 | 9292338 |
|  |  |  | 152654309 |
|  | &nbsp;&nbsp;&nbsp;**FINANCIAL SERVICES — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 2.625% due 1/15/2027 | 21177000 | 20627669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/23/2026 | 2176000 | 2148691 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 9/16/2027 | 1350000 | 1369791 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | 4232000 | 4209528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% due 11/15/2030 | 15030000 | 14898037 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.795% due 4/24/2035 | 8500000 | 8654190 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 4/15/2028 | 5000000 | 4700550 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25% due 7/1/2031 | 18500000 | 16705315 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Finance LLC, 4.75% due 2/14/2029 | 10000000 | 9797100 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc., 6.40% due 1/29/2035 | 4108000 | 3562523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable America Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 12/15/2028 | 3000000 | 2976570 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 6/9/2030 | 6049000 | 6044766 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresea Holdings SA, 7.50% due 6/15/2030 | 198293 | 194682 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hercules Capital, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 9/16/2026 | 12212000 | 12040177 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% due 1/20/2027 | 13651000 | 13396955 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | 5392000 | 5624233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 3/15/2029 | 19481000 | 18934558 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 11/15/2027 | 4515000 | 4482086 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lseg U.S. Fin Corp., 4.25% due 3/23/2029 | 7055000 | 7003499 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 7/14/2026 | 8291000 | 8234704 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 153

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 8/15/2028 | $15150000 | $15054403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | 23462000 | 23682777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | 8840000 | 9094946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II LP, 4.875% due 5/15/2031 | 5571000 | 5462978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | 19190000 | 19071214 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% due 3/1/2032 | 4927000 | 5029777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 1/15/2027 | 1630000 | 1595428 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 7/15/2027 | 6480000 | 6298236 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 7/15/2026 | 10596000 | 10554993 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% due 10/23/2029 | 2000000 | 1979600 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95% due 8/11/2028 | 5000000 | 5183300 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | 4900000 | 4930772 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, |  |  |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.591% (SOFR + 1.23%) due 1/20/2028 | 1350000 | 1329224 |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.916% (SOFR + 1.29%) due 1/15/2034 | 6048000 | 5914944 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., Series T, 6.25% (TSFR3M + 4.78%) due 8/15/2026 | 9850000 | 9853644 |
| <sup>c,d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.61%) due 6/20/2026 | 14000000 | 13895000 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028 | 4760000 | 4687362 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | 4950000 | 5163147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47% (SOFR + 0.82%) due 9/10/2027 | 3687000 | 3690871 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52% (SOFR + 0.86%) due 2/16/2029 | 20000000 | 19896600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings plc, |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.583% (TSFR3M + 1.80%) due 6/19/2029 | 3000000 | 2996370 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% (SOFR + 1.04%) due 11/19/2028 | 2000000 | 2003360 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.755% (SOFR + 2.11%) due 6/9/2028 | 1370000 | 1372795 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.286% (SOFR + 1.29%) due 11/19/2030 | 3500000 | 3560165 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 3.54% (TSFR3M + 1.64%) due 5/1/2028 | 3314000 | 3282882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., |  |  |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.309% (H15T1Y + 0.95%) due 7/20/2032 | 7000000 | 6161820 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.017% (H15T1Y + 1.95%) due 7/20/2028 | 1750000 | 1761603 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.475% (H15T1Y + 1.53%) due 2/22/2031 | 2000000 | 2051880 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp., Series D, 4.60% (TSFR3M + 3.46%) due 10/1/2026 | 4750000 | 4704685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA, |  |  |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% (SOFR + 1.10%) due 4/12/2030 | 5800000 | 5738578 |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.758% (SOFR + 1.10%) due 2/19/2027 | 6687000 | 6707730 |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.634% (H15T1Y + 1.75%) due 1/19/2030 | 2000000 | 2042720 |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.446% (H15T1Y + 2.55%) due 1/10/2029 | 1667000 | 1715626 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030 | 14550000 | 15143349 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 7.161% (SOFR + 2.45%) due 10/30/2029 | 6250000 | 6640250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, |  |  |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.494% (H15T1Y + 0.85%) due 8/10/2027 | 2679000 | 2650094 |
| <sup>c,d,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% (5-Yr. CMT + 4.86%) due 7/29/2026 | 10000000 | 9947900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co., 4.75% due 6/15/2029 | 14422000 | 14295519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 16078000 | 16050346 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | 5530000 | 5643254 |
|  |  |  | 452445766 |
|  | &nbsp;&nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.9%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | 34064000 | 29126764 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 24655000 | 24047008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027 | 726000 | 714609 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrializadora Integral del agave SAPI de CV, 9.25% due 11/26/2031 | 15000000 | 15000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.392% due 4/30/2026 | 16350000 | 16293234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | 5520000 | 5462040 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple Parent Holdings Corp., 4.75% due 3/26/2029 | 4955000 | 4952175 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/ <br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.8%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc., | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375% due 11/1/2027 | $9600000 | $9124992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% due 11/1/2028 | 13584000 | 13597991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/15/2027 | 3700000 | 3697262 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2030 | 1000000 | 1009970 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | 29063000 | 27726393 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri Lux FinCo SARL (EUR), 4.75% due 8/1/2032 | 2000000 | 2191400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/15/2030 | 8860000 | 8514992 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | 2950000 | 2985724 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2033 | 5000000 | 4933050 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 3/15/2036 | 1820000 | 1784874 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tobacco — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc., 2.45% due 2/4/2032 | 9890000 | 8678574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 3/22/2033 | 2988000 | 2923638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% due 10/19/2032 | 4862000 | 5577249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 2/1/2030 | 22500000 | 23074650 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% due 7/27/2027 | 2000000 | 2040420 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625% due 3/15/2032 | 1000000 | 1026870 |
|  |  |  | 214483879 |
|  | &nbsp;&nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc., 4.90% due 12/15/2030 | 2741000 | 2703284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 7280000 | 7280000 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 2/1/2028 | 6677000 | 6677000 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, 3.875% due 4/1/2029 | 2000000 | 1935620 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029 | 7950000 | 8101129 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Corp., 2.143% due 12/8/2026 | 5510000 | 5423328 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSP Optical Group, Inc., 5.45% due 12/1/2035 | 2832000 | 2774737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% due 8/1/2031 | 3950000 | 3305044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% due 10/15/2030 | 6962000 | 6100035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 12/15/2029 | 5775000 | 5482150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 3/15/2029 | 6567000 | 6227355 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/1/2028 | 10370000 | 10127757 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 18630000 | 18553803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc., 5.375% due 4/15/2031 | 6569000 | 6637252 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2026 - 5/15/2027 | 7950000 | 7932063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 5/15/2028 | 5000000 | 5095450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc. (EUR), |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 3/15/2029 | 9460000 | 10362695 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% due 6/15/2028 | 5000000 | 5634770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% due 6/15/2030 | 4500000 | 4536900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 5/15/2031 | 16224000 | 16605426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% due 9/1/2026 | 6179000 | 6104296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% due 10/15/2030 | 4646000 | 4181725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 10/15/2029 | 14035000 | 13878510 |
|  |  |  | 165660329 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 155

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;**HOUSEHOLD & PERSONAL PRODUCTS — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 6/15/2028 | $7268000 | $7156073 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 9/15/2033 | 9445000 | 8853082 |
|  | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 4/1/2031 | 6386000 | 5859921 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 1/15/2028 | 12321000 | 12300424 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | 13166000 | 12247408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/15/2026 | 2000000 | 1998180 |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 0.3%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | 9892000 | 9837198 |
|  | &nbsp;&nbsp;&nbsp;Haleon U.S. Capital LLC, 3.375% due 3/24/2027 | 20000000 | 19810600 |
|  |  |  | 78062886 |
|  | &nbsp;&nbsp;**INSURANCE — 5.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 5.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American National Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/3/2030 | 8340000 | 8323904 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 1/28/2030 | 12303000 | 12444484 |
|  | &nbsp;&nbsp;&nbsp;American National Group, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 10/1/2029 | 4408000 | 4458163 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.144% due 6/13/2032 | 12684000 | 12955818 |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | 11280000 | 11526694 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | 6889000 | 6427919 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd., 5.75% due 7/1/2030 | 9600000 | 9905280 |
|  | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% due 5/24/2026 | 2089000 | 2080164 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% due 6/28/2028 | 9540000 | 8917133 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 4/9/2027 | 16438000 | 16528245 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/10/2029 | 4056000 | 4088570 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 5.65% due 6/11/2034 | 6184000 | 6239099 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp., 5.125% due 2/15/2034 | 6785000 | 6693199 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | 11385000 | 11733609 |
|  | &nbsp;&nbsp;&nbsp;CNO Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% due 1/6/2029 | 7400000 | 6995294 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/8/2028 | 4350000 | 4318506 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 12/11/2030 | 5000000 | 4936300 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Constellation Global Funding, 4.85% due 10/22/2030 | 14797000 | 14495289 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | 4740000 | 4758012 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 6475000 | 6429545 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | 12701000 | 11218285 |
|  | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | 4620000 | 4429379 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | 8690000 | 8739272 |
|  | &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.50% due 6/4/2029 | 16240000 | 16304798 |
|  | &nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | 7973000 | 7912246 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | 3081000 | 2866994 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | 5377000 | 5459053 |
|  | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/29/2030 | 4673000 | 4651224 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 8/16/2032 | 3249000 | 3335131 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 4409000 | 4304948 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 2.45% due 3/15/2031 | 5137000 | 4534841 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% due 8/15/2031 | 2261000 | 1947535 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2030 | 1457000 | 1391129 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Five Corners Funding Trust III, 5.791% due 2/15/2033 | 7260000 | 7487165 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Fortitude Global Funding, 4.625% due 10/6/2028 | 7342000 | 7270783 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 10057000 | 10242049 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 1/6/2027 | $2971000 | $2920047 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 9/18/2030 | 15800000 | 15225196 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | 7275000 | 7032160 |
|  | &nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | 7582000 | 7817724 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 10/1/2030 | 19427000 | 19137732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 9/15/2028 | 6000000 | 6331740 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | 5922000 | 6030906 |
|  | &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 6/5/2028 | 5350000 | 5341280 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/12/2028 | 4897000 | 4931818 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% due 11/15/2035 | 4488000 | 4370684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.852% due 3/15/2034 | 5000000 | 5089950 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp., 4.40% due 3/15/2027 | 9408000 | 9342897 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | 4400000 | 4330700 |
|  | &nbsp;&nbsp;&nbsp;NLG Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 9/15/2030 | 9834000 | 9666429 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 1/23/2030 | 11985000 | 12270003 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II, 6.012% due 5/15/2035 | 7292000 | 7461101 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Pentair Finance SARL, 5.90% due 7/15/2032 | 9193000 | 9621302 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 5.50% due 6/28/2028 | 6400000 | 6525504 |
|  | &nbsp;&nbsp;&nbsp;Protective Life Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% due 1/15/2030 | 4902000 | 4674351 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 1/15/2031 | 5857000 | 5801710 |
|  | &nbsp;&nbsp;&nbsp;Protective Life Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.161% due 1/15/2029 | 4925000 | 4868461 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.467% due 12/8/2028 | 4850000 | 4956118 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | 7001000 | 7272569 |
|  | &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 | 3942640 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% due 1/21/2027 | 1592000 | 1569855 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | 9395000 | 9649323 |
|  | &nbsp;&nbsp;&nbsp;RGA Global Funding, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% due 1/18/2029 | 9687000 | 9205362 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 11/25/2030 | 6179000 | 6108250 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.448% due 5/24/2029 | 4000000 | 4092760 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/11/2031 | 5458000 | 5613226 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp., 5.375% due 6/1/2036 | 18319000 | 17643395 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Sammons Financial Group Global Funding, 4.80% due 12/12/2030 | 6106000 | 6054649 |
|  | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% due 5/12/2027 | 2000000 | 1988660 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% due 4/15/2034 | 6610000 | 7002964 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | 16620000 | 14702883 |
|  | &nbsp;&nbsp;&nbsp;Unum Group, 5.25% due 12/15/2035 | 11920000 | 11643098 |
|  | &nbsp;&nbsp;&nbsp;Willis North America, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% due 9/15/2029 | 3000000 | 2840730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 3/15/2031 | 5693000 | 5617169 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% due 5/15/2033 | 9835000 | 9940431 |
|  |  |  | 554985836 |
|  | &nbsp;&nbsp;**MATERIALS — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 1.0%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc., 1.832% due 10/15/2027 | 5793000 | 5557051 |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. (EUR), 1.80% due 9/25/2026 | 13400000 | 15407234 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | 26000000 | 26122200 |
|  | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2027 | 17905000 | 17887990 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 12/1/2031 | 5000000 | 5286000 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% due 2/15/2030 | 5000000 | 5280350 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 12383000 | 11179496 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 157

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;OCP SA, 3.75% due 6/23/2031 | $7200000 | $6546528 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;SNF Group SACA, 3.125% due 3/15/2027 | 8405000 | 8405000 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.2%** |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | 4400000 | 4509340 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup, Inc., 4.75% due 3/30/2031 | 6700000 | 6650554 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc, 3.25% due 9/1/2028 | 8510000 | 8091478 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.25% due 1/30/2031 | 300000 | 297273 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (EUR), 5.00% due 1/30/2031 | 1500000 | 1682074 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% due 8/15/2030 | 19714000 | 17942894 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/15/2033 | 6643000 | 6649245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2029 | 1000000 | 1016240 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Berry Global, Inc., 4.875% due 7/15/2026 | 12729000 | 12731164 |
|  | &nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | 5000000 | 5003100 |
|  | &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 | 11562531 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 7/15/2032 | 5980000 | 5965588 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;OI European Group BV (EUR), 6.25% due 5/15/2028 | 3000000 | 3475804 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.573% due 10/15/2026 | 17665000 | 17624547 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2029 | 8460000 | 8553906 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 7/15/2032 | 4000000 | 4230120 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S., 7.25% due 2/15/2031 | 500000 | 526825 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.6%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, 6.80% due 2/4/2032 | 4000000 | 4070760 |
| <sup>b,e,f,h</sup> | &nbsp;&nbsp;&nbsp;Metalloinvest Finance DAC, 3.375% due 10/22/2028 | 7500000 | 3740775 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | 19170000 | 19512184 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | 12730000 | 11329063 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Stillwater Mining Co., 4.50% due 11/16/2029 | 3050000 | 2872643 |
|  | &nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375% due 2/14/2031 | 4150000 | 4094058 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50% due 10/6/2028 | 16000000 | 15994080 |
|  |  |  | 279798095 |
|  | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Entertainment — 0.1%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC, 5.875% due 6/4/2031 | 6000000 | 5935020 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC (EUR), 4.00% due 6/4/2031 | 3700000 | 4133506 |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.9%** |  |  |
|  | &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 | 10234874 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 3/1/2030 - 2/1/2032 | 9273000 | 8757482 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/1/2027 | 9150000 | 9151647 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 2/1/2033 | 2000000 | 2008640 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc., 5.875% due 8/15/2027 | 1591000 | 1586211 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., 2.90% due 3/1/2027 | 12396000 | 12175847 |
|  | &nbsp;&nbsp;&nbsp;News Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 5/15/2029 | 2000000 | 1928600 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 2/15/2032 | 4980000 | 4870789 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/15/2028 | 9815000 | 9485020 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 | 9966000 | 9950154 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2029 | 3250000 | 3235115 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Telenet Finance Luxembourg Notes SARL, 5.50% due 3/1/2028 | 14200000 | 13963002 |
|  |  |  | 97415907 |
|  | &nbsp;&nbsp;**PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25% due 3/2/2033 | 5000000 | 5130050 |
|  | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 8743000 | 8638259 |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | 2902000 | 2902639 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/12/2030 | 9649000 | 9599018 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Augusta SpinCo Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.321% due 9/23/2027 | $12979000 | $12971342 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.656% due 3/23/2031 | 6525000 | 6491070 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | 9868000 | 9629392 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.2%** |  |  |
| <sup>a,b,f</sup> | &nbsp;&nbsp;&nbsp;Atlas U.S. Royalty LLC Participation Rights, Zero Coupon, due 3/15/2027 | 5450000 | 545 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc., 2.875% due 7/15/2026 | 5402000 | 5357272 |
|  | &nbsp;&nbsp;&nbsp;Utah Acquisition Sub, Inc., 3.95% due 6/15/2026 | 10595000 | 10566711 |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | 5184000 | 5028739 |
|  |  |  | 76315037 |
|  | &nbsp;&nbsp;**REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 13774000 | 13794523 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 2490000 | 2597991 |
|  |  |  | 16392514 |
|  | &nbsp;&nbsp;**SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.4%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | 4861000 | 4062727 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., 5.65% due 11/1/2032 | 4651000 | 4895829 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 26626000 | 24078424 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 2701000 | 2688521 |
|  |  |  | 35725501 |
|  | &nbsp;&nbsp;**SOFTWARE & SERVICES — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Block Financial LLC, 2.50% due 7/15/2028 | 3605000 | 3404021 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | 14132000 | 13733478 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2029 | 7440000 | 7199614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | 4992000 | 5030588 |
|  | &nbsp;&nbsp;&nbsp;DXC Technology Co., 2.375% due 9/15/2028 | 11657000 | 10961077 |
|  | &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL/Genpact USA, Inc., |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% due 4/10/2026 | 1626000 | 1624520 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/4/2029 | 4424000 | 4557162 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Genpact U.K. Finco plc/Genpact USA, Inc., 4.95% due 11/18/2030 | 3964000 | 3887772 |
|  | &nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 11/15/2028 | 12244000 | 12130498 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 3/15/2028 | 2725000 | 2713201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% due 8/15/2029 | 4441000 | 4471199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 3/15/2033 | 6455000 | 6305373 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 4700000 | 4532633 |
|  | &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., 2.05% due 10/15/2026 | 7816000 | 7678438 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 33305000 | 32765126 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | 3953000 | 3925211 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.6%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | 19319000 | 18624096 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 11067000 | 10941500 |
|  | &nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | 656000 | 587743 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.193% due 1/19/2032 | 11494000 | 10803670 |
|  | &nbsp;&nbsp;&nbsp;Prosus NV (EUR), |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.288% due 7/13/2029 | 8715000 | 9302330 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.031% due 8/3/2032 | 7000000 | 7146171 |
|  | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | 6508000 | 6563253 |
|  | &nbsp;&nbsp;&nbsp;**Software — 2.0%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 9218000 | 9257730 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | 24688000 | 23966864 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 5/15/2033 | 1000000 | 981150 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% due 9/15/2034 | 12426000 | 12211154 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 159

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% due 3/10/2028 | $3754000 | $3743038 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 3/10/2029 | 4125000 | 4104788 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 5/1/2028 | 5292209 | 2610687 |
|  | &nbsp;&nbsp;&nbsp;MSCI, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2031 | 9973000 | 9440143 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2029 | 6289000 | 6103789 |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp., |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2028 - 12/1/2029 | 13803000 | 12940806 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | 18395000 | 18884307 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.615% due 9/16/2026 | 26085000 | 25546953 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% due 10/2/2026 | 14360000 | 14034124 |
|  | &nbsp;&nbsp;&nbsp;Paychex, Inc., 5.35% due 4/15/2032 | 3044000 | 3059768 |
|  | &nbsp;&nbsp;&nbsp;Salesforce, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 3/15/2028 | 37460000 | 37470863 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/15/2031 | 7727000 | 7716491 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | 2670000 | 2672590 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | 6700000 | 6720033 |
|  |  |  | 390353952 |
|  | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Avnet, Inc., 6.25% due 3/15/2028 | 14700000 | 15136737 |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | 5238000 | 4987309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 4/1/2028 | 18083000 | 17860037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% due 3/1/2030 | 9391000 | 9376632 |
|  | &nbsp;&nbsp;&nbsp;Flex Ltd., |  |  |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 5/12/2030 | 4671000 | 4667076 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/15/2032 | 2662000 | 2670731 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/15/2028 | 3886000 | 3966829 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies BV, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 4/15/2029 | 1236000 | 1193210 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 9/1/2030 | 19417000 | 19433699 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 6.625% due 7/15/2032 | 800000 | 817080 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp., 1.75% due 8/9/2026 | 26068000 | 25815662 |
|  | &nbsp;&nbsp;&nbsp;Trimble, Inc., 4.90% due 6/15/2028 | 21355000 | 21430597 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% due 4/1/2026 | 4453000 | 4453000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% due 4/1/2028 | 11254000 | 10786621 |
|  | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/15/2031 | 500000 | 496845 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/15/2029 - 3/15/2033 | 7315000 | 7450071 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 6/15/2028 | 15181000 | 15267228 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 5630000 | 5663836 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% due 9/15/2028 | 9000000 | 8927460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 3/23/2028 | 12110000 | 12111211 |
|  | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | 9933000 | 10152022 |
|  |  |  | 202663893 |
|  | &nbsp;&nbsp;**TELECOMMUNICATION SERVICES — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.2%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Sable International Finance Ltd., 7.125% due 10/15/2032 | 1500000 | 1481790 |
|  | &nbsp;&nbsp;&nbsp;Virgin Media Secured Finance plc, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 8/15/2030 | 14318000 | 12686464 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/15/2029 | 1800000 | 1725930 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.5%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | 7918000 | 7867261 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Orange SA, 4.75% due 1/13/2033 | 5747000 | 5679473 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% due 11/15/2031 | $11515000 | $10112934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2032 | 8935000 | 9060715 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | 20850000 | 21163793 |
|  |  |  | 69778360 |
|  | &nbsp;&nbsp;**TRANSPORTATION — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.25% due 6/1/2028 | 6533000 | 6640272 |
|  | &nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | 24600000 | 24374418 |
|  | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.1%** |  |  |
|  | &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 | 3112356 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% due 5/1/2028 | 6440000 | 6548707 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 5/24/2026 | 2480000 | 2482133 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% due 6/15/2030 | 2400000 | 2526384 |
|  |  |  | 45684270 |
|  | &nbsp;&nbsp;**UTILITIES — 5.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 4.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | 5106000 | 5185449 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.10% due 7/1/2030 | 2612000 | 2365218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series Q, 5.20% due 4/15/2036 | 6745000 | 6637687 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;AES Espana BV, 5.70% due 5/4/2028 | 20027000 | 19632869 |
|  | &nbsp;&nbsp;&nbsp;Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | 4659000 | 4755115 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 5.95% due 3/30/2029 | 3415000 | 3541287 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | 6776000 | 7019800 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% due 6/15/2030 | 1000000 | 913210 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 1/31/2031 | 4371000 | 4326066 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | 6140000 | 5757048 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Cleco Power LLC, 5.30% due 1/15/2036 | 9086000 | 9018673 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | 16177000 | 14472753 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | 5846800 | 5424369 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% due 1/24/2035 | 4000000 | 3978080 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | 6112000 | 6132047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 11/15/2032 | 5000000 | 5116500 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.35% (5-Yr. CMT + 3.20%) due 1/15/2027 | 22500000 | 22142700 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | 9605000 | 9693558 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% due 10/1/2035 | 6155000 | 6067107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | 5700000 | 5813772 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% (5-Yr. CMT + 2.32%) due 1/15/2082 | 11450000 | 10990511 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/15/2035 | 11334000 | 11066404 |
|  | &nbsp;&nbsp;&nbsp;Electricite de France SA, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% due 1/27/2040 | 11068000 | 10921570 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 4/22/2029 | 12614000 | 13026352 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% due 1/26/2039 | 14430000 | 16065640 |
| <sup>d,h</sup> | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (TSFR3M + 5.44%) due 6/15/2076 | 35000000 | 35007350 |
|  | &nbsp;&nbsp;&nbsp;ENEL Finance International NV, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% due 7/12/2028 | 16900000 | 16014440 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/30/2030 | 3998000 | 3929914 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2032 | 3819000 | 3812355 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 6/26/2029 | 9739000 | 9880800 |
|  | &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC, 5.05% due 4/15/2036 | 4643000 | 4568666 |
|  | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% due 9/1/2026 | 5866000 | 5780415 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2027 | 3000000 | 2949540 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 161

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 5.25% due 3/15/2035 | $7843000 | $7907156 |
|  | &nbsp;&nbsp;&nbsp;Evergy Metro, Inc., 4.95% due 4/15/2033 | 4663000 | 4689672 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 5.25% due 12/15/2035 | 4812000 | 4745161 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% due 3/15/2031 | 5332000 | 4801253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% due 12/15/2030 | 3981000 | 3928331 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2033 | 4950000 | 4939209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% due 3/1/2028 | 5181000 | 5268403 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Hawaiian Electric Co., Inc., 6.00% due 10/1/2033 | 998000 | 996403 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% due 5/14/2030 | 1742000 | 1628509 |
| <sup>e,g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% due 4/15/2031 | 3000000 | 3000150 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/22/2027 | 4910000 | 4933764 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | 13817000 | 14041388 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 5/9/2034 | 18000000 | 18492840 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | 17064000 | 18368884 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC, 4.10% due 5/15/2028 | 945000 | 939699 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 5.65% due 8/15/2028 | 15000000 | 15410550 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.278% due 12/15/2028 | 7700000 | 7654493 |
|  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | 4000000 | 4030120 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 9034000 | 9171317 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | 6000000 | 6043560 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 5.20% due 4/1/2029 | 9543000 | 9726035 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | 6876000 | 6663807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | 8255000 | 7875353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | 6812000 | 6866019 |
|  | &nbsp;&nbsp;&nbsp;Southern Co., 3.25% due 7/1/2026 | 6725000 | 6709331 |
|  | &nbsp;&nbsp;&nbsp;System Energy Resources, Inc., 6.00% due 4/15/2028 | 2212000 | 2272852 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Toledo Edison Co., 2.65% due 5/1/2028 | 4425000 | 4217291 |
|  | &nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | 8325000 | 8395596 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | 5961000 | 5955695 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 5.45% due 8/15/2033 | 3183000 | 3249429 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.9%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | 9210000 | 9123242 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 5.456% due 3/16/2036 | 20260000 | 20064086 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp., 5.40% due 7/1/2034 | 6427000 | 6569358 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;ENN Clean Energy International Investment Ltd., 3.375% due 5/12/2026 | 9524000 | 9506761 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 10857000 | 11334491 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | 4945000 | 5070603 |
|  | &nbsp;&nbsp;&nbsp;Snam SpA, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/28/2030 | 4200000 | 4231332 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 5/28/2035 | 3907000 | 3984476 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 6950000 | 7056474 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% due 6/15/2030 | 7880000 | 7169697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% due 3/15/2032 | 3026000 | 2891313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/1/2027 | 4610000 | 4711005 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.2%** |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | 18400000 | 18110016 |
|  |  |  | 604752389 |
|  | &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $4,492,836,227) |  | 4474527952 |
|  | **CONVERTIBLE BONDS — 0.2%** |  |  |
|  | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 26001000 | 15934973 |
|  |  |  | 15934973 |
|  | &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $17,151,714) |  | 15934973 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Research Foundation of State University of New York), 4.248% due 9/1/2035 | $1805000 | $1781477 |
|  | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS (Cost $1,805,000) |  | 1781477 |
|  | **OTHER GOVERNMENT — 2.8%** |  |  |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Albania Government International Bonds (EUR), 5.90% due 6/9/2028 | 9800000 | 11698755 |
|  | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), 3.00% due 11/21/2033 | 36873000 | 22492739 |
|  | &nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), 10.00% due 1/1/2029 | 98800000 | 18054883 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029 | 8725000 | 8996696 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% due 6/5/2026 | 315500000 | 5250579 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75% due 6/1/2036 | 1009000000 | 17496578 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Eagle Funding Luxco SARL, 5.50% due 8/17/2030 | 29325000 | 29436142 |
|  | &nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), 23.865% due 6/4/2027 | 580450000 | 10564339 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 3.625% due 3/10/2033 | 15632000 | 13346758 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031 | 14450000 | 16077212 |
|  | &nbsp;&nbsp;&nbsp;Indonesia Treasury Bonds (IDR), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% due 4/15/2029 | 216734000000 | 12912600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 9/15/2030 | 45000000000 | 2688243 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Mexico Government International Bonds, 5.375% due 3/22/2033 | 9750000 | 9513465 |
|  | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | 17550000 | 9523063 |
|  | &nbsp;&nbsp;&nbsp;Nigeria Government International Bonds, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625% due 11/28/2047 | 10000000 | 9110500 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% due 9/28/2051 | 4300000 | 4109037 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | 12610000 | 11376742 |
| <sup>h</sup> | &nbsp;&nbsp;&nbsp;Panama Government International Bonds, 2.252% due 9/29/2032 | 13300000 | 10929408 |
|  | &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 | 8053939 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25% due 10/12/2026 | 15500000000 | 1310817 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.625% due 5/29/2027 | 95500000000 | 8257467 |
|  | &nbsp;&nbsp;&nbsp;Saudi Government International Bonds, |  |  |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 1/12/2029 | 5738000 | 5648143 |
| <sup>e,h</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% due 1/13/2028 | 18000000 | 18150300 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | 15218000 | 19977383 |
|  | &nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $275,261,457) |  | 284975788 |
|  | **U.S. TREASURY SECURITIES — 11.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, 2/15/2051 | 57809737 | 30659484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/2050 | 60186321 | 34045239 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 1.875%, 1/15/2036 | 202900344 | 200475052 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 5/15/2040 - 8/15/2040 | 264700000 | 165638797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/30/2028 | 28524000 | 27071059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040 | 207290000 | 133475326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 8/15/2041 | 173472000 | 115982295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2042 | 44500000 | 33833906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2035 | 193012600 | 188277760 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.842%, 8/15/2040 | 80000000 | 39682769 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.904%, 11/15/2042 | 40000000 | 17313460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.357%, 8/15/2038 | 25000000 | 14002451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.438%, 8/15/2043 | 50000000 | 20687268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.637%, 2/15/2042 | 55000000 | 24925092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.699%, 8/15/2039 | 25000000 | 13177998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.753%, 5/15/2045 | 4675000 | 1751750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.899%, 11/15/2045 | 23600000 | 8610727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.968%, 2/15/2046 | 20000000 | 7198367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.007%, 11/15/2041 | 25000000 | 11496797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.351%, 11/15/2036 | 50000000 | 31014955 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. TREASURY SECURITIES (Cost $1,129,239,372) |  | 1119320552 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 163

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | **U.S. GOVERNMENT AGENCIES — 0.6%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | $34539000 | $34575266 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 6, 7.00% (5-Yr. CMT + 3.01%), 9/15/2030 | 9500000 | 9735410 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 2.90%, 2/18/2037 | 22380000 | 18583233 |
|  | &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $62,533,681) |  | 62893909 |
|  | **MORTGAGE BACKED — 27.1%** |  |  |
|  | &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 | 3094520 | 3096254 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-G Class A, 5.875% due 6/25/2061 | 2391649 | 2392608 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | 3010497 | 2924528 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 4.25% due 10/25/2062 | 7440839 | 7405441 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | 8009897 | 7736413 |
|  | &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, 4.007% due 12/25/2066 | 4575000 | 3468738 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6 Class A3, 4.30% due 7/25/2067 | 3466307 | 3451383 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 4.75% due 9/26/2067 | 10813867 | 10773892 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A1, 4.65% due 10/25/2067 | 5265821 | 5262503 |
| <sup>d,e,h</sup> | &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 5.122% (SOFR30A + 1.45%) due 1/15/2037 | 6445652 | 6445653 |
|  | &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 | 356386 | 346319 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | 830990 | 791797 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1R Class A1, 1.175% due 10/25/2048 | 1716084 | 1540966 |
|  | &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 | 10729231 | 10619525 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | 10386195 | 10211452 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 11384937 | 11187772 |
|  | &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 | 4305648 | 4307732 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 7.25% due 2/25/2028 | 12985852 | 13066423 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 6.375% due 8/25/2033 | 12214 | 12176 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;BPR Trust, CMBS, Series 2023-BRK2 Class A, 6.899% due 10/5/2038 | 4250000 | 4354138 |
|  | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM5 Class A1, 6.505% due 6/25/2063 | 4873269 | 4877856 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM2 Class A1, 6.285% due 2/25/2064 | 3485323 | 3504685 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | 23724379 | 23468873 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class M1, 3.269% due 11/25/2059 | 3420000 | 3378501 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047 | 23150000 | 22930313 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | 6760000 | 5891395 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 5080000 | 4692099 |
|  | &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, 3.877% due 3/25/2050 | 640891 | 571484 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B5, 3.877% due 3/25/2050 | 330665 | 262459 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B6, 3.65% due 3/25/2050 | 521093 | 346913 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 1802040 | 1682852 |
|  | &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, 4.007% due 1/25/2067 | 16184510 | 15610641 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 4.553% due 1/25/2067 | 4700000 | 3885331 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B2, 4.583% due 3/25/2067 | 7015000 | 5336102 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | 4066788 | 4059834 |
|  | &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 | 117927 | 110633 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class A1, 0.435% due 10/25/2049 | 11735214 | 252532 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class A2, 0.50% due 10/25/2049 | 10466777 | 289640 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AS, 0.20% due 10/25/2049 | 14654253 | 158371 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B4, 3.435% due 10/25/2049 | 312085 | 272253 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B5, 3.435% due 10/25/2049 | 157765 | 105766 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B6, 3.435% due 10/25/2049 | 286799 | 143469 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AX1, 0.253% due 1/25/2051 | 91980190 | 1335543 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 98424873 | 1187516 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B4, 2.753% due 1/25/2051 | 491000 | 236323 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B5, 2.753% due 1/25/2051 | 164000 | 77572 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B6, 2.753% due 1/25/2051 | $654523 | $280432 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I1 Class M1, 7.039% due 4/25/2058 | 10705000 | 10705000 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I2 Class A1, 6.639% due 12/25/2067 | 8823998 | 8828316 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R1 Class A1, 4.75% due 6/25/2064 | 12090186 | 12161660 |
|  | &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, 5.726% due 3/25/2034 | 16141 | 4602 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-A Class A, 4.00% due 1/25/2035 | 244836 | 239129 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 1180900 | 977791 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 770600 | 608602 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 386242 | 248584 |
| <sup>e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class XS, due 5/25/2060 | 15502156 | 371742 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B5, 4.001% due 8/25/2050 | 153000 | 91311 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B6, 4.001% due 8/25/2050 | 372000 | 200043 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B4, 2.609% due 4/25/2051 | 425000 | 204879 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B5, 2.609% due 4/25/2051 | 666000 | 296253 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B6, 2.609% due 4/25/2051 | 503782 | 199492 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 10043399 | 9017216 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B4, 2.768% due 7/25/2051 | 2281541 | 1084656 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B5, 2.768% due 7/25/2051 | 623000 | 290315 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B6, 2.768% due 7/25/2051 | 1247350 | 511915 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.86% due 9/25/2051 | 1032000 | 560933 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B5, 2.86% due 9/25/2051 | 173000 | 84509 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.86% due 9/25/2051 | 573357 | 240380 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A5IX, 0.284% due 11/27/2051 | 171925405 | 2735815 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class B4, 3.284% due 11/27/2051 | 1252505 | 1068282 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class B6, 3.284% due 11/27/2051 | 3158116 | 1508905 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B4, 2.903% due 2/25/2052 | 700598 | 353895 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B5, 2.903% due 2/25/2052 | 527000 | 252737 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B6, 2.903% due 2/25/2052 | 1404735 | 553539 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | 2590000 | 2668235 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-3 Class B2, 7.789% due 9/25/2068 | 3130000 | 3151622 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 9000000 | 9383918 |
|  | &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 | 4559173 | 4560967 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-H4 Class A1, 6.147% due 7/25/2069 | 7615325 | 7673538 |
|  | &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 | 18812157 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BPNY Class A, 7.502% (TSFR1M + 3.83%) due 8/15/2026 | 12573585 | 12352045 |
|  | &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, 5.443% due 7/25/2049 | 2366448 | 2285753 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class AS, 0.25% due 3/25/2056 | 38340817 | 375253 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B3, 4.311% due 3/25/2056 | 146228 | 99760 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class XS, 3.206% due 3/25/2056 | 38340817 | 6448542 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 1711338 | 1502724 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class B2, 4.128% due 4/25/2066 | 2650000 | 2012553 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class B2, 4.232% due 10/25/2066 | 3478650 | 3014867 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RP11 Class A1, 2.25% due 10/25/2061 | 12535023 | 10502351 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 4142536 | 4126826 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 2983019 | 2972420 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 10082000 | 9094095 |
|  | &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, 6.365% due 5/25/2065 | 4825000 | 4772961 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1, 0.715% due 5/25/2065 | 249975 | 242938 |
|  | &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 | 373833 | 364385 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 3.861% due 1/25/2067 | 6901000 | 4927583 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.677% due 10/1/2053 | 8313273 | 7618288 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0322, 5.881% (H15T1Y + 2.07%) due 2/1/2048 | 1837176 | 1893066 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 760025, 3.694% (5-Yr. CMT + 1.31%) due 10/1/2047 | 2876162 | 2836848 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841097, 3.873% (5-Yr. CMT + 1.30%) due 9/1/2048 | 3896682 | 3828152 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841355, 1.897% (2.16% - SOFR30A) due 11/1/2051 | 4291356 | 4137023 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841362, 1.702% (2.15% - SOFR30A) due 2/1/2052 | 5171125 | 4927728 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 165

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841377, 1.942% (2.24% - SOFR30A) due 4/1/2052 | $5576835 | $5311071 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool 841463, 2.155% (2.18% - SOFR30A) due 7/1/2052 | 14433400 | 13109132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | 11078471 | 8751793 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN1497, 4.75% due 1/1/2030 | 8425000 | 8502025 |
|  | &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 | 26096946 | 25849520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5462 Class P, 4.50% due 10/25/2054 | 17732729 | 17523352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | 21035410 | 20818254 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.062% (SOFR30A + 1.40%) due 2/25/2055 | 16076261 | 16222729 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5552 Class PD, 5.00% due 9/25/2054 | 17874009 | 18092444 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5565 Class QA, 4.50% due 8/25/2055 | 20853820 | 20810684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5607 Class KT, 4.25% due 11/15/2032 | 16903076 | 16729546 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5638 Class A, 4.00% due 7/25/2054 | 30782957 | 29805038 |
|  | &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 | 10518000 | 10732932 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | 7257000 | 7535717 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | 18483000 | 18983594 |
|  | &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 | 2116586 | 1897386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MTU, 2.50% due 5/25/2060 | 25714002 | 20997658 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 19578018 | 16872011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | 9204661 | 7657263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | 12842827 | 11193020 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA7373, 3.00% due 5/1/2052 | 2753171 | 2436706 |
| <sup>g</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0064, 5.50% due 11/1/2055 | 27088450 | 27221312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0094, 5.00% due 2/1/2056 | 15637539 | 15423558 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1374, 3.00% due 3/1/2052 | 7254495 | 6381010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1588, 5.00% due 9/1/2052 | 4483552 | 4469138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD1626, 5.00% due 10/1/2052 | 6199399 | 6181271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD3632, 2.50% due 7/1/2052 | 33736470 | 28543789 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | 38060825 | 32205497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD4176, 3.00% due 9/1/2052 | 101404448 | 89417513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD5171, 2.50% due 1/1/2054 | 30629765 | 25917641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD6509, 6.00% due 8/1/2054 | 20931750 | 21400614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | 30740137 | 24975304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | 13905946 | 12260518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool SD8367, 5.50% due 10/1/2053 | 13058568 | 13171563 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC01 Class M1, 3.657% due 12/25/2046 | 109369 | 108295 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4523, 3.239% (5-Yr. CMT + 1.15%) due 4/1/2047 | 4053481 | 3957361 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 3.913% (5-Yr. CMT + 1.15%) due 6/1/2046 | 8029281 | 7810976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BL8603, 2.07% due 10/1/2050 | 11101080 | 7926605 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6885, 1.592% (2.20% - SOFR30A) due 12/1/2051 | 5945869 | 5678773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6899, 2.50% due 1/1/2052 | 9344290 | 7684413 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BM6929, 1.928% (2.13% - SOFR30A) due 7/1/2051 | 6120022 | 5925431 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BO9998, 2.74% (H15T1Y + 2.03%) due 3/1/2048 | 3215510 | 3284595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS1289, 2.17% due 3/1/2051 | 15585015 | 10843464 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BU9934, 1.839% (2.37% - SOFR30A) due 2/1/2052 | 13568338 | 12271205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3061, 5.26% due 2/1/2030 | 29454000 | 29690253 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.531% (2.20% - SOFR30A) due 11/1/2051 | 6753536 | 6479593 |
|  | &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 | 12795582 | 13225131 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | 19493913 | 19273845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-90 Class PC, 4.00% due 10/25/2055 | 27884586 | 26991731 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-7 Class CD, 4.00% due 4/25/2053 | 23885632 | 23302400 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | 46803633 | 39561690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BW8669, 5.00% due 9/1/2052 | 4177510 | 4140903 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | 34321863 | 30191706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB3050, 2.50% due 3/1/2052 | 22283739 | 18855579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB3880, 5.00% due 6/1/2052 | 2266328 | 2259937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | 25256538 | 21371038 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7577, 2.50% due 1/1/2054 | $26091081 | $22077194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7757, 2.50% due 2/1/2052 | 25119166 | 21173923 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | 18683842 | 15722264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5138, 5.50% due 9/1/2053 | 7216033 | 7279064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5139, 6.00% due 9/1/2053 | 5557152 | 5678454 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5166, 6.00% due 10/1/2053 | 10649793 | 10881595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA5972, 5.50% due 2/1/2056 | 15831309 | 15914489 |
|  | &nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2, 1.24% due 4/25/2050 | 105923028 | 2910892 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B3, 2.88% due 4/25/2050 | 1378252 | 1303734 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B4, 2.88% due 4/25/2050 | 1325000 | 1204372 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B6, 2.88% due 4/25/2050 | 755000 | 523889 |
|  | &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 | 120172 | 110666 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3INV Class B4, 4.435% due 5/25/2048 | 4577303 | 4239510 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class B3, 4.004% due 12/25/2049 | 3282677 | 3013292 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX1, 0.654% due 8/25/2050 | 21071039 | 719882 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 3611011 | 101225 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B4, 3.654% due 8/25/2050 | 191415 | 167650 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B5, 3.654% due 8/25/2050 | 571622 | 505986 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B6C, 2.801% due 8/25/2050 | 753751 | 436554 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX1, 0.172% due 12/30/2051 | 145509379 | 1435392 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | 12029621 | 132955 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | 11002407 | 337783 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B4, 3.352% due 12/30/2051 | 2428874 | 2006947 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B5, 3.352% due 12/30/2051 | 442784 | 357308 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B6C, 3.197% due 12/30/2051 | 3861832 | 2667746 |
|  | &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 | 275120 | 269128 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 1661220 | 1603779 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 12480679 | 11733734 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class M1, 2.316% due 1/25/2066 | 6112000 | 4467334 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 3004535 | 2488809 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4 Class A1, 4.25% due 5/25/2067 | 15452409 | 14645829 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | 6502741 | 6512578 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | 19905806 | 17791392 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | 88349683 | 78924058 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | 156713258 | 139913626 |
|  | &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 | 8607082 | 6663801 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-118 Class S, 7.983% (21.45% - SOFR30A) due 7/20/2055 | 17236562 | 17691795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | 17909570 | 17987113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-177 Class PA, 4.50% due 10/20/2055 | 30233452 | 29909683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-69 Class GJ, 4.50% due 1/20/2054 | 14311168 | 13953311 |
| <sup>d,e</sup> | &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 | 7274015 | 7259080 |
|  | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A11X, 3.38% due 10/25/2050 | 768433 | 123125 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A12X, 2.897% due 10/25/2050 | 9200835 | 1265432 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AS, 0.189% due 10/25/2050 | 51682898 | 572957 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX1, due 10/25/2050 | 33266674 | 333 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX2, 0.397% due 10/25/2050 | 1658197 | 34949 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX4, 0.917% due 10/25/2050 | 1785029 | 77608 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B4, 3.814% due 10/25/2050 | 1154456 | 1017316 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B5, 3.814% due 10/25/2050 | 1157189 | 1024708 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B6, 3.814% due 10/25/2050 | 2932842 | 2086233 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class BX, 0.314% due 10/25/2050 | 13171961 | 211447 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ3 Class A11X, 3.50% due 10/25/2050 | 1981146 | 258959 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | 5822420 | 5818969 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 5272356 | 5203151 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | 4730928 | 4695534 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;GSMS Trust, CMBS, Series 2026-DAWN Class A, 5.823% due 4/10/2043 | 6655000 | 6651200 |
|  | &nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | 16285548 | 16556505 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 167

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM2 Class B1, 7.231% due 2/25/2068 | $4700000 | $4693666 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | 6921530 | 6958119 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041 | 5870000 | 5493319 |
|  | &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, 4.113% due 11/25/2056 | 5408000 | 4148200 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 3231726 | 2875075 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.493% due 2/25/2067 | 12228993 | 11381551 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class B2, 4.20% due 3/25/2067 | 15600000 | 11771196 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 10054543 | 10018901 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A3, 5.04% due 6/25/2067 | 3046218 | 3041801 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM6 Class A1, 6.819% due 10/25/2067 | 10621944 | 10601620 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | 6676246 | 6666508 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM1 Class A2, 6.703% due 2/25/2068 | 1740795 | 1737294 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM1 Class A3, 7.16% due 2/25/2068 | 2733270 | 2728773 |
|  | &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, 5.366% (TSFR1M + 1.69%) due 3/15/2040 | 917240 | 916576 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BHR5 Class B, 5.815% (TSFR1M + 2.14%) due 3/15/2040 | 8240000 | 8234033 |
|  | &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 | 635020 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5 Class B6, 4.702% due 10/26/2048 | 3073715 | 2374798 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-8 Class B4, 4.135% due 3/25/2050 | 2979255 | 2758062 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AX1, 0.128% due 8/25/2050 | 7255900 | 35593 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A11X, 1.462% (5.14% - TSFR1M) due 11/25/2050 | 1447551 | 68855 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 6562233 | 161861 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX1, 0.065% due 11/25/2050 | 24238525 | 48860 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 670578 | 118080 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 1547674 | 41922 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B4, 3.615% due 11/25/2050 | 1185544 | 1053847 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B5, 3.615% due 11/25/2050 | 546715 | 442903 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B6, 3.615% due 11/25/2050 | 1054996 | 561614 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B4, 3.507% due 1/25/2051 | 566663 | 496009 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B5, 3.507% due 1/25/2051 | 400404 | 264990 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B6, 3.401% due 1/25/2051 | 581120 | 300464 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-LTV1 Class B3A, 3.726% due 6/25/2050 | 2489310 | 2253882 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.018% due 1/25/2052 | 2189208 | 1758926 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.535% due 1/25/2052 | 2489719 | 1311291 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | 11105730 | 9224097 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 14256792 | 12522498 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B4, 3.121% due 8/25/2052 | 3054190 | 2492178 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B5, 3.121% due 8/25/2052 | 1624492 | 1050461 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B6, 2.308% due 8/25/2052 | 1806360 | 761938 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B4, 3.094% due 8/25/2052 | 2504650 | 1968259 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B5, 3.094% due 8/25/2052 | 1593538 | 784558 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B6, 1.768% due 8/25/2052 | 1460644 | 615142 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | 6614362 | 6521790 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A2, 5.50% due 6/25/2053 | 5244715 | 5239532 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A4B, 5.50% due 10/25/2053 | 5442747 | 5442162 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11 Class A4, 6.00% due 4/25/2055 | 15710378 | 15747905 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CCM1 Class A4, 5.50% due 6/25/2055 | 18504920 | 18403783 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Wealth Management, Whole Loan Securities Trust CMO, Series 2021-CL1 Class M1, 4.962% (SOFR30A + 1.30%) due 3/25/2051 | 3482254 | 3440641 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 4.874% due 10/13/2033 | 5400000 | 5382982 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 9398000 | 9054852 |
|  | &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.108% due 8/25/2051 | 86150084 | 365070 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 5902850 | 247910 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.308% due 8/25/2051 | 297765 | 235807 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 3.242% due 8/25/2051 | 1444407 | 804459 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.149% due 10/25/2051 | 104651924 | 678699 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 8512514 | 233623 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.199% due 10/25/2051 | 410804 | 322144 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.14% due 10/25/2051 | 1836490 | 1054801 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.091% due 8/25/2034 | $28085 | $26644 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 173600 | 173002 |
|  | &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 | 3235835 | 3116756 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class M1, 2.654% due 1/26/2065 | 800000 | 738293 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 811824 | 790874 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 6077990 | 5504868 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | 5864829 | 5797060 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4950000 | 4559371 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | 23541682 | 23323375 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | 15423926 | 15442947 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 6.579% due 3/25/2069 | 10845677 | 10940137 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | 11570756 | 11207725 |
| <sup>d,e</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 | 13279177 | 13245324 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | 8684789 | 8394347 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 14294598 | 14949417 |
|  | &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 | 9966045 | 10018984 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.00% due 6/25/2064 | 18814706 | 18654373 |
|  | &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 | 585562 | 569136 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1, 4.00% due 5/25/2057 | 492266 | 473444 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1, 5.293% (TSFR1M + 1.61%) due 6/25/2057 | 253452 | 256498 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A Class A1, 4.00% due 8/27/2057 | 259358 | 255202 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 486596 | 479507 |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.744% due 6/25/2051 | 87495112 | 3491956 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | 1108200 | 936751 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.226% due 6/25/2051 | 1952695 | 1267281 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 14573345 | 13803947 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | 12954224 | 12160284 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 18901000 | 18916756 |
| <sup>d,e</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 | 7335469 | 7361333 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 4450000 | 3832749 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | 11000000 | 11045333 |
|  | &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 | 4804155 | 3942845 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 12617657 | 10861763 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 5.928% due 11/25/2063 | 13198297 | 13235232 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | 8253467 | 8303644 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 26914348 | 24868246 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 6.116% due 5/25/2065 | 17279469 | 17289157 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 4388415 | 4187485 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Pretium Mortgage Credit Partners LLC, Whole Loan Securities Trust CMO, Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | 23952637 | 23975349 |
|  | &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 | 3368907 | 2817955 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B2, 3.95% due 8/25/2056 | 2729000 | 1840406 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-AFC1 Class A2, 7.002% due 2/25/2058 | 3984506 | 3977485 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-AFC1 Class A3, 7.304% due 2/25/2058 | 3814249 | 3808453 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 4302089 | 4339934 |
|  | &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 | 7631450 | 7550589 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A1, 5.993% due 4/25/2030 | 17416584 | 17356173 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL3 Class A1, 3.25% due 4/25/2055 | 13080215 | 12630566 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4 Class A1, 3.00% due 5/25/2055 | 16200709 | 15607367 |
|  | &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 | 23408680 | 23316643 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.407% due 4/25/2067 | 6955461 | 6927999 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | 6608561 | 6588707 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | 5527058 | 5526653 |
|  | &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 | 10604543 | 9477613 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J4 Class A5, 5.50% due 12/25/2054 | 17698741 | 17752404 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;RFT Trust, Whole Loan Securities Trust CMO, Series 2025-RR1 Class A1, 6.767% due 6/27/2028 | 13827635 | 13857772 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 169

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | $11400000 | $11592301 |
|  | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 4463239 | 4138143 |
|  | &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, 3.087% due 11/25/2030 | 1686000 | 1599030 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B3, 3.605% due 11/25/2046 | 1915692 | 1488273 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-7 Class B3, 3.724% due 10/25/2047 | 1124761 | 1007439 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-7 Class B4, 4.251% due 9/25/2048 | 1802000 | 1510183 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9 Class A1, 2.50% due 1/25/2052 | 11595030 | 9613373 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 6.00% due 9/25/2053 | 5420046 | 5465768 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-10 Class A2, 5.00% due 11/25/2055 | 17875010 | 17488500 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.938% (TSFR1M + 1.26%) due 5/15/2038 | 14442000 | 14380628 |
|  | &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 9872070 | 148086 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B2, 5.663% due 9/25/2059 | 1978000 | 1971150 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B3, 6.373% due 9/25/2059 | 842000 | 730378 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS1, due 9/25/2059 | 9697961 | 97 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS2, due 9/25/2059 | 9212970 | 502808 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 1.895% due 5/25/2065 | 693920 | 646549 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1, 1.737% due 12/25/2061 | 5171136 | 4390590 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 3.96% due 3/27/2062 | 4204000 | 2985992 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.578% due 11/25/2046 | 2056547 | 1609666 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.261% (TSFR1M + 2.59%) due 4/15/2042 | 8098472 | 8153614 |
| <sup>e</sup> | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 18658000 | 16600263 |
|  | &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 | 2337336 | 2329719 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SH1 Class A1A, 4.10% due 7/25/2057 | 4479925 | 4435669 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | 12307793 | 10344587 |
|  | &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, 3.656% due 7/25/2048 | 2170610 | 2002479 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class B4, 3.656% due 7/25/2048 | 2040000 | 1479695 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039 | 23696842 | 23712399 |
|  | &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 | 352278 | 349668 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | 17528704 | 15681523 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R2 Class A1, 4.50% due 9/25/2064 | 14691397 | 13714375 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 8333764 | 8257830 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.661% due 8/25/2057 | 10000000 | 9970127 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A2, 1.986% due 4/25/2065 | 376079 | 365656 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;VOLT C LLC, Whole Loan Securities Trust CMO, Series 2021-NPL9 Class A1, 5.992% due 5/25/2051 | 4486352 | 4485919 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 5.541% due 3/15/2040 | 4050000 | 4040979 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, CMBS, Series 2018-1745 Class A, 3.749% due 6/15/2036 | 4000000 | 3763274 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>d,e,i</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A2, 0.50% due 8/25/2051 | 76073515 | 2249981 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.30% due 8/25/2051 | 1554466 | 1325916 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.30% due 8/25/2051 | 1247377 | 1036919 |
| <sup>d,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.30% due 8/25/2051 | 959170 | 482234 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $2,753,144,490) |  | 2757258763 |
|  | **LOAN PARTICIPATIONS — 2.1%** |  |  |
|  | &nbsp;&nbsp;**CAPITAL GOODS — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Dynasty Acquisition Co., Inc., 5.668% (SOFR + 2.00%) due 10/31/2031 | 19743614 | 19734730 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.168% (SOFR + 2.50%) due 2/13/2033 | 1000000 | 1000190 |
|  | &nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.1%** |  |  |
| <sup>h,j</sup> | &nbsp;&nbsp;&nbsp;Green Infrastructure Partners, Inc., 6.45% (SOFR + 2.75%) due 9/24/2032 | 9930000 | 9905175 |
|  |  |  | 30640095 |
|  | &nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 6.675% (SOFR + 3.00%) due 3/12/2032 | 19800500 | 19701497 |
|  |  |  | 19701497 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;**CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Aramark Services, Inc., 5.418% (SOFR + 1.75%) due 6/22/2030 | $11050032 | $11050032 |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Men's Wearhouse, Inc., 9.414% (SOFR + 5.75%) due 1/28/2031 | 1000000 | 998440 |
|  |  |  | 12048472 |
|  | &nbsp;&nbsp;**CONSUMER DURABLES & APPAREL — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC, 5.918% (SOFR + 2.25%) due 12/21/2028 - 2/13/2032 | 19492864 | 19391748 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 6.95% (SOFR + 3.25%) due 11/25/2031 | 6678820 | 6693447 |
|  |  |  | 26085195 |
|  | &nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.0%** |  |  |
| <sup>k</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc., due 1/28/2033 | 3000000 | 2990640 |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC, 5.66% (SOFR + 2.00%) due 10/16/2031 | 17540533 | 17522992 |
|  |  |  | 20513632 |
|  | &nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.668% (SOFR + 2.00%) due 1/31/2031 | 4949367 | 4912247 |
|  |  |  | 4912247 |
|  | &nbsp;&nbsp;**FINANCIAL SERVICES — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.2%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Corpay Technologies Operating Co. LLC, 5.418% (SOFR + 1.75%) due 4/28/2028 - 11/5/2032 | 19850000 | 19818982 |
| <sup>h,j</sup> | &nbsp;&nbsp;&nbsp;IMC Financing LLC, 6.675% (SOFR + 3.00%) due 6/18/2032 | 992500 | 993741 |
|  |  |  | 20812723 |
|  | &nbsp;&nbsp;**FOOD, BEVERAGE & TOBACCO — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., 6.20% (SOFR + 2.50%) due 4/1/2032 | 9286667 | 9295396 |
|  |  |  | 9295396 |
|  | &nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Select Medical Corp., 5.668% (SOFR + 2.00%) due 12/3/2031 | 13036733 | 12938957 |
|  |  |  | 12938957 |
|  | &nbsp;&nbsp;**HOUSEHOLD & PERSONAL PRODUCTS — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 5.675% (SOFR + 2.00%) due 3/19/2032 | 7324753 | 7297285 |
|  |  |  | 7297285 |
|  | &nbsp;&nbsp;**MATERIALS — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;TPC Group, Inc., 9.386% (SOFR + 5.75%) due 12/16/2031 | 12870000 | 11756745 |
|  |  |  | 11756745 |
|  | &nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Century De Buyer LLC, 6.667% (SOFR + 3.00%) due 10/30/2030 | 3447762 | 3345053 |
|  |  |  | 3345053 |
|  | &nbsp;&nbsp;**PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.0%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc., 5.418% (SOFR + 1.75%) due 10/31/2032 | 1500000 | 1499625 |
|  |  |  | 1499625 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 171

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/<br> PRINCIPAL AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;**SOFTWARE & SERVICES — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CACI International, Inc., |  |  |
| <sup>k</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 3/9/2033 | $4000000 | $3995000 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.418% (SOFR + 1.75%), due 10/30/2031 | 3456250 | 3454799 |
|  | &nbsp;&nbsp;&nbsp;**Software — 0.2%** |  |  |
| <sup>k</sup> | &nbsp;&nbsp;&nbsp;Electronic Arts, Inc, due 3/24/2033 | 16850000 | 16744688 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;GoTo Group, Inc., 8.571% (SOFR + 4.75%) due 4/28/2028 | 4998619 | 2576642 |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., 5.668% (SOFR + 2.00%) due 5/9/2031 | 3729593 | 3714898 |
|  |  |  | 30486027 |
|  | &nbsp;&nbsp;**TECHNOLOGY HARDWARE & EQUIPMENT — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.1%** |  |  |
| <sup>j</sup> | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp., 7.627% - 7.73% (SOFR + 4.00%) due 11/19/2029 | 8652000 | 5450760 |
|  |  |  | 5450760 |
|  | &nbsp;&nbsp;&nbsp;TOTAL LOAN PARTICIPATIONS (Cost $223,555,323) |  | 216783709 |
|  | **SHORT-TERM INVESTMENTS — 2.1%** |  |  |
| <sup>l</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 20897604 | 208976041 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $208,976,041) |  | 208976041 |
|  | **TOTAL INVESTMENTS — 100.6% (Cost $10,266,358,295)** |  | $10223858676 |
|  | **LIABILITIES NET OF OTHER ASSETS — (0.6)%** |  | (58422476) |
|  | **NET ASSETS — 100.0%** |  | $10165436200 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** | **OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT MARCH 31, 2026** |
| **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 | Sell | 106975000 | 6/17/2026 | 124076745 | $304585 | $— |
| Net unrealized appreciation (depreciation) |  |  |  |  |  | $304585 |  |

---

\* 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 March 31, 2026.

---

| | |
|:---|:---|
| 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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $5,030,520,402, representing 49.49% of the Fund's net assets. |

---

f Bond in default.

g When-issued security.

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

i Interest only.

j The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at March 31, 2026.

&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.

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

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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 | H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
| ACB | Agricultural Credit Bank | IDR | Denominated in Indonesian Rupiah |
| ARM | Adjustable Rate Mortgage | Mtg | Mortgage |
| AUD | Denominated in Australian Dollar | NZD | Denominated 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 | TSFR1M | Term SOFR 1 Month |
| DOP | Denominated in Dominican Peso | TSFR3M | Term SOFR 3 Month |
| EGP | Denominated in Egyptian Pound | UMBS | Uniform Mortgage-Backed Securities |
| EUR | Denominated in Euro | UZS | Denominated in Uzbekistani Som |
| GBP | Denominated in Pound Sterling |  |  |

---

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;United States | 84.7% |  |
| &nbsp;&nbsp;Canada | 2.5% |  |
| &nbsp;&nbsp;Mexico | 1.4% |  |
| &nbsp;&nbsp;United Kingdom | 1.0% |  |
| &nbsp;&nbsp;France | 0.8% |  |
| &nbsp;&nbsp;Saudi Arabia | 0.7% |  |
| &nbsp;&nbsp;Turkey | 0.7% |  |
| &nbsp;&nbsp;Brazil | 0.6% |  |
| &nbsp;&nbsp;Dominican Republic | 0.6% |  |
| &nbsp;&nbsp;China | 0.5% |  |
| &nbsp;&nbsp;United Arab Emirates | 0.5% |  |
| &nbsp;&nbsp;Australia | 0.5% |  |
| &nbsp;&nbsp;Italy | 0.4% |  |
| &nbsp;&nbsp;Uzbekistan | 0.4% |  |
| &nbsp;&nbsp;Germany | 0.3% |  |
| &nbsp;&nbsp;Bermuda | 0.3% |  |
| &nbsp;&nbsp;Japan | 0.3% |  |
| &nbsp;&nbsp;Indonesia | 0.3% |  |
| &nbsp;&nbsp;Guatemala | 0.2% |  |
| &nbsp;&nbsp;Panama | 0.2% |  |
| &nbsp;&nbsp;Colombia | 0.2% |  |
| &nbsp;&nbsp;Israel | 0.2% |  |
| &nbsp;&nbsp;Belgium | 0.1% |  |
| &nbsp;&nbsp;Russian Federation | 0.1% |  |
| &nbsp;&nbsp;Nigeria | 0.1% |  |
| &nbsp;&nbsp;Peru | 0.1% |  |
| &nbsp;&nbsp;Switzerland | 0.1% |  |
| &nbsp;&nbsp;Albania | 0.1% |  |
| &nbsp;&nbsp;Egypt | 0.1% |  |
| &nbsp;&nbsp;Ireland | 0.1% |  |
| &nbsp;&nbsp;Cayman Islands | 0.1% |  |
| &nbsp;&nbsp;New Zealand | 0.1% |  |
| &nbsp;&nbsp;Morocco | 0.1% |  |
| &nbsp;&nbsp;Kuwait | 0.1% |  |
| &nbsp;&nbsp;India | 0.0% | \*\* |
| &nbsp;&nbsp;South Africa | 0.0% | \*\* |

---

See notes to financial statements. Semi-Annual Financial Statements \| 173

**Schedule of Investments, Continued**

Thornburg Strategic Income Fund \| March 31, 2026 (Unaudited)

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Netherlands | 0.0% | \*\* |
| &nbsp;&nbsp;Luxembourg | 0.0% | \*\* |
| &nbsp;&nbsp;Other Assets Less Liabilities | 1.5% |  |

---

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

\*\* Country percentage was less than 0.1%.

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

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Semi-Annual Financial Statements \| 175

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $255618911 | $82142362 | $6144639341 | $94735240 | $10057382254 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 12303115 | - | 193132927 | 1082392 | 208976041 |
| Investments at value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 254750211 | 78219112 | 6037307281 | 94959956 | 10014882635 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 12303115 |  | 193132927 | 1082392 | 208976041 |
| Cash | 1634844 | 3903754 |  |  |  |
| Cash segregated as collateral |  |  |  |  | 260000 |
| Unrealized appreciation on forward currency contracts |  |  |  | 4638 | 304585 |
| Receivable for investments sold |  |  | 28041376 | 156485 | 17433914 |
| Receivable for fund shares sold | 223838 | 58830 | 4323524 | 34759 | 9155231 |
| Dividends receivable | 58500 | 180 | 913089 | 5806 | 1169862 |
| Tax reclaims receivable |  |  | 8595 | 1148 | 14498 |
| Principal and interest receivable | 1261612 | 635293 | 38685292 | 629675 | 82564346 |
| Prepaid expenses and other assets | 49438 | 43939 | 130814 | 59535 | 210749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 270281558 | 82861108 | 6302542898 | 96934394 | 10334971861 |
| **LIABILITIES** |  |  |  |  |  |
| Payable for investments purchased | 3489457 |  | 66169621 | 490342 | 103318260 |
| Payable for fund shares redeemed | 475729 | 82622 | 14747774 | 264565 | 45678675 |
| Payable to custodian |  |  | 7764619 |  | 12534829 |
| Payable to investment advisor and other affiliates | 59744 | 57150 | 2560327 | 6002 | 4411055 |
| Deferred taxes payable |  |  |  |  | 24950 |
| Accounts payable and accrued expenses | 96112 | 102444 | 1278796 | 88160 | 1042508 |
| Dividends payable | 775 | 27282 | 1928246 | - | 2525384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 4121817 | 269498 | 94449383 | 849069 | 169535661 |
| **NET ASSETS** | $266159741 | $82591610 | $6208093515 | $96085325 | $10165436200 |
| **NET ASSETS CONSIST OF** |  |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $267267224 | $118636674 | $6691870655 | $94874562 | $10338990168 |
| Distributable earnings (accumulated loss) | (1107483) | (36045064) | (483777140) | 1210763 | (173553968) |
| **NET ASSETS** | $266159741 | $82591610 | $6208093515 | $96085325 | $10165436200 |

---

176 \| Semi-Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $29060331 | $31450570 | $398486812 | $827900 | $233658137 |
| Shares outstanding | 2387266 | 2560545 | 30259094 | 79649 | 20334635 |
| Net asset value and redemption price per share | $12.17 | $12.28 | $13.17 | $10.39 | $11.49 |
| Maximum offering price per share (net asset value, plus 2.25% of offering price) | $12.45 | $12.56 | $13.47 | $10.88 \* | $12.03 \* |
| **Class C Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 2003987 | 70852960 | 1041012 | 98947127 |
| Shares outstanding |  | 162281 | 5389811 | 100157 | 8627620 |
| Net asset value and redemption price per share<sup>\*\*</sup> | - | 12.35 | 13.15 | 10.39 | 11.47 |
| **Class C2 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 318207 | 4187136 |  |  |
| Shares outstanding |  | 25749 | 318477 |  |  |
| Net asset value and redemption price per share<sup>\*\*</sup> | - | 12.36 | 13.15 | - | - |
| **Class I Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding | 237099410 | 43297698 | 5421666167 | 93934145 | 9453359250 |
| Shares outstanding | 19492896 | 3525662 | 411511137 | 9044833 | 824680266 |
| Net asset value and redemption price per share | 12.16 | 12.28 | 13.18 | 10.39 | 11.46 |
| **Class R3 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 2422338 | 29800774 |  | 1281096 |
| Shares outstanding |  | 197015 | 2261704 |  | 111614 |
| Net asset value and redemption price per share | - | 12.30 | 13.18 | - | 11.48 |
| **Class R4 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 1716877 | 7590231 |  | 1601472 |
| Shares outstanding |  | 139840 | 576649 |  | 139563 |
| Net asset value and redemption price per share | - | 12.28 | 13.16 | - | 11.47 |
| **Class R5 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  | 1381933 | 52976538 |  | 170139755 |
| Shares outstanding |  | 112453 | 4022503 |  | 14835886 |
| Net asset value and redemption price per share | - | 12.29 | 13.17 | - | 11.47 |
| **Class R6 Shares:** |  |  |  |  |  |
| Net assets applicable to shares outstanding |  |  | 222532897 | 282268 | 206449363 |
| Shares outstanding |  |  | 16861983 | 27160 | 17952842 |
| Net asset value and redemption price per share | - | - | 13.20 | 10.39 | 11.50 |

---

\* 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.

Semi-Annual Financial Statements \| 177

Statements of Operations

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| Dividend income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $- | $6106 | $942225 | $18232 | $2807239 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 552760 |  | 7509605 | 79609 | 9726764 |
| Interest income | 5383176 | 1518729 | 128423073 | 3145020 | 272932908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 5935936 | 1524835 | 136874903 | 3242861 | 285466911 |
| **EXPENSES** |  |  |  |  |  |
| Investment management fees | 317672 | 165385 | 9993918 | 295688 | 27278848 |
| Administration fees | 98948 | 34371 | 2405760 | 47034 | 4005035 |
| Distribution and service fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 30393 | 39721 | 509770 | 823 | 302356 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 5036 | 192368 | 5147 | 504772 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 1028 | 14359 |  |  |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  | 6136 | 75960 |  | 3157 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  | 1926 | 11640 |  | 2138 |
| Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 45359 | 20774 | 201300 | 6158 | 141666 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 2554 | 32382 | 473 | 37276 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 420 | 2534 |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 110600 | 24940 | 2472700 | 54214 | 4202720 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  | 2388 | 28196 |  | 1263 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  | 2381 | 21416 |  | 5422 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  | 1925 | 70894 |  | 140226 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 19466 | 243 | 25660 |
| Registration and filing fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 14020 | 7024 | 13660 | 7302 | 14670 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 7076 | 7605 | 7063 | 8512 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 2226 | 6900 |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 19844 | 6958 | 35222 | 7241 | 85557 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  | 7046 | 7585 |  | 7626 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  | 7195 | 7510 |  | 7638 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  | 7183 | 7497 |  | 7624 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  | 8045 | 7107 | 11605 |
| Custodian fees | 35440 | 28124 | 145594 | 39450 | 309800 |
| Audit and tax fees | 25920 | 27650 | 28920 | 27730 | 46871 |
| Legal fees | 1199 | 450 | 28210 | 817 | 47120 |
| Trustee and officer fees | 10451 | 4313 | 258164 | 5040 | 422805 |
| Other expenses | 10248 | 13949 | 113131 | 10200 | 209836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 720094 | 428179 | 16720706 | 521730 | 37830203 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (285468) | (72049) | (754395) | (129772) | (4924310) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | - | - | - | (84252) | (1080531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 434626 | 356130 | 15966311 | 307706 | 31825362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $5501310 | $1168705 | $120908592 | $2935155 | $253641549 |

---

178 \| Semi-Annual Financial Statements

**Statements of Operations, Continued**

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments | $55027 | $204262 | $21604114 | $1149087 | $27698210 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | 13022 | 3262369 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | - | - | - | 22 | (10454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 55027 | 204262 | 21604114 | 1162131 | 30950125 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | (812749) | 71446 | (48303774) | (2360573) | (154586890) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  | 9211 | 28843 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | - | - | - | (1512) | (146649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | (812749) | 71446 | (48303774) | (2352874) | (154704696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (757722) | 275708 | (26699660) | (1190743) | (123754571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $4743588 | $1444413 | $94208932 | $1744412 | $129886978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $- | $- | $- | $- | $63732 |

---

See notes to financial statements.

Semi-Annual Financial Statements \| 179

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG** | **THORNBURG** | **THORNBURG** | **THORNBURG** |
|  | **ULTRA SHORT** | **ULTRA SHORT** | **LIMITED TERM U.S.** | **LIMITED TERM U.S.** |
|  | **INCOME FUND** | **INCOME FUND** | **GOVERNMENT FUND** | **GOVERNMENT FUND** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $5501310 | $12749522 | $1168705 | $3186927 |
| Net realized gain (loss) | 55027 | 80065 | 204262 | (118678) |
| Net change in unrealized appreciation (depreciation) | (812749) | (627714) | 71446 | 168747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 4743588 | 12201873 | 1444413 | 3236996 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (605860) | (1616081) | (378619) | (939913) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | (21151) | (58457) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  |  | (3326) | (7445) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (4646649) | (11303793) | (651839) | (2184170) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (28390) | (67914) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | (18142) | (36937) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares |  |  | (18287) | (42765) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (2026173) | (18902949) | (964461) | (6193226) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | 85822 | (757400) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  |  | 3326 | 7445 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 1005482 | 23100071 | (12639779) | (37557216) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares |  |  | (39856) | (134220) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  | 392256 | 274581 |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | - | - | 21330 | 141244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (1529612) | 3479121 | (12816703) | (44319397) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 267689353 | 264210232 | 95408313 | 139727710 |
| &nbsp;&nbsp;&nbsp;End of Period | $266159741 | $267689353 | $82591610 | $95408313 |

---

\* Unaudited.

See notes to financial statements.

180 \| Semi-Annual Financial Statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG** | **THORNBURG** | **THORNBURG** | **THORNBURG** |
|  | **LIMITED TERM** | **LIMITED TERM** | **CORE PLUS** | **CORE PLUS** |
|  | **INCOME FUND** | **INCOME FUND** | **BOND FUND** | **BOND FUND** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025<sup>†</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $120908592 | $251655264 | $2935155 | $7497155 |
| Net realized gain (loss) | 21604114 | 17881962 | 1162131 | (361265) |
| Net change in unrealized appreciation (depreciation) | (48303774) | 11519738 | (2352874) | (2985366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 94208932 | 281056964 | 1744412 | 4150524 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (6885160) | (17150529) | (13779) | (15189) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1213174) | (3307482) | (18364) | (37474) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | (65747) | (161987) |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (98098880) | (220626320) | (2691385) | (7649765) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (484979) | (1207202) |  | (4958) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (151895) | (514992) |  | (5242) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (891506) | (2548428) |  | (5529) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (3808265) | (7363100) | (6200) | (17383) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (21560151) | (60899123) | 404736 | 164463 |
| &nbsp;&nbsp;&nbsp;Class C Shares | (12051703) | (23315038) | 36735 | 212412 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | (412949) | (567322) |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 108139738 | (240279425) | (50774660) | (14169682) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (559094) | (5364062) |  | (110683) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (3764060) | (4953514) |  | (110961) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 6190061 | (24057122) |  | (111244) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 41118851 | 9482561 | 16367 | (376932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 99710019 | (321776121) | (51302138) | (18087643) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 6108383496 | 6430159617 | 147387463 | 165475106 |
| &nbsp;&nbsp;&nbsp;End of Period | $6208093515 | $6108383496 | $96085325 | $147387463 |

---

\* Unaudited.

† Class R3, R4, and R5 no longer offered as of September 18, 2025.

See notes to financial statements.

Semi-Annual Financial Statements \| 181

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

---

| | | |
|:---|:---|:---|
|  | **THORNBURG** | **THORNBURG** |
|  | **STRATEGIC** | **STRATEGIC** |
|  | **INCOME FUND** | **INCOME FUND** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | $253641549 | $486497302 |
| Net realized gain (loss) | 30950125 | 9975616 |
| Net change in unrealized appreciation (depreciation) | (154704696) | (30462204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 129886978 | 466010714 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (5452362) | (12793380) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1914902) | (4167692) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (233911257) | (467647304) |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | (26857) | (52552) |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (36081) | (97341) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | (4525364) | (4848142) |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | (5030351) | (9947580) |
| **FUND SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (13480542) | (43053282) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (2562828) | 1965759 |
| &nbsp;&nbsp;&nbsp;Class I Shares | 86405740 | 731064983 |
| &nbsp;&nbsp;&nbsp;Class R3 Shares | 70603 | 99640 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares | (323119) | (474536) |
| &nbsp;&nbsp;&nbsp;Class R5 Shares | 32327420 | 48324710 |
| &nbsp;&nbsp;&nbsp;Class R6 Shares | 12953708 | 12475360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (5619214) | 716859357 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 10171055414 | 9454196057 |
| &nbsp;&nbsp;&nbsp;End of Period | $10165436200 | $10171055414 |

---

\* Unaudited.

See notes to financial statements.

182 \| Semi-Annual Financial Statements

Notes to Financial Statements

March 31, 2026 (Unaudited)

**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 March 31, 2026, 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 March 31, 2026, 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,

Semi-Annual Financial Statements \| 183

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026, 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 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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

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

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

<u>Repurchase Agreements:</u> The Funds may invest excess cash in repurchase agreements whereby the Funds purchase investments, which serve as collateral, with an agreement to resell such collateral to the seller at an agreed upon price at the maturity date of the repurchase agreement. Investments pledged as collateral for repurchase agreements are held in custody until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the six months ended March 31, 2026, the Funds did not enter into repurchase agreements.

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

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

<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 March 31, 2026 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

Semi-Annual Financial Statements \| 185

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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

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

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

186 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ULTRA SHORT INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $17006972 | $17006972 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 6754 |  | 6754 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 14914923 |  | 14914923 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 99712459 |  | 99712459 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 120450692 |  | 120450692 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 1405314 |  | 1405314 |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | 1253097 |  | 1253097 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 12303115 | 12303115 |  |  |
| Total Investments in Securities | $267053326 | $29310087 | $237743239 | $— |
| **Total Assets** | $**267053326** | $**29310087** | $**237743239** | $**—** |

---

Semi-Annual Financial Statements \| 187

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIMITED TERM U.S. GOVERNMENT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $13228622 | $13228622 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 5314382 |  | 5314382 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 56428334 |  | 56428334 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 2627895 |  | 2627895 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 70442 | 70442 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 549437 |  | 549437 |  |
| Total Investments in Securities | $78219112 | $13299064 | $64920048 | $— |
| **Total Assets** | $**78219112** | $**13299064** | $**64920048** | $**—** |
| **LIMITED TERM INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $470330843 | $470330843 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 32305998 |  | 32305998 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 30450449 |  | 30450449 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 2313289514 |  | 2313289514 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 817475374 |  | 817475374 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 2316229569 |  | 2316229569 |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | 20166028 |  | 20166028 |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 37059506 |  |  | 37059506 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 193132927 | 193132927 |  |  |
| Total Investments in Securities | $6230440208 | $663463770 | $5529916932 | $37059506 |
| **Total Assets** | $**6230440208** | $**663463770** | $**5529916932** | $**37059506** **<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
 March 31, 2026 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 | $19399162 | $19399162 | $— | $— |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 1090495 |  | 1090495 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 2682262 |  | 2682262 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 30017788 |  | 30017788 |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 10510287 |  | 10510287 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 29713482 |  | 29713482 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 762279 |  | 762279 |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | 103059 |  | 103059 |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 681142 |  |  | 681142 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1082392 | 1082392 |  |  |
| Total Investments in Securities | $96042348 | $20481554 | $74879652 | $681142 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $4638 | $— | $4638 | $— |
| **Total Assets** | $**96046986** | $**20481554** | $**74884290** | $**681142** **<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 March 31, 2026 is not presented.

188 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STRATEGIC INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $856855 | $— | $— | $856855 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 59844339 | 23045906 | 3370849 | 33427584 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 1020704318 |  | 1019089475 | 1614843 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 4474527952 |  | 4459527407 | 15000545 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 15934973 |  | 15934973 |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | 1781477 |  | 1781477 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 284975788 |  | 284975788 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 1119320552 | 1119320552 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 62893909 |  | 62893909 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 2757258763 |  | 2757258763 |  |
| &nbsp;&nbsp;&nbsp;Loan Participations | 216783709 |  | 216783709 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 208976041 | 208976041 |  |  |
| Total Investments in Securities | $10223858676 | $1351342499 | $8821616350 | $50899827 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $304585 | $— | $304585 | $— |
| **Total Assets** | $**10224163261** | $**1351342499** | $**8821920935** | $**50899827** **<sup>(b)</sup>** |

---

<sup>(a)</sup> Includes a security categorized as Level 3 currently valued at zero as of March 31, 2026.

<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 March 31, 2026 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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **LIMITED TERM U.S.** | **LIMITED TERM U.S.** | **LIMITED TERM INCOME** | **LIMITED TERM INCOME** | | | | |
| **ULTRA SHORT INCOME FUND** | **ULTRA SHORT INCOME FUND** | **GOVERNMENT FUND** | **GOVERNMENT FUND** | **FUND** | **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 six months ended March 31, 2026 were as shown in the following table. Total management fees incurred by the Funds for the six months ended March 31, 2026 are set forth in the Statement of Operations.

---

| | |
|:---|:---|
| | **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 | 0.530 |

---

Semi-Annual Financial Statements \| 189

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 six months ended March 31, 2026, 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 six months ended March 31, 2026, 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 | $378 | $— |
| Limited Term U.S. Government Fund | 707 | 50 |
| Limited Term Income Fund | 4550 | 1920 |
| Strategic Income Fund | 11226 | 2353 |

---

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 six months ended March 31, 2026, 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 six months ended March 31, 2026 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, 2027 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 six months ended March 31, 2026 if, during the period, 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.

190 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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<sup>(a)</sup> | 0.60% | —% | —% | 0.35% | —% | —% | —% | —% |
| Limited Term U.S. Government Fund<sup>(b)</sup> | 0.92 | 1.17 | 1.32 | 0.67 | 1.17 | 0.92 | 0.67 |  |
| Limited Term Income Fund<sup>(c)</sup> |  | 0.99 | 1.14 | 0.49 | 0.99 | 0.74 | 0.49 | 0.42 |
| Core Plus Bond Fund<sup>(d)</sup> | 0.75 | 1.50 |  | 0.50 |  |  |  | 0.50 |
| Strategic Income Fund |  |  |  | 0.60 | 1.25 | 1.25 | 0.60 | 0.53 |

---

(a) Effective
February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class A, 0.60%; Class I, 0.35%. For the period from
October 1, 2025 through January 31, 2026, the expense ratio level maximum was: Class A, 0.50%; Class I, 0.30%.

(b) Effective
February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class A, 0.92%; Class C, 1.17%; Class C2, 1.32%;
Class R3, 1.17%; Class R4, 0.92%. For the period from October 1, 2025 through January 31, 2026, the expense ratio level maximum
was: Class A, 0.99%; Class C, 1.24%; Class C2, 1.24%; Class R3, 0.99%; Class R4, 0.99%.

(c) Effective
February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class C2, 1.14%; Class R4, 0.74%. For the period
from October 1, 2025 through January 31, 2026, the expense ratio level maximum was: Class C2, 1.24%; Class R4, 0.99%.

(d) Effective
February 1, 2026 through March 31, 2026, the expense ratio level maximum was: Class R6, 0.50%. For the period from October 1,
2025 through January 31, 2026, the expense ratio level maximum was: Class R6, 0.49%.

For the six months ended March 31, 2026, the Advisor contractually reimbursed certain class specific expenses and distribution fees and voluntarily waived certain expenses as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONTRACTUAL:** | **CLASS A** | **CLASS C** | **CLASS C2** | **CLASS I** | **CLASS R3** | **CLASS R4** | **CLASS R5** | **CLASS R6** | **TOTAL** |
| Ultra Short Income Fund | $68845 | $— | $— | $216623 | $— | $— | $— | $— | $285468 |
| Limited Term U.S. Government Fund | 12713 | 8674 | 2657 | 19989 | 10352 | 8879 | 8785 |  | 72049 |
| Limited Term Income Fund |  | 1998 | 6359 | 614288 | 25129 | 17257 | 61268 | 28096 | 754395 |
| Core Plus Bond Fund | 13706 | 7901 |  | 100707 |  |  |  | 7458 | 129772 |
| Strategic Income Fund | 24906 | 10399 |  | 5622992 | 8122 | 9870 | 170728 | 136882 | 5983899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VOLUNTARY:** | **CLASS A** | **CLASS C** | **CLASS I** | **CLASS R3** | **CLASS R4** | **CLASS R5** | **CLASS R6** | **TOTAL** |  |
| Core Plus Bond Fund | $464 | $722 | $82873 | $— | $— | $— | $193 | $84252 |  |
| Strategic Income Fund | 491 | 206 | 19451 | 3 | 3 | 376 | 412 | 20942 |  |

---

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 March 31, 2026, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
| | **PERCENTAGE OF**<br>**DIRECT INVESTMENTS** |
| Ultra Short Income Fund | 1.21% |
| Limited Term U.S. Government Fund | 4.57 |
| Limited Term Income Fund | 0.21 |
| Core Plus Bond Fund | 0.59 |
| Strategic Income Fund | 0.14 |

---

The Funds may purchase or sell portfolio securities from or to an affiliated fund provided that all such transactions will comply with Rule 17a-7 under the 1940 Act. For the six months ended March 31, 2026, the Funds had no such transactions with affiliated funds.

Semi-Annual Financial Statements \| 191

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**ULTRA SHORT INCOME FUND** |<br>**MARKET VALUE**<br>**9/30/25** |<br>**PURCHASES**<br>**AT COST** |<br>**SALES**<br>**PROCEEDS** | **REALIZED**<br>**GAIN**<br>**(LOSS)** | **CHANGE IN**<br>**UNREALIZED**<br>**APPR./(DEPR.)** |<br>**MARKET VALUE**<br>**3/31/26** |<br>**DIVIDEND**<br>**INCOME** |
| Thornburg Capital Mgmt. Fund | $16022573 | $138991488 | $(142710946) | $- | $- | $12303115 | $552760 |
| **LIMITED TERM INCOME FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $319557446 | $970027086 | $(1096451605) | $- | $- | $193132927 | $7509605 |
| **CORE PLUS BOND FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $4660895 | $19603120 | $(23181623) | $- | $- | $1082392 | $79609 |
| **STRATEGIC INCOME FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $475342650 | $1314046385 | $(1580412994) | $- | $- | $208976041 | $9726764 |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the six-month period ended March 31, 2026, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical 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 March 31, 2026, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**COST** |<br>**UNREALIZED**<br>**APPRECIATION** |<br>**UNREALIZED**<br>**DEPRECIATION** | **NET UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)** |
| Ultra Short Income Fund | $267922026 | $198467 | $(1067167) | $(868700) |
| Limited Term U.S. Government Fund | 82142362 | 319567 | (4242817) | (3923250) |
| Limited Term Income Fund | 6337772268 | 40841888 | (148173948) | (107332060) |
| Core Plus Bond Fund | 95817632 | 1124159 | (899443) | 224716 |
| Strategic Income Fund | 10266358295 | 151093170 | (193592789) | (42499619) |

---

At March 31, 2026, the Funds had cumulative tax basis capital losses from prior fiscal years as shown on the following table, which may be carried forward to offset future capital gains. To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations. Such capital loss carryforwards do not expire.

---

| | | |
|:---|:---|:---|
|  | **CUMULATIVE CAPITAL LOSSES** | **CUMULATIVE CAPITAL LOSSES** |
| | **SHORT-TERM** | **LONG-TERM** |
| 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 |

---

<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)

192 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

– Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction, when material to the Funds' financial statements.

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund's net assets was not significant and accordingly, a reconciliation of income taxes paid for the six months ended March 31, 2026 is not presented. Management expects the significance of the foreign withholding taxes paid in relation to net assets to change in future annual periods.

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

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

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At March 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**ULTRA SHORT INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 210482 | $2566829 | 998410 | $12194562 |
| Shares issued to shareholders in reinvestment of dividends | 49379 | 601889 | 132136 | 1613436 |
| Shares repurchased | (425916) | (5194891) | (2677645) | (32710947) |
| Net increase (decrease) | (166055) | $(2026173) | (1547099) | $(18902949) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 5998480 | $73072636 | 11966231 | $145931786 |
| Shares issued to shareholders in reinvestment of dividends | 381684 | 4647139 | 926459 | 11298981 |
| Shares repurchased | (6297858) | (76714293) | (10997847) | (134130696) |
| Net increase (decrease) | 82306 | $1005482 | 1894843 | $23100071 |
|  | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| **LIMITED TERM U.S. GOVERNMENT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 100936 | $1243264 | 195101 | $2335322 |
| Shares issued to shareholders in reinvestment of dividends | 29319 | 360899 | 74334 | 896125 |
| Shares repurchased | (208725) | (2568624) | (784848) | (9424673) |
| Net increase (decrease) | (78470) | $(964461) | (515413) | $(6193226) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 28242 | $349337 | 24514 | $294582 |
| Shares issued to shareholders in reinvestment of dividends | 1693 | 20946 | 4635 | 56175 |
| Shares repurchased | (22978) | (284461) | (91232) | (1108157) |
| Net increase (decrease) | 6957 | $85822 | (62083) | $(757400) |

---

Semi-Annual Financial Statements \| 193

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**LIMITED TERM U.S. GOVERNMENT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class C2 Shares** |  |  |  |  |
| Shares sold |  | $- |  | $- |
| Shares issued to shareholders in reinvestment of dividends | 269 | 3326 | 613 | 7445 |
| Net increase (decrease) | 269 | $3326 | 613 | $7445 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 194147 | $2388667 | 768555 | $9240182 |
| Shares issued to shareholders in reinvestment of dividends | 42056 | 517613 | 120280 | 1449043 |
| Shares repurchased | (1266062) | (15546059) | (4004142) | (48246441) |
| Net increase (decrease) | (1029859) | $(12639779) | (3115307) | $(37557216) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 12702 | $156509 | 35709 | $429480 |
| Shares issued to shareholders in reinvestment of dividends | 2296 | 28289 | 5620 | 67844 |
| Shares repurchased | (18227) | (224654) | (52462) | (631544) |
| Net increase (decrease) | (3229) | $(39856) | (11133) | $(134220) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 32438 | $398315 | 43978 | $530372 |
| Shares issued to shareholders in reinvestment of dividends | 1471 | 18106 | 3066 | 36968 |
| Shares repurchased | (1966) | (24165) | (24115) | (292759) |
| Net increase (decrease) | 31943 | $392256 | 22929 | $274581 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 3874 | $47694 | 60877 | $735876 |
| Shares issued to shareholders in reinvestment of dividends | 1484 | 18270 | 3533 | 42641 |
| Shares repurchased | (3611) | (44634) | (52796) | (637273) |
| Net increase (decrease) | 1747 | $21330 | 11614 | $141244 |
|  | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| **LIMITED TERM INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 2198598 | $29132006 | 5010006 | $65120561 |
| Shares issued to shareholders in reinvestment of dividends | 449463 | 5950315 | 1162390 | 15158391 |
| Shares repurchased | (4277283) | (56642472) | (10846657) | (141178075) |
| Net increase (decrease) | (1629222) | $(21560151) | (4674261) | $(60899123) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 143726 | $1900111 | 466506 | $6058991 |
| Shares issued to shareholders in reinvestment of dividends | 86874 | 1148313 | 230961 | 3006963 |
| Shares repurchased | (1141398) | (15100127) | (2494107) | (32380992) |
| Net increase (decrease) | (910798) | $(12051703) | (1796640) | $(23315038) |

---

194 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**LIMITED TERM INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class C2 Shares** | | | | |
| Shares sold | 227 | $3000 | 30042 | $392963 |
| Shares issued to shareholders in reinvestment of dividends | 4974 | 65746 | 12438 | 161984 |
| Shares repurchased | (36448) | (481695) | (86099) | (1122269) |
| Net increase (decrease) | (31247) | $(412949) | (43619) | $(567322) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 49448282 | $655471336 | 91357382 | $1188192503 |
| Shares issued to shareholders in reinvestment of dividends | 6704151 | 88782625 | 15331717 | 200009624 |
| Shares repurchased | (48003013) | (636114223) | (125142667) | (1628481552) |
| Net increase (decrease) | 8149420 | $108139738 | (18453568) | $(240279425) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 428539 | $5677842 | 1022759 | $13297711 |
| Shares issued to shareholders in reinvestment of dividends | 36403 | 482280 | 92035 | 1200975 |
| Shares repurchased | (507436) | (6719216) | (1527019) | (19862748) |
| Net increase (decrease) | (42494) | $(559094) | (412225) | $(5364062) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 49894 | $661621 | 225112 | $2926986 |
| Shares issued to shareholders in reinvestment of dividends | 1982 | 26224 | 5629 | 73383 |
| Shares repurchased | (336081) | (4451905) | (610939) | (7953883) |
| Net increase (decrease) | (284205) | $(3764060) | (380198) | $(4953514) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1311973 | $17389720 | 2125728 | $27617445 |
| Shares issued to shareholders in reinvestment of dividends | 65575 | 868161 | 190166 | 2478788 |
| Shares repurchased | (911877) | (12067820) | (4150551) | (54153355) |
| Net increase (decrease) | 465671 | $6190061 | (1834657) | $(24057122) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 5245728 | $69591131 | 5927691 | $77274273 |
| Shares issued to shareholders in reinvestment of dividends | 266299 | 3533001 | 524936 | 6861122 |
| Shares repurchased | (2413133) | (32005281) | (5724418) | (74652834) |
| Net increase (decrease) | 3098894 | $41118851 | 728209 | $9482561 |
|  | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
|  | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| **CORE PLUS BOND FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 37853 | $398184 | 25318 | $263372 |
| Shares issued to shareholders in reinvestment of dividends | 1301 | 13675 | 1437 | 14952 |
| Shares repurchased | (678) | (7123) | (10944) | (113861) |
| Net increase (decrease) | 38476 | $404736 | 15811 | $164463 |

---

Semi-Annual Financial Statements \| 195

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**CORE PLUS BOND FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class C Shares** | | | | |
| Shares sold | 2688 | $28402 | 19979 | $207777 |
| Shares issued to shareholders in reinvestment of dividends | 1746 | 18364 | 3601 | 37474 |
| Shares repurchased | (954) | (10031) | (3173) | (32839) |
| Net increase (decrease) | 3480 | $36735 | 20407 | $212412 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1189958 | $12545373 | 2195265 | $22823417 |
| Shares issued to shareholders in reinvestment of dividends | 255848 | 2691314 | 735477 | 7650303 |
| Shares repurchased | (6237525) | (66011347) | (4312485) | (44643402) |
| Net increase (decrease) | (4791719) | $(50774660) | (1381743) | $(14169682) |
| **Class R3 Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold |  | $- |  | $- |
| Shares issued to shareholders in reinvestment of dividends |  |  | 454 | 4714 |
| Shares repurchased |  |  | (10914) | (115397) |
| Net increase (decrease) |  | $- | (10460) | $(110683) |
| **Class R4 Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold |  | $- |  | $- |
| Shares issued to shareholders in reinvestment of dividends |  |  | 480 | 4984 |
| Shares repurchased |  |  | (10966) | (115945) |
| Net increase (decrease) |  | $- | (10486) | $(110961) |
| **Class R5 Shares<sup>\*</sup>** |  |  |  |  |
| Shares sold |  | $- |  | $- |
| Shares issued to shareholders in reinvestment of dividends |  |  | 506 | 5256 |
| Shares repurchased |  |  | (11018) | (116500) |
| Net increase (decrease) |  | $- | (10512) | $(111244) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 973 | $10250 |  | $- |
| Shares issued to shareholders in reinvestment of dividends | 582 | 6117 | 1672 | 17383 |
| Shares repurchased |  |  | (37415) | (394315) |
| Net increase (decrease) | 1555 | $16367 | (35743) | $(376932) |

---

<sup>\*</sup> Class no longer offered as of September 18, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**STRATEGIC INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 2825807 | $32840672 | 5835928 | $67022992 |
| Shares issued to shareholders in reinvestment of dividends | 436005 | 5066910 | 1044217 | 11992308 |
| Shares repurchased | (4420168) | (51388124) | (10653291) | (122068582) |
| Net increase (decrease) | (1158356) | $(13480542) | (3773146) | $(43053282) |

---

196 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**STRATEGIC INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class C Shares** | | | | |
| Shares sold | 653007 | $7576726 | 1607099 | $18393410 |
| Shares issued to shareholders in reinvestment of dividends | 158537 | 1839161 | 348168 | 3990617 |
| Shares repurchased | (1032210) | (11978715) | (1783399) | (20418268) |
| Net increase (decrease) | (220666) | $(2562828) | 171868 | $1965759 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 126123352 | $1462913621 | 280403543 | $3207277512 |
| Shares issued to shareholders in reinvestment of dividends | 18986472 | 220058870 | 38270356 | 438519960 |
| Shares repurchased | (137812138) | (1596566751) | (255139740) | (2914732489) |
| Net increase (decrease) | 7297686 | $86405740 | 63534159 | $731064983 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 6698 | $77722 | 19237 | $221230 |
| Shares issued to shareholders in reinvestment of dividends | 2302 | 26723 | 4541 | 52090 |
| Shares repurchased | (2909) | (33842) | (15143) | (173680) |
| Net increase (decrease) | 6091 | $70603 | 8635 | $99640 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 5699 | $66149 | 18544 | $212207 |
| Shares issued to shareholders in reinvestment of dividends | 2923 | 33914 | 7441 | 85333 |
| Shares repurchased | (36382) | (423182) | (67102) | (772076) |
| Net increase (decrease) | (27760) | $(323119) | (41117) | $(474536) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 8045741 | $93467506 | 5813026 | $67136774 |
| Shares issued to shareholders in reinvestment of dividends | 383700 | 4451126 | 415657 | 4764727 |
| Shares repurchased | (5651544) | (65591212) | (2065455) | (23576791) |
| Net increase (decrease) | 2777897 | $32327420 | 4163228 | $48324710 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 4642087 | $53926246 | 7635568 | $87710815 |
| Shares issued to shareholders in reinvestment of dividends | 352154 | 4095378 | 668005 | 7677850 |
| Shares repurchased | (3883382) | (45067916) | (7209560) | (82913305) |
| Net increase (decrease) | 1110859 | $12953708 | 1094013 | $12475360 |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2026, 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 | $111938312 | $52419779 |
| Limited Term U.S. Government Fund | 19189065 | 24499328 |
| Limited Term Income Fund | 1381826479 | 810714775 |
| Core Plus Bond Fund | 32057027 | 75479159 |
| Strategic Income Fund | 2475178373 | 1690824481 |

---

Semi-Annual Financial Statements \| 197

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

**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 six months ended March 31, 2026, the Funds' principal exposure to derivative financial instruments of the type addressed by ASC 815 was investment in foreign currency contracts.

During the six months ended March 31, 2026, 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.

The monthly average value of open forward currency contracts for the six months ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| | **CONTRACTS PURCHASED** | **CONTRACTS SOLD** |
| Core Plus Bond Fund | $— | $790897 |
| Strategic Income Fund | 7784586 | 138959383 |

---

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 March 31, 2026 is disclosed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>**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 | $4638 | $— | $4638 |
| Strategic Income Fund | Forward currency contracts | Foreign currency risk | SSB | 304585 |  | 304585 |

---

(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 March 31, 2026 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.

198 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 six months ended March 31, 2026 are disclosed in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**TYPE OF DERIVATIVE<sup>(a)</sup>** | <br>**PRINCIPAL RISK** | **NET REALIZED**<br>**GAIN (LOSS)** | **NET CHANGE IN UNREALIZED**<br>**APPRECIATION (DEPRECIATION)** |
| Core Plus Bond Fund | Forward currency contracts | Foreign currency risk | $13022 | $9211 |
| Strategic Income Fund | Forward currency contracts | Foreign currency risk | 3262369 | 28843 |

---

(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.

Semi-Annual Financial Statements \| 199

Financial Highlights

Ultra Short Income 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)** |
| <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;2026<sup>(c)</sup> | $12.20 | 0.25 | (0.04) | 0.21 | (0.24) |  |  | (0.24) | $12.17 |
| &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;2026<sup>(c)</sup> | $12.19 | 0.26 | (0.04) | 0.22 | (0.25) |  |  | (0.25) | $12.16 |
| &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.

(c) Unaudited six-month period ended March 31.

(d) Annualized.

+ Based on weighted average shares outstanding.

See notes to financial statements.

200 \| Semi-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;2026<sup>(c)</sup> | 4.15 <sup>(d)</sup> | 0.53 <sup>(d)</sup> | 0.98 <sup>(d)</sup> | 1.76 | 30.13 | $29060 |
| &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;2026<sup>(c)</sup> | 4.35 <sup>(d)</sup> | 0.32 <sup>(d)</sup> | 0.51 <sup>(d)</sup> | 1.84 | 30.13 | $237100 |
| &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 |

---

Semi-Annual Financial Statements \| 201

Financial Highlights

Limited Term U.S. Government 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)** |
| <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;2026<sup>(c)</sup> | $12.24 | 0.15 | 0.04 | 0.19 | (0.15) |  |  | (0.15) | $12.28 |
| &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;2026<sup>(c)</sup> | $12.31 | 0.13 | 0.04 | 0.17 | (0.13) |  |  | (0.13) | $12.35 |
| &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;2026<sup>(c)</sup> | $12.32 | 0.14 | 0.03 | 0.17 | (0.13) |  |  | (0.13) | $12.36 |
| &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>(g)</sup> | $13.46 | 0.04 | (0.25) | (0.21) | (0.11) |  |  | (0.11) | $13.14 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $12.24 | 0.17 | 0.03 | 0.20 | (0.16) |  |  | (0.16) | $12.28 |
| &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;2026<sup>(c)</sup> | $12.25 | 0.15 | 0.04 | 0.19 | (0.14) |  |  | (0.14) | $12.30 |
| &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;2026<sup>(c)</sup> | $12.23 | 0.15 | 0.05 | 0.20 | (0.15) |  |  | (0.15) | $12.28 |
| &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;2026<sup>(c)</sup> | $12.24 | 0.17 | 0.04 | 0.21 | (0.16) |  |  | (0.16) | $12.29 |
| &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) Unaudited six-month period ended March 31.

(d) Annualized.

(e) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is 8.81%.

(f) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is 0.46%.

(g) Effective date of this class of shares was October 1,
2020. + Based on weighted average shares outstanding.

See notes to financial statements.

202 \| Semi-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)** |
| **CLASS A SHARES** **<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.50 <sup>(d)</sup> | 0.97 <sup>(d)</sup> | 1.05 <sup>(d)</sup> | 1.52 | 23.31 | $31451 |
| &nbsp;&nbsp;&nbsp;2025 | 2.56 | 0.99 | 1.05 | 3.14 | 22.17 | $32299 |
| &nbsp;&nbsp;&nbsp;2024 | 2.48 | 0.99 | 1.00 | 9.03 | 32.26 | $38447 |
| &nbsp;&nbsp;&nbsp;2023 | 1.89 | 0.95 | 0.95 | 0.74 | 38.65 | $43326 |
| &nbsp;&nbsp;&nbsp;2022 | 1.01 | 0.92 | 0.92 | (9.51) | 28.92 | $57028 |
| &nbsp;&nbsp;&nbsp;2021 | 0.60 | 0.87 | 0.87 | (1.22) | 9.50 | $92786 |
| **CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.18 <sup>(d)</sup> | 1.22 <sup>(d)</sup> | 2.08 <sup>(d)</sup> | 1.38 | 23.31 | $2004 |
| &nbsp;&nbsp;&nbsp;2025 | 2.31 | 1.24 | 1.98 | 2.88 | 22.17 | $1912 |
| &nbsp;&nbsp;&nbsp;2024 | 2.22 | 1.24 | 1.84 | 8.82 | 32.26 | $2665 |
| &nbsp;&nbsp;&nbsp;2023 | 1.57 | 1.24 | 1.56 | 0.37 | 38.65 | $3311 |
| &nbsp;&nbsp;&nbsp;2022 | 0.68 | 1.24 | 1.39 | (9.74) | 28.92 | $5821 |
| &nbsp;&nbsp;&nbsp;2021 | 0.21 | 1.24 | 1.24 | (1.65) | 9.50 | $10084 |
| **CLASS C2 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.19 <sup>(d)</sup> | 1.27 <sup>(d)</sup> | 2.95 <sup>(d)</sup> | 1.38 | 23.31 | $318 |
| &nbsp;&nbsp;&nbsp;2025 | 2.32 | 1.24 | 3.52 | 2.88 | 22.17 | $314 |
| &nbsp;&nbsp;&nbsp;2024 | 2.23 | 1.24 | 3.49 | 8.90 <sup>(e)</sup> | 32.26 | $305 |
| &nbsp;&nbsp;&nbsp;2023 | 1.69 | 1.24 | 2.63 | 0.37 <sup>(f)</sup> | 38.65 | $576 |
| &nbsp;&nbsp;&nbsp;2022 | 0.62 | 1.24 | 2.28 | (9.81) | 28.92 | $230 |
| &nbsp;&nbsp;&nbsp;2021<sup>(g)</sup> | 0.28 | 1.24 | 3.37 | (1.58) | 9.50 | $680 |
| **CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.79 <sup>(d)</sup> | 0.67 <sup>(d)</sup> | 0.75 <sup>(d)</sup> | 1.66 | 23.31 | $43298 |
| &nbsp;&nbsp;&nbsp;2025 | 2.87 | 0.67 | 0.70 | 3.47 | 22.17 | $55754 |
| &nbsp;&nbsp;&nbsp;2024 | 2.82 | 0.65 | 0.65 | 9.49 | 32.26 | $93488 |
| &nbsp;&nbsp;&nbsp;2023 | 2.18 | 0.65 | 0.65 | 0.96 | 38.65 | $119323 |
| &nbsp;&nbsp;&nbsp;2022 | 1.31 | 0.62 | 0.62 | (9.24) | 28.92 | $155928 |
| &nbsp;&nbsp;&nbsp;2021 | 0.85 | 0.61 | 0.61 | (0.96) | 9.50 | $219833 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.41 <sup>(d)</sup> | 1.05 <sup>(d)</sup> | 1.89 <sup>(d)</sup> | 1.57 | 23.31 | $2422 |
| &nbsp;&nbsp;&nbsp;2025 | 2.56 | 0.99 | 1.93 | 3.14 | 22.17 | $2453 |
| &nbsp;&nbsp;&nbsp;2024 | 2.46 | 0.99 | 1.92 | 9.03 | 32.26 | $2579 |
| &nbsp;&nbsp;&nbsp;2023 | 1.86 | 0.99 | 1.75 | 0.70 | 38.65 | $2821 |
| &nbsp;&nbsp;&nbsp;2022 | 0.89 | 0.99 | 1.52 | (9.50) | 28.92 | $3471 |
| &nbsp;&nbsp;&nbsp;2021 | 0.46 | 0.99 | 1.31 | (1.41) | 9.50 | $7601 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.49 <sup>(d)</sup> | 0.96 <sup>(d)</sup> | 2.12 <sup>(d)</sup> | 1.60 | 23.31 | $1717 |
| &nbsp;&nbsp;&nbsp;2025 | 2.58 | 0.99 | 2.29 | 3.14 | 22.17 | $1320 |
| &nbsp;&nbsp;&nbsp;2024 | 2.48 | 0.99 | 2.65 | 9.04 | 32.26 | $1035 |
| &nbsp;&nbsp;&nbsp;2023 | 1.85 | 0.99 | 2.91 | 0.61 | 38.65 | $931 |
| &nbsp;&nbsp;&nbsp;2022 | 0.92 | 0.99 | 2.30 | (9.51) | 28.92 | $1146 |
| &nbsp;&nbsp;&nbsp;2021 | 0.47 | 0.99 | 1.63 | (1.34) | 9.50 | $2011 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.78 <sup>(d)</sup> | 0.67 <sup>(d)</sup> | 1.94 <sup>(d)</sup> | 1.75 | 23.31 | $1382 |
| &nbsp;&nbsp;&nbsp;2025 | 2.91 | 0.67 | 2.11 | 3.39 | 22.17 | $1356 |
| &nbsp;&nbsp;&nbsp;2024 | 2.79 | 0.67 | 2.24 | 9.47 | 32.26 | $1209 |
| &nbsp;&nbsp;&nbsp;2023 | 2.16 | 0.67 | 2.01 | 0.94 | 38.65 | $1461 |
| &nbsp;&nbsp;&nbsp;2022 | 1.30 | 0.67 | 1.64 | (9.27) | 28.92 | $1995 |
| &nbsp;&nbsp;&nbsp;2021 | 0.80 | 0.67 | 1.56 | (1.02) | 9.50 | $2198 |

---

Semi-Annual Financial Statements \| 203

Financial Highlights

Limited Term Income 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)** |
| <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;2026<sup>(c)</sup> | $13.21 | 0.24 | (0.06) | 0.18 | (0.22) |  |  | (0.22) | $13.17 |
| &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;2026<sup>(c)</sup> | $13.19 | 0.22 | (0.05) | 0.17 | (0.21) |  |  | (0.21) | $13.15 |
| &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;2026<sup>(c)</sup> | $13.19 | 0.21 | (0.05) | 0.16 | (0.20) |  |  | (0.20) | $13.15 |
| &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>(e)</sup> | $14.12 | 0.09 | (0.11) | (0.02) | (0.12) | (0.17) |  | (0.29) | $13.81 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.21 | 0.26 | (0.05) | 0.21 | (0.24) |  |  | (0.24) | $13.18 |
| &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;2026<sup>(c)</sup> | $13.22 | 0.23 | (0.06) | 0.17 | (0.21) |  |  | (0.21) | $13.18 |
| &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;2026<sup>(c)</sup> | $13.20 | 0.23 | (0.05) | 0.18 | (0.22) |  |  | (0.22) | $13.16 |
| &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;2026<sup>(c)</sup> | $13.21 | 0.26 | (0.06) | 0.20 | (0.24) |  |  | (0.24) | $13.17 |
| &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;2026<sup>(c)</sup> | $13.23 | 0.27 | (0.05) | 0.22 | (0.25) |  |  | (0.25) | $13.20 |
| &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) Unaudited six-month period ended March 31.

See notes to financial statements.

204 \| Semi-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)** |
| **CLASS A SHARES** **<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.65 <sup>(d)</sup> | 0.78 <sup>(d)</sup> | 0.78 <sup>(d)</sup> | 1.39 | 14.13 | $398487 |
| &nbsp;&nbsp;&nbsp;2025 | 3.81 | 0.77 | 0.77 | 4.44 | 32.96 | $421154 |
| &nbsp;&nbsp;&nbsp;2024 | 3.71 | 0.76 | 0.76 | 10.08 | 59.42 | $480422 |
| &nbsp;&nbsp;&nbsp;2023 | 2.90 | 0.78 | 0.78 | 3.06 | 37.65 | $533551 |
| &nbsp;&nbsp;&nbsp;2022 | 1.58 | 0.77 | 0.77 | (8.89) | 46.77 | $598675 |
| &nbsp;&nbsp;&nbsp;2021 | 1.17 | 0.77 | 0.77 | 0.33 | 33.37 | $818846 |
| **CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.40 <sup>(d)</sup> | 1.02 <sup>(d)</sup> | 1.02 <sup>(d)</sup> | 1.28 | 14.13 | $70853 |
| &nbsp;&nbsp;&nbsp;2025 | 3.56 | 1.01 | 1.01 | 4.19 | 32.96 | $83078 |
| &nbsp;&nbsp;&nbsp;2024 | 3.45 | 1.01 | 1.01 | 9.82 | 59.42 | $106222 |
| &nbsp;&nbsp;&nbsp;2023 | 2.64 | 1.01 | 1.01 | 2.83 | 37.65 | $140716 |
| &nbsp;&nbsp;&nbsp;2022 | 1.33 | 0.99 | 0.99 | (9.11) | 46.77 | $221057 |
| &nbsp;&nbsp;&nbsp;2021 | 0.94 | 0.99 | 0.99 | 0.11 | 33.37 | $360840 |
| **CLASS C2 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.22 <sup>(d)</sup> | 1.21 <sup>(d)</sup> | 1.50 <sup>(d)</sup> | 1.19 | 14.13 | $4187 |
| &nbsp;&nbsp;&nbsp;2025 | 3.34 | 1.24 | 1.49 | 3.96 | 32.96 | $4612 |
| &nbsp;&nbsp;&nbsp;2024 | 3.23 | 1.24 | 1.42 | 9.57 | 59.42 | $5160 |
| &nbsp;&nbsp;&nbsp;2023 | 2.43 | 1.24 | 1.44 | 2.59 | 37.65 | $6733 |
| &nbsp;&nbsp;&nbsp;2022 | 1.10 | 1.24 | 1.30 | (9.33) | 46.77 | $9615 |
| &nbsp;&nbsp;&nbsp;2021<sup>(e)</sup> | 0.65 | 1.24 | 1.32 | (0.17) | 33.37 | $12902 |
| **CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.94 <sup>(d)</sup> | 0.49 <sup>(d)</sup> | 0.51 <sup>(d)</sup> | 1.60 | 14.13 | $5421666 |
| &nbsp;&nbsp;&nbsp;2025 | 4.09 | 0.49 | 0.53 | 4.74 | 32.96 | $5328620 |
| &nbsp;&nbsp;&nbsp;2024 | 3.99 | 0.49 | 0.52 | 10.38 | 59.42 | $5543890 |
| &nbsp;&nbsp;&nbsp;2023 | 3.18 | 0.49 | 0.54 | 3.36 | 37.65 | $5769043 |
| &nbsp;&nbsp;&nbsp;2022 | 1.86 | 0.49 | 0.51 | (8.63)<sup>(f)</sup> | 46.77 | $6890513 |
| &nbsp;&nbsp;&nbsp;2021 | 1.44 | 0.49 | 0.50 | 0.53 <sup>(g)</sup> | 33.37 | $8840331 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.46 <sup>(d)</sup> | 0.99 <sup>(d)</sup> | 1.16 <sup>(d)</sup> | 1.30 | 14.13 | $29801 |
| &nbsp;&nbsp;&nbsp;2025 | 3.59 | 0.99 | 1.09 | 4.22 | 32.96 | $30452 |
| &nbsp;&nbsp;&nbsp;2024 | 3.48 | 0.99 | 1.08 | 9.83 | 59.42 | $35717 |
| &nbsp;&nbsp;&nbsp;2023 | 2.66 | 0.99 | 1.06 | 2.93 | 37.65 | $37395 |
| &nbsp;&nbsp;&nbsp;2022 | 1.39 | 0.99 | 1.04 | (9.16) | 46.77 | $49513 |
| &nbsp;&nbsp;&nbsp;2021 | 0.94 | 0.99 | 1.02 | 0.11 | 33.37 | $51825 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.50 <sup>(d)</sup> | 0.92 <sup>(d)</sup> | 1.29 <sup>(d)</sup> | 1.34 | 14.13 | $7590 |
| &nbsp;&nbsp;&nbsp;2025 | 3.58 | 0.99 | 1.11 | 4.14 | 32.96 | $11366 |
| &nbsp;&nbsp;&nbsp;2024 | 3.46 | 0.99 | 1.21 | 9.92 | 59.42 | $16303 |
| &nbsp;&nbsp;&nbsp;2023 | 2.71 | 0.99 | 1.15 | 2.84 | 37.65 | $18774 |
| &nbsp;&nbsp;&nbsp;2022 | 1.51 | 0.99 | 1.24 | (9.16) | 46.77 | $17988 |
| &nbsp;&nbsp;&nbsp;2021 | 0.94 | 0.99 | 1.19 | 0.11 | 33.37 | $10777 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.95 <sup>(d)</sup> | 0.49 <sup>(d)</sup> | 0.74 <sup>(d)</sup> | 1.51 | 14.13 | $52977 |
| &nbsp;&nbsp;&nbsp;2025 | 4.08 | 0.49 | 0.71 | 4.73 | 32.96 | $46970 |
| &nbsp;&nbsp;&nbsp;2024 | 3.98 | 0.49 | 0.66 | 10.38 | 59.42 | $70839 |
| &nbsp;&nbsp;&nbsp;2023 | 3.15 | 0.49 | 0.74 | 3.44 | 37.65 | $70594 |
| &nbsp;&nbsp;&nbsp;2022 | 1.88 | 0.49 | 0.71 | (8.71) | 46.77 | $111149 |
| &nbsp;&nbsp;&nbsp;2021 | 1.44 | 0.49 | 0.69 | 0.61 | 33.37 | $134974 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 4.02 <sup>(d)</sup> | 0.42 <sup>(d)</sup> | 0.45 <sup>(d)</sup> | 1.63 | 14.13 | $222533 |
| &nbsp;&nbsp;&nbsp;2025 | 4.17 | 0.42 | 0.47 | 4.73 | 32.96 | $182131 |
| &nbsp;&nbsp;&nbsp;2024 | 4.07 | 0.42 | 0.47 | 10.53 | 59.42 | $171607 |
| &nbsp;&nbsp;&nbsp;2023 | 3.25 | 0.42 | 0.46 | 3.43 | 37.65 | $157354 |
| &nbsp;&nbsp;&nbsp;2022 | 2.00 | 0.42 | 0.45 | (8.62) | 46.77 | $180359 |
| &nbsp;&nbsp;&nbsp;2021 | 1.51 | 0.42 | 0.43 | 0.68 | 33.37 | $127763 |

---

(d) Annualized.

(e) Effective date of this class of shares was October 1,
2020. (f) The total return based on the NAV which reflects the
adjustments in accordance with U.S. GAAP is (8.70)%.

(g) 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.

Semi-Annual Financial Statements \| 205

Financial Highlights

Core Plus Bond 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)** |
| <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;2026<sup>(c)</sup> | $10.53 | 0.24 | (0.16) | 0.08 | (0.22) |  |  | (0.22) | $10.39 |
| &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>(e)</sup> | $10.00 | 0.50 | 0.72 | 1.22 | (0.49) |  |  | (0.49) | $10.73 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $10.53 | 0.21 | (0.16) | 0.05 | (0.19) |  |  | (0.19) | $10.39 |
| &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>(e)</sup> | $10.00 | 0.44 | 0.72 | 1.16 | (0.42) |  |  | (0.42) | $10.74 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $10.53 | 0.26 | (0.15) | 0.11 | (0.25) |  |  | (0.25) | $10.39 |
| &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>(e)</sup> | $10.00 | 0.54 | 0.72 | 1.26 | (0.52) |  |  | (0.52) | $10.74 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $10.53 | 0.26 | (0.16) | 0.10 | (0.24) |  |  | (0.24) | $10.39 |
| &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>(e)</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) Unaudited six-month period ended March 31.

(d) Annualized.

(e) The Fund commenced operations on October 2, 2023.

(f) 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 \| Semi-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 PERIOD<br> (THOUSANDS)** |
| **CLASS A SHARES** **<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 4.66 <sup>(d)</sup> | 0.75 <sup>(d)</sup> | 5.05 <sup>(d)</sup> | 0.80 | 27.44 | $828 |
| &nbsp;&nbsp;&nbsp;2025 | 4.77 | 0.75 | 16.46 | 3.05 | 32.74 | $434 |
| &nbsp;&nbsp;&nbsp;2024<sup>(e)</sup> | 4.80 <sup>(d)</sup> | 0.75 <sup>(d)</sup> | 10.92 <sup>(d)</sup> | 12.50 | 73.32 | $272 |
| **CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.91 <sup>(d)</sup> | 1.50 <sup>(d)</sup> | 3.18 <sup>(d)</sup> | 0.44 | 27.44 | $1041 |
| &nbsp;&nbsp;&nbsp;2025 | 4.04 | 1.50 | 3.61 | 2.21 | 32.74 | $1018 |
| &nbsp;&nbsp;&nbsp;2024<sup>(e)</sup> | 4.21 <sup>(d)</sup> | 1.50 <sup>(d)</sup> | 3.45 <sup>(d)</sup> | 11.78 | 73.32 | $819 |
| **CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 4.87 <sup>(d)</sup> | 0.50 <sup>(d)</sup> | 0.81 <sup>(d)</sup> | 1.00 | 27.44 | $93934 |
| &nbsp;&nbsp;&nbsp;2025 | 5.04 | 0.50 | 0.84 | 3.35 <sup>(f)</sup> | 32.74 | $145665 |
| &nbsp;&nbsp;&nbsp;2024<sup>(e)</sup> | 5.23 <sup>(d)</sup> | 0.46 <sup>(d)</sup> | 1.11 <sup>(d)</sup> | 12.80 <sup>(f)</sup> | 73.32 | $163388 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 4.92 <sup>(d)</sup> | 0.49 <sup>(d)</sup> | 6.05 <sup>(d)</sup> | 0.91 | 27.44 | $282 |
| &nbsp;&nbsp;&nbsp;2025 | 5.02 | 0.49 | 5.37 | 3.32 | 32.74 | $270 |
| &nbsp;&nbsp;&nbsp;2024<sup>(e)</sup> | 5.26 <sup>(d)</sup> | 0.49 <sup>(d)</sup> | 2.23 <sup>(d)</sup> | 12.82 | 73.32 | $658 |

---

Semi-Annual Financial Statements \| 207

Financial Highlights

Strategic Income 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)** |
| <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;2026<sup>(d)</sup> | $11.63 | 0.26 | (0.14) | 0.12 | (0.26) |  |  | (0.26) | $11.49 |
| &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;2026<sup>(d)</sup> | $11.60 | 0.22 | (0.13) | 0.09 | (0.22) |  |  | (0.22) | $11.47 |
| &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;2026<sup>(d)</sup> | $11.60 | 0.29 | (0.15) | 0.14 | (0.28) |  |  | (0.28) | $11.46 |
| &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;2026<sup>(d)</sup> | $11.61 | 0.25 | (0.13) | 0.12 | (0.25) |  |  | (0.25) | $11.48 |
| &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;2026<sup>(d)</sup> | $11.61 | 0.25 | (0.14) | 0.11 | (0.25) |  |  | (0.25) | $11.47 |
| &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;2026<sup>(d)</sup> | $11.60 | 0.29 | (0.14) | 0.15 | (0.28) |  |  | (0.28) | $11.47 |
| &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;2026<sup>(d)</sup> | $11.63 | 0.29 | (0.13) | 0.16 | (0.29) |  |  | (0.29) | $11.50 |
| &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.

(d) Unaudited six-month period ended March 31.

See notes to financial statements.

208 \| Semi-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)** |
| **CLASS A SHARES** **<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 4.56 <sup>(e)</sup> | 0.99 <sup>(e)</sup> | 1.01 <sup>(e)</sup> | 1.04 | 17.38 | $233658 |
| &nbsp;&nbsp;&nbsp;2025 | 4.69 | 0.99 | 1.02 | 4.59 | 30.03 | $249871 |
| &nbsp;&nbsp;&nbsp;2024 | 4.61 | 0.97 | 1.00 | 10.81 | 60.47 | $294970 |
| &nbsp;&nbsp;&nbsp;2023 | 4.00 | 1.02 | 1.07 | 4.39 | 22.34 | $271826 |
| &nbsp;&nbsp;&nbsp;2022 | 3.03 | 0.99 | 1.06 | (8.37) | 27.19 | $321614 |
| &nbsp;&nbsp;&nbsp;2021 | 3.48 | 0.95 | 1.05 | 5.30 | 28.55 | $376252 |
| **CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 3.84 <sup>(e)</sup> | 1.70 <sup>(e)</sup> | 1.72 <sup>(e)</sup> | 0.77 | 17.38 | $98947 |
| &nbsp;&nbsp;&nbsp;2025 | 3.97 | 1.71 | 1.74 | 3.74 | 30.03 | $102672 |
| &nbsp;&nbsp;&nbsp;2024 | 3.86 | 1.72 | 1.75 | 10.02 | 60.47 | $101094 |
| &nbsp;&nbsp;&nbsp;2023 | 3.31 | 1.72 | 1.77 | 3.69 | 22.34 | $93062 |
| &nbsp;&nbsp;&nbsp;2022 | 2.29 | 1.72 | 1.79 | (9.08) | 27.19 | $80326 |
| &nbsp;&nbsp;&nbsp;2021 | 2.71 | 1.73 | 1.83 | 4.49 | 28.55 | $100385 |
| **CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 4.95 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 0.72 <sup>(e)</sup> | 1.23 | 17.38 | $9453360 |
| &nbsp;&nbsp;&nbsp;2025 | 5.08 | 0.60 | 0.73 | 4.89 | 30.03 | $9479521 |
| &nbsp;&nbsp;&nbsp;2024 | 4.99 | 0.60 | 0.74 | 11.24 | 60.47 | $8778651 |
| &nbsp;&nbsp;&nbsp;2023 | 4.44 | 0.60 | 0.77 | 4.90 | 22.34 | $6427625 |
| &nbsp;&nbsp;&nbsp;2022 | 3.45 | 0.60 | 0.77 | (8.07) | 27.19 | $4180742 |
| &nbsp;&nbsp;&nbsp;2021 | 3.81 | 0.60 | 0.81 | 5.74 | 28.55 | $3255002 |
| **CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 4.30 <sup>(e)</sup> | 1.25 <sup>(e)</sup> | 2.54 <sup>(e)</sup> | 0.99 | 17.38 | $1281 |
| &nbsp;&nbsp;&nbsp;2025 | 4.43 | 1.25 | 2.88 | 4.21 | 30.03 | $1225 |
| &nbsp;&nbsp;&nbsp;2024 | 4.36 | 1.25 | 3.37 | 10.52 | 60.47 | $1130 |
| &nbsp;&nbsp;&nbsp;2023 | 3.78 | 1.25 | 4.49 | 4.15 | 22.34 | $670 |
| &nbsp;&nbsp;&nbsp;2022 | 2.77 | 1.25 | 3.96 | (8.64) | 27.19 | $641 |
| &nbsp;&nbsp;&nbsp;2021 | 3.20 | 1.25 | 3.16 | 5.06 | 28.55 | $837 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 4.30 <sup>(e)</sup> | 1.25 <sup>(e)</sup> | 2.40 <sup>(e)</sup> | 0.91 | 17.38 | $1601 |
| &nbsp;&nbsp;&nbsp;2025 | 4.42 | 1.25 | 2.29 | 4.21 | 30.03 | $1942 |
| &nbsp;&nbsp;&nbsp;2024 | 4.35 | 1.25 | 2.07 | 10.52 | 60.47 | $2430 |
| &nbsp;&nbsp;&nbsp;2023 | 3.81 | 1.25 | 2.10 | 4.24 | 22.34 | $2806 |
| &nbsp;&nbsp;&nbsp;2022 | 2.76 | 1.25 | 2.44 | (8.65) | 27.19 | $2044 |
| &nbsp;&nbsp;&nbsp;2021 | 3.21 | 1.25 | 2.28 | 4.98 | 28.55 | $2139 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 4.93 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 0.78 <sup>(e)</sup> | 1.32 | 17.38 | $170140 |
| &nbsp;&nbsp;&nbsp;2025 | 5.09 | 0.60 | 0.85 | 4.89 | 30.03 | $139890 |
| &nbsp;&nbsp;&nbsp;2024 | 4.98 | 0.60 | 0.87 | 11.24 | 60.47 | $91965 |
| &nbsp;&nbsp;&nbsp;2023 | 4.46 | 0.60 | 0.88 | 4.90 | 22.34 | $62908 |
| &nbsp;&nbsp;&nbsp;2022 | 3.38 | 0.60 | 0.96 | (8.14) | 27.19 | $40507 |
| &nbsp;&nbsp;&nbsp;2021 | 3.84 | 0.60 | 0.92 | 5.74 | 28.55 | $64449 |
| **CLASS R6 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(d)</sup> | 5.03 <sup>(e)</sup> | 0.53 <sup>(e)</sup> | 0.67 <sup>(e)</sup> | 1.36 | 17.38 | $206449 |
| &nbsp;&nbsp;&nbsp;2025 | 5.15 | 0.53 | 0.68 | 4.97 | 30.03 | $195934 |
| &nbsp;&nbsp;&nbsp;2024 | 5.08 | 0.53 | 0.69 | 11.30 | 60.47 | $183956 |
| &nbsp;&nbsp;&nbsp;2023 | 4.52 | 0.53 | 0.70 | 4.97 | 22.34 | $138108 |
| &nbsp;&nbsp;&nbsp;2022 | 3.53 | 0.53 | 0.72 | (8.05) | 27.19 | $109349 |
| &nbsp;&nbsp;&nbsp;2021 | 3.89 | 0.53 | 0.75 | 5.81 | 28.55 | $77415 |

---

(e) Annualized.

+ Based on weighted average shares outstanding.

Semi-Annual Financial Statements \| 209

Schedule of Investments

Thornburg Short Duration Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 94.7%** |  |  |
|  | **ALABAMA — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Canadian Imperial Bank), Series B, 5.00% due 12/1/2031 | $515000 | $545027 |
| <sup>a</sup> | &nbsp;&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) | 250000 | 265691 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Mobile Alabama (Alabama Power Co.) IDB, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.375% due 6/1/2034 (put 6/26/2029) | 1000000 | 1009006 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 1115000 | 1117530 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/2029) | 240000 | 255940 |
|  | **ARIZONA — 2.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arizona (Gunsmoke Ranch Apartments LP) IDA, 5.00% due 3/1/2058 (put 11/1/2026) | 1500000 | 1514508 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arizona HFA, Series B, 2.67% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 810000 | 806438 |
|  | **CALIFORNIA — 9.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 | 365000 | 373112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: American General Life) (Green Bond), Series C, 5.00% due 4/1/2031 | 1750000 | 1856671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00% due 5/1/2053 (put 8/1/2028) | 1000000 | 1009989 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 7/1/2053 (put 8/1/2029) | 1000000 | 1046422 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 3.45% due 12/1/2044 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/2026) | 1000000 | 1000505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2030 | 2000000 | 2146464 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tulare Public Financing Authority (BAM), 5.00% due 4/1/2027 - 4/1/2028 | 1055000 | 1056499 |
|  | **COLORADO — 1.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | 1000000 | 1001133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority, 5.00% due 12/1/2030 | 350000 | 354071 |
|  | **FLORIDA — 5.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | 275000 | 278839 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Tampa (State of Florida Cigarette Tax Revenue), Series A, 5.00% due 9/1/2026 | 300000 | 303045 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series B-2, 4.50% due 1/1/2030 | 575000 | 574496 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (GNMA), Series B, 3.35% due 10/1/2027 (put 10/1/2026) | 1000000 | 1002462 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Southward Village Phase 2 LP), Series T, 3.20% due 12/1/2044 (put 12/1/2028) | 1000000 | 1005991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, Series B-2, 4.375% due 11/15/2029 | 1000000 | 1002221 |
| <sup>a</sup> | &nbsp;&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 | 1000345 |
|  | **GEORGIA — 7.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 1300000 | 1321572 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Burke County (Georgia Power Co.), Series 4, 3.80% due 10/1/2032 (put 5/21/2026) | 1000000 | 1000819 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Burke County (Oglethorpe Power Corp.), Series A, 3.60% due 1/1/2040 (put 2/1/2030) | 620000 | 628183 |
|  | &nbsp;&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 | 835051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2030 | 810000 | 859549 |
| <sup>a</sup> | &nbsp;&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 | 1571793 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2026 | 495000 | 500159 |
|  | **ILLINOIS — 7.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, Series E, 5.00% due 1/1/2027 | 1380000 | 1396910 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago (New City Redevelopment LP), 3.50% due 8/1/2027 (put 8/1/2026) | 1270000 | 1270132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago (Water System), 5.00% due 11/1/2027 | 560000 | 567119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue, 5.00% due 11/1/2029 | 385000 | 389735 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Greene Jersey & Macoupin Counties Community Unit School District No. 9 Southwest (BAM) GO, 5.00% due 12/1/2029 | 350000 | 372364 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), Series C, 5.00% due 2/15/2029 | 275000 | 279920 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Knox Warren Etc Counties Community College District No. 518 Carl Sandburg GO, 3.375% due 12/1/2035 | 1000000 | 1000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2028 | 440000 | 453185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois GO, Series B, 5.00% due 3/1/2027 - 9/1/2027 | 1495000 | 1527795 |
|  | **INDIANA — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Rockport (Indiana Michigan Power Co.), Series A, 3.70% due 6/1/2047 (put 6/1/2029) | 1200000 | 1221793 |
|  | **IOWA — 3.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 3000000 | 3017064 |
|  | **KENTUCKY — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 1000000 | 999083 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series A, 5.25% due 6/1/2055 (put 12/1/2029) | 2300000 | 2420826 |
|  | **LOUISIANA — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Offshore Terminal Authority (Loop LLC), Series A, 4.20% due 9/1/2033 (put 9/1/2028) | 1000000 | 997382 |

---

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

**Schedule of Investments, Continued**

Thornburg Short Duration Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **MICHIGAN — 0.6%** | | |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kalamazoo Economic Development Corp., Series B-2, 4.25% due 8/15/2031 | $500000 | $497741 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | 110000 | 109677 |
|  | **MONTANA — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1000000 | 1015119 |
|  | **NEBRASKA — 3.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 1000000 | 1054594 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Royal Bank of Canada), Series A-1, 5.00% due 8/1/2055 (put 8/1/2031) | 1180000 | 1246578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 500000 | 502964 |
|  | **NEVADA — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reno-Tahoe Airport Authority AMT, Series A, 5.00% due 7/1/2029 | 500000 | 524499 |
|  | **NEW MEXICO — 1.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series B, 3.875% due 6/1/2040 (put 6/1/2029) | 1000000 | 1018806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030 | 525000 | 554549 |
|  | **NEW YORK — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (RiverSpring Health Senior Living, Inc. Obligated Group), 5.00% due 12/15/2031 | 500000 | 489159 |
| <sup>a</sup> | &nbsp;&nbsp;&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 | 1100021 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bond), Series A-2, 3.25% due 11/1/2065 (put 2/1/2030) | 1200000 | 1200207 |
| <sup>a</sup> | &nbsp;&nbsp;&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) | 1000000 | 1000136 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B-2, 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/2050 | 500000 | 500711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/2027 | 270000 | 273444 |
|  | **NORTH CAROLINA — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Maryfield, Inc. Obligated Group), 5.00% due 10/1/2031 | 500000 | 533495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024B-1, 4.25% due 10/1/2028 | 150000 | 150052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024B-2, 3.75% due 10/1/2028 | 50000 | 49726 |
|  | **OHIO — 1.9%** |  |  |
|  | &nbsp;&nbsp;&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 | 533986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Northeast Ohio Medical University (BAM), 5.00% due 12/1/2029 | 260000 | 279649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (American Electric Power Co., Inc.) AMT, Series A, 3.75% due 1/1/2029 | 1000000 | 1007520 |
|  | **OKLAHOMA — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 | 1000000 | 1008294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 | 500000 | 521633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2027 | 475000 | 484096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Oklahoma County Finance Authority (Oklahoma County ISD No. 41 Western Heights), 5.00% due 9/1/2030 | 1000000 | 1038480 |
|  | **PENNSYLVANIA — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chester County Health & Education Facilities Authority (Tel Hai Retirement Community Obligated Group), 5.00% due 6/1/2027 | 465000 | 472429 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 1245000 | 1269371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2026 | 485000 | 485442 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA AMT, 4.25% due 7/1/2041 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/2027) | 1000000 | 1007844 |
| a | &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 3.875% due 8/1/2037 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/3/2026) | 1500000 | 1501032 |
|  | **TENNESSEE — 5.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Artist Lofts LP), 3.20% due 12/1/2059 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/2029) | 1500000 | 1501512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare) (AG), Series A, 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/2030 | 1000000 | 1078225 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tennergy Corp. (Guaranty: Royal Bank of Canada), Series A, 5.00% due 10/1/2054 (put 12/1/2029) | 2040000 | 2147965 |
|  | **TEXAS — 14.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central Texas Turnpike System, Series B, 5.00% due 8/15/2042 (put 8/15/2030) | 105000 | 112811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2031 | 1000000 | 1084445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Georgetown Utility System Revenue (BAM), 5.00% due 8/15/2026 | 400000 | 403304 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fort Bend (PSF-GTD) ISD GO, Series B, 3.80% due 8/1/2055 (put 8/1/2028) | 750000 | 765592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.), 5.00% due 11/15/2029 | 325000 | 336020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2027 | 2000000 | 2046452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hays Consolidated (PSF-GTD) ISD GO, 5.00% due 8/15/2027 (pre-refunded 8/15/2026) | 385000 | 388561 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | 1000000 | 1008604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Main Street Market Square Redevelopment Authority (Houston Reinvestment Zone No. 3) (BAM), 5.00% due 9/1/2030 | 1000000 | 1001631 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;North East (PSF-GTD) ISD GO, 3.75% due 8/1/2049 (put 8/1/2027) | 960000 | 972066 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Northside (PSF-GTD) ISD GO, Series B, 3.45% due 8/1/2054 (put 8/1/2027) | 990000 | 991375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2026 - 12/15/2029 | 1625000 | 1686115 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Texas State Affordable Housing Corp. (AHFC-FC Norman Housing LP), 3.625% due 1/1/2045 (put 1/1/2027) | 1000000 | 1002359 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Travis County Housing Finance Corp. (Austin Gateway Apartments LP), 4.125% due 6/1/2045 (put 6/1/2027) | 2120000 | 2121391 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 211

**Schedule of Investments, Continued**

Thornburg Short Duration Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | **VIRGINIA — 2.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | $1625000 | $1643691 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2027 | 400000 | 406559 |
|  | **WASHINGTON — 1.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | 1000000 | 1003556 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series B-1, 4.50% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/2031 | 500000 | 500706 |
|  | **WEST VIRGINIA — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;West Virginia (Appalachian Power Co.) EDA AMT, Series A, 3.30% due 1/1/2041 (put 9/1/2028) | 600000 | 597103 |
|  | **WISCONSIN — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Peshtigo School District, 4.75% due 3/1/2027 | 350000 | 350540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 | 350000 | 358227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2026 | 300000 | 300594 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP), Series F, 5.00% due 12/1/2027 (put 12/1/2026) | 350000 | 354358 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Housing Revenue (HUD), Series E, 3.875% due 11/1/2054 (put 5/1/2027) | 415000 | 415159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 94.7% (Cost $88,655,007) |  | 89167014 |
|  | **SHORT-TERM MUNICIPAL BONDS — 2.7%** |  |  |
|  | **MISSISSIPPI — 1.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. (Chevron USA, Inc.; Guaranty: Chevron Corp.), Series G, 2.80% due 11/1/2035 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/2026) | 1000000 | 1000000 |
|  | **NEW YORK — 1.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (LOC Barclays Bank plc), Series E-1, 2.85% due 11/15/2050 (put 4/1/2026) | 1580000 | 1580000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM MUNICIPAL BONDS — 2.7% (Cost $2,580,000) |  | 2580000 |
|  | TOTAL INVESTMENTS — 97.4% (Cost $91,235,007) |  | $91747014 |
|  | OTHER ASSETS LESS LIABILITIES — 2.6% |  | 2443831 |
|  | NET ASSETS — 100.0% |  | $94190845 |

---

**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 March 31, 2026. |

---

---

| | |
|:---|:---|
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $1,851,782, representing 1.97% of the Fund's net assets. |

---

---

| | | | |
|:---|:---|:---|:---|
| **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. | IDA | Industrial Development Authority/Agency |
| EDA | Economic Development Authority | IDB | Industrial Development Board |
| EDFA | Economic Development Financing Authority | ISD | Independent School District |
| ETM | Escrowed to Maturity | LOC | Letter of Credit |
| FHA | Insured by Federal Housing Administration | MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal |
| GNMA | Collateralized by Government National Mortgage Association |  | Swap Index |
| GO | General Obligation | PSF-GTD | Guaranteed by Permanent School Fund |
| HFA | Health Facilities Authority | SONYMA | State of New York Mortgage Agency |

---

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

Schedule of Investments

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 95.1%** |  |  |
|  | **ALABAMA — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alabama State University (AG), 5.00% due 9/1/2035 | $600000 | $662837 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Canadian Imperial Bank), Series E, 5.00% due 5/1/2053 (put 6/1/2028) | 1750000 | 1793509 |
| <sup>a</sup> | &nbsp;&nbsp;&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 | 5073603 |
| <sup>a</sup> | &nbsp;&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) | 13240000 | 13838580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Pacific Life Insurance Co.), Series F, 5.00% due 12/1/2035 | 3670000 | 3865578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2030 | 1750000 | 1862679 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2053 (put 12/1/2030) | 4000000 | 4251056 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series D1, 4.00% due 7/1/2052 (put 6/1/2027) | 12000000 | 12056040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: The PNC Financial Services Group, Inc.), Series A, 5.00% due 12/1/2034 | 10000000 | 10433720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Gadsden (BAM) GO, Series A, 5.00% due 10/1/2035 | 275000 | 312462 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Mobile Alabama (Alabama Power Co.) IDB, Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 2000000 | 2004538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Jefferson, 5.00% due 9/15/2032 - 9/15/2035 | 7375000 | 7505202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 11/1/2035 | 5000000 | 5205020 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B-1, 5.75% due 4/1/2054 (put 11/1/2031) | 7310000 | 7931591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.25% due 10/1/2034 | 260000 | 279317 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jacksonville Public Educational Building Authority (Jacksonville State University) (BAM), Series A, 5.00% due 8/1/2033 - |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/2035 | 3150000 | 3527048 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Goldman Sachs Group, Inc.), Series B-1, 5.00% due 5/1/2053 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/2028) | 5000000 | 5152740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 3500000 | 3732460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.00% due 11/1/2035 | 2000000 | 2088008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;UAB Medicine Finance Authority (UAB Medicine Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 9/1/2035 | 1000000 | 1049725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B2, 5.00% due 9/1/2030 | 560000 | 570315 |
|  | **ARIZONA — 2.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arizona (Ironwood Ranch Apartments LP) IDA, 5.00% due 2/1/2058 (put 9/1/2026) | 3200000 | 3228547 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arizona (TWG Glendale LP) IDA, 5.00% due 3/1/2045 (put 9/1/2026) | 1215000 | 1217143 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arizona HFA, Series B, 2.67% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 3235000 | 3220773 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA, 3.80% due 12/1/2035 (put 6/15/2028) | 7500000 | 7568670 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.00% due 6/1/2049 (put 6/1/2029) | 4880000 | 4943137 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Pima (TMC HealthCare Obligated Group) IDA, Series A, 4.00% due 4/1/2035 | 485000 | 478167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Maricopa County (Banner Health Obligated Group) IDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 1/1/2034 - 1/1/2036 | 3825000 | 3824543 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2031 - 1/1/2035 | 3190000 | 3228696 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | 12960000 | 13916396 |
|  | **ARKANSAS — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fayetteville Public Facilities Board (Butterfield Trail Village, Inc.), 5.00% due 12/1/2036 | 500000 | 536406 |
|  | **CALIFORNIA — 5.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 2.83% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 4000000 | 3966016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2028 - 6/1/2030 | 2950000 | 3138788 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California (Providence St. Joseph Health Obligated Group) HFFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/1/2034 | 1575000 | 1579599 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2039 (put 10/1/2027) | 1000000 | 1023356 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25% due 10/1/2050 (put 10/1/2035) | 2170000 | 2446512 |
| <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 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/2031) | 16955000 | 17887186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 4/1/2056 (put 2/1/2036) | 2000000 | 2115310 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 13175000 | 13104250 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 8285000 | 8706251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Alexander Napa LP) (FNMA), Series A, 3.60% due 11/1/2034 | 2000000 | 1974406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM), 5.00% due 5/15/2028 | 2905000 | 3023109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Republic Services, Inc.) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.80% due 3/1/2056 (put 6/15/2026) | 2250000 | 2234810 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.25% due 7/1/2051 (put 7/15/2026) | 1750000 | 1755766 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, |  |  |

---

See notes to financial statements. Semi-Annual Financial Statements \| 213

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 10/1/2041 (put 10/2/2028) | $1000000 | $1000022 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2044 (put 12/1/2026) | 2000000 | 2001010 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.85% due 11/1/2041 (put 6/1/2026) | 1000000 | 1000286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (CHF-Irvine LLC), Series A, 5.00% due 5/15/2027 | 500000 | 510481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2034 - 5/15/2035 | 6000000 | 6737019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2035 | 2850000 | 3039908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2034 | 1225000 | 1255239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/15/2035 | 2000000 | 2077198 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (2111 Firestone LP) (HUD), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | 2450000 | 2452453 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series B, 5.00% due 7/1/2033 | 1050000 | 1063928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) (AG) USD GO, Series A, 4.00% due 8/1/2035 | 1500000 | 1506861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Riverside County Public Financing Authority (Redevelopment Project Area No. 1) (AG), Series A, 5.00% due 10/1/2033 - |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/2034 | 1600000 | 1843786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority AMT, Series B, 5.00% due 7/1/2028 | 1000000 | 1029015 |
|  | &nbsp;&nbsp;&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 | 11951375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Santa Clara County Financing Authority, Series Q, 4.00% due 5/15/2032 | 1000000 | 1001330 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2027 | 350000 | 362343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of California GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2033 - 9/1/2034 | 3500000 | 3508853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2035 - 11/1/2035 | 4000000 | 4070512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tustin (Community Facilities) (BAM) USD, Series A, 5.00% due 9/1/2033 | 1500000 | 1502949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series AV, 5.00% due 5/15/2035 | 1000000 | 1021321 |
|  | **COLORADO — 2.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | 3500000 | 3503965 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Boulder Valley School District No. Re-2 Boulder (State Aid Withholding) GO, Series A, 5.00% due 12/1/2035 | 1500000 | 1529064 |
|  | &nbsp;&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;4.00% due 12/1/2033 | 3500000 | 3492517 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2034 - 12/1/2035 | 3285000 | 3376004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Colorado (AdventHealth Obligated Group) HFA, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2059 (put 11/15/2031) | 2750000 | 2979922 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 11/15/2057 (put 11/15/2033) | 3260000 | 3623686 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2049 (put 11/19/2026) | 7000000 | 7095991 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2029 - 11/1/2032 | 4550000 | 4883452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2034 - 9/1/2035 | 5550000 | 6115035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2031 | 850000 | 891364 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 8/1/2049 (put 8/1/2026) | 5475000 | 5482194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Colorado (Frasier Meadows Manor, Inc. Obligated Group) HFA, Series A, 5.00% due 5/15/2035 - 5/15/2036 | 1275000 | 1342448 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Colorado (Intermountain Healthcare Obligated Group) HFA, Series B, 5.00% due 5/15/2062 (put 8/17/2026) | 1590000 | 1600704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1000000 | 1012828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 1/15/2030 - 7/15/2032 | 2690000 | 2858383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, Series A-1, 5.00% due 12/1/2033 - 12/1/2035 | 10505000 | 11473826 |
|  | **CONNECTICUT — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of New Haven (AG) GO, Series B, 5.00% due 2/1/2028 - 2/1/2030 | 1470000 | 1557288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of New Haven (BAM) GO, 5.00% due 8/1/2032 - 8/1/2033 | 1100000 | 1217988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D2, 3.85% due 11/15/2064 (put 5/15/2027) | 7655000 | 7661262 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-1, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 5/15/2034 | 2460000 | 2519205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% due 5/15/2035 | 2710000 | 2771354 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Canaan Housing Authority (HANC Lakeview LLC) (FNMA), Series A, 4.00% due 12/1/2034 | 5508000 | 5576856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 8615000 | 8641138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2029 | 1100000 | 1128801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2027 | 4860000 | 5006077 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.00% due 8/15/2029 | 2325000 | 2335976 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes) (BAM), Series A, 5.00% due 9/1/2031 | 10600000 | 10697562 |
|  | **DELAWARE — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Delaware State (Beebe Medical Center, Inc.) HFA, 5.00% due 6/1/2031 - 6/1/2034 | 3400000 | 3503605 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Delaware State (NRG Energy, Inc.) EDA, Series B, 4.00% due 10/1/2040 (put 10/1/2035) | 4000000 | 3941552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Delaware State Housing Authority (FHLMC, FNMA, GNMA), |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2031 | $645000 | $660754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | 545000 | 564436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 7/1/2035 | 1030000 | 1056898 |
|  | **DISTRICT OF COLUMBIA — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (Barry Farm Building 1A LLC), 5.00% due 12/1/2028 (put 12/1/2027) | 3750000 | 3875115 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC), Series B, 5.00% due 3/1/2029 (put 2/1/2028) | 2000000 | 2068516 |
| <sup>a</sup> | &nbsp;&nbsp;&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 | 2002300 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (Wesley Hawaii LLC), 3.65% due 7/1/2028 (put 7/1/2027) | 3705000 | 3736100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2034 | 2000000 | 2032458 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2033 - 10/1/2035 | 5105000 | 5582796 |
|  | **FLORIDA — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Alachua County (Oak Hammock at the University of Florida Obligated Group) HFA, Series B-1, 4.00% due 10/1/2030 | 735000 | 735093 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Broward County School Board COP, Series A, 5.00% due 7/1/2030 | 2345000 | 2355925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority (Shands Teaching Hospital & Clinics Obligated Group) (AG), Series A, 5.00% due 12/1/2035 | 2000000 | 2257054 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series B-1, 4.625% due 1/1/2030 | 750000 | 750091 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Broward Airport System Revenue AMT, Series A, 5.00% due 10/1/2032 | 1500000 | 1582774 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Broward Port Facilities Revenue AMT, Series B, 5.00% due 9/1/2034 - 9/1/2035 | 2925000 | 3032095 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;County of Lee Airport Revenue AMT, Series A-2, 5.00% due 10/1/2056 (put 10/1/2031) | 250000 | 268457 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, Series A, 5.00% due 10/1/2034 - 10/1/2035 | 10195000 | 11183393 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade Transit System, 4.00% due 7/1/2035 | 2950000 | 2999324 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;County of Okeechobee (Waste Management, Inc.), Series A, 3.80% due 7/1/2039 (put 7/2/2029) | 4000000 | 3922680 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Duval County Public Schools (AG) COP, Series A, 5.00% due 7/1/2030 - 7/1/2033 | 3640000 | 3929249 |
|  | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;6/15/2027 | 555000 | 562479 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Waste Management, Inc.) AMT, Series A, 3.40% due 9/1/2050 (put 9/1/2028) | 1500000 | 1482849 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Hermosa NFTM 41 II Ltd.), Series L, 3.50% due 7/1/2058 (put 7/1/2027) | 1230000 | 1239745 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Richman Capri LIHTC LLC), Series A, 3.00% due 2/1/2044 (put 8/1/2029) | 1500000 | 1495349 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Southward Village Phase 2 LP), Series T, 3.20% due 12/1/2044 (put 12/1/2028) | 3000000 | 3017973 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Vineland Family Apartments Ltd.), Series E, 3.80% due 6/1/2042 (put 6/1/2027) | 5280000 | 5282693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority (United Airlines, Inc.) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 11/1/2035 | 1500000 | 1552485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 11/1/2036 | 1900000 | 1987388 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JEA Electric System Revenue, Series III B, 5.00% due 10/1/2031 | 2110000 | 2174433 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JEA Water & Sewer System Revenue, Series A, 4.00% due 10/1/2035 | 3655000 | 3688608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, Series B-2, 4.375% due 11/15/2029 | 1500000 | 1503332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County (Nicklaus Children's Hospital) HFA, 5.00% due 8/1/2035 | 1020000 | 1042599 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County (Waste Management, Inc.) IDA AMT, 3.45% due 11/1/2041 (put 11/2/2026) | 4000000 | 4000104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County Transit System, 4.00% due 7/1/2034 | 3425000 | 3430504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Orange County School Board COP, Series C, 5.00% due 8/1/2033 (pre-refunded 8/1/2026) | 2000000 | 2016400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2033 - 11/1/2036 | 4255000 | 4544973 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2028 - 11/1/2031 | 1415000 | 1492287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;School Board of Miami-Dade County COP, Series C, 5.00% due 2/1/2033 | 5220000 | 5228295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Southeast Overtown Park West Community Redevelopment Agency (AG), Series A, 5.00% due 3/1/2036 | 2300000 | 2539816 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | 400000 | 414433 |
|  | **GEORGIA — 9.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Atlanta Urban Residential Finance Authority (Trinity Flats Redevelopment LP) (FHA, GNMA), 3.20% due 2/1/2030 (put 2/1/2029) | 5625000 | 5639316 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 3060000 | 3110778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Atlanta (Airport Passenger Facility) (Green Bond) AMT, Series D, 4.00% due 7/1/2035 | 3500000 | 3512908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Atlanta (Airport Passenger Facility) AMT, Series D, 4.00% due 7/1/2036 | 6475000 | 6479345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Atlanta Department of Aviation (Green Bond) AMT, Series B-1, 5.00% due 7/1/2036 | 1000000 | 1093457 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Burke County (Georgia Power Co.), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1995, 2.20% due 10/1/2032 | 1225000 | 1085125 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4, 3.80% due 10/1/2032 (put 5/21/2026) | 2100000 | 2101720 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Burke County (Oglethorpe Power Corp.), Series A, 3.60% due 1/1/2040 (put 2/1/2030) | 2000000 | 2026398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Forsyth County School District GO, 5.00% due 2/1/2035 | 1000000 | 1033539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 9/1/2052 (put 12/1/2029) | 29500000 | 29711957 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2055 (put 12/1/2035) | 11500000 | 12051666 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 3160000 | 3188503 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 41030000 | 43312991 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 215

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2028 | $2350000 | $2437028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 12645000 | 12701333 |
|  | &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) | 26675000 | 27895781 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | 5000000 | 5299890 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 9/1/2053 (put 9/1/2030) | 1500000 | 1571793 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 25250000 | 26656652 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Savannah (International Paper Co.) EDA, Series A, 3.45% due 11/1/2033 (put 10/1/2031) | 830000 | 822308 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Georgia GO, Series A, 4.00% due 2/1/2033 | 500000 | 500865 |
|  | **HAWAII — 0.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City & County of Honolulu (Komohale Maunakea Venture LP) (HUD), 5.00% due 6/1/2027 (put 6/1/2026) | 1000000 | 1002713 |
|  | **IDAHO — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association (FHLMC, FNMA, GNMA), Series C, 4.45% due 1/1/2036 | 2155000 | 2218467 |
|  | **ILLINOIS — 8.5%** |  |  |
|  | &nbsp;&nbsp;&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 | 2640699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago Midway International Airport AMT, Series C, 5.00% due 1/1/2034 | 2500000 | 2703132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 | 2000000 | 2023252 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2036 | 4735000 | 5122934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 1/1/2027 | 1500000 | 1524396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Park District GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2033 | 935000 | 1038376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 1/1/2036 | 1000000 | 1008277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport Customer Facility Charge Revenue) (BAM), 5.00% due 1/1/2031 | 1000000 | 1084588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago (Wastewater Transmission System) (AG), Series B, 5.00% due 1/1/2034 | 1375000 | 1393308 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago (Water System), 5.00% due 11/1/2027 | 1250000 | 1265891 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago GO, Series B, 5.00% due 1/1/2035 | 2145000 | 2244944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue, Series B, 5.00% due 1/1/2033 | 2710000 | 2749360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2028 | 1250000 | 1264888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 11/1/2030 | 1495000 | 1511841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Joliet (Rock Run Crossing Project) (BAM) GO, 5.00% due 12/15/2032 | 1000000 | 1110645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Sterling (BAM) GO, 5.00% due 11/1/2035 - 11/1/2036 | 1090000 | 1198701 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois (FHLMC, FNMA, GNMA) HDA (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 4/1/2031 | 1700000 | 1809888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% due 10/1/2031 | 1700000 | 1817249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 4/1/2032 | 1980000 | 2124376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 10/1/2032 | 1650000 | 1775402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% due 4/1/2033 | 1000000 | 1074487 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Illinois (Waste Management, Inc.; Guaranty: Waste Management Holdings) DFA AMT, Series A, 3.45% due 11/1/2044 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/2/2026) | 2000000 | 2011402 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series 2020-REMK, 3.875% due 5/1/2040 (put 9/1/2028) | 2500000 | 2508772 |
|  | &nbsp;&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;5.00% due 2/15/2029 - 2/15/2033 | 1695000 | 1720018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2033 (pre-refunded 2/15/2027) | 205000 | 209600 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Carle Foundation Obligated Group), Series B, 5.00% due 8/15/2053 (put 8/15/2031) | 525000 | 558668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Moorings of Arlington Heights LLC Obligated Group), Series A, 5.00% due 11/1/2036 | 1460000 | 1537173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2032 | 800000 | 873238 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.00% due 11/1/2035 - 5/1/2037 | 3425000 | 3700390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700000 | 708851 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (University of Chicago Medical Center Obligated Group), Series A-3, 5.00% due 8/15/2064 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2035) | 500000 | 547764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2031 | 3000000 | 3004236 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 1/1/2031 - 1/1/2033 | 1950000 | 1953343 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 1/1/2029 | 1500000 | 1502681 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois State University (AG) COP, 5.00% due 4/1/2034 | 2050000 | 2303622 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Knox Warren Etc Counties Community College District No. 518 Carl Sandburg GO, 3.375% due 12/1/2035 | 1000000 | 1000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lawrence & Crawford Counties Community Unit School District No. 20 Lawrenceville (BAM) GO, 5.00% due 12/1/2035 - |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/2036 | 1600000 | 1739591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Madison-Macoupin Etc Counties Community College District No. 536 (AG) GO, Series A, 5.00% due 11/1/2032 | 1620000 | 1634672 |
|  | &nbsp;&nbsp;&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 | 756850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2027 - 12/15/2028 | 6000000 | 6181386 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago GO, Series B, 5.00% due 12/1/2031 | $775000 | $785792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Peoria Tazewell Etc Counties Community College District No. 514 GO, Series B, 6.25% due 12/1/2027 - 12/1/2028 | 5000000 | 5378054 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rock Island County School District No. 41 Milan (AG) GO, Series A, 5.00% due 1/1/2033 - 1/1/2034 | 555000 | 617255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2028 - 1/1/2036 | 6845000 | 7107392 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25% due 1/1/2035 | 3000000 | 3157323 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sangamon County School District No. 186 Springfield (AG) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/1/2035 | 2160000 | 2207179 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 2/1/2030 | 1570000 | 1681365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Southern Illinois University (BAM), Series A, 5.00% due 4/1/2028 - 4/1/2032 | 3575000 | 3859027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Southwestern Illinois Community College District No. 522 GO, Series D, 5.00% due 12/1/2035 | 1500000 | 1667328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2032 - 6/1/2033 | 3400000 | 3378292 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2034 | 1500000 | 1511920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2030 | 1050000 | 1115804 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/1/2031 - 3/1/2032 | 8170000 | 8857938 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2033 - 11/1/2034 | 5430000 | 5444191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/1/2029 - 12/1/2032 | 2500000 | 2695636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2027 - 11/1/2028 | 35470000 | 36541672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20000000 | 20652625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM), Series A, 5.00% due 6/15/2031 | 1200000 | 1252097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM, NPFG), Series 1, 6.00% due 6/15/2026 | 235000 | 236648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Yorkville-Bristol Sanitation District (BAM) (Green Bond) GO, 5.00% due 12/15/2033 - 12/15/2035 | 1110000 | 1214812 |
|  | **INDIANA — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Indianapolis Department of Public Utilities Gas Utility Revenue, Series A, 5.00% due 8/15/2027 | 6865000 | 7093749 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Rockport (Indiana Michigan Power Co.), Series A, 3.70% due 6/1/2047 (put 6/1/2029) | 1000000 | 1018161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Clark-Pleasant Community School Building Corp. (State Intercept), 5.00% due 7/15/2033 | 955000 | 1049922 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Department of Transportation), Series C, 5.00% due 6/1/2027 | 1120000 | 1138084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 10/1/2060 (put 7/1/2030) | 13395000 | 14403603 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-4, 5.00% due 10/1/2057 (put 10/1/2035) | 4000000 | 4429336 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 2.90% due 5/1/2028 (put 6/1/2026) | 4500000 | 4497655 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Westminster Village Greenwood, Inc. Obligated Group), Series C-1, 4.125% due 5/15/2032 | 3200000 | 3107046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon of Hancock County Multi-School Building Corp. (State Intercept), 5.00% due 1/15/2031 | 500000 | 545203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Noblesville Redevelopment Authority, 5.00% due 1/15/2028 | 300000 | 312699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;West Lafayette Redevelopment Authority (City of West Lafayette Redevelopment Commission), 5.00% due 2/1/2035 - 2/1/2036 | 4970000 | 5472416 |
|  | **IOWA — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Clinton Community School District/IA Infrastructure Sales Services & Use Tax (AG), 5.00% due 7/1/2032 - 7/1/2033 | 3050000 | 3374264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series A, 4.00% due 5/15/2029 | 1000000 | 994678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.00% due 12/1/2033 - 12/1/2035 | 1910000 | 2026066 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 19720000 | 19832167 |
|  | **KANSAS — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Burlington (Evergy Metro, Inc.), 4.30% due 3/1/2045 (put 6/1/2026) | 8015000 | 8019745 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kansas (Terrace Pointe LP) DFA, Series K-2, 5.00% due 9/1/2028 (put 9/1/2027) | 1000000 | 1029152 |
|  | **KENTUCKY — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 5000000 | 4995415 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | 2350000 | 2393426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: BP plc), Series C, 5.00% due 5/1/2036 | 1000000 | 1051904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
|  | &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) | 18690000 | 18873031 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | 9000000 | 9588195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2027 - 10/1/2033 | 7220000 | 7278907 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 10/1/2047 (put 10/1/2026) | 8500000 | 8585756 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 10/1/2047 (put 10/1/2029) | 6575000 | 6997365 |
|  | **LOUISIANA — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Shreveport (AG) GO, Series A, 5.00% due 3/1/2031 - 3/1/2032 | 2000000 | 2167410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Shreveport (Water & Sewer System) (BAM), Series C, 5.00% due 12/1/2029 | 1500000 | 1563344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lake Charles Harbor & Terminal District AMT, Series B, 5.00% due 1/1/2032 - 1/1/2035 | 2270000 | 2492866 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Housing Corp. (NSAEB 603 LLC) (FHA), 3.15% due 4/1/2030 (put 4/1/2029) | 1900000 | 1892427 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 217

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Offshore Terminal Authority (Loop LLC), Series A, 4.20% due 9/1/2033 (put 9/1/2028) | $2000000 | $1994764 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 5.00% due 6/15/2035 | 3620000 | 3727854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2031 | 875000 | 937192 |
|  | **MAINE — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Maine Governmental Facilities Authority (State of Maine), Series A, 5.00% due 10/1/2035 | 500000 | 570210 |
|  | **MARYLAND — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Howard GO, Series A, 4.00% due 2/15/2033 | 1500000 | 1510978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Maryland Department of Housing & Community Development (Green Bond), Series E, 4.35% due 3/1/2036 | 930000 | 955056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group), 5.00% due 7/1/2035 | 3750000 | 4134150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Maryland State Transportation Authority Passenger Facility Charge Revenue AMT, 4.00% due 6/1/2035 | 3000000 | 2992875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) (AG) AMT, Series A, 5.00% due 8/1/2034 - |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/2035 | 2325000 | 2536878 |
|  | **MASSACHUSETTS — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Brandeis University) DFA, Series T, 5.00% due 10/1/2055 (put 10/1/2035) | 2800000 | 3136887 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2027 | 1900000 | 1910321 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series B-2, 5.00% due 12/1/2029 | 2000000 | 1983348 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Port Authority AMT, Series A, 5.00% due 7/1/2035 | 1500000 | 1551024 |
|  | **MICHIGAN — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Detroit GO, 5.00% due 4/1/2036 | 1400000 | 1417987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Grand Rapids Economic Development Corp. (Michigan Christian Home Obligated Group), Series B1, 4.75% due 11/1/2030 | 2000000 | 1996996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo Obligated Group), |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 8/15/2036 | 1000000 | 1014072 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.50% due 8/15/2031 | 1615000 | 1570219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2032 | 215000 | 238297 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | 1730000 | 1733834 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority (Detroit Public Lighting Authority Utility Users Tax Revenue) (BAM), Series A, 5.00% due 7/1/2036 | 950000 | 1063386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), Series A, 5.00% due 5/15/2032 | 1000000 | 1001791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Michigan State (Green Bond) HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 12/1/2033 | 1585000 | 1638532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2034 - 12/1/2034 | 2500000 | 2579620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/1/2035 | 1360000 | 1403878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 12/1/2035 | 375000 | 386148 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Michigan State Hospital Finance Authority (Corewell Health Obligated Group), Series B2, 5.00% due 8/15/2055 (put 6/1/2035) | 5000000 | 5505505 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | 2500000 | 2492667 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Waste Management of Michigan, Inc.; Guaranty: Waste Management, Inc.) AMT, 4.125% due 8/1/2027 | 4300000 | 4335686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wayne State University, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2034 | 1875000 | 1876125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2036 | 1300000 | 1459155 |
|  | **MISSISSIPPI — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Warren (International Paper Co), Series A, 4.20% due 5/1/2034 | 2000000 | 2065756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. (Waste Management, Inc.) AMT, 4.25% due 3/1/2027 | 2500000 | 2511095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mississippi Home Corp. (FHLMC, FNMA, GNMA), Series A, 3.80% due 6/1/2033 | 1315000 | 1326923 |
|  | **MISSOURI — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&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 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/2035) | 4000000 | 4463608 |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/2027 | 760000 | 768856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (SSM Health Care Obligated Group), Series A, 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/2031 | 680000 | 741285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 11/1/2033 | 1500000 | 1538400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/1/2034 | 1435000 | 1470304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% due 11/1/2034 | 630000 | 645067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 5/1/2035 | 1640000 | 1678396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% due 11/1/2035 | 1520000 | 1554568 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.40% due 5/1/2036 | 1875000 | 1945449 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Missouri State Environmental Improvement & Energy Resources Authority (Evergy Metro, Inc.) AMT, 4.05% due 5/1/2038 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/2030) | 2025000 | 2031026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Poplar Bluff R-I School District (AG) COP, 5.00% due 3/1/2031 - 3/1/2033 | 1575000 | 1716150 |
|  | **MONTANA — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Forsyth (Avista Corp.), Series A, 3.875% due 10/1/2032 | 6350000 | 6430779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1000000 | 1015119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Montana Facility Finance Authority (Billings Clinic Obligated Group), Series A, 4.00% due 8/15/2035 | 1225000 | 1249523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Montana Facility Finance Authority (Intermountain Healthcare Obligated Group), Series A, 4.00% due 1/1/2036 | 1595000 | 1611840 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | **NEBRASKA — 1.2%** | | |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | $11500000 | $12099932 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 7825000 | 8252198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 3000000 | 3017784 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Jefferson County School District No. 0300 (AG) GO, 4.00% due 12/15/2035 | 3000000 | 3040818 |
|  | **NEVADA — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2027 - 9/1/2032 | 1090000 | 1113683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Las Vegas GO, Series C, 5.00% due 9/1/2031 | 1000000 | 1001684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Clark County School District GO, Series A, 4.00% due 6/15/2034 | 2500000 | 2514852 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Clark GO, Series C, 4.00% due 7/1/2032 | 1985000 | 2039055 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 2000000 | 2023614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reno-Tahoe Airport Authority AMT, Series A, 5.00% due 7/1/2033 | 1125000 | 1210949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Truckee Meadows Water Authority, 5.00% due 7/1/2033 (pre-refunded 7/1/2026) | 5070000 | 5100400 |
|  | **NEW HAMPSHIRE — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (United Illuminating Co.), Series A, 4.50% due 10/1/2033 | 7000000 | 7240065 |
|  | **NEW JERSEY — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2029 - 11/1/2032 | 3630000 | 4037387 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) EDA, 5.00% due 6/15/2028 | 900000 | 945791 |
|  | &nbsp;&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 | 1546560 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Rowan Preservation LLC) (HUD), Series D-2, 3.10% due 7/1/2029 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/2028) | 1160000 | 1161566 |
|  | &nbsp;&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 | 1301501 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2032 - 6/15/2033 | 7100000 | 7560039 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2033 | 1425000 | 1497222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 29985000 | 30134445 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2026 - 12/15/2034 | 22600000 | 23959646 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2031 | 2500000 | 2643227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series G, 4.00% due 1/1/2033 | 2500000 | 2542512 |
|  | **NEW MEXICO — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Albuquerque Bernalillo County Water Utility Authority, 5.00% due 7/1/2032 | 1575000 | 1614255 |
|  | &nbsp;&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 | 2003810 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series 2017, 5.00% due 8/1/2026 | 550000 | 553996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870000 | 875081 |
|  | &nbsp;&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 | 989053 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2000000 | 2029918 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | 720000 | 720328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Santa Fe (Public Facilities) GRT, 5.00% due 6/1/2029 | 950000 | 951829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Sandoval GO, 5.00% due 8/1/2027 | 210000 | 216472 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hobbs School District No. 16 (State Aid Withholding) ETM GO, 5.00% due 9/15/2028 - 9/15/2030 | 1355000 | 1458798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Mexico Finance Authority (Public Project Revolving Fund), Series A, 5.00% due 6/15/2031 | 1000000 | 1001666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2026 | 1500000 | 1507183 |
|  | &nbsp;&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 | 1184634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2032 | 1000000 | 1059462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2031 | 690000 | 733373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series A, 3.95% due 3/1/2035 - 9/1/2035 | 705000 | 702323 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2035 | 1500000 | 1525087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Village of Los Ranchos de Albuquerque (Albuquerque Academy), 5.00% due 9/1/2029 - 9/1/2032 | 1030000 | 1102654 |
|  | **NEW YORK — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (RiverSpring Health Senior Living, Inc. Obligated Group), 5.00% due 12/15/2031 | 4500000 | 4402431 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of New York GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 9/1/2033 | 1300000 | 1431114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 10/1/2035 | 2000000 | 2042262 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00% due 8/1/2032 | 1000000 | 1074904 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.00% due 2/1/2037 | 500000 | 559836 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G-1, 5.00% due 2/1/2035 | 1250000 | 1402487 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1350000 | 1372545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority, 5.00% due 9/1/2033 | 400000 | 419076 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 219

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&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 | $1676168 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2028 | 1230000 | 1248299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A2, 5.00% due 11/15/2027 | 3450000 | 3503572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 11/15/2027 | 1845000 | 1917507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00% due 11/15/2026 | 2755000 | 2798736 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund (Green Bond), Series B-2, 4.00% due 11/15/2034 | 500000 | 502532 |
| <sup>a</sup> | &nbsp;&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 | 4116356 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bond), Series D, 4.30% due 11/1/2063 (put 11/1/2028) | 2250000 | 2282213 |
|  | &nbsp;&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 | 4708014 |
|  | &nbsp;&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 | 1024605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-1, 5.00% due 5/1/2030 | 3705000 | 3794617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory (Roswell Park Cancer Institute Corp. Obligated Group) (AG), Series A-1, 5.00% due 7/1/2035 - 7/1/2036 | 1000000 | 1123983 |
|  | &nbsp;&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 | 374046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2028 (pre-refunded 9/15/2026) | 810000 | 819375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority (AG), Series A, 5.00% due 10/1/2032 | 400000 | 420342 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority (BAM), Series A, 5.00% due 10/1/2032 | 3500000 | 3821461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2029 | 1000000 | 1035183 |
|  | &nbsp;&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 | 6449296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2030 | 750000 | 789962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 3/15/2031 | 3545000 | 3906455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 3/15/2033 | 2000000 | 2213654 |
|  | &nbsp;&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 | 3506936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 3/15/2029 (pre-refunded 9/15/2028) | 2135000 | 2268563 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp. (Waste Management, Inc.) AMT, 3.00% due 5/1/2030 (put 5/1/2026) | 1000000 | 999301 |
| <sup>a</sup> | &nbsp;&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 | 4332153 |
|  | &nbsp;&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 | 3831131 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, 5.00% due 10/15/2035 | 2000000 | 2028252 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2032 | 2000000 | 2065954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, Series 248, 4.05% due 10/1/2031 | 2035000 | 2080059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2034 | 250000 | 257604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series B, 5.00% due 11/15/2031 | 4170000 | 4276502 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series C-1B, 5.00% due 5/15/2051 (put |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/2026) | 695000 | 696582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) (Green Bond), Series E-2B, 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2032 | 2000000 | 2242000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2034 | 200000 | 204483 |
|  | **NORTH CAROLINA — 0.9%** |  |  |
|  | &nbsp;&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 | 1358984 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/15/2049 (put 12/1/2031) | 7000000 | 7643062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), 4.20% due 5/1/2034 | 3900000 | 4041839 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency (FHLMC, FNMA, GNMA) (Green Bond), Series 51, 3.85% due 7/1/2032 | 1495000 | 1519986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B-2, 4.50% due 9/1/2029 | 625000 | 625019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.75% due 9/1/2029 | 410000 | 410084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, 5.00% due 1/1/2030 | 500000 | 524777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Raleigh Durham Airport Authority AMT, Series A, 5.00% due 5/1/2034 | 2150000 | 2266476 |
|  | **NORTH DAKOTA — 0.3%** |  |  |
|  | &nbsp;&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;4.30% due 1/1/2034 | 1500000 | 1557685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | 1800000 | 1869329 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 1/1/2035 | $2110000 | $2187861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 7/1/2035 | 1240000 | 1283787 |
|  | **OHIO — 2.1%** |  |  |
|  | &nbsp;&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 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2030) | 1100000 | 1217442 |
|  | &nbsp;&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 | 1577729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Cincinnati Water System Revenue, Series C, 4.00% due 12/1/2030 | 1000000 | 1007737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Columbus GO, Series A, 4.00% due 4/1/2031 | 600000 | 606828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cleveland State University (BAM), Series C, 5.00% due 6/1/2036 | 1000000 | 1121804 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Columbus Metropolitan Housing Authority, 4.00% due 12/1/2034 | 2500000 | 2474997 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority AMT, Series A, 5.00% due 1/1/2034 - 1/1/2035 | 7235000 | 7916321 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority (Dering Family Homes Owner LLC), 5.00% due 7/1/2045 (put 2/1/2027) | 2000000 | 2022062 |
|  | &nbsp;&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 | 3861983 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00% due 10/1/2051 (put 6/4/2030) | 6590000 | 7033619 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2032 | 375000 | 396597 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;County of Franklin (Trinity Health Corp. Obligated Group), Series OH, 2.625% due 12/1/2046 (put 5/1/2026) | 1000000 | 999362 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2030 | 750000 | 779386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2036 | 400000 | 428299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Hamilton Sales Tax Revenue, Series A, 4.00% due 12/1/2031 | 1100000 | 1106558 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (Duke Energy Corp.), Series B, 4.00% due 9/1/2030 (put 6/1/2027) | 4515000 | 4551418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) AMT, 4.125% due 1/1/2036 | 1500000 | 1473213 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Case Western Reserve University), 4.00% due 12/1/2033 | 1255000 | 1258870 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (At Main LLC), 3.70% due 11/1/2047 (put 5/1/2028) | 1000000 | 1008027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ohio Water Development Authority, 4.00% due 12/1/2032 | 2000000 | 2009796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Ohio (Cleveland Clinic Health System Obligated Group), Series A, 5.00% due 1/1/2032 | 800000 | 827367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;West Central Ohio Port Authority (Global Impact STEM Academy), Series A, 5.00% due 12/1/2035 | 600000 | 640853 |
|  | **OKLAHOMA — 2.3%** |  |  |
|  | &nbsp;&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 | 3929701 |
|  | &nbsp;&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 | 12112280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Yukon Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2029 | 10850000 | 11456165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chouteau Educational Facilities Authority (Mayes County ISD No. 32 Chouteau-Mazie), 4.00% due 9/1/2028 | 975000 | 992920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, 4.00% due 6/1/2030 | 4000000 | 4198828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cleveland County Educational Facilities Authority (Norman Public Schools) ISD, Series A, 5.00% due 6/1/2032 | 2500000 | 2754677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Clinton Public Works Authority, 5.00% due 10/1/2030 - 10/1/2032 | 2675000 | 2893299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 | 4400000 | 4590370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Love County Educational Facilities Authority (Love County ISD No. 4 Thackerville), 4.50% due 9/1/2034 | 335000 | 340196 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;McIntosh County Educational Facilities Authority (District No. 1 Eufaula) ISD, 5.00% due 9/1/2035 | 380000 | 402526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2026 | 475000 | 477623 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Oklahoma County Finance Authority (Oklahoma County ISD No. 41 Western Heights), 5.00% due 9/1/2030 - 9/1/2035 | 4750000 | 4912065 |
|  | **OREGON — 0.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B-2, 5.00% due 7/1/2046 (put 2/1/2032) | 11780000 | 12794953 |
|  | **PENNSYLVANIA — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Airport Authority (AG) AMT, Series A, 5.00% due 1/1/2035 | 3500000 | 3830340 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2031 | 2520000 | 2662377 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Allentown City School District (BAM, State Aid Withholding) GO, Series B, 5.00% due 2/1/2031 | 3750000 | 3994545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chester County Health & Education Facilities Authority (Tel Hai Retirement Community Obligated Group), 5.00% due 6/1/2035 - 6/1/2036 | 1330000 | 1416404 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 14, 5.00% due 10/1/2031 - 10/1/2032 | 2070000 | 2089869 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works) (AG), Series A, 5.00% due 8/1/2030 - 8/1/2032 | 1750000 | 1891266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2033 - 7/1/2036 | 7000000 | 7191265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Scranton (BAM) GO, 5.00% due 9/1/2028 | 2085000 | 2148086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Financing Authority (Tobacco Master Settlement Payment), 5.00% due 6/1/2034 | 1000000 | 1033409 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Financing Authority (Tobacco Master Settlement Payment) (BAM), 5.00% due 6/1/2031 | 10000000 | 10434170 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO, 5.00% due 7/15/2030 | 7930000 | 8475275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Dauphin County General Authority (UPMC Obligated Group), Series A, 5.00% due 6/1/2034 | 1375000 | 1378044 |
|  | &nbsp;&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 | 3645030 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 4/1/2043 (put 4/1/2030) | 3530000 | 3746407 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 5100000 | 5199832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2027 - 5/1/2029 | 3825000 | 3928272 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Republic Services, Inc.) EDFA AMT, Series B-2, 3.25% due 4/1/2049 (put 7/15/2026) | 1500000 | 1495157 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 221

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&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 11/15/2035 | $600000 | $590926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2033 | 1150000 | 1234043 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/15/2037 | 2000000 | 2177710 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2060 (put 3/15/2035) | 12550000 | 13474948 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1000000 | 983030 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA AMT, 4.25% due 7/1/2041 (put 7/1/2027) | 1900000 | 1914904 |
|  | &nbsp;&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 | 8505848 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2041 (put 7/1/2026) | 5000000 | 5001635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond), Series 149A, 4.55% due 4/1/2036 | 4110000 | 4293639 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2035 | 1750000 | 1778413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority (AG), Series B, 5.00% due 9/1/2033 | 1000000 | 1130747 |
|  | &nbsp;&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 | 1494830 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 9/1/2032 | 1000000 | 1007390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sports & Exhibition Authority of Pittsburgh & Allegheny County (Allegheny County Hotel Room Excise Tax Revenue) (AG), Series A, 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/2033 | 4000000 | 4386248 |
|  | &nbsp;&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 | 7655349 |
|  | **RHODE ISLAND — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&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 | 2986635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Student Loan Authority AMT, Series B, 5.00% due 12/1/2032 - 12/1/2033 | 1250000 | 1320228 |
|  | **SOUTH CAROLINA — 0.9%** |  |  |
| <sup>a</sup> | &nbsp;&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 | 10802455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs (Bishop Gadsden Episcopal Retirement Community Obligated Group) EDA, 5.00% due 4/1/2036 | 1270000 | 1345926 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs (International Paper Co.) EDA AMT, Series A, 3.95% due 4/1/2033 | 3050000 | 3036864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs (Rolling Green Village) EDA, Series A, 5.00% due 12/1/2035 | 750000 | 759067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs (Wesley Commons Obligated Group) EDA, Series A, 5.00% due 10/1/2035 | 750000 | 759687 |
| <sup>a</sup> | &nbsp;&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 | 906290 |
| <sup>a</sup> | &nbsp;&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 | 1168741 |
|  | **SOUTH DAKOTA — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Lincoln (Augustana University Association), 5.25% due 8/1/2037 | 1400000 | 1457263 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;South Dakota Health & Educational Facilities Authority (Sanford Obligated Group), Series C-2, 5.00% due 11/1/2051 (put 11/1/2032) | 1250000 | 1360421 |
|  | **TENNESSEE — 3.6%** |  |  |
| <sup>a</sup> | &nbsp;&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 | 2018366 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Johnson City Health & Educational Facilities Board (Ballad Health Obligated Group) (AG), Series B, 5.00% due 7/1/2033 | 3805000 | 4190907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (BAM), Series B-1, 5.00% due 7/1/2031 - 7/1/2034 | 3570000 | 3931767 |
|  | &nbsp;&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 | 161522 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2034 | 1695000 | 1786849 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Artist Lofts LP), 3.20% due 12/1/2059 (put 12/1/2029) | 2920000 | 2922943 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (HV Land Co. LP), 3.35% due 6/1/2044 (put 12/1/2026) | 3000000 | 3003192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2031 | 1260000 | 1281527 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare) (AG), Series A, 5.00% due 6/1/2035 | 7000000 | 7682605 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 14730000 | 14839591 |
|  | &nbsp;&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 | 1383885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 | 685000 | 709725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% due 1/1/2035 | 460000 | 476451 |
|  | &nbsp;&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 | 375000 | 382635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 1/1/2033 | 475000 | 484607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% due 7/1/2033 | 475000 | 484208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% due 1/1/2034 | 945000 | 963536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 12/1/2035 | 1400000 | 1484225 |
| <sup>a</sup> | &nbsp;&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 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/2031) | 24310000 | 25602563 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Williamson County (ECG Wood Duck LP) (HUD) IDB, 5.00% due 5/1/2042 (put 5/1/2027) | 2000000 | 2025112 |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **TEXAS — 11.8%** | | |
| <sup>a</sup> | &nbsp;&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 | $824647 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Boerne School District (PSF-GTD) ISD GO, 3.125% due 2/1/2053 (put 2/1/2027) | 965000 | 966309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2026 - 9/1/2028 | 730000 | 747554 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2031 - 11/15/2036 | 3925000 | 4255988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Austin Water & Wastewater System Revenue, 5.00% due 11/15/2033 | 2000000 | 2062750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Conroe GO, Series B, 5.00% due 11/15/2030 | 1750000 | 1851280 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp. (Mondello Apartments LLC) (FHA), 5.00% due 8/1/2027 (put 8/1/2026) | 1785000 | 1795726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Galveston Wharves & Terminal Revenue AMT, Series A, 5.00% due 8/1/2027 - 8/1/2034 | 7185000 | 7555733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 2875000 | 2937635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue (United Airlines, Inc.) AMT, Series B, 5.50% due 7/15/2036 | 1500000 | 1581509 |
|  | &nbsp;&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 | 1394314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2036 | 1000000 | 1108607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Houston Combined Utility System Revenue, Series B, 4.00% due 11/15/2031 | 1725000 | 1734481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Hutto (AG) GO, 5.00% due 8/1/2033 | 400000 | 435748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Irving Waterworks & Sewer System Revenue, 5.00% due 8/15/2037 | 1455000 | 1584291 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Mansfield GO, Series A, 5.00% due 2/15/2033 | 1000000 | 1104333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Port Arthur (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2033 | 1025000 | 1148353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2032 | 2155000 | 2408460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/1/2032 | 2500000 | 2500062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% due 2/1/2055 (put 12/1/2027) | 1500000 | 1492487 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% due 2/1/2055 (put 12/1/2030) | 2000000 | 1990396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Weslaco (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2036 | 400000 | 454981 |
|  | &nbsp;&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 | 2004578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/15/2035 | 1020000 | 1128752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp. (International Leadership of Texas, Inc.) (PSF-GTD), Series A, 5.00% due 2/15/2035 | 2275000 | 2494303 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Bexar GO, 4.00% due 6/15/2033 - 6/15/2035 | 4750000 | 4782031 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Dickinson (PSF-GTD) ISD GO, 3.10% due 8/1/2037 (put 8/2/2027) | 825000 | 823236 |
|  | &nbsp;&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 | 1020789 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2054 (put 8/1/2027) | 10000000 | 10163940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fort Stockton (PSF-GTD) ISD GO, 5.00% due 2/1/2035 - 2/1/2036 | 1215000 | 1304926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Franklin (PSF-GTD) ISD GO, 4.00% due 2/15/2032 | 2000000 | 2001162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Frisco (PSF-GTD) ISD GO, 5.00% due 8/15/2033 | 1465000 | 1549475 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Glasscock County (PSF-GTD) ISD GO, 5.00% due 2/15/2034 | 500000 | 516675 |
|  | &nbsp;&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 | 2347465 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2054 (put 7/1/2029) | 650000 | 686695 |
|  | &nbsp;&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 | 1109711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority (AG), Series B, 5.00% due 11/15/2034 | 1000000 | 1125477 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | 2700000 | 2723231 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Summerdale Apartments LP), 5.00% due 8/1/2041 (put 8/1/2026) | 3650000 | 3675601 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Hutto (PSF-GTD) ISD GO, Series C, 4.00% due 8/1/2032 | 1245000 | 1300803 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Jacksboro (PSF-GTD) ISD GO, 4.00% due 2/15/2048 (put 8/15/2028) | 2500000 | 2557062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Laredo College District Combined Fee Revenue (BAM), 4.00% due 8/1/2033 | 1180000 | 1188315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lovejoy (PSF-GTD) ISD GO, 5.00% due 2/15/2036 | 700000 | 793723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority (LCRA Transmission Services Corp.), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2035 | 700000 | 758300 |
|  | &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 | 991297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2033 | 350000 | 390084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Medina Valley (PSF-GTD) ISD GO, 5.00% due 2/15/2036 | 1410000 | 1588725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Memorial City Redevelopment Authority (Houston Reinvestment Zone No. 17) (AG), 5.00% due 9/1/2035 | 400000 | 445954 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Republic Services, Inc.) AMT, Series A, 3.00% due 5/1/2050 (put 5/1/2026) | 2000000 | 1998466 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Waste Management, Inc.) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.875% due 5/1/2046 (put 6/1/2026) | 750000 | 749609 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.875% due 7/1/2040 (put 6/1/2026) | 2500000 | 2498697 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 223

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living Obligated Group), Series B3, 4.25% due 10/1/2030 | $1000000 | $1005856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes Obligated Group), 5.25% due 1/1/2036 | 2000000 | 2182146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Abilene Christian University), Series A, 4.00% due 4/1/2033 | 1760000 | 1760480 |
|  | &nbsp;&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 | 5093222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2034 | 1500000 | 1512629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority (North Texas Tollway System), Series B, 4.00% due 1/1/2035 | 500000 | 511557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Northside (PSF-GTD) ISD GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2033 | 1500000 | 1502174 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.45% due 8/1/2054 (put 8/1/2027) | 2465000 | 2468424 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Prosper (PSF-GTD) ISD GO, 5.00% due 2/15/2033 | 1000000 | 1102530 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;San Antonio (PSF-GTD) ISD GO, 5.00% due 8/15/2033 | 2080000 | 2304176 |
| <sup>a</sup> | &nbsp;&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 | 2012540 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;San Antonio Municipal Facilities Corp. (City of San Antonio), 5.00% due 8/1/2050 (put 8/1/2027) | 3800000 | 3916060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Southwest (PSF-GTD) ISD GO, 5.00% due 2/1/2032 - 2/1/2033 | 2600000 | 2875528 |
|  | &nbsp;&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 | 5901614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2032 - 7/1/2034 | 10990000 | 11455806 |
| <sup>a</sup> | &nbsp;&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 | 1028620 |
|  | &nbsp;&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 | 1420000 | 1455807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% due 7/1/2034 - 1/1/2035 | 1475000 | 1511981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 7/1/2035 | 715000 | 730368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2028 - 12/15/2032 | 67280000 | 71366202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. VI (Guaranty: Bank of America Corp.), 5.00% due 1/1/2036 | 9350000 | 9922500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Texas Public Finance Authority (Texas Southern University) (BAM), 5.00% due 5/1/2032 - 5/1/2033 | 1700000 | 1889003 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Texas State Affordable Housing Corp. (FC Juniper Creek Housing LP), 3.75% due 7/1/2044 (put 7/1/2026) | 2000000 | 2002672 |
|  | &nbsp;&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 | 4686865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 8/1/2033 | 2300000 | 2565063 |
|  | &nbsp;&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 | 2929452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/15/2034 - 10/15/2035 | 6000000 | 6049149 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Texas Woman's University, Series A, 5.00% due 7/1/2031 - 7/1/2033 | 4275000 | 4703618 |
|  | **UTAH — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Salt Lake City Airport Revenue AMT, Series A, 5.00% due 7/1/2033 - 7/1/2036 | 4450000 | 4747417 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Utah Housing Corp., 3.70% due 8/1/2043 (put 8/1/2027) | 1950000 | 1955712 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Utah Housing Corp. (Liberty Corner Associates LLC), 3.00% due 9/1/2045 (put 9/1/2029) | 590000 | 585541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency, 5.25% due 6/1/2033 | 500000 | 562787 |
|  | **VIRGINIA — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arlington County IDA, 3.10% due 12/1/2055 (put 2/1/2027) | 1250000 | 1249590 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fairfax County Redevelopment & Housing Authority (Apah Tysons North Four LP), 5.00% due 1/1/2045 (put 1/1/2028) | 2000000 | 2055774 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | 8350000 | 8446042 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Harrisonburg Redevelopment & Housing Authority, 4.00% due 12/1/2028 (put 12/1/2026) | 1615000 | 1627271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2032 | 2500000 | 2504245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/15/2028 | 2000000 | 2064666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 5/15/2035 | 2000000 | 2018220 |
|  | &nbsp;&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 | 2778715 |
|  | **WASHINGTON — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Seattle GO, 4.00% due 12/1/2032 | 1000000 | 1000439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Clark County Public Utility District No. 1, 5.00% due 1/1/2028 | 500000 | 519968 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Spokane Airport Revenue AMT, Series B, 5.00% due 1/1/2032 - 1/1/2035 | 7650000 | 8276635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;King County School District No. 414 (School Bond Guaranteed) GO, 4.00% due 12/1/2033 | 2000000 | 2002274 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2035 | 4000000 | 4371940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/1/2034 | 1500000 | 1524558 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Washington COP, Series B, 5.00% due 7/1/2032 | 650000 | 679650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vancouver Housing Authority, 4.00% due 8/1/2034 | 2500000 | 2503662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 8/1/2031 | $780000 | $812767 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 5.00% due 8/1/2049 (put 8/1/2026) | 940000 | 941026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (Providence St. Joseph Health Obligated Group), Series B, 5.00% due 10/1/2030 | 2500000 | 2594710 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | 1500000 | 1505334 |
| <sup>a</sup> | &nbsp;&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 | 1016585 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 5.125% due 7/1/2036 | 3000000 | 2956908 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.125% due 7/1/2033 | 735000 | 786228 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (SRMAHMILL LLC) (FNMA), 4.15% due 7/1/2034 | 1400000 | 1445270 |
|  | **WEST VIRGINIA — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Ohio Special District Excise Tax Revenue (Fort Henry Economic Opportunity Development District Excise Tax Revenue) (AG), Series A, 5.00% due 6/1/2035 - 6/1/2036 | 1075000 | 1158112 |
|  | **WISCONSIN — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Milwaukee (AG) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2032 - 4/1/2033 | 4845000 | 5324943 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N3, 5.00% due 4/1/2031 - 4/1/2032 | 6550000 | 7124043 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Waushara GO, Series A, 4.50% due 6/1/2027 | 1260000 | 1261535 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Peshtigo School District, 4.75% due 3/1/2027 | 725000 | 726119 |
|  | &nbsp;&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 | 3012639 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 3.70% due 10/1/2046 (put 10/1/2030) | 1435000 | 1447891 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (Providence St. Joseph Health Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 (pre-refunded 10/1/2030) | 1600000 | 1699763 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 (put 10/1/2030) | 2450000 | 2501007 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (St. John's College), 3.00% due 10/1/2045 (put 10/1/2026) | 1495000 | 1492177 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2033 | 420000 | 411301 |
| <sup>a</sup> | &nbsp;&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 | 376822 |
| <sup>a</sup> | &nbsp;&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 | 5995153 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group), Series A, 5.00% due 8/15/2035 | 1000000 | 1118903 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (East Washington Apartments LLC), Series I, 5.00% due 11/1/2058 (put 2/1/2027) | 2250000 | 2290144 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP), Series F, 5.00% due 12/1/2027 (put 12/1/2026) | 1000000 | 1012450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA) (Green Bond), Series B, 3.90% due 9/1/2033 | 1815000 | 1847371 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Housing Revenue (HUD), Series B, 3.75% due 5/1/2054 (put 11/1/2026) | 780000 | 780122 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 95.1% (Cost $1,986,456,111) |  | 2032585960 |
|  | **SHORT-TERM MUNICIPAL BONDS — 4.5%** |  |  |
|  | **ARIZONA — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arizona (Banner Health Obligated Group; LOC Bank of America NA) HFA, Series C, 2.70% due 1/1/2046 (put 4/1/2026) | 1100000 | 1100000 |
|  | **FLORIDA — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of Gainesville Utilities System Revenue (SPA Truist Bank), Series B, 2.70% due 10/1/2042 (put 4/1/2026) | 2075000 | 2075000 |
|  | **INDIANA — 0.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank plc), Series I, 2.85% due 11/1/2037 (put 4/1/2026) | 500000 | 500000 |
|  | **MICHIGAN — 0.0%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Grand Traverse County Hospital Finance Authority (Munson Healthcare Obligated Group; LOC PNC Bank NA), Series C, 2.80% due 7/1/2041 (put 4/1/2026) | 1000000 | 1000000 |
|  | **MISSISSIPPI — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. (Chevron USA, Inc.; Guaranty: Chevron Corp.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 2.80% due 11/1/2035 (put 4/1/2026) | 6380000 | 6380000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 2.80% due 11/1/2035 (put 4/1/2026) | 13050000 | 13050000 |
|  | **NEW YORK — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of New York (SPA Barclays Bank plc) GO, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-4, 2.85% due 10/1/2046 (put 4/1/2026) | 2000000 | 2000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-5, 2.85% due 6/1/2044 (put 4/1/2026) | 14550000 | 14550000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (LOC Barclays Bank plc), Series E-1, 2.85% due 11/15/2050 (put 4/1/2026) | 1895000 | 1895000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Mizuho Bank Ltd.), Series A-4, 2.65% due 8/1/2043 (put 4/1/2026) | 650000 | 650000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency (LOC Landesbank Hessen-Thrgn), Series A, 2.80% due 11/1/2046 (put 4/1/2026) | 24215000 | 24215000 |
|  | **NORTH CAROLINA — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank NA), Series C, 2.75% due 1/15/2037 (put 4/1/2026) | 1320000 | 1320000 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 225

**Schedule of Investments, Continued**

Thornburg Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **OHIO — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;County of Montgomery (Premier Health Partners Obligated Group; LOC PNC Bank NA), Series C, 2.85% due 11/15/2045 (put 4/1/2026) | $4535000 | $4535000 |
|  | **TEXAS — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 2.70% due 4/1/2040 (put 4/1/2026) | 22400000 | 22400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM MUNICIPAL BONDS — 4.5% (Cost $95,670,000) |  | 95670000 |
|  | **TOTAL INVESTMENTS — 99.6% (Cost $2,082,126,111)** |  | $2128255960 |
|  | **OTHER ASSETS LESS LIABILITIES — 0.4%** |  | 8843738 |
|  | **NET ASSETS — 100.0%** |  | $2137099698 |

---

**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 March 31, 2026. |

---

---

| | |
|:---|:---|
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $12,788,720, representing 0.60% of the Fund's net assets. |

---

c When-issued security.

---

| | | | |
|:---|:---|:---|:---|
| **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. | IDA | Industrial Development Authority/Agency |
| COP | Certificates of Participation | IDB | Industrial Development Board |
| DFA | Development Finance Authority/Agency | ISD | Independent School District |
| EDA | Economic Development Authority | JEA | Jacksonville Electric Authority |
| EDFA | Economic Development Financing Authority | LOC | Letter of Credit |
| ETM | Escrowed to Maturity | Mtg | Mortgage |
| FHA | Insured by Federal Housing Administration | MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |  | Swap Index |
| FNMA | Collateralized by Federal National Mortgage Association | NMFA | New Mexico Finance Authority |
| GNMA | Collateralized by Government National Mortgage Association | NPFG | Insured by National Public Finance Guarantee Corp. |
| GO | General Obligation | PSF-GTD | Guaranteed by Permanent School Fund |
| GRT | Gross Receipts Tax | SONYMA | State of New York Mortgage Agency |
| HDA | Housing Development Authority | SPA | Stand-by Purchase Agreement |
| HFA | Health Facilities Authority | USD | Unified School District |

---

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

Schedule of Investments

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 93.1%** | | |
|  | **ALABAMA — 6.7%** | | |
|  | &nbsp;&nbsp;&nbsp;Alabama Community College System (BAM), 5.00% due 10/1/2045 | $1830000 | $1903590 |
|  | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), Series B, 5.05% due 10/1/2045 | 1340000 | 1377035 |
|  | &nbsp;&nbsp;&nbsp;Alabama State University (AG), 5.50% due 9/1/2045 | 500000 | 534835 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: BP plc), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 3/1/2055 (put 11/1/2034) | 12500000 | 13205050 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 12/1/2055 (put 5/1/2035) | 4500000 | 4757845 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2055 (put 9/1/2032) | 530000 | 555729 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.50% due 10/1/2054 (put 6/1/2032) | 1000000 | 1072311 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.00% due 10/1/2035 | 6745000 | 7022125 |
| <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 | 4180840 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Pacific Life Insurance Co.), Series F, 5.00% due 12/1/2035 | 5000000 | 5266455 |
| <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 | 1461301 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: The PNC Financial Services Group, Inc.), Series A, 5.00% due 12/1/2034 | 1000000 | 1043372 |
|  | &nbsp;&nbsp;&nbsp;City of Gadsden (BAM) GO, Series A, 5.00% due 10/1/2045 | 600000 | 628246 |
|  | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 11/1/2035 | 3500000 | 3643514 |
| <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 | 3299029 |
|  | &nbsp;&nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.50% due 10/1/2042 - 10/1/2044 | 3195000 | 3338361 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Morgan Stanley Group), 5.00% due 6/1/2049 (put 5/1/2032) | 625000 | 653775 |
| <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 | 5325225 |
|  | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Deutsche Bank AG), Series A, 5.00% due 11/1/2035 | 6080000 | 6199752 |
|  | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 4500000 | 4798876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.00% due 11/1/2035 | 2000000 | 2088008 |
| <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 | 5245315 |
|  | &nbsp;&nbsp;&nbsp;UAB Medicine Finance Authority (UAB Medicine Obligated Group), Series B, 5.00% due 9/1/2034 | 5430000 | 5465463 |
|  | **ALASKA — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Alaska International Airports System AMT, Series C, 5.00% due 10/1/2029 | 750000 | 795289 |
|  | **ARIZONA — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arizona (FHLMC, FNMA, GNMA) IDA, Series A, 5.00% due 10/1/2045 | 1000000 | 1009393 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.00% due 6/1/2049 (put 6/1/2029) | 6860000 | 6948755 |
|  | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series A, 5.00% due 7/1/2031 | 2200000 | 2245441 |
|  | &nbsp;&nbsp;&nbsp;City of Tucson IDA, Series 2025-21FN Class PT, 4.625% due 6/1/2044 | 1800000 | 1748863 |
|  | &nbsp;&nbsp;&nbsp;County of Pima (TMC Healthcare Obligated Group) IDA, Series A, 4.00% due 4/1/2041 | 1000000 | 927092 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County & Phoenix (GNMA) IDA, Series A, 4.55% due 9/1/2045 | 1235000 | 1179079 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (HonorHealth Obligated Group) IDA, Series A, 5.00% due 9/1/2042 | 2000000 | 2041536 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (Legacy Traditional School Obligated Group) IDA, Series A, 5.25% due 7/1/2045 | 1550000 | 1565009 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 1/1/2038 | 1475000 | 1455409 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2036 | 1000000 | 1011840 |
|  | &nbsp;&nbsp;&nbsp;Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup, Inc.), 5.25% due 12/1/2028 | 770000 | 803843 |
|  | &nbsp;&nbsp;&nbsp;Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 750000 | 730191 |
|  | **ARKANSAS — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;County of Pulaski (Arkansas Children's Hospital), 5.00% due 3/1/2042 | 500000 | 525990 |
|  | &nbsp;&nbsp;&nbsp;Fayetteville Public Facilities Board (Butterfield Trail Village, Inc.), 5.25% due 12/1/2046 | 865000 | 865259 |
|  | **CALIFORNIA — 5.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2036 | 500000 | 492247 |
| <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 | 1023356 |
| <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 | 4757960 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series A-1, 5.00% due 4/1/2056 (put 2/1/2036) | 590000 | 624016 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1235000 | 1236571 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Community Facilities District No. 2023-5 Area No. 2), 5.00% due 9/1/2045 | 665000 | 664384 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Maison's Sierra Phase 2 LP) (FNMA), Series A, 4.45% due 11/1/2043 | 1825000 | 1787801 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (North Fair Oaks Apartments LP) (FNMA), Series A, 5.05% due 4/1/2044 | 1255000 | 1307455 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 3.45% due 12/1/2044 (put 12/1/2026) | 2750000 | 2751389 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Witmer Manor Community Partners LP) (FNMA, HUD), Series A, 4.875% due 11/1/2043 | 2400000 | 2490058 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 2.875% due 7/1/2043 (put 8/17/2026) | 1500000 | 1497379 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 227

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | $2000000 | $2018208 |
| <sup>b</sup> | &nbsp;&nbsp;California School Finance Authority, Series A, 5.00% due 10/1/2042 | 1000000 | 1010902 |
| <sup>b</sup> | &nbsp;&nbsp;California School Finance Authority (Magnolia Public Schools Obligated Group), Series A, 5.00% due 7/1/2046 | 1000000 | 981231 |
| <sup>a</sup> | &nbsp;&nbsp;Central Valley Energy Authority (Guaranty: Pacific Life Insurance Co.), 5.00% due 12/1/2055 (put 8/1/2035) | 8000000 | 8581968 |
|  | &nbsp;&nbsp;City of Long Beach Airport System Revenue (AG) AMT, Series C, 5.00% due 6/1/2042 | 750000 | 784314 |
|  | &nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.25% due 5/15/2045 | 4000000 | 4280512 |
|  | &nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2034 | 1750000 | 1752858 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2033 - 5/15/2045 | 3470000 | 3683606 |
|  | &nbsp;&nbsp;City of San Jose (Kooser Apartments LP) (FNMA), Series A-1, 5.00% due 9/1/2044 | 4475000 | 4618934 |
|  | &nbsp;&nbsp;City of San Mateo (City of San Mateo Community Facilities District No. 2008-1) (BAM), 5.25% due 9/1/2040 | 5000000 | 5399000 |
|  | &nbsp;&nbsp;Franklin-McKinley School District (NPFG) GO, 5.25% due 8/1/2027 | 1000000 | 1037084 |
|  | &nbsp;&nbsp;Fresno (Educational Facilities & Improvements) (NPFG) USD GO, Series A, 6.00% due 8/1/2026 | 15000 | 15182 |
|  | &nbsp;&nbsp;Lammersville Joint (Community Facilities Dist No. 2024-1) USD, 5.00% due 9/1/2045 | 1000000 | 994597 |
|  | &nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup, Inc.), Series B, 6.125% due 11/1/2029 | 1645000 | 1741874 |
|  | &nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/1/2044 - 5/1/2047 | 7445000 | 7547174 |
|  | &nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2040 | 1190000 | 1218465 |
| <sup>a</sup> | &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 | 1841697 |
|  | **COLORADO — 2.8%** |  |  |
|  | &nbsp;&nbsp;Adams County School District No. 1 (BAM) COP, 5.00% due 12/1/2045 | 500000 | 518630 |
|  | &nbsp;&nbsp;City & County of Denver (4340 South Monaco LLC) (FNMA), Series A, 4.70% due 10/1/2042 | 3150000 | 3150252 |
|  | &nbsp;&nbsp;City & County of Denver Airport System Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 12/1/2037 | 1000000 | 970877 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2037 - 11/15/2041 | 4160000 | 4298734 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2043 | 1905000 | 1943662 |
|  | &nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 11/1/2041 | 1500000 | 1572684 |
|  | &nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2038 - 8/1/2044 | 10090000 | 10246039 |
|  | &nbsp;&nbsp;Colorado (Frasier Meadows Manor, Inc. Obligated Group) HFA, Series A, 5.00% due 5/15/2039 - 5/15/2040 | 765000 | 784669 |
|  | &nbsp;&nbsp;Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2044 | 3600000 | 3623263 |
|  | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Addenbrooke Classical Academy, Inc.) (BAM, State Aid Withholding), Series A, 5.00% due |  |  |
|  | &nbsp;&nbsp;&nbsp;6/1/2045 | 600000 | 609143 |
|  | &nbsp;&nbsp;Colorado Housing & Finance Authority, Series F-1 Class I, 5.00% due 10/1/2045 | 1000000 | 1027835 |
|  | &nbsp;&nbsp;Colorado Housing & Finance Authority (FHLMC, FNMA, GNMA) (Green Bond) AMT, Series E Class I, 5.10% due 5/1/2040 | 1500000 | 1529801 |
|  | &nbsp;&nbsp;Denver City & County Housing Authority (Three Towers Rehabilitation) (AG) AMT, 5.20% due 11/1/2027 | 535000 | 535587 |
|  | &nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2034 - 12/1/2035 | 2000000 | 2179222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2045 | 1060000 | 1117644 |
|  | **CONNECTICUT — 1.5%** |  |  |
|  | &nbsp;&nbsp;City of New Haven (BAM) GO, 5.25% due 8/1/2043 | 1900000 | 1991227 |
|  | &nbsp;&nbsp;State of Connecticut GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12415000 | 12925257 |
|  | &nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/15/2033 | 2650000 | 2793492 |
|  | &nbsp;&nbsp;State of Connecticut Special Tax Revenue, Series A, 5.00% due 7/1/2046 | 500000 | 535642 |
|  | **DELAWARE — 0.2%** |  |  |
|  | &nbsp;&nbsp;Delaware State (ACTS Retirement-Life Communities, Inc. Obligated Group) EDA, Series B, 5.00% due 11/15/2038 | 480000 | 496213 |
|  | &nbsp;&nbsp;Delaware State (Christiana Care Health System Obligated Group) HFA, Series A, 5.00% due 10/1/2045 | 2500000 | 2554887 |
|  | **DISTRICT OF COLUMBIA — 0.2%** |  |  |
|  | &nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC) (FNMA) (Green Bond), Series A, 4.875% due 9/1/2045 | 1000000 | 1013718 |
|  | &nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 5.00% due 10/1/2043 | 1500000 | 1513493 |
|  | **FLORIDA — 3.9%** |  |  |
|  | &nbsp;&nbsp;Central Florida Expressway Authority, 5.00% due 7/1/2040 | 1125000 | 1159364 |
|  | &nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | 2770000 | 3089395 |
|  | &nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project) (AG), 5.25% due 10/1/2027 | 1680000 | 1746325 |
|  | &nbsp;&nbsp;County of Broward Port Facilities Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 9/1/2037 | 800000 | 845902 |
|  | &nbsp;&nbsp;&nbsp;5.25% due 9/1/2045 | 1250000 | 1317170 |
|  | &nbsp;&nbsp;County of Lee Airport Revenue AMT, Series A-1, 5.25% due 10/1/2046 - 10/1/2047 | 1850000 | 1935135 |
|  | &nbsp;&nbsp;County of Miami-Dade, Series A, 5.00% due 4/1/2043 | 500000 | 523365 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2038 | $370000 | $377652 |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2040 | 2500000 | 2519310 |
|  | &nbsp;&nbsp;County of Miami-Dade Transit System, 4.00% due 7/1/2035 | 1000000 | 1016720 |
|  | &nbsp;&nbsp;Florida Development Finance Corp. (Florida Health Sciences Center, Inc. Obligated Group), Series A, 5.00% due 8/1/2046 | 2150000 | 2211924 |
| <sup>a</sup> | &nbsp;&nbsp;Florida Housing Finance Corp. (Southward Village Phase 2 LP), Series T, 3.20% due 12/1/2044 (put 12/1/2028) | 1000000 | 1005991 |
| <sup>b</sup> | &nbsp;&nbsp;Florida Local Government Finance Commission (BridgePrep Academy, Inc. Series 2025 Obligated Group), Series A, 6.00% due 6/15/2045 | 2000000 | 1988146 |
|  | &nbsp;&nbsp;Greater Orlando Aviation Authority (United Airlines, Inc.) AMT, 5.50% due 11/1/2036 - 11/1/2037 | 2575000 | 2682392 |
|  | &nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | 4225000 | 4251440 |
|  | &nbsp;&nbsp;Hillsborough County Aviation Authority, Series F, 5.00% due 10/1/2036 | 2000000 | 2070926 |
|  | &nbsp;&nbsp;Hillsborough County Aviation Authority AMT, Series E, 5.00% due 10/1/2043 | 1500000 | 1512789 |
|  | &nbsp;&nbsp;Miami-Dade County (Nicklaus Children's Hospital) HFA, 5.00% due 8/1/2037 | 500000 | 510489 |
|  | &nbsp;&nbsp;Miami-Dade County Housing Finance Authority (FNMA), 4.95% due 11/1/2041 | 5000000 | 5206175 |
|  | &nbsp;&nbsp;Miami-Dade County Housing Finance Authority (RGC Phase I LLC) (FNMA, HUD), Series A, 4.88% due 3/1/2046 | 2300000 | 2243822 |
|  | &nbsp;&nbsp;Miami-Dade County Housing Finance Authority (Sunrise Commons Preservation Ltd.) (FNMA), 4.60% due 2/1/2042 | 2000000 | 1968906 |
|  | &nbsp;&nbsp;Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 1750000 | 1751360 |
|  | &nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 11/1/2043 - 11/1/2044 | 2325000 | 2319749 |
|  | &nbsp;&nbsp;&nbsp;5.25% due 11/1/2042 | 790000 | 818787 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2040 - 11/1/2041 | 715000 | 727601 |
|  | &nbsp;&nbsp;Palm Beach County Housing Finance Authority (Lake Worth Towers Preservation LP) (FNMA), 4.85% due 6/1/2041 | 1316896 | 1308383 |
|  | &nbsp;&nbsp;Southeast Overtown Park West Community Redevelopment Agency (AG), Series A, 5.25% due 3/1/2042 | 1500000 | 1625715 |
|  | **GEORGIA — 4.8%** |  |  |
|  | &nbsp;&nbsp;Atlanta Urban Residential Finance Authority (Auburn Square LLC) (FNMA), Series A, 4.75% due 8/1/2044 | 2500000 | 2459568 |
|  | &nbsp;&nbsp;City of Atlanta (Airport Passenger Facility) AMT, Series D, 4.00% due 7/1/2036 | 2000000 | 2001342 |
|  | &nbsp;&nbsp;Georgia Housing & Finance Authority (FNMA,GNMA), Series G, 4.625% due 12/1/2045 | 4000000 | 3937444 |
|  | &nbsp;&nbsp;Housing Authority of Douglas County (FNMA), Series A, 5.10% due 2/1/2044 | 1000000 | 1043588 |
|  | &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) | 5000000 | 5239855 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 12/1/2054 (put 12/1/2031) | 2000000 | 2099716 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 5000000 | 5278210 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2055 (put 12/1/2032) | 3435000 | 3598667 |
|  | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2034 - 5/15/2043 | 15210000 | 15890007 |
|  | &nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2053 (put 3/1/2030) | 2000000 | 2091530 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | 4850000 | 5140893 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 8000000 | 8445672 |
|  | &nbsp;&nbsp;Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 | 2295000 | 2402888 |
|  | **GUAM — 0.1%** |  |  |
|  | &nbsp;&nbsp;Guam Power Authority, Series A, 5.00% due 10/1/2044 | 1025000 | 1038229 |
|  | **HAWAII — 0.2%** |  |  |
|  | &nbsp;&nbsp;State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2043 | 2500000 | 2525770 |
|  | **ILLINOIS — 11.5%** |  |  |
|  | &nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 - 4/1/2043 | 2375000 | 2484989 |
|  | &nbsp;&nbsp;Chicago Midway International Airport AMT, Series C, 5.00% due 1/1/2036 - 1/1/2039 | 4470000 | 4702830 |
|  | &nbsp;&nbsp;Chicago O'Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2035 | 4400000 | 4448290 |
|  | &nbsp;&nbsp;Chicago O'Hare International Airport AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2038 | 2000000 | 2047874 |
|  | &nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2034 - 1/1/2044 | 3390000 | 3582364 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2044 - 1/1/2045 | 2750000 | 2891050 |
|  | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 1/1/2035 | 1500000 | 1511468 |
|  | &nbsp;&nbsp;Chicago Transit Authority Sales Tax Receipts Fund (AG), Series A, 5.00% due 12/1/2045 | 1000000 | 1012154 |
|  | &nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport) AMT, Series A, 5.00% due 1/1/2042 | 1000000 | 1032865 |
|  | &nbsp;&nbsp;City of Chicago (FNMA), Series A, 4.875% due 6/1/2043 | 2175000 | 2244452 |
|  | &nbsp;&nbsp;City of Chicago (Water System) (AG), Series 2017-2, 5.00% due 11/1/2036 | 4500000 | 4602793 |
|  | &nbsp;&nbsp;City of Chicago (Water System) (BHAC, AMBAC), 5.75% due 11/1/2030 | 805000 | 862116 |
|  | &nbsp;&nbsp;City of Chicago GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2039 | 1000000 | 997706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | 1585000 | 1601684 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 229

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 | $7500000 | $7573485 |
|  | &nbsp;&nbsp;City of Chicago Waterworks Revenue, Series A, 5.00% due 11/1/2044 | 1000000 | 1046022 |
|  | &nbsp;&nbsp;City of Chicago Waterworks Revenue (AG), Series 2017-2, 5.00% due 11/1/2038 | 1000000 | 1017001 |
|  | &nbsp;&nbsp;City of Sterling (BAM) GO, 5.00% due 11/1/2043 - 11/1/2045 | 1880000 | 1973514 |
|  | &nbsp;&nbsp;Cook County School District No. 145 (BAM) GO, Series B, 5.00% due 12/1/2042 - 12/1/2045 | 1475000 | 1537927 |
|  | &nbsp;&nbsp;County of Cook Sales Tax Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 11/15/2038 | 435000 | 444381 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2036 - 11/15/2038 | 3160000 | 3340360 |
|  | &nbsp;&nbsp;DuPage County High School District No. 87 Glenbard GO, 5.25% due 1/1/2046 | 1100000 | 1161575 |
|  | &nbsp;&nbsp;Illinois (FHLMC, FNMA, GNMA) (Green Bond) HDA, Series K, 5.25% due 10/1/2043 | 2000000 | 2084174 |
| <sup>a</sup> | &nbsp;&nbsp;Illinois (Waste Management, Inc.; Guaranty: Waste Management Holdings) DFA AMT, Series A, 3.45% due 11/1/2044 (put 11/2/2026) | 500000 | 502851 |
|  | &nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2033 | 235000 | 236127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2033 (pre-refunded 2/15/2027) | 565000 | 572834 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2041 | 920000 | 926199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2041 (pre-refunded 2/15/2027) | 625000 | 639026 |
|  | &nbsp;&nbsp;Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | 1700000 | 1823806 |
|  | &nbsp;&nbsp;Illinois Finance Authority (Moorings of Arlington Heights LLC Obligated Group), Series A, 5.125% due 11/1/2046 | 1000000 | 966540 |
| <sup>c</sup> | &nbsp;&nbsp;Illinois Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.00% due 11/1/2041 - 5/1/2042 | 2860000 | 2980616 |
|  | &nbsp;&nbsp;Illinois HDA, Series A, 4.80% due 2/1/2046 | 1500000 | 1459601 |
|  | &nbsp;&nbsp;Illinois State Toll Highway Authority, Series A, 5.00% due 1/1/2046 | 2000000 | 2112700 |
|  | &nbsp;&nbsp;Illinois State University (AG) COP, 5.00% due 4/1/2044 | 700000 | 740349 |
|  | &nbsp;&nbsp;Moultrie Shelby & Coles Counties Community Unit School District No. 300 (BAM) GO, 5.00% due 12/1/2042 | 1500000 | 1525022 |
|  | &nbsp;&nbsp;Northeastern Illinois University (BAM) COP, 5.00% due 7/1/2042 | 1050000 | 1066817 |
|  | &nbsp;&nbsp;Rock Island County School District No. 41 Milan (AG) GO, Series A, 5.00% due 1/1/2044 | 415000 | 432009 |
|  | &nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 - 1/1/2044 | 5080000 | 5253566 |
|  | &nbsp;&nbsp;Sales Tax Securitization Corp. (BAM), Series A, 5.00% due 1/1/2038 | 3075000 | 3152976 |
|  | &nbsp;&nbsp;Sales Tax Securitization Corp. (Green Bond), Series A, 5.00% due 1/1/2044 | 1865000 | 1893333 |
|  | &nbsp;&nbsp;Sangamon County School District No. 186 Springfield (BAM) GO, 5.00% due 6/1/2041 - 6/1/2043 | 4500000 | 4773619 |
|  | &nbsp;&nbsp;Southern Illinois University (BAM), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 4/1/2035 | 600000 | 606765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2037 - 4/1/2042 | 2040000 | 2157651 |
|  | &nbsp;&nbsp;State of Illinois GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 2/1/2038 | 1000000 | 1071687 |
|  | &nbsp;&nbsp;&nbsp;5.50% due 5/1/2039 | 1500000 | 1587945 |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2034 - 3/1/2046 | 13310000 | 13801615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 3/1/2038 | 300000 | 319931 |
|  | &nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2039 | 2455000 | 2317012 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2043 | 3500000 | 3645810 |
|  | &nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 | 1690000 | 1564959 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2046 | 3900000 | 4033672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 10/1/2040 | 1000000 | 1076017 |
|  | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4250000 | 4377875 |
|  | &nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/1/2045 | 3500000 | 3597415 |
|  | &nbsp;&nbsp;State of Illinois Sales Tax Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/15/2030 - 6/15/2032 | 12165000 | 12721686 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2041 | 600000 | 633650 |
|  | &nbsp;&nbsp;Will County School District No. 114 Manhattan (BAM) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.25% due 1/1/2040 - 1/1/2041 | 1000000 | 1073814 |
|  | &nbsp;&nbsp;&nbsp;5.50% due 1/1/2043 | 2000000 | 2168378 |
|  | **INDIANA — 3.0%** |  |  |
|  | &nbsp;&nbsp;City of Indianapolis Department of Public Utilities Water System Revenue, Series B, 5.00% due 10/1/2037 | 1000000 | 1004793 |
| <sup>a</sup> | &nbsp;&nbsp;City of Mount Vernon (Southern Indiana Gas & Electric Co.) AMT, 4.25% due 9/1/2055 (put 9/1/2028) | 2000000 | 2052682 |
|  | &nbsp;&nbsp;City of Whiting (BP Products North America, Inc.; Guaranty: BP plc) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.40% due 11/1/2045 (put 6/10/2031) | 1000000 | 1031262 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2044 (put 6/5/2026) | 1520000 | 1525104 |
|  | &nbsp;&nbsp;Indiana Finance Authority (Ascension Health Credit Group), Series A-1, 5.00% due 11/15/2043 | 450000 | 478613 |
|  | &nbsp;&nbsp;Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | 500000 | 545009 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/1/2040 | $1150000 | $1177017 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2045 | 1255000 | 1263138 |
| <sup>a</sup> | &nbsp;&nbsp;Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series D-5, 5.00% due 10/1/2054 (put 10/1/2037) | 2000000 | 2192398 |
|  | &nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 8000000 | 8240496 |
| <sup>a</sup> | &nbsp;&nbsp;Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 2.90% due 5/1/2028 (put 6/1/2026) | 2200000 | 2198854 |
|  | &nbsp;&nbsp;Indiana Finance Authority (Retirement Living, Inc. Obligated Group), Series A, 5.125% due 3/1/2045 | 3210000 | 3223135 |
|  | &nbsp;&nbsp;Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 3/1/2038 (put 8/1/2028) | 1500000 | 1520016 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 2500000 | 2545095 |
|  | &nbsp;&nbsp;Indiana Housing & Community Development Authority (FHLMC, FNMA, GNMA) (Green Bond), Series B-1, 4.90% due 7/1/2045 | 2000000 | 2032472 |
|  | &nbsp;&nbsp;Indiana Municipal Power Agency, Series C, 5.00% due 1/1/2036 | 1000000 | 1003787 |
|  | &nbsp;&nbsp;IPS Multi-School Building Corp. (Indianapolis Board of School Commissioners) (State Intercept) (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 7/15/2044 | 800000 | 840547 |
|  | &nbsp;&nbsp;&nbsp;5.50% due 7/15/2042 | 1000000 | 1093755 |
|  | &nbsp;&nbsp;Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | 1000000 | 1088558 |
|  | &nbsp;&nbsp;Silver Creek School Building Corp. (State Intercept), 5.25% due 1/15/2042 | 2000000 | 2133996 |
|  | **IOWA — 2.2%** |  |  |
|  | &nbsp;&nbsp;City of Bondurant, Series B, 5.00% due 6/1/2044 | 1000000 | 1036886 |
|  | &nbsp;&nbsp;County of Polk AMT GO, Series A, 5.00% due 6/1/2043 | 2000000 | 2079094 |
| <sup>b</sup> | &nbsp;&nbsp;Iowa Finance Authority (Des Moines Christian Schools), 5.25% due 7/1/2046 | 1380000 | 1367356 |
|  | &nbsp;&nbsp;Iowa Finance Authority (FHLMC, FNMA, GNMA) (Green Bond), Series C, 4.85% due 7/1/2045 | 3500000 | 3534906 |
| <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) | 3000000 | 3394290 |
|  | &nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series A, 5.00% due 5/15/2044 | 3805000 | 3703121 |
|  | &nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.50% due 12/1/2045 | 1000000 | 1023314 |
|  | &nbsp;&nbsp;Iowa Finance Authority (Union at Bluffs Run LP) (FNMA), Series 2024-20FN Class PT, 4.65% due 7/1/2043 | 2000000 | 1970887 |
|  | &nbsp;&nbsp;Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4100000 | 4104366 |
| <sup>a</sup> | &nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 5350000 | 5380431 |
|  | **KENTUCKY — 3.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;City of Henderson (Guaranty: Pratt Industries, Inc.) AMT, Series B, 4.45% due 1/1/2042 | 1000000 | 942572 |
| <sup>a</sup> | &nbsp;&nbsp;County of Trimble (Louisville Gas & Electric Co.) AMT, Series A, 4.70% due 6/1/2054 (put 6/1/2027) | 1250000 | 1262514 |
|  | &nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 5000000 | 5025430 |
|  | &nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: BP plc), Series C, 5.00% due 5/1/2036 | 6500000 | 6837376 |
|  | &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) | 1220000 | 1231948 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | 14750000 | 15713986 |
|  | &nbsp;&nbsp;Kentucky State Property & Building Commission, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2035 | 1000000 | 1007873 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2039 | 3000000 | 3271854 |
|  | &nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 4.00% due 10/1/2036 | 1800000 | 1736179 |
|  | **LOUISIANA — 0.7%** |  |  |
|  | &nbsp;&nbsp;Capital Area Finance Authority (GNMA), Series A, 4.60% due 10/1/2046 | 1000000 | 978120 |
| <sup>b</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 6.00% due 6/15/2045 | 3000000 | 3091470 |
|  | &nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 5/15/2036 | 1000000 | 1010290 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1925000 | 2019234 |
|  | &nbsp;&nbsp;West Baton Rouge Parish School Board (AG), 5.25% due 3/1/2045 | 1885000 | 2028086 |
|  | **MAINE — 0.0%** |  |  |
|  | &nbsp;&nbsp;Maine Health & Higher Educational Facilities Authority (AG), Series A, 5.00% due 7/1/2041 | 350000 | 374643 |
|  | **MARYLAND — 0.8%** |  |  |
|  | &nbsp;&nbsp;Maryland Community Development Administration (6301 Central Avenue LLC) (FNMA) (Green Bond), Series C-1, 5.05% due 2/1/2046 | 5000000 | 5154835 |
|  | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) (AG), 5.00% due 7/1/2045 | 1000000 | 1040024 |
|  | &nbsp;&nbsp;Maryland State Transportation Authority Passenger Facility Charge Revenue AMT, 4.00% due 6/1/2035 | 1225000 | 1222091 |
|  | &nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) AMT, Series B, 5.00% due 8/1/2036 | 2000000 | 2108498 |
|  | **MASSACHUSETTS — 0.6%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series B-1, 5.25% due 12/1/2030 | 3900000 | 3884728 |
|  | &nbsp;&nbsp;Massachusetts Port Authority AMT, Series B, 5.00% due 7/1/2043 | 2000000 | 1999846 |
|  | &nbsp;&nbsp;Massachusetts Port Authority AMT, Series C, 5.00% due 7/1/2044 | 2000000 | 2025078 |
|  | **MICHIGAN — 1.1%** |  |  |

---

See notes to financial statements. Semi-Annual Financial Statements \| 231

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;Byron Center Public Schools (Q-SBLF) GO, Series I, 5.00% due 5/1/2046 | $600000 | $619277 |
|  | &nbsp;&nbsp;Detroit City School District (School Building & Site Improvement) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2026 - 5/1/2027 | 4250000 | 4287397 |
|  | &nbsp;&nbsp;Grand Rapids Economic Development Corp. (Michigan Christian Home Obligated Group), Series A, 5.75% due 11/1/2045 | 1800000 | 1749938 |
| <sup>b</sup> | &nbsp;&nbsp;Kalamazoo Economic Development Corp., Series B-2, 4.25% due 8/15/2031 | 500000 | 497741 |
| <sup>b</sup> | &nbsp;&nbsp;Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo Obligated Group), Series A, 6.00% due 8/15/2046 | 1000000 | 998691 |
|  | &nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 4.00% due 4/15/2042 | 1000000 | 956555 |
|  | &nbsp;&nbsp;Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 350000 | 350000 |
|  | &nbsp;&nbsp;Michigan Finance Authority (Henry Ford Health System Obligated Group), 4.00% due 11/15/2035 | 450000 | 449851 |
|  | &nbsp;&nbsp;Michigan Finance Authority (Trinity Health Corp. Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series 2016MI, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2045 | 1045000 | 1047219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2045 (pre-refunded 6/1/2026) | 55000 | 55220 |
|  | &nbsp;&nbsp;Michigan State (Green Bond) HDA , Series A, 4.85% due 12/1/2045 | 1500000 | 1530103 |
|  | &nbsp;&nbsp;Wayne County Airport Authority (AG) AMT, Series B, 5.50% due 12/1/2043 | 675000 | 732080 |
|  | &nbsp;&nbsp;Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport) AMT, Series B, 5.50% due 12/1/2043 | 500000 | 550581 |
|  | **MINNESOTA — 0.4%** |  |  |
|  | &nbsp;&nbsp;City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | 1483956 | 1621486 |
|  | &nbsp;&nbsp;Minneapolis-St Paul Metropolitan Airports Commission AMT, Series B, 5.00% due 1/1/2043 | 1280000 | 1332474 |
|  | &nbsp;&nbsp;Minnesota Housing Finance Agency (FHLMC, FNMA, GNMA) (Green Bond), Series F, 4.85% due 7/1/2045 | 1500000 | 1505092 |
|  | **MISSOURI — 0.5%** |  |  |
|  | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;4.00% due 11/15/2039 | 1500000 | 1484987 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 4/1/2059 (put 4/1/2035) | 1000000 | 1115902 |
|  | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2044 | 680000 | 695084 |
|  | &nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), Series C, 4.85% due 11/1/2045 | 2000000 | 2025320 |
|  | &nbsp;&nbsp;St. Charles County (Fox Hill Preservation LP) (FNMA, HUD) (Green Bond) IDA, 4.65% due 4/1/2043 | 496910 | 495496 |
|  | **MONTANA — 0.2%** |  |  |
|  | &nbsp;&nbsp;Montana Board of Housing, Series B, 4.80% due 12/1/2043 | 1985000 | 2054225 |
|  | **NEBRASKA — 0.5%** |  |  |
| <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) | 2000000 | 2104336 |
|  | &nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 500000 | 527297 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 9/1/2031 | 1000000 | 1067329 |
|  | &nbsp;&nbsp;Nebraska Investment Finance Authority (FHLMC, FNMA, GNMA) (Green Bond), Series C, 5.05% due 9/1/2045 | 2000000 | 2052192 |
|  | **NEVADA — 0.2%** |  |  |
|  | &nbsp;&nbsp;City of Las Vegas Special Improvement District No. 814 (Summerlin Village 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | 990000 | 861886 |
| <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) | 1500000 | 1517711 |
|  | **NEW JERSEY — 3.7%** |  |  |
|  | &nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.25% due 11/1/2042 | 4000000 | 4300476 |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/15/2043 | 2000000 | 2040956 |
|  | &nbsp;&nbsp;New Jersey (School Facilities Construction) (AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3000000 | 3036621 |
|  | &nbsp;&nbsp;New Jersey (School Facilities Construction) (NPFG) EDA, Series N-1, 5.50% due 9/1/2027 | 1700000 | 1768522 |
|  | &nbsp;&nbsp;New Jersey (State of New Jersey Department of the Treasury) EDA, Series EEE, 5.00% due 6/15/2043 | 2180000 | 2243767 |
|  | &nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2815000 | 2819974 |
|  | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2032 | 1500000 | 1602099 |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2032 | 750000 | 801028 |
|  | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Green Bond), Series M, 5.05% due 10/1/2045 | 1960000 | 2005813 |
| <sup>a</sup> | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Rowan Preservation LLC) (HUD), Series D-2, 3.10% due 7/1/2029 (put 7/1/2028) | 1000000 | 1001350 |
|  | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2032 - 12/15/2035 | 5300000 | 5540801 |
|  | &nbsp;&nbsp;&nbsp;Series AA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2035 - 6/15/2040 | 1800000 | 1917396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/15/2043 | 3100000 | 3207058 |
|  | &nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2034 | 2000000 | 2096882 |
|  | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State of New Jersey), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 12/15/2039 | 3000000 | 2964234 |
|  | &nbsp;&nbsp;&nbsp;Series BB, 5.00% due 6/15/2044 | 1000000 | 1027126 |
|  | &nbsp;&nbsp;&nbsp;Series CC, 5.00% due 6/15/2040 | 2000000 | 2138980 |
|  | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series CC, 5.00% due 6/15/2042 | 3750000 | 3975135 |
|  | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2039 | 1500000 | 1565976 |

---

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

**Schedule of Investments, Continued** 

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | **NEW MEXICO — 1.2%** | | |
|  | &nbsp;&nbsp;Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2035 | $500000 | $535990 |
| <sup>a</sup> | &nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series E, 3.875% due 6/1/2040 (put 6/1/2029) | 2265000 | 2300042 |
|  | &nbsp;&nbsp;City of Rio Rancho (GRT), 5.00% due 6/1/2043 - 6/1/2044 | 3350000 | 3535351 |
|  | &nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | 680000 | 680309 |
|  | &nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2032 - 7/1/2033 | 935000 | 943437 |
|  | &nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2044 | 2250000 | 2266582 |
|  | &nbsp;&nbsp;New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements) (AG), 4.00% due 12/1/2035 - 12/1/2036 | 1210000 | 1219532 |
|  | &nbsp;&nbsp;New Mexico Mortgage Finance Authority, Series A, 4.60% due 9/1/2046 | 1575000 | 1534762 |
|  | &nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C Class I, 4.95% due 9/1/2045 | 995000 | 1006957 |
|  | &nbsp;&nbsp;Village of Los Ranchos de Albuquerque (Albuquerque Academy), 4.00% due 9/1/2040 | 825000 | 793329 |
|  | **NEW YORK — 5.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;Build NYC Resource Corp. (RiverSpring Health Senior Living, Inc. Obligated Group), 5.25% due 12/15/2031 | 4000000 | 3905880 |
|  | &nbsp;&nbsp;Build NYC Resource Corp. (South Bronx Classical Charter School V), Series A, 5.00% due 6/15/2046 | 600000 | 591796 |
|  | &nbsp;&nbsp;City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042 | 1000000 | 1047750 |
|  | &nbsp;&nbsp;City of New York (City Budget Financial Management) GO, Series J, 5.00% due 8/1/2030 | 5000 | 5008 |
|  | &nbsp;&nbsp;City of New York GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series D-1, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2044 | 2000000 | 2033486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2040 - 5/1/2041 | 2500000 | 2672755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2045 | 1720000 | 1826353 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Series G, 5.25% due 2/1/2047 | 1000000 | 1055030 |
|  | &nbsp;&nbsp;&nbsp;Series G-1, 5.00% due 2/1/2042 - 2/1/2044 | 2475000 | 2619969 |
|  | &nbsp;&nbsp;Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | 3089070 | 3278887 |
|  | &nbsp;&nbsp;Metropolitan Transportation Authority, Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8295000 | 8446401 |
|  | &nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1820000 | 1838629 |
|  | &nbsp;&nbsp;New York City Housing Development Corp. (HUD) (Green Bond), Series B-1, 5.05% due 11/1/2043 | 4250000 | 4372719 |
|  | &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 | 2119000 |
|  | &nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Revenue (State Aid Withholding), Series S-1A, 4.00% due 7/15/2036 | 2000000 | 2047784 |
|  | &nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2036 | 1230000 | 1307952 |
|  | &nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 8/1/2038 - 8/1/2045 | 1900000 | 1970875 |
|  | &nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2040 | 2000000 | 2021204 |
|  | &nbsp;&nbsp;New York State Dormitory (Roswell Park Cancer Institute Corp. Obligated Group) (AG), Series A-1, 5.25% due 7/1/2044 - 7/1/2045 | 920000 | 986297 |
|  | &nbsp;&nbsp;New York State Dormitory Authority (AG, State Aid Withholding), Series A, 5.00% due 10/1/2038 - 10/1/2039 | 1250000 | 1354409 |
|  | &nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2034 | 1490000 | 1493838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/15/2047 | 2655000 | 2761115 |
|  | &nbsp;&nbsp;New York State Thruway Authority (State of New York Personal Income Tax Revenue), |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 3/15/2041 | 1500000 | 1599239 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/15/2046 | 750000 | 774619 |
|  | &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 | 4513998 |
|  | &nbsp;&nbsp;New York Transportation Development Corp. (Laguardia Gateway Partners LLC) AMT, Series A-P3, 5.00% due 7/1/2046 | 1000000 | 999105 |
|  | &nbsp;&nbsp;Port Authority of New York & New Jersey AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 4/15/2037 | 1500000 | 1516143 |
|  | &nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2030 | 1400000 | 1449806 |
|  | &nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, Series 253, 4.70% due 10/1/2038 | 910000 | 920945 |
|  | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250000 | 271953 |
|  | &nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 | 250000 | 255956 |
|  | **NORTH CAROLINA — 1.3%** |  |  |
|  | &nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Carolinas Healthcare System), Series A, 5.00% due 1/15/2028 | 2190000 | 2193885 |
|  | &nbsp;&nbsp;Gastonia Housing Authority, Series 2026-03FN, 4.60% due 11/1/2044 | 1500000 | 1492343 |
|  | &nbsp;&nbsp;Greater Asheville Regional Airport Authority (AG) AMT, 5.25% due 7/1/2042 - 7/1/2043 | 1435000 | 1497453 |
|  | &nbsp;&nbsp;Inlivian, Series A, 5.05% due 2/1/2043 | 1625000 | 1741592 |
|  | &nbsp;&nbsp;Nash Health Care Systems, 5.00% due 2/1/2045 | 875000 | 891914 |
|  | &nbsp;&nbsp;North Carolina Medical Care Commission (Chapel Hill Residential Center, Inc. Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 12/1/2042 | 1290000 | 1332039 |
|  | &nbsp;&nbsp;&nbsp;5.25% due 12/1/2043 - 12/1/2045 | 2570000 | 2670511 |
|  | &nbsp;&nbsp;North Carolina Medical Care Commission (Maryfield, Inc. Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 10/1/2036 | 245000 | 258322 |
|  | &nbsp;&nbsp;&nbsp;5.375% due 10/1/2045 | 810000 | 826842 |
|  | &nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2044 | 1380000 | 1380584 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 233

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;North Carolina Medical Care Commission (Plantation Village Obligated Group), Series A, 4.00% due 1/1/2041 | $1020000 | $942909 |
|  | &nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 5.125% due 10/1/2045 | 530000 | 527569 |
|  | **NORTH DAKOTA — 0.7%** |  |  |
|  | &nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.70% due 7/1/2040 | 1500000 | 1535914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.94% due 7/1/2045 | 7500000 | 7626585 |
|  | **OHIO — 1.3%** |  |  |
|  | &nbsp;&nbsp;City of Cleveland GO, 5.00% due 12/1/2026 | 15000 | 15029 |
|  | &nbsp;&nbsp;Cleveland State University (BAM), Series C, 5.00% due 6/1/2041 | 2830000 | 3070536 |
|  | &nbsp;&nbsp;Columbus Regional Airport Authority AMT, Series A, 5.25% due 1/1/2045 | 1750000 | 1824280 |
|  | &nbsp;&nbsp;Columbus-Franklin County Finance Authority, Series A, 5.125% due 1/1/2044 | 1000000 | 1042051 |
|  | &nbsp;&nbsp;Columbus-Franklin County Finance Authority (Meadow Creek Apartments LP) (FNMA), 4.82% due 11/1/2043 | 1850000 | 1863651 |
|  | &nbsp;&nbsp;County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), Series A, 5.00% due 8/1/2042 | 1400000 | 1409796 |
|  | &nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), 5.25% due 1/1/2035 - 1/1/2045 | 1200000 | 1262432 |
|  | &nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | 840000 | 897426 |
|  | &nbsp;&nbsp;Ohio Housing Finance Agency (FHLMC, FNMA, GNMA) (Green Bond), Series B, 4.80% due 9/1/2043 | 865000 | 878795 |
|  | &nbsp;&nbsp;Ohio Housing Finance Agency (Yorktown Preservation LLC) (FNMA, HUD), 4.55% due 4/1/2041 | 2085000 | 2103023 |
|  | &nbsp;&nbsp;West Central Ohio Port Authority (Global Impact STEM Academy), Series A, 5.00% due 12/1/2045 | 1235000 | 1196175 |
|  | **OKLAHOMA — 0.5%** |  |  |
|  | &nbsp;&nbsp;Clinton Public Works Authority, 5.00% due 10/1/2039 | 3335000 | 3489197 |
|  | &nbsp;&nbsp;Love County Educational Facilities Authority (Love County ISD No. 4 Thackerville), 4.75% due 9/1/2037 | 1135000 | 1145905 |
|  | &nbsp;&nbsp;McIntosh County Educational Facilities Authority (District No. 1 Eufaula) ISD, 5.00% due 9/1/2039 - 9/1/2041 | 1200000 | 1221133 |
|  | **OREGON — 0.0%** |  |  |
|  | &nbsp;&nbsp;Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | 500000 | 459404 |
|  | **PENNSYLVANIA — 5.9%** |  |  |
|  | &nbsp;&nbsp;Allegheny County Airport Authority (AG) AMT, Series A, 5.25% due 1/1/2044 - 1/1/2045 | 3825000 | 4063178 |
|  | &nbsp;&nbsp;Chester County Health & Education Facilities Authority (Tel Hai Retirement Community Obligated Group), 5.125% due 6/1/2046 | 3360000 | 3343254 |
|  | &nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 14, 5.00% due 10/1/2034 | 500000 | 504058 |
|  | &nbsp;&nbsp;City of Philadelphia (Philadelphia Gas Works), Series 15, 5.00% due 8/1/2042 | 2000000 | 2017066 |
|  | &nbsp;&nbsp;City of Philadelphia Airport Revenue (AG) AMT, 4.00% due 7/1/2041 | 2000000 | 1902550 |
|  | &nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 7/1/2036 | 1610000 | 1701295 |
|  | &nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2033 - 7/1/2042 | 9150000 | 9270424 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2045 | 855000 | 901862 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2032 | 1380000 | 1466442 |
|  | &nbsp;&nbsp;City of Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1360000 | 1378156 |
|  | &nbsp;&nbsp;City of Philadelphia Water & Wastewater Revenue, Series A, 5.00% due 11/1/2045 | 1050000 | 1080638 |
|  | &nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 2/15/2045 | 2000000 | 2006834 |
|  | &nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 2/15/2039 | 1100000 | 1110024 |
|  | &nbsp;&nbsp;Maxatawny Township Municipal Authority (Lutheran Senior Services East Obligated Group), Series A, 5.00% due 1/1/2040 | 1000000 | 1020472 |
|  | &nbsp;&nbsp;Montgomery County (ACTS Retirement-Life Communities, Inc. Obligated Group) IDA, Series C, 5.00% due 11/15/2045 | 2000000 | 1990362 |
| <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) | 1000000 | 1011339 |
|  | &nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.50% due 6/30/2043 | 6000000 | 6310038 |
|  | &nbsp;&nbsp;Pennsylvania (Presbyterian Homes Obligated Group) EDFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B-2, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2042 | 1250000 | 1262910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2046 | 1600000 | 1601416 |
| <sup>a</sup> | &nbsp;&nbsp;Pennsylvania (Republic Services, Inc.) EDFA AMT, Series B-2, 3.25% due 4/1/2049 (put 7/15/2026) | 1000000 | 996771 |
|  | &nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/2037 | 1000000 | 984832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2036 | 1000000 | 1065082 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/15/2047 | 2000000 | 2032614 |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2039 | 1000000 | 1064337 |
| <sup>a</sup> | &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 | 3000981 |
|  | &nbsp;&nbsp;Pennsylvania Housing Finance Agency (Cambridge Community Partners LP) (FNMA, HUD) (Green Bond), Series A, 5.55% due 11/1/2042 | 1093721 | 1210507 |
|  | &nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series 148A, 3.95% due 10/1/2036 | 990000 | 984801 |
|  | &nbsp;&nbsp;&nbsp;Series 149A, 4.75% due 10/1/2040 | 1580000 | 1627245 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond) AMT, 5.00% due 4/1/2027 | 1500000 | 1527337 |
|  | &nbsp;&nbsp;Pennsylvania State Public School Building Authority (Philadelphia School District) (AG, State Aid Withholding), Series B, 5.00% due 6/1/2027 | 5000000 | 5146820 |
|  | &nbsp;&nbsp;Pennsylvania Turnpike Commission, Series 2, 5.00% due 12/1/2036 | 1150000 | 1180472 |
|  | &nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2034 - 4/1/2036 | 3525000 | 3586253 |
|  | &nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2044 | 1250000 | 1277504 |
|  | &nbsp;&nbsp;State Public School Building Authority (School District of Philadelphia) (AG, State Aid Withholding), Series A, 5.00% due 6/1/2032 | 3500000 | 3546081 |
|  | **RHODE ISLAND — 0.3%** |  |  |
|  | &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (FNMA), Series A, 4.80% due 6/1/2043 | 2490000 | 2504051 |
|  | &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (GNMA) (Green Bond), Series 81-A, 5.25% due 10/1/2043 | 880000 | 923748 |
|  | **SOUTH CAROLINA — 2.2%** |  |  |
| <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) | 6000000 | 6398760 |
| <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) | 9500000 | 10170795 |
|  | &nbsp;&nbsp;South Carolina Jobs (Bishop Gadsden Episcopal Retirement Community Obligated Group) EDA, 5.125% due 4/1/2046 | 2500000 | 2450933 |
| <sup>c</sup> | &nbsp;&nbsp;South Carolina Jobs (International Paper Co.) EDA AMT, Series A, 3.95% due 4/1/2033 | 2000000 | 1991386 |
|  | &nbsp;&nbsp;South Carolina Jobs (Rolling Green Village) EDA, Series A, 5.50% due 12/1/2045 | 500000 | 488781 |
|  | &nbsp;&nbsp;South Carolina Jobs (Wesley Commons Obligated Group) EDA, Series A, 5.50% due 10/1/2045 | 735000 | 720122 |
|  | &nbsp;&nbsp;South Carolina Jobs-EDA (McLeod Health Obligated Group), 5.00% due 11/1/2043 | 2300000 | 2323288 |
|  | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority (FHLMC, FNMA, GNMA), Series B, 4.875% due 7/1/2045 | 1990000 | 2030779 |
|  | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority (Hallmark Settlement Manor LP) (FNMA), Series A, 4.80% due 5/1/2043 | 1000000 | 1035749 |
|  | **SOUTH DAKOTA — 0.4%** |  |  |
|  | &nbsp;&nbsp;County of Lincoln (Augustana University Association), |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 8/1/2041 | 480000 | 476137 |
|  | &nbsp;&nbsp;&nbsp;5.25% due 8/1/2040 | 750000 | 765899 |
|  | &nbsp;&nbsp;South Dakota (FHLMC, FNMA, GNMA) HDA , Series C, 5.00% due 11/1/2045 | 3000000 | 3067326 |
|  | &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), 5.00% due 9/1/2046 | 775000 | 789978 |
|  | **TENNESSEE — 3.2%** |  |  |
|  | &nbsp;&nbsp;Health & Educational Facilities Board of The Metropolitan Government of Nashville, Series 2024-11FN Class PT, 4.80% due 7/1/2043 | 3000000 | 3033344 |
|  | &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 | 439965 |
|  | &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Village at Inskip LP) (FNMA), Series A, 4.625% due 12/1/2043 | 1500000 | 1507282 |
|  | &nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 7/1/2043 | 1000000 | 1002862 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2045 | 1025000 | 1035898 |
|  | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series A, 5.10% due 7/1/2044 | 1625000 | 1721805 |
| <sup>a</sup> | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (HV Land Co. LP), 3.35% due 6/1/2044 (put | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (HV Land Co. LP), 3.35% due 6/1/2044 (put | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (HV Land Co. LP), 3.35% due 6/1/2044 (put |
|  | &nbsp;&nbsp;&nbsp;12/1/2026) | 3900000 | 3904150 |
|  | &nbsp;&nbsp;Metropolitan Nashville Airport Authority AMT, Series B, 5.00% due 7/1/2046 | 1000000 | 1019286 |
|  | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare) (AG), Series A, 5.00% due 6/1/2035 | 1500000 | 1646272 |
|  | &nbsp;&nbsp;Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | 1000000 | 1011361 |
| <sup>a</sup> | &nbsp;&nbsp;Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 2000000 | 2014880 |
|  | &nbsp;&nbsp;Tennessee (FHLMC, FNMA, GNMA) (Green Bond) HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series 1A, 4.90% due 7/1/2045 | 1000000 | 1007848 |
|  | &nbsp;&nbsp;&nbsp;Series 3A, 5.20% due 7/1/2043 | 1975000 | 2042569 |
| <sup>a</sup> | &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 | 5114970 |
| <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 | &nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put | &nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put |
|  | &nbsp;&nbsp;&nbsp;11/1/2031) | 11785000 | 12411608 |
|  | **TEXAS — 8.2%** |  |  |
|  | &nbsp;&nbsp;Agua Dulce (PSF-GTD) ISD GO, 5.00% due 8/15/2045 | 650000 | 677886 |
|  | &nbsp;&nbsp;Athens (PSF-GTD) ISD GO, 5.00% due 2/15/2046 | 2000000 | 2091254 |
|  | &nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 - 11/15/2044 | 5940000 | 6198253 |
|  | &nbsp;&nbsp;City of Dallas Housing Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;Series 2025-04FN Class PT, 4.625% due 10/1/2043 | 2000000 | 1989094 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/1/2044 | 1000000 | 1038776 |
|  | &nbsp;&nbsp;City of Houston Airport System Revenue (United Airlines, Inc.) AMT, Series B, 5.50% due 7/15/2039 | 1000000 | 1035726 |
|  | &nbsp;&nbsp;City of Houston Airport System Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2033 - 7/1/2036 | 2750000 | 2844996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2045 | 1000000 | 1078795 |
|  | &nbsp;&nbsp;City of Kyle (CTFS Obligation) (AG) GO, 5.00% due 8/15/2045 | 500000 | 519004 |
|  | &nbsp;&nbsp;City of Port Arthur (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2044 | 445000 | 466887 |
|  | &nbsp;&nbsp;City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2040 | 2000000 | 2138238 |
|  | &nbsp;&nbsp;City of San Antonio Electric & Gas Systems Revenue, Series A, 5.00% due 2/1/2046 | 3500000 | 3653086 |
|  | &nbsp;&nbsp;Clifton Higher Education Finance Corp. (International Leadership of Texas, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2038 | 900000 | 962293 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 235

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;County of Bexar GO, 4.00% due 6/15/2036 | $1000000 | $1001499 |
|  | &nbsp;&nbsp;&nbsp;Dallas College GO, 5.00% due 2/15/2037 | 715000 | 715902 |
|  | &nbsp;&nbsp;&nbsp;Gainesville (PSF-GTD) ISD GO, 5.25% due 2/15/2046 | 800000 | 859902 |
|  | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp., Series A, 5.00% due 10/1/2043 | 1875000 | 1918149 |
|  | &nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2034 | 1185000 | 1281115 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), 5.00% due 7/1/2040 | 5000000 | 5017960 |
|  | &nbsp;&nbsp;&nbsp;Harris County Hospital District GO, 5.00% due 2/15/2046 | 2500000 | 2594042 |
|  | &nbsp;&nbsp;&nbsp;Liberty Hill (PSF-GTD) GO, 5.00% due 2/1/2045 - 2/1/2047 | 1980000 | 2066773 |
|  | &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 | 4201914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2039 | 500000 | 524518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2042 | 1410000 | 1504268 |
|  | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 2000000 | 2060854 |
|  | &nbsp;&nbsp;&nbsp;Memorial City Redevelopment Authority (Houston Reinvestment Zone No. 17) (AG), 5.00% due 9/1/2045 | 1200000 | 1232800 |
|  | &nbsp;&nbsp;&nbsp;Midway McLennan County (PSF-GTD) ISD GO, 5.00% due 8/15/2046 | 575000 | 603636 |
|  | &nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Republic Services, Inc.) AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2054 (put 6/1/2034) | 1545000 | 1524893 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00% due 5/1/2050 (put 5/1/2026) | 1000000 | 999233 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Waste Management, Inc.) AMT, Series A, 2.875% due 5/1/2046 (put 6/1/2026) | 1750000 | 1749086 |
|  | &nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes Obligated Group), 5.25% due 1/1/2040 | 1000000 | 1042733 |
|  | &nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Westminster Manor Obligated Group), 5.00% due 11/1/2040 | 2000000 | 2037086 |
|  | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2042 | 600000 | 628516 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority (North Texas Tollway System), Series A, 4.125% due 1/1/2040 | 1500000 | 1512403 |
|  | &nbsp;&nbsp;&nbsp;Northwest (PSF-GTD) ISD GO, 5.00% due 2/15/2042 | 1730000 | 1844047 |
|  | &nbsp;&nbsp;&nbsp;San Marcos Consolidated (PSF-GTD) ISD GO, 5.00% due 8/15/2042 | 1250000 | 1330309 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Sheldon (PSF-GTD) ISD GO, 5.00% due 2/15/2047 | 2185000 | 2268664 |
|  | &nbsp;&nbsp;&nbsp;Somerville (PSF-GTD) ISD GO, 5.25% due 2/15/2042 | 1635000 | 1797584 |
|  | &nbsp;&nbsp;&nbsp;Springtown (PSF-GTD) ISD GO, 5.00% due 2/15/2046 | 1500000 | 1570920 |
|  | &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 | 1001414 |
|  | &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 | 2138266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2033 - 7/1/2036 | 4185000 | 4337447 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center Obligated Group), 5.00% due 12/1/2045 | 1150000 | 1184223 |
|  | &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 | 3828692 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2040 | 3520000 | 3717993 |
| <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 | 6547716 |
|  | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. VI (Guaranty: Bank of America Corp.), 5.00% due 1/1/2036 | 5065000 | 5375130 |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC) AMT, 5.50% due 6/30/2043 | 1150000 | 1207850 |
|  | &nbsp;&nbsp;&nbsp;Texas Public Finance Authority (Texas Southern University) (BAM), 5.25% due 5/1/2040 | 500000 | 544542 |
|  | &nbsp;&nbsp;&nbsp;Texas State Technical College (AG), Series A, 5.50% due 8/1/2042 | 2000000 | 2191804 |
|  | &nbsp;&nbsp;&nbsp;Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | 850000 | 810968 |
|  | **UTAH — 1.3%** |  |  |
|  | &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 | 7101866 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2040 - 7/1/2045 | 6530000 | 6886049 |
|  | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 500000 | 508849 |
|  | &nbsp;&nbsp;&nbsp;Utah Housing Corp. (FNMA), Series A, 4.69% due 2/1/2045 | 1000000 | 991242 |
|  | &nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency, 5.50% due 6/1/2040 | 500000 | 546308 |
|  | **VIRGINIA — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Virginia HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 7/1/2045 | 3000000 | 3070746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-1, 4.95% due 7/1/2045 | 500000 | 504653 |
|  | &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 | 1053933 |
|  | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 | 850000 | 895883 |
| <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 | 8879561 |
|  | **WASHINGTON — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | 1000000 | 1060895 |
|  | &nbsp;&nbsp;&nbsp;Port of Seattle AMT, 5.00% due 4/1/2036 | 1000000 | 1031935 |
|  | &nbsp;&nbsp;&nbsp;State of Washington GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021A, 5.00% due 6/1/2040 | 2225000 | 2339861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/1/2041 | 1000000 | 1023593 |

---

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

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL <br> AMOUNT** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Series 1N, 5.00% due 12/1/2045 | $2000000 | $2057668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP) (FNMA), Series A, 4.55% due 8/1/2043 | 1000000 | 1000231 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | 3000000 | 3036396 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 6.25% due 7/1/2046 | 4000000 | 3991660 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.875% due 7/1/2043 | 1000000 | 1039828 |
|  | **WEST VIRGINIA — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;County of Ohio Special District Excise Tax Revenue (Fort Henry Economic Opportunity Development District Excise Tax Revenue) (AG), Series A, 5.25% due 6/1/2045 | 1000000 | 1040520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Morgantown Utility Board, Inc. (AG), Series A, 5.00% due 12/1/2041 | 2000000 | 2011860 |
|  | **WISCONSIN — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2028 - 1/1/2042 | 5235000 | 5292827 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (Penick Village Obligated Group), 5.00% due 9/1/2039 | 770000 | 773271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2040 - 6/1/2041 | 525000 | 452241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A, 5.00% due 10/1/2044 | 6900000 | 6939123 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Racine (AG) USD GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2039 | 1640000 | 1740934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2039 - 4/1/2042 (pre-refunded 4/1/2031) | 695000 | 773714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 11/15/2039 | 500000 | 500304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2036 | 2380000 | 2384417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Fort Healthcare, Inc. Obligated Group), Series A, 5.00% due 10/1/2038 | 715000 | 765486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) (AG), Series A, 5.25% due 8/15/2045 | 4850000 | 5168572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA) (Green Bond), Series C, 4.50% due 9/1/2044 | 9190000 | 9020252 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 93.1% (Cost $1,127,383,195) |  | 1151278301 |
|  | **SHORT-TERM MUNICIPAL BONDS — 6.9%** |  |  |
|  | **ARIZONA — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arizona (Banner Health Obligated Group; LOC Bank of America NA) HFA, Series C, 2.70% due 1/1/2046 (put 4/1/2026) | 4000000 | 4000000 |
|  | **MISSISSIPPI — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. (Chevron USA, Inc.; Guaranty: Chevron Corp.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 2.80% due 11/1/2035 (put 4/1/2026) | 800000 | 800000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 2.80% due 11/1/2035 (put 4/1/2026) | 24600000 | 24600000 |
|  | **MISSOURI — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (St. Louis University; LOC Wells Fargo Bank NA), Series B-2, 2.65% due 10/1/2035 (put 4/1/2026) | 3840000 | 3840000 |
|  | **NEW YORK — 2.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;City of New York (LOC Mizuho Bank Ltd.) GO, Series G-6, 2.80% due 4/1/2042 (put 4/1/2026) | 910000 | 910000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of New York (SPA Barclays Bank plc) GO, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-5, 2.85% due 6/1/2044 (put 4/1/2026) | 7400000 | 7400000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G-6, 2.85% due 10/1/2046 (put 4/1/2026) | 7555000 | 7555000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA JP Morgan Chase Bank NA), Series AA-2, 2.70% due |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/2050 (put 4/1/2026) | 3825000 | 3825000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA State Street B&T Co.), Series BB-2, 2.65% due 6/15/2049 (put 4/1/2026) | 3250000 | 3250000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), Series E-4, 2.70% due 2/1/2045 (put 4/1/2026) | 3585000 | 3585000 |
|  | **NORTH CAROLINA — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 2.75% due 1/15/2038 (put 4/1/2026) | 3205000 | 3205000 |
|  | **OHIO — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group; SPA Barclays Bank plc), 2.80% due 1/1/2043 (put 4/1/2026) | 13885000 | 13885000 |
|  | **TEXAS — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gulf Coast (Exxon Mobil Corp.) IDA, 2.70% due 11/1/2041 (put 4/1/2026) | 5000000 | 5000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 2.70% due 4/1/2040 (put 4/1/2026) | 3000000 | 3000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM MUNICIPAL BONDS — 6.9% (Cost $84,855,000)** |  | 84855000 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 237

**Schedule of Investments, Continued**

Thornburg Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| **TOTAL INVESTMENTS — 100.0% (Cost $1,212,238,195)** |  | $1236133301 |
| **LIABILITIES NET OF OTHER ASSETS — (0.0)%** |  | (115801) |
| **NET ASSETS — 100.0%** |  | $1236017500 |

---

**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 March 31, 2026. |

---

---

| | |
|:---|:---|
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $25,970,855, representing 2.10% of the Fund's net assets. |

---

c When-issued security.

---

| | | | |
|:---|:---|:---|:---|
| **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. | HDA | Housing Development Authority |
| AMBAC | Insured by American Municipal Bond Assurance Corp. | HFA | Health Facilities Authority |
| AMT | Alternative Minimum Tax | HFFA | Health Facilities Financing Authority |
| BAM | Insured by Build America Mutual Insurance Co. | HUD | Insured by Housing and Urban Development |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. | IDA | Industrial Development Authority/Agency |
| COP | Certificates of Participation | ISD | Independent School District |
| DFA | Development Finance Authority/Agency | LOC | Letter of Credit |
| EDA | Economic Development Authority | NPFG | Insured by National Public Finance Guarantee Corp. |
| EDFA | Economic Development Financing Authority | PSF-GTD | Guaranteed by Permanent School Fund |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. | Q-SBLF | Insured by Qualified School Bond Loan Fund |
| FNMA | Collateralized by Federal National Mortgage Association | SONYMA | State of New York Mortgage Agency |
| GNMA | Collateralized by Government National Mortgage Association | SPA | Stand-by Purchase Agreement |
| GO | General Obligation | USD | Unified School District |
| GRT | Gross Receipts Tax |  |  |

---

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

Schedule of Investments

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 95.0%** | | |
|  | **ALABAMA — 5.3%** | | |
|  | &nbsp;&nbsp;&nbsp;Alabama Community College System (BAM), 5.125% due 10/1/2055 | $2000000 | $2043172 |
|  | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), Series B, 5.05% due 10/1/2045 | 995000 | 1022500 |
|  | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (TBG Southtown Senior LP) (FNMA) (Green Bond), Series B, 5.23% due 10/1/2041 | 1500000 | 1575322 |
| <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) | 2000000 | 2112808 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series G, 5.00% due 10/1/2035 | 1500000 | 1561629 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Pacific Life Insurance Co.), Series F, 5.00% due 12/1/2035 | 1500000 | 1579936 |
|  | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 11/1/2035 | 2295000 | 2389104 |
|  | &nbsp;&nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons II LLC), Series C, 5.00% due 10/1/2056 | 500000 | 458597 |
|  | &nbsp;&nbsp;&nbsp;Mobile County (AM/NS Calvert LLC; Guaranty: Arcelormittal SA) IDA AMT, Series A, 5.00% due 6/1/2054 | 1250000 | 1188609 |
| <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) | 1000000 | 1065045 |
|  | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Deutsche Bank AG), Series A, 5.00% due 11/1/2034 - 11/1/2035 | 3210000 | 3293793 |
|  | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 1000000 | 1066417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.00% due 11/1/2035 | 1000000 | 1044004 |
| <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) | 1000000 | 1049063 |
|  | **ARIZONA — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arizona (FHLMC, FNMA, GNMA) IDA, Series A, 5.15% due 10/1/2053 | 370000 | 373042 |
|  | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 12/1/2037 (put 6/15/2028) | 875000 | 884493 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, 5.00% due 9/1/2052 (put 9/1/2027) | 3380000 | 3411471 |
|  | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series A, 5.00% due 7/1/2042 | 1750000 | 1757222 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Maricopa County (Banner Health Obligated Group) IDA, Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | 1000000 | 1073796 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (Legacy Traditional School Obligated Group) IDA, Series A, 5.25% due 7/1/2055 | 850000 | 808834 |
| <sup>a</sup> | &nbsp;&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 | 2964054 |
|  | &nbsp;&nbsp;&nbsp;Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 1000000 | 973588 |
|  | **ARKANSAS — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Fayetteville Public Facilities Board (Butterfield Trail Village, Inc.), 5.50% due 12/1/2054 | 835000 | 828621 |
|  | **CALIFORNIA — 4.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Benicia (Benicia High School) (AG) USD GO, Series C, Zero Coupon due 8/1/2026 | 830000 | 819257 |
|  | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 | 350000 | 350694 |
| <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) | 4200000 | 4430916 |
| <sup>a</sup> | &nbsp;&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 | 994630 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Biola University), 5.00% due 10/1/2027 | 430000 | 442444 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | 1400000 | 1432918 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | 1000000 | 999869 |
| <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) | 1250000 | 1261380 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;California School Finance Authority (Magnolia Public Schools Obligated Group), Series A, 5.25% due 7/1/2056 | 1000000 | 964176 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2030 | 175000 | 182018 |
|  | &nbsp;&nbsp;&nbsp;City of Rialto (Community Facilities District No. 2020-1), 5.125% due 9/1/2055 | 1000000 | 996646 |
|  | &nbsp;&nbsp;&nbsp;County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625000 | 626239 |
|  | &nbsp;&nbsp;&nbsp;Lammersville Joint (Community Facilities Dist No. 2024-1) USD, 5.125% due 9/1/2050 | 765000 | 759193 |
|  | &nbsp;&nbsp;&nbsp;Moreno Valley Community Facilities District (Community Facilities District No. 2022-1) USD, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/1/2040 - 9/1/2045 | 860000 | 869070 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 9/1/2050 | 665000 | 661503 |
|  | &nbsp;&nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup, Inc.), Series A, 6.50% due 11/1/2039 | 1245000 | 1476291 |
|  | &nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2047 | 550000 | 550022 |
|  | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority AMT, Series B, 5.00% due 7/1/2049 | 1000000 | 1002673 |
|  | &nbsp;&nbsp;&nbsp;Union Elementary School District (Santa Clara County District Schools) (NPFG) GO, Series D, Zero Coupon due 9/1/2027 | 905000 | 876033 |
|  | **COLORADO — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City & County of Denver Airport System Revenue AMT, <br> Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2036 - 12/1/2048 | 4065000 | 4174815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2043 | 150000 | 153044 |
|  | &nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 11/1/2047 | 1000000 | 1045456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2044 | 1600000 | 1624397 |
|  | &nbsp;&nbsp;&nbsp;Colorado (Frasier Meadows Manor, Inc. Obligated Group) HFA, Series A, 5.25% due 5/15/2048 | 1000000 | 976221 |
|  | &nbsp;&nbsp;&nbsp;Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2044 | 1000000 | 1006462 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 239

**Schedule of Investments, Continued** 

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Addenbrooke Classical Academy, Inc.) (BAM, State Aid Withholding), Series A, 5.00% due 6/1/2050 | $500000 | $496990 |
|  | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Roosevelt Charter Academy) (BAM), Series A, 5.00% due 7/1/2055 | 575000 | 554862 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Colorado State University Research Foundation (Colorado State University System), Series A, 5.00% due 3/1/2035 | 500000 | 518673 |
|  | &nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy (Natural Gas Purchase; Guaranty: Merrill Lynch & Co.), 6.50% due 11/15/2038 | 260000 | 305349 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2032 | 1215000 | 1296705 |
|  | &nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, Series A-1, 5.00% due 12/1/2055 | 750000 | 759454 |
|  | &nbsp;&nbsp;&nbsp;Village Metropolitan District GO, 5.00% due 12/1/2040 | 1000000 | 1006033 |
|  | **CONNECTICUT — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut GO, Series A, 5.00% due 4/15/2035 | 1000000 | 1037999 |
|  | **DELAWARE — 0.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Delaware State (Academia Antonia Alonso, Inc.) EDA, Series A, 6.00% due 7/1/2055 | 1000000 | 981445 |
|  | &nbsp;&nbsp;&nbsp;Delaware State (Beebe Medical Center, Inc.) HFA, 4.00% due 6/1/2035 | 1080000 | 1058549 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Delaware State (NRG Energy, Inc.) EDA, Series B, 4.00% due 10/1/2040 (put 10/1/2035) | 1355000 | 1335201 |
|  | **DISTRICT OF COLUMBIA — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC) (FNMA) (Green Bond), Series A, 4.875% due 9/1/2045 | 1000000 | 1013718 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority (Dulles Toll Road) (AG), Series B, Zero Coupon due 10/1/2027 | 1500000 | 1433625 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 5.00% due 10/1/2050 | 500000 | 503125 |
|  | **FLORIDA — 7.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alachua County (Oak Hammock at the University of Florida Obligated Group) HFA, Series A, 5.75% due 10/1/2053 | 1500000 | 1547803 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | 300000 | 300970 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 3000000 | 3044259 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital Trust Authority (Classical Academy of Sarasota, Inc.), 6.125% due 7/1/2055 | 1000000 | 950790 |
|  | &nbsp;&nbsp;&nbsp;City of Pompano Beach (John Knox Village of Florida, Inc. Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 9/1/2040 | 1000000 | 877698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 9/1/2036 | 500000 | 468078 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series A, 5.50% due 1/1/2055 | 1000000 | 946440 |
|  | &nbsp;&nbsp;&nbsp;County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1000000 | 1017476 |
|  | &nbsp;&nbsp;&nbsp;County of Broward Airport System Revenue AMT, Series A, 5.00% due 10/1/2049 | 1000000 | 999650 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, Series B, 5.00% due 10/1/2040 | 1000000 | 1007724 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Transit System, 5.00% due 7/1/2046 | 1000000 | 1032902 |
|  | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2056 | 1000000 | 901457 |
|  | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (SP Palms LLC) (FHLMC), Series F-1, 4.90% due 11/1/2042 | 875000 | 889826 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Florida Local Government Finance Commission (BridgePrep Academy, Inc. Series 2025 Obligated Group), Series A, 6.25% due 6/15/2055 | 2500000 | 2479867 |
|  | &nbsp;&nbsp;&nbsp;Florida Local Government Finance Commission (Cornerstone Charter Academy, Inc. Obligated Group), 5.875% due 10/1/2061 | 1000000 | 954853 |
|  | &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | 2200000 | 2213768 |
|  | &nbsp;&nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25% due 11/15/2054 | 1000000 | 968662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.75% due 11/15/2029 | 1500000 | 1507833 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade County (Miami Community Charter School, Inc.) IDA, 6.25% due 6/1/2055 | 500000 | 499116 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board (District School Facilities & Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1100000 | 1102179 |
|  | &nbsp;&nbsp;&nbsp;Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 2270000 | 2283693 |
|  | &nbsp;&nbsp;&nbsp;Orange County (Orlando Health Obligated Group) HFA, Series A, 5.00% due 10/1/2047 | 1000000 | 1002191 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (ACTS Retirement-Life Communities, Inc. Obligated Group) HFA, Series B, 5.00% due 11/15/2049 | 1000000 | 977956 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2045 | 715000 | 697996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 11/1/2050 | 500000 | 515663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2047 | 250000 | 238973 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Lifespace Communities, Inc. Obligated Group) HFA, Series C, 7.625% due 5/15/2058 | 500000 | 558954 |
|  | **GEORGIA — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2055 (put 12/1/2035) | 2000000 | 2095942 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 1500000 | 1513530 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 1000000 | 1055642 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2055 (put 12/1/2032) | 1500000 | 1571470 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2036 - 5/15/2043 | 5600000 | 5807194 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 1250000 | 1255569 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 3000000 | 3167127 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (AG), Series A, 5.00% due 7/1/2053 | 1500000 | 1506411 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (BAM), Series A, 5.00% due 1/1/2049 | 1000000 | 996209 |
|  | **ILLINOIS — 10.0%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;<br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 | $500000 | $524521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education GO, Series A, 6.00% due 12/1/2049 | 1000000 | 1011541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago Midway International Airport AMT, Series A, 5.00% due 1/1/2048 | 1700000 | 1687112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (AG) AMT, Series A, 5.25% due 1/1/2045 | 825000 | 846551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, Series A, 5.25% due 1/1/2048 - 1/1/2053 | 3000000 | 3043920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | 500000 | 505263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 - 1/1/2050 | 3830000 | 3874352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue (AG), Series A, 5.25% due 1/1/2053 | 1000000 | 1027692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Moorings of Arlington Heights LLC Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2036 | 485000 | 510636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% due 11/1/2055 | 620000 | 593003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Plymouth Place Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2033 | 290000 | 291922 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% due 5/15/2052 | 1000000 | 1035865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (Washington & Jane Smith Community-Orland Park), 4.00% due 10/15/2026 - 10/15/2027 | 835000 | 834192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois HDA, Series A, 4.80% due 2/1/2046 | 1000000 | 973067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois State University (AG), Series A, 5.00% due 4/1/2033 - 4/1/2036 | 965000 | 996435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 6/15/2050 | 2500000 | 2472468 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Morgan County School District No. 117 Jacksonville (BAM) GO, 5.25% due 1/1/2050 | 1000000 | 1034705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Northeastern Illinois University (BAM) COP, 5.25% due 7/1/2050 | 1000000 | 976361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 1000000 | 1036856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (BAM) GO, 4.00% due 6/1/2041 | 1280000 | 1209901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2039 | 375000 | 396986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 5/1/2045 | 1600000 | 1670067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50% due 3/1/2042 - 3/1/2047 | 2000000 | 2099076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2035 | 1000000 | 999081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2048 | 295000 | 300128 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2047 | 1000000 | 1043247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2028 | 3000000 | 3087843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4500000 | 4682843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM), Series B, 4.75% due 6/15/2043 | 2005000 | 2025688 |
|  | &nbsp;&nbsp;&nbsp;**INDIANA — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Baptist Healthcare System Obligated Group), Series A, 5.00% due 8/15/2051 | 620000 | 600748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), Series B, 5.50% due 5/1/2054 | 500000 | 491246 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 1300000 | 1339081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Retirement Living, Inc. Obligated Group), Series A, 5.375% due 3/1/2055 | 1675000 | 1668642 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 1500000 | 1527057 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority (Westminster Village Greenwood, Inc. Obligated Group), Series A, 5.75% due 5/15/2055 | 3300000 | 3324232 |
|  | &nbsp;&nbsp;&nbsp;**IOWA — 2.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (Des Moines Christian Schools), 5.50% due 7/1/2056 | 1500000 | 1446867 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (pre-refunded 12/1/2032) | 2075000 | 2347718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series A, 5.125% due 5/15/2059 | 1000000 | 906358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.25% due 12/1/2050 | 1000000 | 967345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center), 5.00% due 10/1/2047 | 750000 | 722669 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 1650000 | 1659385 |
|  | &nbsp;&nbsp;&nbsp;**KANSAS — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2000000 | 2002533 |
|  | &nbsp;&nbsp;&nbsp;**KENTUCKY — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 1500000 | 1507629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2052 (put 8/1/2030) | 5500000 | 5553862 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | 5000000 | 5326775 |
|  | &nbsp;&nbsp;&nbsp;**LOUISIANA — 1.0%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 6.15% due 6/15/2055 | 1500000 | 1502864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (CHRISTUS Health Obligated Group), Series A, 5.00% due 7/1/2048 | 1500000 | 1502523 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 241

**Schedule of Investments, Continued** 

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.25% due 5/15/2055 | $1000000 | $1021341 |
|  | **MARYLAND — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) (AG), 5.00% due 7/1/2055 | 1000000 | 1009958 |
|  | &nbsp;&nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) (AG) AMT, Series A, 5.25% due 8/1/2054 | 1000000 | 1012870 |
|  | **MASSACHUSETTS — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO, Series D, 5.00% due 9/1/2050 | 1000000 | 1029003 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series A, 5.875% due 12/1/2060 | 1500000 | 1321198 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Housing Finance Agency (HUD) (Green Bond), Series C1, 5.20% due 12/1/2053 | 500000 | 506410 |
|  | **MICHIGAN — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Detroit (Green Bond) GO, Series A, 5.00% due 4/1/2032 | 200000 | 213015 |
|  | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site Improvement) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1000000 | 1028164 |
|  | &nbsp;&nbsp;&nbsp;Grand Rapids Economic Development Corp. (Michigan Christian Home Obligated Group), Series A, 6.125% due 11/1/2060 | 2000000 | 1928184 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo Obligated Group), Series A, 6.25% due 8/15/2056 | 1000000 | 993630 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1000000 | 1001564 |
|  | &nbsp;&nbsp;&nbsp;Michigan State HDA (Green Bond), Series A, 5.00% due 12/1/2055 | 750000 | 757234 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | 500000 | 498533 |
|  | **MINNESOTA — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | 989304 | 1080991 |
|  | **MISSOURI — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2044 - 2/1/2048 | 1600000 | 1610501 |
|  | &nbsp;&nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), Series C, 5.00% due 11/1/2055 | 1000000 | 1003030 |
|  | **MONTANA — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Montana Facility Finance Authority (Benefis Health System Obligated Group), Series A, 5.50% due 2/15/2055 | 1500000 | 1558092 |
|  | **NEBRASKA — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | 1500000 | 1600994 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority (FHLMC, FNMA, GNMA) (Green Bond), Series A, 4.75% due 9/1/2051 | 1000000 | 964631 |
|  | **NEVADA — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2037 | 1060000 | 1067042 |
| <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) | 760000 | 768973 |
|  | **NEW HAMPSHIRE — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 2150000 | 2111302 |
|  | **NEW JERSEY — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Camden County Improvement Authority (Kipp Cooper Norcross Obligated Group) (Green Bond), 6.00% due 6/15/2052 | 1000000 | 1027900 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2033 | 500000 | 532619 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) (NPFG) EDA, Series N-1, 5.50% due 9/1/2027 | 1000000 | 1040307 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, Series C, 5.25% due 12/1/2054 | 300000 | 292513 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | 1598327 | 1649923 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2035 | 2000000 | 2090356 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State of New Jersey), Series AA, 5.00% due 6/15/2046 | 1000000 | 1021135 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 2000000 | 2009968 |
|  | **NEW MEXICO — 1.5%** |  |  |
| <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) | 750000 | 761219 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2034 | 1465000 | 1465513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2039 - 5/15/2049 | 1950000 | 1822177 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2033 - 7/1/2034 | 1105000 | 1113264 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C, 5.10% due 9/1/2055 | 990000 | 991988 |
|  | **NEW YORK — 4.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (Kipp NYC Public Charter Schools) (Green Bond), 5.00% due 7/1/2042 | 2300000 | 2360704 |
|  | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (RiverSpring Health Senior Living, Inc. Obligated Group), |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/15/2031 | 1000000 | 976470 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 12/15/2055 | 1400000 | 1409258 |
|  | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (South Bronx Classical Charter School V), Series A, 5.25% due 6/15/2056 | 1250000 | 1211141 |
|  | &nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | 996474 | 1057706 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | 1045000 | 1048076 |
|  | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD) (Green Bond), Series A, 4.45% due 8/1/2043 | 1500000 | 1486839 |
|  | &nbsp;&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 | 1018643 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue), Series A, 5.00% due 5/1/2054 | 1500000 | 1545668 |
|  | &nbsp;&nbsp;&nbsp;New York State Thruway Authority (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2051 | 2000000 | 2046984 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc.) AMT, 6.00% due 4/1/2035 | $1000000 | $1095033 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, Series 238 5.00% due 7/15/2037 | 500000 | 537926 |
|  | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 248, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 4/1/2032 | 770000 | 786602 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125% due 10/1/2032 | 210000 | 213963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.20% due 4/1/2033 | 845000 | 861117 |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series A, 5.00% due 11/15/2051 | 1000000 | 1019091 |
|  | **NORTH CAROLINA — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Greater Asheville Regional Airport Authority (AG) AMT, Series A, 5.25% due 7/1/2039 | 1000000 | 1055220 |
|  | &nbsp;&nbsp;&nbsp;Nash Health Care Systems, 5.25% due 2/1/2055 | 750000 | 759046 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Chapel Hill Residential Center, Inc. Obligated Group), 5.25% due 12/1/2055 | 2075000 | 2043771 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Maryfield, Inc. Obligated Group), 5.625% due 10/1/2055 | 365000 | 372782 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2054 | 1650000 | 1591110 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 5.125% due 10/1/2056 | 1000000 | 954340 |
|  | **NORTH DAKOTA — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Horace GO, Series C, 5.00% due 5/1/2050 | 1400000 | 1336703 |
|  | &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), Series A, 5.05% due 7/1/2053 | 1000000 | 1001606 |
|  | **OHIO — 2.6%** |  |  |
|  | &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 | 1444846 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | 4500000 | 3600000 |
|  | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority, Series A, 5.125% due 1/1/2044 | 1000000 | 1042051 |
|  | &nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/1/2050 | 400000 | 401205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50% due 1/1/2043 | 500000 | 516113 |
|  | &nbsp;&nbsp;&nbsp;Madison-Plains Local School District (BAM) COP, 5.50% due 12/1/2049 | 1200000 | 1265557 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2038 | 1105000 | 1173833 |
|  | &nbsp;&nbsp;&nbsp;West Central Ohio Port Authority (Global Impact STEM Academy), Series A, 5.50% due 12/1/2055 | 1000000 | 999619 |
|  | **OKLAHOMA — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cleveland County Home Loan Authority (GNMA), Series A, 4.45% due 7/1/2044 | 800000 | 740738 |
|  | **OREGON — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B-2, 5.00% due 7/1/2046 (put 2/1/2032) | 1900000 | 2063702 |
|  | **PENNSYLVANIA — 4.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority, 6.00% due 5/1/2042 | 600000 | 644594 |
|  | &nbsp;&nbsp;&nbsp;Chester County Health & Education Facilities Authority (Tel Hai Retirement Community Obligated Group), 5.25% due 6/1/2055 | 1700000 | 1672450 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 15, 5.00% due 8/1/2047 | 1000000 | 1001826 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2037 | 1000000 | 1015646 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Water & Wastewater Revenue, Series B, 5.00% due 11/1/2049 | 1000000 | 1023429 |
|  | &nbsp;&nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), Series A, 5.00% due 4/1/2050 | 1825000 | 1828281 |
|  | &nbsp;&nbsp;&nbsp;General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group), Series A, 5.00% due 6/1/2049 | 1605000 | 1609016 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County (ACTS Retirement-Life Communities, Inc. Obligated Group) IDA, Series C, 5.00% due 11/15/2045 | 1000000 | 995181 |
| <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) | 500000 | 505670 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2030 - 5/1/2031 | 2230000 | 2344112 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.75% due 6/30/2048 | 1000000 | 1035084 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2046 | 1050000 | 872276 |
| <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) | 1500000 | 1474545 |
| <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 | 2000654 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2047 | 825000 | 855290 |
|  | &nbsp;&nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2038 | 100000 | 102920 |
|  | **SOUTH CAROLINA — 3.3%** |  |  |
| <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) | 1350000 | 1439721 |
| <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) | 5000000 | 5353050 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Jobs (Bishop Gadsden Episcopal Retirement Community Obligated Group) EDA, 5.25% due 4/1/2051 | 1500000 | 1462933 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs (International Paper Co.) EDA AMT, Series A, 3.95% due 4/1/2033 | 1500000 | 1493539 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Jobs (Rolling Green Village) EDA, Series A, 5.80% due 12/1/2050 | 1000000 | 983699 |
|  | &nbsp;&nbsp;&nbsp;South Carolina Jobs (Wesley Commons Obligated Group) EDA, Series A, 5.625% due 10/1/2050 | 1150000 | 1132877 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Enerra SC-1 LLC) AMT, 3.70% due 12/15/2027 (put 12/1/2026) | 1500000 | 1505061 |
|  | **TENNESSEE — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health Obligated Group), Series A-2, 5.00% due 8/1/2049 | 1050000 | 1047933 |
|  | &nbsp;&nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2043 | 1000000 | 1002862 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 243

**Schedule of Investments, Continued** 

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **** |  | **SHARES/PRINCIPAL** |  |
| **** | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **AMOUNT** | **VALUE** |
| |  |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2049 | $1000000 | $1000507 |
| | &nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Shelby House II LP) (FNMA), Series A, 4.60% due 12/1/2044 | 1700000 | 1669583 |
| | &nbsp;&nbsp;&nbsp;Tennessee (Green Bond) HDA, Series 2A, 4.45% due 7/1/2043 | 1000000 | 973496 |
| <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 |  |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;(put 11/1/2031) | 1500000 | 1579755 |
| | **TEXAS — 7.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;Agua Dulce (PSF-GTD) ISD GO, 5.25% due 8/15/2050 | 1000000 | 1046323 |
| | &nbsp;&nbsp;&nbsp;Blue Ridge (PSF-GTD) ISD GO, Series 2025, 5.50% due 2/15/2055 | 1000000 | 1066761 |
| | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue, Series A, 5.00% due 11/15/2049 | 1000000 | 1005853 |
| | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 | 2000000 | 2107568 |
| | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue (AG) AMT, Series A, 5.25% due 7/1/2048 | 1000000 | 1027095 |
| | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue (United Airlines, Inc.) AMT, Series B, 5.50% due 7/15/2038 | 1000000 | 1036718 |
| | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue AMT, Series A, 5.00% due 7/1/2041 | 1500000 | 1522650 |
| | &nbsp;&nbsp;&nbsp;Dallas College GO, 5.00% due 2/15/2037 | 360000 | 360454 |
| | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 1350000 | 1391076 |
| | &nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes Obligated Group), 5.375% due 1/1/2055 | 1000000 | 1006414 |
| | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2052 | 500000 | 503713 |
| | &nbsp;&nbsp;&nbsp;Northwest (PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2049 | 1350000 | 1386094 |
| | &nbsp;&nbsp;&nbsp;San Antonio Housing Trust Public Facility Corp. (Brooks Family Apartments LP) (FNMA), Series A, 4.55% due 3/1/2043 | 3500000 | 3477412 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cumberland Rest, Inc. Obligated Group), 5.00% due 10/1/2044 - 10/1/2049 | 3475000 | 3331779 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources Obligated Group), Series A, 5.00% due 11/15/2055 | 2000000 | 2025066 |
| | &nbsp;&nbsp;&nbsp;Tarrant County Housing Finance Corp. (4450 Marine Creek Parkway TX Owner LP) (FNMA), Series A, 4.60% due 3/1/2043 | 4100000 | 4028724 |
| | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2029 | 1435000 | 1511312 |
| <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) | 2000000 | 2182572 |
| | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 850000 | 867540 |
| | &nbsp;&nbsp;&nbsp;Texas State Technical College (AG), Series A, 5.75% due 8/1/2047 | 545000 | 589540 |
| | **UTAH — 1.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | 2000000 | 1993604 |
| | &nbsp;&nbsp;&nbsp;City of Salt Lake City Airport Revenue AMT, Series A, 5.50% due 7/1/2050 | 3000000 | 3141225 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Tech Ridge Public Infrastructure District Tech Ridge Assessment Area, 6.25% due 12/1/2054 | 1000000 | 1013014 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | 900000 | 807432 |
| | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 200000 | 203540 |
| | **VIRGINIA — 0.7%** |  |  |
| | &nbsp;&nbsp;&nbsp;Henrico County (Bon Secours Mercy Health, Inc.) EDA, Series A, 5.00% due 11/1/2048 | 650000 | 657578 |
| | &nbsp;&nbsp;&nbsp;Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group), Series A, 7.00% due 9/1/2053 | 1000000 | 1080564 |
| | &nbsp;&nbsp;&nbsp;Virginia HDA, Series F, 5.00% due 7/1/2045 | 1000000 | 1023582 |
| | **WASHINGTON — 1.2%** |  |  |
| | &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A-2, 5.00% due 8/1/2044 | 1000000 | 1026210 |
| | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | 1000000 | 1012132 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 6.25% due 7/1/2046 | 1850000 | 1846143 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | 900000 | 918152 |
| | **WEST VIRGINIA — 1.4%** |  |  |
| <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) | 1745000 | 1747228 |
| | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group), Series A, 5.00% due 6/1/2047 | 3000000 | 3001839 |
| | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, 5.00% due 6/1/2047 | 1000000 | 1027300 |
| | **WISCONSIN — 3.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority (Duke Energy Progress LLC) AMT, Series B, 4.00% due 10/1/2046 (put 10/1/2030) | 1000000 | 1041692 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (Kahala Senior Living Community Obligated Group), 5.00% due 11/15/2033 - 11/15/2035 | 1050000 | 1121351 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (Kaiser Obligated Group), Series A, 5.00% due 10/1/2052 | 1000000 | 999489 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority (Liberty Classical Schools Educational Services, Inc.), Series A, 6.75% due 6/15/2055 | 400000 | 388406 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2027 - 1/1/2032 | 1430000 | 1461375 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (Renown Regional Medical Center Obligated Group), Series A, 5.00% due 6/1/2055 | 1500000 | 1500690 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (SR 400 Peach Partners LLC) AMT, Series 2025, 5.75% due 6/30/2060 | 2000000 | 2045688 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2035 - 10/1/2046 | 3145000 | 2750882 |
| | &nbsp;&nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A, 5.00% due 10/1/2044 | 1300000 | 1307371 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Benevolent Corp. Cedar Community Obligated Group), 5.50% due 6/1/2055 | 500000 | 497830 |
| | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) (AG), Series A, 5.00% due 8/15/2048 | 500000 | 514923 |
| | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 95.0% (Cost $378,125,499) |  | 385820841 |

---

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

**Schedule of Investments, Continued**

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **SHORT-TERM INVESTMENTS — 4.3%** |  |  |
|  | **MUNICIPAL BONDS — 4.3%** |  |  |
|  | **ARIZONA — 0.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Arizona (Banner Health Obligated Group; LOC Bank of America NA) HFA, Series C, 2.70% due 1/1/2046 (put 4/1/2026) | $600000 | $600000 |
|  | **COLORADO — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Jewish Federation of South Palm Beach County, Inc.; LOC Bank of America NA), 2.70% due 2/1/2038 (put 4/1/2026) | 625000 | 625000 |
|  | **FLORIDA — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of Gainesville Utilities System Revenue (SPA Truist Bank), Series B, 2.70% due 10/1/2042 (put 4/1/2026) | 1155000 | 1155000 |
|  | **ILLINOIS — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (OSF Healthcare System Obligated Group; LOC JP Morgan Chase Bank NA), Series B, 2.65% due 11/15/2037 (put 4/1/2026) | 1840000 | 1840000 |
|  | **IOWA — 0.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Health System Obligated Group; LOC JP Morgan Chase Bank NA), Series E, 2.60% due 2/15/2041 (put 4/1/2026) | 700000 | 700000 |
|  | **MISSISSIPPI — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. (Chevron USA, Inc.; Guaranty: Chevron Corp.), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 2.65% due 12/1/2030 (put 4/1/2026) | 1095000 | 1095000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 2.80% due 11/1/2035 (put 4/1/2026) | 650000 | 650000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.65% due 11/1/2035 (put 4/1/2026) | 600000 | 600000 |
|  | **MISSOURI — 1.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (St. Louis University LOC Barclays Bank plc), Series B-1, 2.67% due 10/1/2035 (put 4/1/2026) | 4435000 | 4435000 |
|  | **NEW YORK — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;City of New York (SPA Barclays Bank plc) GO, Series B-4, 2.85% due 10/1/2046 (put 4/1/2026) | 1300000 | 1300000 |
|  | **NORTH CAROLINA — 0.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank NA), Series C, 2.75% due 1/15/2037 |  |  |
|  | &nbsp;&nbsp;&nbsp;(put 4/1/2026) | 1300000 | 1300000 |
|  | **TEXAS — 0.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 2.70% due 4/1/2040 (put 4/1/2026) | 3210000 | 3210000 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS — 4.3% (Cost $17,510,000) |  | 17510000 |
|  | **MUTUAL FUND — 0.0%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 3.60% | 48144 | 48144 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.0% (Cost $48,144) |  | 48144 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 4.3% (Cost $17,558,144) |  | 17558144 |
|  | &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 99.3% (Cost $395,683,643) |  | $403378985 |
|  | &nbsp;&nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES — 0.7% |  | 2764132 |
|  | &nbsp;&nbsp;&nbsp;NET ASSETS — 100.0% |  | $406143117 |

---

**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 March 31, 2026. |

---

---

| | |
|:---|:---|
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $28,452,298, representing 7.01% of the Fund's net assets. |

---

c When-issued security.

d Rate represents the money market fund annualized seven-day yield at March 31, 2026.

See notes to financial statements. Semi-Annual Financial Statements \| 245

**Schedule of Investments, Continued** 

Thornburg Strategic Municipal Income Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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. | HFA | Health Facilities Authority |
| AMT | Alternative Minimum Tax | HFFA | Health Facilities Financing Authority |
| BAM | Insured by Build America Mutual Insurance Co. | HUD | Insured by Housing and Urban Development |
| COP | Certificates of Participation | IDA | Industrial Development Authority/Agency |
| DFA | Development Finance Authority/Agency | ISD | Independent School District |
| EDA | Economic Development Authority | LOC | Letter of Credit |
| EDFA | Economic Development Financing Authority | NPFG | Insured by National Public Finance Guarantee Corp. |
| FHA | Insured by Federal Housing Administration | PSF-GTD | Guaranteed by Permanent School Fund |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. | Q-SBLF | Insured by Qualified School Bond Loan Fund |
| FNMA | Collateralized by Federal National Mortgage Association | SONYMA | State of New York Mortgage Agency |
| GNMA | Collateralized by Government National Mortgage Association | SPA | Stand-by Purchase Agreement |
| GO | General Obligation | USD | Unified School District |
| HDA | Housing Development Authority |  |  |

---

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

Schedule of Investments

Thornburg California Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 94.2%** |  |  |
|  | Antonio B Won Pat International Airport Authority AMT, Series A, 5.00% due 10/1/2031 - 10/1/2033 | $900000 | $952277 |
|  | Apple Valley Public Financing Authority (BAM), Series A, 4.00% due 6/1/2028 | 460000 | 475759 |
| <sup>a</sup> | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 2.83% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 1000000 | 991504 |
|  | Burbank-Glendale-Pasadena Airport Authority Brick Campaign AMT, Series B, 5.00% due 7/1/2034 | 1000000 | 1113084 |
|  | California (Cedars-Sinai Medical Center Obligated Group) HFFA, Series B, 4.00% due 8/15/2036 | 1250000 | 1244157 |
|  | California (Episcopal Communities & Services for Seniors Obligated Group) HFFA, Series A, 3.85% due 11/15/2027 | 1500000 | 1499808 |
| <sup>a</sup> | California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | 4425000 | 4768920 |
|  | California (Providence St. Joseph Health Obligated Group) HFFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/1/2034 | 1000000 | 1002920 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2039 (put 10/1/2027) | 2015000 | 2062062 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 5.25% due 10/1/2050 (put 10/1/2035) | 1000000 | 1127425 |
| <sup>a,b</sup> | California (Rady Children's Hospital Obligated Group) HFFA, Series B-3, 5.00% due 8/15/2065 (put 8/15/2036) | 2000000 | 2268100 |
| <sup>a</sup> | California Community Choice Financing Authority (Guaranty: American General Life) (Green Bond), Series C, 5.00% due 12/1/2055 (put 10/1/2033) | 1000000 | 1041036 |
| <sup>a</sup> | California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 7000000 | 7384860 |
|  | California Community Choice Financing Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 12/1/2053 (put 8/1/2029) | 2910000 | 3040752 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series G, 5.25% due 11/1/2054 (put 4/1/2030) | 3000000 | 3158505 |
|  | California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 4/1/2056 (put 2/1/2036) | 1025000 | 1084096 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 4570000 | 4545459 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 7000000 | 7355915 |
|  | California Community Choice Financing Authority (Guaranty: New York Life Insurance Co.) (Green Bond), Series G, 5.00% due 12/1/2035 | 3500000 | 3786016 |
|  | California Community Choice Financing Authority (Guaranty: Pacific Life Insurance Co.) (Green Bond), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 3/1/2056 (put 11/1/2035) | 3850000 | 4125029 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series F, 5.00% due 2/1/2055 (put 11/1/2032) | 5400000 | 5768998 |
| <sup>a</sup> | California Community Choice Financing Authority (Guaranty: Royal Bank of Canada) (Green Bond), Series D, 5.00% due 2/1/2055 (put 9/1/2032) | 7870000 | 8331363 |
|  | California Educational Facilities Authority (Art Center College of Design), Series A, 5.00% due 12/1/2033 | 375000 | 397484 |
| <sup>a</sup> | California Housing Finance Agency (Century WLAVA 4 LP), 2.95% due 6/1/2046 (put 12/1/2029) | 250000 | 248151 |
| <sup>a</sup> | California Housing Finance Agency (Del Sur Family Housing LP), Series V, 5.00% due 5/1/2054 (put 11/1/2026) | 3875000 | 3905915 |
|  | California Housing Finance Agency (FHA) (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A-2, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 8/1/2064 (put 2/1/2028) | 4170000 | 4183961 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% due 8/1/2063 (put 8/1/2026) | 2500000 | 2500722 |
| <sup>a</sup> | California Housing Finance Agency (Foothill Family Preservation LP), 2.75% due 5/1/2044 (put 5/1/2028) | 2100000 | 2082688 |
| <sup>a</sup> | California Housing Finance Agency (Santa Monica Towers LP) (HUD), 2.60% due 10/1/2047 (put 4/1/2030) | 350000 | 346389 |
| <sup>a</sup> | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Series B-2, 3.00% due 10/1/2047 (put 10/1/2026) | 690000 | 690294 |
| <sup>a</sup> | California Municipal Finance Authority (6033 De Soto LP), Series A, 2.95% due 1/1/2056 (put 12/1/2028) | 1000000 | 997091 |
|  | California Municipal Finance Authority (Aldersly) (California Mtg Insurance), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 11/15/2028 | 595000 | 595869 |
|  | &nbsp;&nbsp;&nbsp;Series B-2, 3.75% due 11/15/2028 | 895000 | 895576 |
|  | California Municipal Finance Authority (Ararat Home of Los Angeles, Inc.) (California Mtg Insurance), 5.00% due 5/15/2033 - 5/15/2034 | 200000 | 215560 |
|  | 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 | 914746 |
|  | California Municipal Finance Authority (CHF-Davis II LLC) (BAM), 5.00% due 5/15/2028 | 2100000 | 2185380 |
|  | California Municipal Finance Authority (CHF-Davis II LLC) (BAM) (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;4.00% due 5/15/2032 | 600000 | 624648 |
|  | &nbsp;&nbsp;&nbsp;5.00% due 5/15/2027 - 5/15/2031 | 1945000 | 2072015 |
|  | California Municipal Finance Authority (Cmnty Facs District No. 2023-5 Area No. 2), |  |  |
|  | &nbsp;&nbsp;&nbsp;4.00% due 9/1/2030 | 215000 | 219731 |
|  | &nbsp;&nbsp;&nbsp;5.00% due 9/1/2035 | 100000 | 107011 |
| <sup>a</sup> | California Municipal Finance Authority (EL Camino LP), 2.50% due 3/1/2046 (put 3/1/2029) | 1200000 | 1184980 |
| <sup>a</sup> | California Municipal Finance Authority (Lake Isabella Investment Group LP), Series A, 2.75% due 9/1/2028 (put 9/1/2027) | 600000 | 598083 |
| <sup>a</sup> | California Municipal Finance Authority (Palmdale Family Housing LP), Series A-1, 2.95% due 1/1/2056 (put 1/1/2028) | 1000000 | 999126 |
|  | California Municipal Finance Authority (Palomar Health Obligated Group) (AG) COP, Series A, 5.00% due 11/1/2027 - 11/1/2032 | 500000 | 515847 |
|  | California Municipal Finance Authority (Republic Services, Inc.) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 3/1/2054 (put 3/1/2034) | 2000000 | 1960866 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/1/2053 (put 9/1/2033) | 4000000 | 4135264 |
| <sup>a</sup> | California Municipal Finance Authority (Roseville Affordable LP), Series B, 3.75% due 6/1/2028 (put 6/1/2027) | 1000000 | 1007137 |
| <sup>a</sup> | 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 | 1162714 |
|  | California Municipal Finance Authority (Scripps College), 5.00% due 7/1/2035 - 7/1/2036 | 2340000 | 2547012 |
|  | California Municipal Finance Authority (United Airlines, Inc.) AMT, 4.00% due 7/15/2029 | 1000000 | 1000149 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 247

**Schedule of Investments, Continued**

Thornburg California Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>a</sup> | California Municipal Finance Authority (View at San Bruno LP), Series A-1, 5.00% due 6/1/2056 (put 7/1/2028) | $1020000 | $1067763 |
|  | California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 10/1/2041 (put 10/2/2028) | 2750000 | 2750060 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2044 (put 12/1/2026) | 3000000 | 3001515 |
|  | &nbsp;&nbsp;&nbsp;Series B, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% due 9/1/2050 (put 9/1/2028) | 1100000 | 1105646 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% due 11/1/2041 (put 6/1/2026) | 2000000 | 2000572 |
| <sup>a,c</sup> | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 2.875% due 7/1/2043 (put 8/17/2026) | 3500000 | 3493885 |
| <sup>a</sup> | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | 3000000 | 3027312 |
| <sup>c</sup> | California School Finance Authority (Magnolia Public Schools Obligated Group), Series A, 4.00% due 7/1/2036 | 1730000 | 1707892 |
|  | California State Public Works Board, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 9/1/2037 | 250000 | 282096 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 9/1/2033 | 1500000 | 1700970 |
|  | &nbsp;&nbsp;&nbsp;Series D, 4.00% due 4/1/2033 | 1045000 | 1049420 |
|  | California State University, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2032 | 700000 | 701289 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B-3, 3.125% due 11/1/2051 (put 11/1/2026) | 4200000 | 4194805 |
|  | California Statewide Communities Development Authority (CHF-Irvine LLC), 5.00% due 5/15/2027 - 5/15/2033 | 1125000 | 1127054 |
|  | California Statewide Communities Development Authority (CHF-Irvine LLC) (BAM), 5.00% due 5/15/2032 | 2420000 | 2655372 |
|  | California Statewide Communities Development Authority (Heritage Park Apartments Roseville LP) (FNMA), Series A, 3.70% due 4/1/2035 | 1000000 | 991710 |
| <sup>a</sup> | California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2004-MR, 5.00% due 4/1/2038 (put 11/1/2029) | 2830000 | 3051637 |
|  | California Statewide Communities Development Authority (Odd Fellows Home) (California Mtg Insurance), Series A, 5.00% due 4/1/2026 | 250000 | 250000 |
|  | California Statewide Communities Development Authority (Pepperwood Apartments), Series 2023-06FN Class PT, 3.75% due 1/1/2034 | 1511660 | 1517424 |
|  | California Statewide Communities Development Authority (Sequoia Living, Inc.) (California Mtg Insurance), Series A, 5.00% due 7/1/2035 | 985000 | 1113081 |
| <sup>b</sup> | California Statewide Communities Development Authority (Siena Roseville LP) (FNMA) AMT, Series A, 4.20% due 5/1/2036 | 2000000 | 2004332 |
|  | California Statewide Communities Development Authority (Southern California Edison Co.), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 1.75% due 9/1/2029 | 2500000 | 2338082 |
|  | &nbsp;&nbsp;&nbsp;Series D, 4.50% due 11/1/2033 | 3500000 | 3551681 |
| <sup>a</sup> | California Statewide Communities Development Authority (Vintage at Folsom LP), Series E-2, 5.00% due 10/1/2028 (put 10/1/2027) | 650000 | 670965 |
|  | Cathedral City Redevelopment Successor Agency (Merged Redevelopment Area) (BAM), Series A, 5.00% due 8/1/2030 - 8/1/2031 | 725000 | 805029 |
|  | Centinela Valley Union High School District (AG) GO, Series C, 4.00% due 8/1/2034 | 365000 | 367135 |
|  | Central Valley Energy Authority (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 8/1/2034 | 350000 | 369826 |
| <sup>a</sup> | Central Valley Energy Authority (Guaranty: Pacific Life Insurance Co.), 5.00% due 12/1/2055 (put 8/1/2035) | 2000000 | 2145492 |
|  | City of Chula Vista Redevelopment Successor Agency (AG), 5.00% due 10/1/2032 | 1070000 | 1081473 |
|  | City of Fresno (Fresno Airport Revenue) (BAM) AMT, Series A, 5.00% due 7/1/2031 | 595000 | 643776 |
|  | City of Irvine Reassessment District No. 25-1 (AG), 5.00% due 9/2/2035 | 250000 | 286976 |
|  | City of Los Angeles, 5.00% due 6/25/2026 | 1100000 | 1105904 |
|  | City of Los Angeles Department of Airports AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2030 - 5/15/2032 | 4600000 | 4737565 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2031 | 400000 | 409736 |
|  | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/15/2033 | 5435000 | 5912340 |
| <sup>a</sup> | City of San Jose (Allied 1510 Parkmoor LP) (HUD), Series F-2, 5.00% due 6/1/2027 (put 6/1/2026) | 2000000 | 2004692 |
|  | City of San Jose (La Moraga San Jose LP) (FNMA), Series C, 3.90% due 10/1/2035 | 2750000 | 2773397 |
|  | City of San Mateo (San Mateo Community Facilities District No. 2008-1) (BAM), 5.00% due 9/1/2027 - 9/1/2032 | 3915000 | 4274241 |
|  | City of Victorville Electric Revenue, Series A, 5.00% due 5/1/2028 - 5/1/2032 | 1090000 | 1181238 |
|  | County of Sacramento Airport System Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2035 - 7/1/2036 | 1150000 | 1266211 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2027 - 7/1/2030 | 2730000 | 2809929 |
|  | El Monte City School District (AG) GO, Series A, 5.00% due 8/1/2026 | 350000 | 352998 |
|  | Guam Government Waterworks Authority (Water & Wastewater System), Series A, 5.00% due 7/1/2036 | 585000 | 639028 |
|  | Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2026 - 10/1/2027 | 1730000 | 1767593 |
|  | Hesperia Community Redevelopment Successor Agency (AG), Series A, 5.00% due 9/1/2030 | 500000 | 528783 |
|  | Indian Wells Redevelopment Successor Agency (NPFG), Series A, 5.00% due 9/1/2029 | 500000 | 504923 |
|  | Indio Finance Authority (BAM), Series A, 5.00% due 11/1/2029 - 11/1/2032 | 1550000 | 1701353 |
|  | Jurupa Public Financing Authority (AG), 5.00% due 9/1/2032 | 1260000 | 1433578 |
|  | Lammersville Joint (BAM) USD, 5.00% due 9/1/2028 - 9/1/2032 | 4055000 | 4479127 |
|  | Los Angeles Community College District GO, 5.00% due 8/1/2026 | 3000000 | 3025794 |
| <sup>a</sup> | Los Angeles County Development Authority (2111 Firestone LP) (HUD), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | 2605000 | 2607608 |
| <sup>a</sup> | Los Angeles County Development Authority (Century Wlava 2 LP) (HUD), Series C, 3.75% due 12/1/2046 (put 12/1/2026) | 2575000 | 2573710 |
| <sup>a</sup> | Los Angeles County Development Authority (RCV 1 LP), Series C, 3.35% due 9/1/2059 (put 9/1/2029) | 1000000 | 1000289 |
|  | Los Angeles Housing Authority (FNMA), Series A, 3.75% due 4/1/2034 | 5020000 | 4954695 |
| <sup>a</sup> | Los Angeles Housing Authority (One San Pedro Phase I LP), Series B, 3.25% due 2/1/2029 (put 2/1/2028) | 1000000 | 1001182 |

---

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

**Schedule of Investments, Continued**

Thornburg California Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | Los Angeles USD (Green Bond) ETM COP, Series A, 5.00% due 10/1/2033 | $1000000 | $1154686 |
|  | Mount Diablo (AG) USD COP, 5.00% due 9/1/2027 | 550000 | 571056 |
|  | Municipal Improvement Corp. of Los Angeles (City of Los Angeles), Series A, 5.00% due 5/1/2029 - 5/1/2037 | 1330000 | 1481378 |
|  | Norman Y Mineta San Jose International Airport SJC (BAM) AMT, Series A, 4.00% due 3/1/2034 | 1225000 | 1240206 |
|  | Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2033 - 3/1/2035 | 2500000 | 2535764 |
| <sup>a</sup> | Northern California Energy Authority (Guaranty: Paclife Life Insurance Co.), Series A-1, 5.00% due 12/1/2054 (put 8/1/2030) | 175000 | 184639 |
|  | Oakland (County of Alameda Educational Facilities) (AG) USD GO, Series A, 4.00% due 8/1/2035 | 1000000 | 1004574 |
|  | Peralta Community College District GO, 5.00% due 8/1/2031 - 8/1/2033 | 2065000 | 2338280 |
|  | Pittsburg Redevelopment Successor Agency (AG), Series A, 5.00% due 9/1/2026 | 535000 | 540673 |
|  | Redwoods Community College District (BAM) GO, 5.00% due 8/1/2035 | 500000 | 576249 |
|  | Riverside County Public Financing Authority (BAM), Series A, 5.00% due 10/1/2026 | 2200000 | 2228884 |
|  | Rosemead CDC Successor Agency (Rosemead Merged Project Area) (BAM), 5.00% due 10/1/2026 | 745000 | 754786 |
|  | San Diego County Regional Airport Authority, Series A, 5.00% due 7/1/2033 | 500000 | 537283 |
|  | San Diego County Regional Airport Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2030 - 7/1/2035 | 7080000 | 7771256 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2031 - 7/1/2033 | 2560000 | 2758242 |
|  | San Francisco City & County Airport Comm-San Francisco International Airport AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/1/2032 - 5/1/2035 | 8000000 | 8792594 |
|  | &nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2032 | 1800000 | 1970872 |
| <sup>a</sup> | 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 | 5215426 |
|  | Santa Clara County Financing Authority, Series Q, 4.00% due 5/15/2032 | 1040000 | 1041383 |
|  | Santa Cruz County Capital Financing Authority, Series A-1, 4.00% due 6/1/2031 - 6/1/2034 | 1620000 | 1680775 |
|  | State of California GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.00% due 8/1/2033 - 3/1/2036 | 8000000 | 8048281 |
|  | &nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 - 8/1/2033 | 2640000 | 2717816 |
|  | Stockton Public Financing Authority (Stockton Water Revenue) (BAM) (Green Bond), Series A, 5.00% due 10/1/2026 - 10/1/2027 | 1320000 | 1353854 |
|  | Stockton-East Water District (BAM) (Green Bond) COP, Series A, 5.00% due 3/1/2027 | 1000000 | 1021322 |
|  | Territory of Guam, Series G, 5.00% due 1/1/2036 | 500000 | 526060 |
|  | Tustin (Community Facilities District No. 97-1) USD, Series A, 5.00% due 9/1/2031 | 450000 | 450155 |
|  | Tustin Financing Authority (AG), 5.00% due 9/1/2035 | 700000 | 806109 |
|  | University of California, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series AV, 5.00% due 5/15/2035 | 500000 | 510661 |
|  | &nbsp;&nbsp;&nbsp;Series AY, 4.00% due 5/15/2035 | 1000000 | 1005044 |
|  | &nbsp;&nbsp;&nbsp;Series CD, 5.00% due 5/15/2036 | 2500000 | 2881317 |
|  | Ventura County Community College District GO, 4.00% due 8/1/2032 | 1000000 | 1001881 |
|  | Vista (AG) USD COP, 5.00% due 10/1/2026 - 10/1/2027 | 775000 | 795882 |
|  | Vista USD GO, 5.00% due 8/1/2027 | 1000000 | 1036716 |
|  | West Valley-Mission Community College District GO, Series B, 4.00% due 8/1/2034 | 1150000 | 1150665 |
|  | TOTAL LONG-TERM MUNICIPAL BONDS — 94.2% (Cost $273,853,556) |  | $277207407 |
|  | **SHORT-TERM MUNICIPAL BONDS — 4.6%** |  |  |
|  | Regents of the University of California Medical Center Pooled Revenue, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series B-1, 2.55% due 5/15/2032 (put 4/1/2026) | 1575000 | 1575000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series K, 2.55% due 5/15/2047 (put 4/1/2026) | 11380000 | 11380000 |
| <sup>a</sup> | State of California (LOC Barclays Bank plc) GO, Series A-1, 2.55% due 5/1/2033 (put 4/1/2026) | 550000 | 550000 |
|  | TOTAL SHORT-TERM MUNICIPAL BONDS — 4.6% (Cost $13,505,000) |  | $13505000 |
|  | TOTAL INVESTMENTS — 98.8% (Cost $287,358,556) |  | $290712407 |
|  | OTHER ASSETS LESS LIABILITIES — 1.2% |  | 3665180 |
|  | NET ASSETS — 100.0% |  | $294377587 |

---

**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 March 31, 2026.

b When-issued security.

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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $5,201,777, representing 1.77% of the Fund's net assets.

See notes to financial statements. Semi-Annual Financial Statements \| 249

**Schedule of Investments, Continued**

Thornburg California Limited Term Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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: |
| 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 Index |
| ETM | Escrowed to Maturity | NPFG | Insured by National Public Finance Guarantee Corp. |
| FHA | Insured by Federal Housing Administration | USD | Unified School District |
| FNMA | Collateralized by Federal National Mortgage Association |  |  |
| GO | General Obligation |  |  |

---

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

Schedule of Investments

Thornburg New Mexico Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 97.0%** |  |  |
|  | Alamogordo Municipal School District No. 1 (State Aid Withholding) GO, 5.00% due 8/1/2032 | $290000 | $321884 |
|  | Albuquerque Municipal School District No. 12 (Bernalillo & Sandoval Counties School Facilities) (State Aid Withholding) GO, Series 2017, 5.00% due 8/1/2031 | 1000000 | 1006985 |
|  | Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 8/1/2033 | 250000 | 261697 |
|  | &nbsp;&nbsp;&nbsp;Series 2017, 5.00% due 8/1/2028 | 600000 | 604782 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 8/1/2032 - 8/1/2040 | 1800000 | 1950496 |
|  | Antonio B Won Pat International Airport Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 10/1/2034 | 100000 | 106209 |
|  | &nbsp;&nbsp;&nbsp;5.25% due 10/1/2039 | 100000 | 105212 |
|  | City of Albuquerque (City Infrastructure Improvements) GRT, Series A, 5.00% due 7/1/2033 - 7/1/2034 | 2300000 | 2303252 |
|  | City of Albuquerque GO, Series A, 5.00% due 7/1/2039 | 1000000 | 1098064 |
|  | City of Albuquerque GRT, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 7/1/2038 | 125000 | 137084 |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2040 | 500000 | 536357 |
|  | &nbsp;&nbsp;&nbsp;Series C, 4.00% due 7/1/2032 | 1215000 | 1217528 |
|  | City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 - 7/1/2036 | 340000 | 363705 |
|  | City of Albuquerque Transportation Infrastructure GRT, 4.00% due 7/1/2031 | 800000 | 818500 |
|  | City of Farmington (Public Service Co. of New Mexico), |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series C, 3.875% due 6/1/2040 (put 6/1/2029) | 2000000 | 2035532 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2130000 | 2161863 |
|  | City of Las Cruces (Joint Utility System), 4.00% due 6/1/2028 | 475000 | 475850 |
|  | City of Rio Rancho GRT, 5.00% due 6/1/2041 - 6/1/2045 | 2065000 | 2188561 |
| <sup>b</sup> | City of Rio Rancho Water & Wastewater System Revenue, 5.00% due 5/15/2046 | 285000 | 299357 |
|  | City of Roswell (Joint Water & Sewer Improvement) (BAM), 5.00% due 6/1/2035 - 6/1/2036 | 1220000 | 1223044 |
|  | City of Roswell GRT, 4.00% due 8/1/2030 | 200000 | 202004 |
|  | City of Santa Fe (Public Facilities) GRT, Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1870000 | 1945850 |
|  | City of Santa Fe GO, 5.00% due 8/1/2037 | 880000 | 988459 |
|  | County of Bernalillo (Government Services) (NPFG) GRT, Series B, 5.70% due 4/1/2027 | 290000 | 299197 |
|  | County of Bernalillo (Government Services) GRT, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.25% due 4/1/2027 | 125000 | 128412 |
|  | &nbsp;&nbsp;&nbsp;Series B, 5.70% due 4/1/2027 | 1070000 | 1103933 |
|  | County of Los Alamos Revenue GRT, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 6/1/2045 | 500000 | 530342 |
|  | &nbsp;&nbsp;&nbsp;Series B1, 5.00% due 6/1/2046 | 200000 | 210221 |
|  | County of McKinley (BAM) GRT, 4.00% due 6/1/2043 | 750000 | 721105 |
|  | County of San Juan (County Capital Improvements) GRT, Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2645000 | 2649580 |
|  | County of Santa Fe (County Correctional System) (AG), 6.00% due 2/1/2027 | 210000 | 215192 |
| <sup>a</sup> | County of Santa Fe (Cresta Ranch Apartments LLP), 3.29% due 12/10/2049 (put 6/1/2028) | 500000 | 502436 |
|  | County of Santa Fe GO, 4.25% due 7/1/2038 | 1065000 | 1085857 |
|  | Fiesta Public Improvement District (Improvement Area 1) (BAM), 4.50% due 10/1/2045 | 420000 | 390356 |
|  | Guam Government Waterworks Authority (Water & Wastewater System), Series A, 5.50% due 7/1/2045 | 500000 | 534285 |
|  | Guam Power Authority, Series A, 5.00% due 10/1/2042 | 1750000 | 1796184 |
|  | Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2026 | 730000 | 736662 |
|  | Guam Waterworks Authority (Water & Wastewater System), 5.00% due 1/1/2046 | 1010000 | 1004821 |
|  | Hobbs School District No. 16 (State Aid Withholding) GO, 5.00% due 9/15/2026 - 9/15/2027 | 650000 | 664546 |
|  | Inspiration Public Improvement District (BAM), 4.00% due 10/1/2044 | 350000 | 320648 |
|  | 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 | 2370513 |
|  | Los Diamantes Public Improvement District (BAM), 4.00% due 10/1/2044 | 500000 | 472509 |
|  | Loving Municipal School District No. 10 (State Aid Withholding) GO, 5.00% due 9/15/2027 | 1085000 | 1120511 |
|  | New Mexico Finance Authority, Series D, 5.00% due 6/1/2040 | 845000 | 887062 |
|  | New Mexico Finance Authority (Public Project Revolving Fund), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2029 - 6/1/2030 | 2425000 | 2427286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/1/2043 | 1000000 | 1069510 |
|  | &nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/1/2032 - 12/15/2045 | 880000 | 917820 |
|  | &nbsp;&nbsp;&nbsp;Series D, 4.00% due 6/1/2033 - 6/1/2034 | 5245000 | 5252010 |
|  | New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2026 | 1000000 | 1004789 |
|  | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2036 - 8/1/2037 | 3965000 | 3874849 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 251

**Schedule of Investments, Continued**

Thornburg New Mexico Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;5.00% due 8/1/2037 - 8/1/2039 | $1770000 | $1824976 |
|  | New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements) (AG), 4.00% due 12/1/2040 | 700000 | 678161 |
|  | New Mexico Mortgage Finance Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 4.60% due 9/1/2046 | 900000 | 877007 |
|  | &nbsp;&nbsp;&nbsp;Series A-1, 3.20% due 9/1/2031 | 460000 | 458581 |
|  | New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A Class I, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% due 9/1/2035 | 535000 | 522276 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 9/1/2043 | 995000 | 957003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 9/1/2044 | 220000 | 222426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 9/1/2045 | 655000 | 642114 |
|  | &nbsp;&nbsp;&nbsp;Series B Class I, 4.55% due 9/1/2043 | 1485000 | 1519433 |
|  | &nbsp;&nbsp;&nbsp;Series C Class I, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% due 9/1/2043 | 1235000 | 1267016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 9/1/2044 | 1465000 | 1485552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/1/2045 | 1445000 | 1462365 |
|  | &nbsp;&nbsp;&nbsp;Series E Class I, 5.05% due 9/1/2045 | 1000000 | 1026539 |
|  | &nbsp;&nbsp;&nbsp;Series F Class I, 2.85% due 7/1/2039 | 775000 | 656240 |
| <sup>a</sup> | New Mexico Mortgage Finance Authority (JLG ABQ 2023 LLLP) (HUD), 2.92% due 2/1/2042 (put 9/1/2026) | 850000 | 849408 |
| <sup>a</sup> | New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), 5.00% due 6/1/2054 (put 11/1/2030) | 2765000 | 2916539 |
|  | Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2032 - 4/1/2036 | 2780000 | 2825668 |
|  | Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2026 - 8/1/2031 | 770000 | 789843 |
|  | State of New Mexico GO, 5.00% due 3/1/2035 | 1000000 | 1067203 |
|  | State of New Mexico Severance Tax Permanent Fund, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.00% due 7/1/2028 | 465000 | 489330 |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2029 | 500000 | 536718 |
|  | State of New Mexico Severance Tax Permanent Fund (State of New Mexico), Series A, 5.00% due 7/1/2035 | 1000000 | 1075159 |
|  | Territory of Guam, Series G, 5.25% due 1/1/2040 | 350000 | 364973 |
|  | Town of Silver City (BAM) GRT, 5.00% due 6/1/2037 | 610000 | 636052 |
|  | University of New Mexico, Series A, 4.00% due 6/1/2032 | 385000 | 385521 |
|  | University of New Mexico (AG), 4.375% due 6/1/2043 | 1005000 | 1012382 |
|  | Village of Los Ranchos de Albuquerque (Albuquerque Academy), |  |  |
|  | &nbsp;&nbsp;&nbsp;4.00% due 9/1/2040 | 2700000 | 2596350 |
|  | &nbsp;&nbsp;&nbsp;5.00% due 9/1/2031 | 300000 | 322251 |
|  | Volterra Public Improvement District (BAM), 4.00% due 10/1/2043 | 1000000 | 945758 |
|  | TOTAL LONG-TERM MUNICIPAL BONDS — 97.0% (Cost $84,554,910) |  | $85055755 |
|  | **TOTAL INVESTMENTS — 97.0% (Cost $84,554,910)** |  | $85055755 |
|  | **OTHER ASSETS LESS LIABILITIES — 3.0%** |  | 2624712 |
|  | **NET ASSETS — 100.0%** |  | $87680467 |

---

**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 March 31, 2026.

b When-issued security.

---

| | | | |
|:---|:---|:---|:---|
| **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. | GRT | Gross Receipts Tax |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. | HUD | Insured by Housing and Urban Development |
| FNMA | Collateralized by Federal National Mortgage Association | NPFG | Insured by National Public Finance Guarantee Corp. |

---

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

Schedule of Investments

Thornburg New York Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 94.4%** |  |  |
|  | Antonio B Won Pat International Airport Authority AMT, Series A, 5.25% due 10/1/2040 | $200000 | $209755 |
|  | Battery Park City Authority (Green Bond), 5.00% due 11/1/2045 - 11/1/2046 | 400000 | 428380 |
|  | Build NYC Resource Corp. (South Bronx Classical Charter School V), Series A, 5.00% due 6/15/2046 | 225000 | 221924 |
|  | Build NYC Resource Corp. (Young Men's & Young Women's Hebrew Association), 5.00% due 12/1/2032 | 400000 | 443500 |
|  | City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042 | 500000 | 523875 |
|  | City of New York GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 8/1/2043 | 800000 | 842059 |
|  | &nbsp;&nbsp;&nbsp;Series D-1, 5.00% due 12/1/2044 | 400000 | 406697 |
|  | City of Yonkers (AG) GO, Series A, 5.00% due 2/15/2039 | 150000 | 163583 |
|  | Dutchess County Local Development Corp. (Culinary Institute of America), 5.25% due 7/1/2043 | 350000 | 363656 |
|  | Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | 498237 | 528853 |
|  | Erie County (Buffalo City School District) (State Aid Withholding) IDA, Series A, 5.00% due 5/1/2026 - 5/1/2027 | 700000 | 706646 |
|  | Guam Power Authority, Series A, 5.00% due 10/1/2042 | 250000 | 256598 |
|  | Guam Waterworks Authority (Water & Wastewater System), 5.00% due 7/1/2026 - 1/1/2046 | 1225000 | 1234696 |
|  | Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 150000 | 152505 |
|  | Long Island Power Authority, 5.00% due 9/1/2035 | 200000 | 209094 |
|  | Long Island Power Authority (Electric System Capital Improvements) (AG), Series C, 5.25% due 9/1/2029 | 645000 | 695896 |
|  | Monroe County (Monroe Community College Association, Inc.) (AG) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550000 | 550680 |
|  | Nassau County Sewer & Storm Water Finance Authority (Sewerage & Storm Water Resource Facilities), Series A, 5.00% due 10/1/2028 - 10/1/2031 | 1400000 | 1400839 |
|  | New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD) (Green Bond), Series A, 4.45% due 8/1/2043 | 200000 | 198245 |
|  | New York City Housing Development Corp. (FHA) (Green Bond), Series A-1, 4.55% due 11/1/2044 | 300000 | 293371 |
|  | New York City Housing Development Corp. (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A-2, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 11/1/2065 (put 2/1/2030) | 300000 | 300052 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% due 5/1/2063 (put 12/30/2027) | 100000 | 100019 |
|  | &nbsp;&nbsp;&nbsp;Series F-1A, 4.30% due 11/1/2044 | 350000 | 334226 |
|  | &nbsp;&nbsp;&nbsp;Series G, 4.60% due 11/1/2043 | 250000 | 250284 |
|  | New York City Housing Development Corp. (HUD) (Green Bond), Series B-1-A, 4.50% due 11/1/2044 | 100000 | 97502 |
|  | New York City Municipal Water Finance Authority (New York City Water & Sewer System), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series AA-2, 4.00% due 6/15/2042 | 350000 | 342050 |
|  | &nbsp;&nbsp;&nbsp;Series BB-2, 5.00% due 6/15/2045 | 250000 | 261949 |
|  | &nbsp;&nbsp;&nbsp;Series EE, 4.00% due 6/15/2042 | 250000 | 245665 |
|  | New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2036 | 1000000 | 1063376 |
|  | &nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 8/1/2038 | 600000 | 622201 |
|  | New York State Dormitory Authority (AG, State Aid Withholding), Series A, 5.00% due 10/1/2039 - 10/1/2044 | 1100000 | 1169586 |
|  | New York State Dormitory Authority (Barnard College), Series A, 5.00% due 7/1/2041 | 250000 | 259947 |
|  | New York State Dormitory Authority (Orange & Ulster Counties Board Coop Educational Services Sole Supervisory District), Series A, 4.25% due 8/15/2044 | 300000 | 301977 |
|  | New York State Dormitory Authority (School District Financing Program) (AG, State Aid Withholding), Series A, 5.00% due 10/1/2028 | 200000 | 200371 |
|  | New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2032 - 10/1/2033 | 450000 | 457461 |
|  | New York State Dormitory Authority (State of New York Personal Income Tax Revenue), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 4.00% due 3/15/2040 - 3/15/2042 | 750000 | 741712 |
|  | &nbsp;&nbsp;&nbsp;Series E, 4.00% due 3/15/2039 | 350000 | 348071 |
|  | New York State Dormitory Authority (State of New York Sales Tax Revenue), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 3/15/2038 | 200000 | 202863 |
|  | &nbsp;&nbsp;&nbsp;Series A-1, 4.00% due 3/15/2043 | 500000 | 487196 |
|  | New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 4.00% due 4/1/2034 | 550000 | 559427 |
| <sup>a</sup> | New York State Environmental Facilities Corp. (Waste Management, Inc.) AMT, 3.00% due 5/1/2030 (put 5/1/2026) | 500000 | 499650 |
| <sup>a</sup> | New York State Housing Finance Agency (325 Kent LLC) (FNMA), Series A, 3.95% due 11/1/2050 (put 1/1/2035) | 500000 | 496237 |
| <sup>a</sup> | New York State Housing Finance Agency (Green Bond), Series A, 3.20% due 5/1/2056 (put 5/1/2031) | 400000 | 401390 |
|  | New York State Housing Finance Agency (HUD, SONYMA) (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A-1, 4.60% due 11/1/2045 | 500000 | 501174 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series A-2, 3.65% due 11/1/2062 (put 11/1/2028) | 655000 | 655089 |
|  | &nbsp;&nbsp;&nbsp;Series C-1, 4.50% due 11/1/2043 | 250000 | 251219 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series E-2, 3.875% due 11/1/2063 (put 5/1/2028) | 100000 | 100071 |
|  | New York Transportation Development Corp. (JFK International Air Terminal LLC) AMT, 5.00% due 12/1/2038 - 12/1/2041 | 500000 | 520462 |
|  | New York Transportation Development Corp. (JFK NTO LLC) (Green Bond) AMT, 5.25% due 6/30/2044 | 250000 | 257692 |
|  | Onondaga County Water Authority, Series B, 5.00% due 6/1/2044 - 6/1/2045 | 355000 | 360621 |
|  | Port Authority of New York & New Jersey AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2034 | 250000 | 252029 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 253

**Schedule of Investments, Continued**

Thornburg New York Intermediate Municipal Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2032 | $250000 | $258244 |
|  | &nbsp;&nbsp;&nbsp;Series 238, 5.00% due 7/15/2040 | 400000 | 426395 |
|  | Rockland County Solid Waste Management Authority, Series A, 5.50% due 12/15/2041 | 335000 | 376001 |
|  | State of New York Mortgage Agency Homeowner Mortgage Revenue (SONYMA) (Green Bond), Series 264, 4.375% due 10/1/2044 | 350000 | 344686 |
|  | State of New York Mortgage Agency Homeowner Mortgage Revenue (SONYMA) (Green Bond) AMT, Series 262, 4.45% due 4/1/2036 | 210000 | 213919 |
|  | Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2027 | 360000 | 360659 |
|  | Town of Hempstead GO, 4.00% due 5/1/2044 | 300000 | 300949 |
|  | Triborough Bridge & Tunnel Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2045 | 150000 | 157316 |
|  | &nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 11/15/2044 | 410000 | 434187 |
| <sup>a</sup> | Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B-2, 5.00% due 5/15/2050 | 255000 | 255363 |
|  | Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2033 | 645000 | 687575 |
|  | Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2026 - 7/1/2028 | 580000 | 587957 |
|  | TOTAL LONG-TERM MUNICIPAL BONDS — 94.4% (Cost $26,778,444) |  | 26875672 |

---

**SHORT-TERM INVESTMENTS — 2.3%**

**MUTUAL FUND — 0.3%**

---

| | | | |
|:---|:---|:---|:---|
| <sup>b</sup> | State Street Institutional Treasury Money Market Fund, Premier Class, 3.60% | 103181.0 | 103181 |
|  | TOTAL MUTUAL FUND — 0.3% (Cost $103,181) |  | 103181 |

---

**U.S. TREASURY SECURITIES — 2.0%**

---

| | | |
|:---|:---|:---|
| U.S. Treasury Bills, | | |
| 3.69% due 4/16/2026 | 280000 | 279577 |
| 3.696% due 4/14/2026 | 280000 | 279632 |
| TOTAL U.S. TREASURY SECURITIES — 2.0% (Cost $559,209) |  | 559209 |
| TOTAL SHORT-TERM INVESTMENTS — 2.3% (Cost $662,390) |  | 662390 |
| **TOTAL INVESTMENTS — 96.7% (Cost $27,440,834)** |  | $27538062 |
| **OTHER ASSETS LESS LIABILITIES — 3.3%** |  | 931578 |
| **NET ASSETS — 100.0%** |  | $28469640 |

---

**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 March 31, 2026.

b Rate represents the money market fund annualized seven-day yield at March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **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. | IDA | Industrial Development Authority/Agency |
| FHA | Insured by Federal Housing Administration | IDC | Industrial Development Corp. |
| FNMA | Collateralized by Federal National Mortgage Association | SONYMA | State of New York Mortgage Agency |

---

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

This page intentionally left blank.

Semi-Annual Financial Statements \| 255

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $91235007 | $2082126111 | $1212238195 | $395683643 |
| Investments at value | 91747014 | 2128255960 | 1236133301 | 403378985 |
| Cash | 7262 | 7804 |  | 800 |
| Receivable for investments sold | 1450000 | 7596419 | 4887309 | 1515000 |
| Receivable for fund shares sold |  | 4187546 | 1997900 | 16124 |
| Dividends receivable | 300 | 2304 | 1601 | 591 |
| Principal and interest receivable | 1143717 | 26108942 | 16134644 | 5554874 |
| Prepaid expenses and other assets | 26349 | 50485 | 50620 | 45161 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 94374642 | 2166209460 | 1259205375 | 410511535 |
| **LIABILITIES** |  |  |  |  |
| Payable for investments purchased |  | 23606898 | 20698749 | 3554740 |
| Payable for fund shares redeemed | 24188 | 3378415 | 1424613 | 620779 |
| Payable to investment advisor and other affiliates | 25205 | 1141050 | 541409 | 134420 |
| Accounts payable and accrued expenses | 51824 | 597727 | 55960 | 49280 |
| Dividends payable | 82580 | 385672 | 467144 | 9199 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 183797 | 29109762 | 23187875 | 4368418 |
| **NET ASSETS** | $94190845 | $2137099698 | $1236017500 | $406143117 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $101276813 | $2356407528 | $1263299162 | $427498193 |
| Accumulated loss | (7085968) | (219307830) | (27281662) | (21355076) |
| **NET ASSETS** | $94190845 | $2137099698 | $1236017500 | $406143117 |

---

256 \| Semi-Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $7679052 | $432660505 | $231155458 | $64408919 |
| Shares outstanding | 645140 | 31979064 | 17610886 | 4631522 |
| Net asset value and redemption price per share | $11.90 | $13.53 | $13.13 | $13.91 |
| Maximum offering price per share (net asset value, plus 2.25% of offering price) | $12.17 | $13.84 | $13.40 \* | $14.19 <sup>\*</sup> |
| **Class C Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding |  | 24078161 | 11374436 | 3640471 |
| Shares outstanding |  | 1776494 | 865508 | 261487 |
| Net asset value and redemption price per share<sup>\*\*</sup> | - | 13.55 | 13.14 | 13.92 |
| **Class C2 Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding |  | 2059572 | 2187482 |  |
| Shares outstanding |  | 151923 | 166443 |  |
| Net asset value and redemption price per share<sup>\*\*</sup> | - | 13.56 | 13.14 | - |
| **Class I Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | 86511793 | 1678301460 | 991300124 | 338093727 |
| Shares outstanding | 7269770 | 124037893 | 75621766 | 24290513 |
| Net asset value and redemption price per share | 11.90 | 13.53 | 13.11 | 13.92 |

---

\* 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.

Semi-Annual Financial Statements \| 257

**Statements of Assets and Liabilities, Continued**

March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $287358556 | $84554910 | $27440834 |
| Investments at value | 290712407 | 85055755 | 27538062 |
| Cash | 1530063 | 2132756 | 625390 |
| Receivable for investments sold | 3500000 |  |  |
| Receivable for fund shares sold | 384305 | 2862 | 2843 |
| Dividends receivable | 470 | 153 | 117 |
| Principal and interest receivable | 3404567 | 988564 | 358903 |
| Prepaid expenses and other assets | 12601 | 7886 | 5713 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 299544413 | 88187976 | 28531028 |
| **LIABILITIES** |  |  |  |
| Payable for investments purchased | 4543292 | 298994 |  |
| Payable for fund shares redeemed | 338145 | 96639 | 9875 |
| Payable to investment advisor and other affiliates | 137820 | 63907 | 8877 |
| Accounts payable and accrued expenses | 58505 | 37986 | 32613 |
| Dividends payable | 89064 | 9983 | 10023 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 5166826 | 507509 | 61388 |
| **NET ASSETS** | $294377587 | $87680467 | $28469640 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Net capital paid in on shares of beneficial interest | $309476641 | $92897056 | $29721421 |
| Accumulated loss | (15099054) | (5216589) | (1251781) |
| **NET ASSETS** | $294377587 | $87680467 | $28469640 |

---

258 \| Semi-Annual Financial Statements

**Statements of Assets and Liabilities, Continued**

March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $46429422 | $30680950 | $11143202 |
| Shares outstanding | 3604903 | 2488005 | 933661 |
| Net asset value and redemption price per share | $12.88 | $12.33 | $11.93 |
| Maximum offering price per share (net asset value, plus 2.00% of offering price) | $13.18 \* | $12.58 | $12.17 |
| **Class C Shares:** |  |  |  |
| Net assets applicable to shares outstanding | 1147836 |  |  |
| Shares outstanding | 89039 |  |  |
| Net asset value and redemption price per share<sup>\*\*</sup> | 12.89 | - | - |
| **Class C2 Shares:** |  |  |  |
| Net assets applicable to shares outstanding | 1475054 |  |  |
| Shares outstanding | 114442 |  |  |
| Net asset value and redemption price per share<sup>\*\*</sup> | 12.89 | - | - |
| **Class D Shares:** |  |  |  |
| Net assets applicable to shares outstanding |  | 6224370 |  |
| Shares outstanding |  | 504533 |  |
| Net asset value and redemption price per share | - | 12.34 | - |
| **Class I Shares:** |  |  |  |
| Net assets applicable to shares outstanding | 245325275 | 50775147 | 17326438 |
| Shares outstanding | 19027823 | 4119500 | 1451673 |
| Net asset value and redemption price per share | 12.89 | 12.33 | 11.94 |

---

\* 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.

Semi-Annual Financial Statements \| 259

Statements of Operations

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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;&nbsp;Non-affiliated issuers | $20490 | $316155 | $317131 | $91050 |
| Interest income | 1971862 | 42594448 | 25703038 | 9247694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 1992352 | 42910603 | 26020169 | 9338744 |
| **EXPENSES** |  |  |  |  |
| Investment management fees | 215115 | 3782780 | 2731646 | 1483223 |
| Administration fees | 41894 | 834511 | 458701 | 153924 |
| Distribution and service fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 6978 | 554171 | 288173 | 81762 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 65312 | 33209 | 11236 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 6939 | 6250 |  |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 3194 | 177840 | 82674 | 18354 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 12974 | 5568 | 2192 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 1228 | 1312 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 17748 | 690880 | 300054 | 150758 |
| Registration and filing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 10104 | 10331 | 9798 | 9021 |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | 7916 | 8028 | 8297 |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  | 6677 | 4838 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 8533 | 21618 | 14216 | 11440 |
| Custodian fees | 21512 | 79191 | 51993 | 32308 |
| Audit and tax fees | 24560 | 24560 | 24560 | 25920 |
| Legal fees | 523 | 9376 | 4625 | 1711 |
| Trustee and officer fees | 4520 | 94705 | 49672 | 15423 |
| Other expenses | 7310 | 41151 | 26111 | 14506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 361991 | 6422160 | 4101428 | 2020075 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (81601) | (6182) | (892764) | (359103) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | (4519) | - | (59458) | (465898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 275871 | 6415978 | 3149206 | 1195074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $1716481 | $36494625 | $22870963 | $8143670 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | $13119 | $582362 | $232198 | $(9456) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (530542) | (19864928) | (6274140) | (3956123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (517423) | (19282566) | (6041942) | (3965579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $1199058 | $17212059 | $16829021 | $4178091 |

---

See notes to financial statements.

260 \| Semi-Annual Financial Statements

**Statements of Operations, Continued**

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **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;&nbsp;Non-affiliated issuers | $118587 | $14760 | $5208 |
| Interest income | 5281734 | 1740308 | 537601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 5400321 | 1755068 | 542809 |
| **EXPENSES** |  |  |  |
| Investment management fees | 727053 | 221918 | 66660 |
| Administration fees | 113186 | 34561 | 10371 |
| Distribution and service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 66003 | 39003 | 14308 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 2442 |  |  |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | 4188 |  |  |
| &nbsp;&nbsp;&nbsp;Class D Shares |  | 16206 |  |
| Transfer agent fees |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 14294 | 14554 | 7102 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 1828 |  |  |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | 360 |  |  |
| &nbsp;&nbsp;&nbsp;Class D Shares |  | 3146 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 87744 | 10716 | 7278 |
| Registration and filing fees |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 4496 | 4154 | 4423 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 2718 |  |  |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | 2117 |  |  |
| &nbsp;&nbsp;&nbsp;Class D Shares |  | 2884 |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 5011 | 3557 | 3799 |
| Custodian fees | 26584 | 20197 | 17384 |
| Audit and tax fees | 24560 | 24560 | 24560 |
| Legal fees | 1279 | 403 | 113 |
| Trustee and officer fees | 11284 | 3591 | 991 |
| Other expenses | 11035 | 7816 | 5731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1106182 | 407266 | 162720 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (231808) | (45736) | (30218) |
| &nbsp;&nbsp;&nbsp;Investment management fees waived | (89623) | - | (26154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 784751 | 361530 | 106348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $4615570 | $1393538 | $436461 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | $(60087) | $463 | $14 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3249442) | (390219) | 27947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (3309529) | (389756) | 27961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $1306041 | $1003782 | $464422 |

---

See notes to financial statements.

Semi-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** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS**  |  |  |  |  |
| Net investment income (loss) | $1716481 | $3835228 | $36494625 | $77373478 |
| Net realized gain (loss) | 13119 | (23342) | 582362 | (3828204) |
| Net change in unrealized appreciation (depreciation) | (530542) | (67746) | (19864928) | (7569173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operations** | 1199058 | 3744140 | 17212059 | 65976101 |
| **DIVIDENDS TO SHAREHOLDERS**  |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (104883) | (177365) | (7094633) | (15761568) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | (371710) | (964304) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  |  | (29173) | (69212) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (1604920) | (3651615) | (28952413) | (60476915) |
| **FUND SHARE TRANSACTIONS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 2189464 | (829043) | (19292748) | (84808535) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  | (4204955) | (10884060) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares |  |  | (357476) | (249713) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (21139369) | (3316322) | 23055741 | (228547088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (19460650) | (4230205) | (20035308) | (335785294) |
| **NET ASSETS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 113651495 | 117881700 | 2157135006 | 2492920300 |
| &nbsp;&nbsp;&nbsp;End of Period | $94190845 | $113651495 | $2137099698 | $2157135006 |

---

\* Unaudited.

See notes to financial statements.

262 \| Semi-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** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS**  |  |  |  |  |
| Net investment income (loss) | $22870963 | $39413846 | $8143670 | $13961363 |
| Net realized gain (loss) | 232198 | (11526249) | (9456) | (4878458) |
| Net change in unrealized appreciation (depreciation) | (6274140) | (2799935) | (3956123) | (779686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operations** | 16829021 | 25087662 | 4178091 | 8303219 |
| **DIVIDENDS TO SHAREHOLDERS**  |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (4230975) | (8768457) | (1280091) | (2465102) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (181325) | (399107) | (64885) | (121761) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | (31842) | (46531) |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (18363084) | (30181167) | (6774720) | (11333449) |
| **FUND SHARE TRANSACTIONS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 2587702 | (26794234) | (159453) | (3070372) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (149171) | (1260444) | 140487 | (514716) |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | 423095 | 295005 |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | 141763969 | 118983694 | 29701967 | 67342124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 138647390 | 76916421 | 25741396 | 58139943 |
| **NET ASSETS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1097370110 | 1020453689 | 380401721 | 322261778 |
| &nbsp;&nbsp;&nbsp;End of Period | $1236017500 | $1097370110 | $406143117 | $380401721 |

---

\* Unaudited.

See notes to financial statements.

Semi-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** |
| | **SIX MONTHS ENDED** **<br> MARCH 31, 2026<sup>\*</sup>** | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** | **SIX MONTHS ENDED** **<br> MARCH 31, 2026<sup>\*</sup>** | **YEAR ENDED** **<br> SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS**  |  |  |  |  |
| Net investment income (loss) | $4615570 | $8539935 | $1393538 | $2746932 |
| Net realized gain (loss) | (60087) | (157266) | 463 | (288145) |
| Net change in unrealized appreciation (depreciation) | (3249442) | 365391 | (390219) | (650517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Resulting from Operations** | 1306041 | 8748060 | 1003782 | 1808270 |
| **DIVIDENDS TO SHAREHOLDERS**  |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (776667) | (1696295) | (457797) | (979184) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (13206) | (24727) |  |  |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | (16868) | (27589) |  |  |
| &nbsp;&nbsp;&nbsp;Class D Shares |  |  | (87701) | (182009) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (3773329) | (6774098) | (831265) | (1577541) |
| **FUND SHARE TRANSACTIONS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (8779291) | (4323179) | (1091614) | (5135809) |
| &nbsp;&nbsp;&nbsp;Class C Shares | 241288 | (292578) |  |  |
| &nbsp;&nbsp;&nbsp;Class C2 Shares | 557429 | 398389 |  |  |
| &nbsp;&nbsp;&nbsp;Class D Shares |  |  | (434121) | (938040) |
| &nbsp;&nbsp;&nbsp;Class I Shares | 18262505 | 17989650 | 350904 | 1732667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 7007902 | 13997633 | (1547812) | (5271646) |
| **NET ASSETS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 287369685 | 273372052 | 89228279 | 94499925 |
| &nbsp;&nbsp;&nbsp;End of Period | $294377587 | $287369685 | $87680467 | $89228279 |

---

\* Unaudited.

See notes to financial statements.

264 \| Semi-Annual Financial Statements

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

---

| | | |
|:---|:---|:---|
|  | **THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND** | **THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND** |
|  | **SIX MONTHS ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026<sup>\*</sup>** | **SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS**  |  |  |
| Net investment income (loss) | $436461 | $817697 |
| Net realized gain (loss) | 14 | (30984) |
| Net change in unrealized appreciation (depreciation) | 27947 | (388936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 464422 | 397777 |
| **DIVIDENDS TO SHAREHOLDERS**  |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (176312) | (369397) |
| &nbsp;&nbsp;&nbsp;Class I Shares | (258209) | (444550) |
| **FUND SHARE TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (381178) | (1037408) |
| &nbsp;&nbsp;&nbsp;Class I Shares | 4399774 | 546483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 4048497 | (907095) |
| **NET ASSETS**  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 24421143 | 25328238 |
| &nbsp;&nbsp;&nbsp;End of Period | $28469640 | $24421143 |

---

\* Unaudited.

See notes to financial statements.

Semi-Annual Financial Statements \| 265

Notes to Financial Statements

March 31, 2026 (Unaudited)

**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 March 31, 2026, 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 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026, 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 March 31, 2026, 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

Semi-Annual Financial Statements \| 267

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026 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 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT DURATION MUNICIPAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $89167014 | $— | $89167014 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Bonds | 2580000 |  | 2580000 |  |
| Total Investments in Securities | $91747014 | $— | $91747014 | $— |
| **Total Assets** | $**91747014** | $**—** | $**91747014** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIMITED TERM MUNICIPAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $2032585960 | $— | $2032585960 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Bonds | 95670000 |  | 95670000 |  |
| Total Investments in Securities | $2128255960 | $— | $2128255960 | $— |
| **Total Assets** | $**2128255960** | $**—** | $**2128255960** | $**—** |

---

Semi-Annual Financial Statements \| 269

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE MUNICIPAL FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $1151278301 | $— | $1151278301 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Bonds | 84855000 |  | 84855000 |  |
| Total Investments in Securities | $1236133301 | $— | $1236133301 | $— |
| **Total Assets** | $**1236133301** | $**—** | $**1236133301** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STRATEGIC MUNICIPAL INCOME FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $385820841 | $— | $385820841 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | 17510000 |  | 17510000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 48144 | 48144 |  |  |
| Total Investments in Securities | $403378985 | $48144 | $403330841 | $— |
| **Total Assets** | $**403378985** | $**48144** | $**403330841** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIMITED TERM CALIFORNIA FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $277207407 | $— | $277207407 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Municipal Bonds | 13505000 |  | 13505000 |  |
| Total Investments in Securities | $290712407 | $— | $290712407 | $— |
| **Total Assets** | $**290712407** | $**—** | $**290712407** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE NEW MEXICO FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $85055755 | $— | $85055755 | $— |
| **Total Assets** | $**85055755** | $**—** | $**85055755** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE NEW YORK FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $26875672 | $— | $26875672 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 103181 | 103181 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 559209 |  | 559209 |  |
| Total Investments in Securities | $27538062 | $103181 | $27434881 | $— |
| **Total Assets** | $**27538062** | $**103181** | $**27434881** | $**—** |

---

270 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

**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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 six months ended March 31, 2026 were as shown in the following table. Total management fees incurred by the Funds for the six months ended March 31, 2026 are set forth in the Statement of Operations.

---

| | |
|:---|:---|
| | **EFFECTIVE** **<br> MANAGEMENT<br> FEE** |
| Short Duration Municipal Fund | 0.400% |
| Limited Term Municipal Fund | 0.353 |
| Intermediate Municipal Fund | 0.463 |
| 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**

---

| | |
|:---|:---|
| **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 six months ended March 31, 2026, 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 six months ended March 31, 2026, 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:

Semi-Annual Financial Statements \| 271

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **COMMISSIONS** | **CDSC FEES** |
| Limited Term Municipal Fund | $1934 | $74 |
| Intermediate Municipal Fund | 602 | 50 |
| Strategic Municipal Income Fund | 724 |  |
| Limited Term California Fund | 491 |  |
| Intermediate New Mexico Fund | 483 |  |
| Intermediate New York Fund | 75 |  |

---

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 six months ended March 31, 2026, 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 six months ended March 31, 2026, 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, 2027 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 six months ended March 31, 2026 if, during the period, 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<sup>(a)</sup> |  |  | 1.32 |  |  |
| Intermediate Municipal Fund<sup>(b)</sup> | 0.73 | 1.08 | 1.13 |  | 0.48 |
| Strategic Municipal Income Fund<sup>(c)</sup> | 0.75 | 1.10 |  |  | 0.50 |
| Limited Term California Fund<sup>(d)</sup> | 0.74 | 0.99 | 1.14 |  | 0.49 |
| Intermediate New Mexico Fund<sup>(e)</sup> | 0.92 |  |  | 1.17 | 0.67 |
| Intermediate New York Fund<sup>(f)</sup> | 0.92 |  |  |  | 0.67 |

---

(a) Effective February 1, 2026 through March 31, 2026, the
expense ratio level maximum was: Class C2, 1.32%. For the period from October 1, 2025 through January 31, 2026, the expense ratio
level maximum was: Class C2, 1.24%.

(b) Effective February 1, 2026 through March 31, 2026, the
expense ratio level maximum was: Class A, 0.73%; Class C, 1.08%; Class C2, 1.13%. For the period from October 1, 2025 through
January 31, 2026, the expense ratio level maximum was: Class A, 0.72%; Class C, 1.09%; Class C2, 1.09%.

(c) Effective February 1, 2026 through March 31, 2026, the
expense ratio level maximum was: Class A, 0.75%; Class C, 1.10%; Class I, 0.50%. For the period from October 1, 2025 through January
31, 2026, the expense ratio level maximum was: Class A, 0.81%; Class C, 1.28%; Class I, 0.59%.

(d) Effective February 1, 2026 through March 31, 2026, the
expense ratio level maximum was: Class C, 0.99%; Class C2, 1.14%. For the period from October 1, 2025 through January 31, 2026,
the expense ratio level maximum was: Class C, 1.02%; Class C2, 1.02%.

(e) Effective February 1, 2026 through March 31, 2026, the
expense ratio level maximum was: Class A, 0.92%; Class D, 1.17%. For the period from October 1, 2025 through January 31, 2026,
the expense ratio level maximum was: Class A, 0.99%; Class D, 1.24%.

(f) Effective February 1, 2026 through March 31, 2026, the
expense ratio level maximum was: Class A, 0.92%. For the period from October 1, 2025 through January 31, 2026, the expense ratio
level maximum was: Class A, 0.99%.

272 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

For the six months ended March 31, 2026, 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 | $16149 | $— | $— | $— | $65452 | $81601 |
| Limited Term Municipal Fund |  |  | 6182 |  |  | 6182 |
| Intermediate Municipal Fund | 189917 | 17525 | 7144 |  | 678178 | 892764 |
| Strategic Municipal Income Fund | 108187 | 13575 |  |  | 533986 | 655748 |
| Limited Term California Fund | 38986 | 4830 | 3462 |  | 184530 | 231808 |
| Intermediate New Mexico Fund | 16784 |  |  | 5620 | 23332 | 45736 |
| Intermediate New York Fund | 13222 |  |  |  | 16996 | 30218 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **VOLUNTARY:** | **CLASS <br> A** | **CLASS <br> C** | **CLASS <br> C2** | **CLASS <br> I** | **TOTAL** |
| Short Duration Municipal Fund | $294 | $— | $— | $4225 | $4519 |
| Intermediate Municipal Fund | 11626 | 558 | 97 | 47177 | 59458 |
| Strategic Municipal Income Fund | 27988 | 1601 |  | 139664 | 169253 |
| Limited Term California Fund | 16239 | 301 | 397 | 72686 | 89623 |
| Intermediate New York Fund | 11218 |  |  | 14936 | 26154 |

---

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 March 31, 2026, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

---

| | |
|:---|:---|
|  | **PERCENTAGE OF <br> DIRECT INVESTMENTS** |
| Short Duration Municipal Fund | 71.68% |
| Limited Term Municipal Fund | 6.93 |
| Intermediate Municipal Fund | 0.37 |
| Strategic Municipal Income Fund | 8.64 |
| Limited Term California Fund |  |
| Intermediate New Mexico Fund | 22.57 |
| 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 six months ended March 31, 2026 the Rule 17a-7 purchases, sales and gains/(losses) were as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **PURCHASES** | **SALES** | **REALIZED GAINS/(LOSSES)** |
| Short Duration Municipal Fund | $— | $15867797 | $16336 |
| Limited Term Municipal Fund | 11336860 |  |  |
| Intermediate Municipal Fund | 3516810 |  |  |
| Limited Term California Fund | 1014127 |  |  |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the six-month period ended March 31, 2026, including

Semi-Annual Financial Statements \| 273

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026, 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 | $91235007 | $586965 | $(74958) | $512007 |
| Limited Term Municipal Fund | 2082126111 | 47873870 | (1744021) | 46129849 |
| Intermediate Municipal Fund | 1212238195 | 25885458 | (1990352) | 23895106 |
| Strategic Municipal Income Fund | 395683643 | 9149501 | (1454159) | 7695342 |
| Limited Term California Fund | 287358556 | 3818259 | (464408) | 3353851 |
| Intermediate New Mexico Fund | 84554910 | 855560 | (354715) | 500845 |
| Intermediate New York Fund | 27440834 | 210496 | (113268) | 97228 |

---

At March 31, 2026, the Funds had cumulative tax basis capital losses from prior fiscal years as shown on the following table, which may be carried forward to offset future capital gains. To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations. Such capital loss carryforwards do not expire.

---

| | | |
|:---|:---|:---|
|  | **CUMULATIVE CAPITAL LOSSES** | **CUMULATIVE CAPITAL LOSSES** |
|  | **SHORT-TERM** | **LONG-TERM** |
| 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 |

---

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At March 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| **SHORT DURATION MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 236869 | $2826776 | 154422 | $1838113 |
| Shares issued to shareholders in reinvestment of dividends | 8681 | 103740 | 14877 | 177402 |
| Shares repurchased | (62007) | (741052) | (238898) | (2844558) |
| Net increase (decrease) | 183543 | $2189464 | (69599) | $(829043) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 224916 | $2686896 | 1728841 | $20632884 |
| Shares issued to shareholders in reinvestment of dividends | 79966 | 955481 | 188449 | 2246408 |
| Shares repurchased | (2068440) | (24781746) | (2190296) | (26195614) |
| Net increase (decrease) | (1763558) | $(21139369) | (273006) | $(3316322) |

---

274 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**LIMITED TERM MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 884240 | $12092522 | 2154118 | $29139645 |
| Shares issued to shareholders in reinvestment of dividends | 473480 | 6466196 | 1063477 | 14370351 |
| Shares repurchased | (2771542) | (37851466) | (9497908) | (128318531) |
| Net increase (decrease) | (1413822) | $(19292748) | (6280313) | $(84808535) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 73707 | $1010339 | 135739 | $1837385 |
| Shares issued to shareholders in reinvestment of dividends | 26377 | 360906 | 69118 | 935663 |
| Shares repurchased | (407333) | (5576200) | (1006890) | (13657108) |
| Net increase (decrease) | (307249) | $(4204955) | (802033) | $(10884060) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold |  | $- | 3415 | $46351 |
| Shares issued to shareholders in reinvestment of dividends | 2132 | 29174 | 5111 | 69214 |
| Shares repurchased | (28261) | (386650) | (26907) | (365278) |
| Net increase (decrease) | (26129) | $(357476) | (18381) | $(249713) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 15345333 | $209785164 | 31229972 | $422338614 |
| Shares issued to shareholders in reinvestment of dividends | 1966845 | 26860446 | 4095291 | 55341329 |
| Shares repurchased | (15630130) | (213589869) | (52253398) | (706227031) |
| Net increase (decrease) | 1682048 | $23055741 | (16928135) | $(228547088) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERMEDIATE MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 1606969 | $21350170 | 2196010 | $28845029 |
| Shares issued to shareholders in reinvestment of dividends | 291845 | 3873655 | 611592 | 8005066 |
| Shares repurchased | (1706550) | (22636123) | (4852990) | (63644329) |
| Net increase (decrease) | 192264 | $2587702 | (2045388) | $(26794234) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 132447 | $1756035 | 177168 | $2326656 |
| Shares issued to shareholders in reinvestment of dividends | 12770 | 169695 | 28394 | 372058 |
| Shares repurchased | (156207) | (2074901) | (302823) | (3959158) |
| Net increase (decrease) | (10990) | $(149171) | (97261) | $(1260444) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold | 37246 | $494988 | 43705 | $575536 |
| Shares issued to shareholders in reinvestment of dividends | 2396 | 31842 | 3551 | 46532 |
| Shares repurchased | (7826) | (103735) | (24853) | (327063) |
| Net increase (decrease) | 31816 | $423095 | 22403 | $295005 |

---

Semi-Annual Financial Statements \| 275

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERMEDIATE MUNICIPAL FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** |  |  |  |  |
| Shares sold | 15600250 | $206562640 | 23399697 | $305109103 |
| Shares issued to shareholders in reinvestment of dividends | 1167360 | 15474124 | 1928909 | 25198203 |
| Shares repurchased | (6056850) | (80272795) | (16208571) | (211323612) |
| Net increase (decrease) | 10710760 | $141763969 | 9120035 | $118983694 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**STRATEGIC MUNICIPAL INCOME FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 430591 | $6058286 | 770180 | $10760456 |
| Shares issued to shareholders in reinvestment of dividends | 89110 | 1254602 | 172891 | 2411794 |
| Shares repurchased | (531470) | (7472341) | (1159898) | (16242622) |
| Net increase (decrease) | (11769) | $(159453) | (216827) | $(3070372) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 44977 | $633713 | 15254 | $214885 |
| Shares issued to shareholders in reinvestment of dividends | 4516 | 63642 | 8165 | 114063 |
| Shares repurchased | (39551) | (556868) | (60103) | (843664) |
| Net increase (decrease) | 9942 | $140487 | (36684) | $(514716) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3870453 | $54581670 | 10098420 | $141603169 |
| Shares issued to shareholders in reinvestment of dividends | 480084 | 6764955 | 810831 | 11317157 |
| Shares repurchased | (2246717) | (31644658) | (6135358) | (85578202) |
| Net increase (decrease) | 2103820 | $29701967 | 4773893 | $67342124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**LIMITED TERM CALIFORNIA FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 170156 | $2215341 | 343241 | $4413842 |
| Shares issued to shareholders in reinvestment of dividends | 51839 | 675423 | 113863 | 1462811 |
| Shares repurchased | (891025) | (11670055) | (792772) | (10199832) |
| Net increase (decrease) | (669030) | $(8779291) | (335668) | $(4323179) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 32398 | $422720 | 21230 | $272303 |
| Shares issued to shareholders in reinvestment of dividends | 762 | 9935 | 1683 | 21646 |
| Shares repurchased | (14670) | (191367) | (45615) | (586527) |
| Net increase (decrease) | 18490 | $241288 | (22702) | $(292578) |
| **Class C2 Shares** |  |  |  |  |
| Shares sold | 41558 | $540671 | 61603 | $790877 |
| Shares issued to shareholders in reinvestment of dividends | 1294 | 16868 | 2147 | 27589 |
| Shares repurchased | (8) | (110) | (32312) | (420077) |
| Net increase (decrease) | 42844 | $557429 | 31438 | $398389 |

---

276 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**LIMITED TERM CALIFORNIA FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3748480 | $48921420 | 7491018 | $96075808 |
| Shares issued to shareholders in reinvestment of dividends | 256949 | 3350449 | 473500 | 6091164 |
| Shares repurchased | (2607917) | (34009364) | (6551913) | (84177322) |
| Net increase (decrease) | 1397512 | $18262505 | 1412605 | $17989650 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERMEDIATE NEW MEXICO FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** | | | | |
| Shares sold | 58306 | $726585 | 138404 | $1704146 |
| Shares issued to shareholders in reinvestment of dividends | 34271 | 426857 | 73719 | 906938 |
| Shares repurchased | (180308) | (2245056) | (629175) | (7746893) |
| Net increase (decrease) | (87731) | $(1091614) | (417052) | $(5135809) |
| **Class D Shares** |  |  |  |  |
| Shares sold | 96 | $1200 | 197 | $2421 |
| Shares issued to shareholders in reinvestment of dividends | 5631 | 70174 | 12030 | 148041 |
| Shares repurchased | (40524) | (505495) | (88007) | (1088502) |
| Net increase (decrease) | (34797) | $(434121) | (75780) | $(938040) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 178634 | $2225582 | 886583 | $10871947 |
| Shares issued to shareholders in reinvestment of dividends | 62505 | 778181 | 119469 | 1468726 |
| Shares repurchased | (212718) | (2652859) | (864539) | (10608006) |
| Net increase (decrease) | 28421 | $350904 | 141513 | $1732667 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **SIX MONTHS ENDED <br> MARCH 31, 2026** | **YEAR ENDED <br> SEPTEMBER 30, 2025** | **YEAR ENDED <br> SEPTEMBER 30, 2025** |
| <br>**INTERMEDIATE NEW YORK FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A Shares** |  |  |  |  |
| Shares sold | 24442 | $293695 | 44974 | $534784 |
| Shares issued to shareholders in reinvestment of dividends | 13025 | 156794 | 27289 | 323152 |
| Shares repurchased | (69032) | (831667) | (160265) | (1895344) |
| Net increase (decrease) | (31565) | $(381178) | (88002) | $(1037408) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 431529 | $5188348 | 288489 | $3417215 |
| Shares issued to shareholders in reinvestment of dividends | 18162 | 218680 | 32306 | 382288 |
| Shares repurchased | (83701) | (1007254) | (275713) | (3253020) |
| Net increase (decrease) | 365990 | $4399774 | 45082 | $546483 |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2026, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments).

Semi-Annual Financial Statements \| 277

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Short Duration Municipal Fund | $23662467 | $43827948 |
| Limited Term Municipal Fund | 202171286 | 217947109 |
| Intermediate Municipal Fund | 175167283 | 55175784 |
| Strategic Municipal Income Fund | 47481172 | 15142495 |
| Limited Term California Fund | 59917829 | 36425686 |
| Intermediate New Mexico Fund | 4761332 | 6420000 |
| Intermediate New York Fund | 3511258 | 1000000 |

---

278 \| Semi-Annual Financial Statements

This page intentionally left blank.

Semi-Annual Financial Statements \| 279

Financial Highlights

Short Duration Municipal 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)** | **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<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $11.97 | 0.18 |  | (0.07) | 0.11 | (0.18) |  |  | (0.18) | $11.90 |
| &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** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $11.97 | 0.19 |  | (0.07) | 0.12 | (0.19) |  |  | (0.19) | $11.90 |
| &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 |

---

(a) Not
 annualized for periods less than one year.

(b) Sales
 loads are not reflected in computing total return.

(c) Unaudited
 six-month period ended March 31.

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

+ Based on weighted average shares outstanding.

See notes to financial statements.

280 \| Semi-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** | **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 (%)** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.02 <sup>(d)</sup> | 0.70 <sup>(d)</sup> |  | 1.17 <sup>(d)</sup> | 0.91 | 23.41 | $7679 |
| &nbsp;&nbsp;&nbsp;2025 | 3.08 | 0.70 |  | 1.25 | 2.95 | 54.60 | $5527 |
| &nbsp;&nbsp;&nbsp;2024 | 3.04 | 0.70 |  | 1.23 | 5.12 | 63.53 | $6367 |
| &nbsp;&nbsp;&nbsp;2023 | 2.29 | 0.70 |  | 1.06 | 2.29 | 56.32 | $13585 |
| &nbsp;&nbsp;&nbsp;2022 | 0.71 | 0.70 |  | 1.10 | (3.88) | 89.01 | $20045 |
| &nbsp;&nbsp;&nbsp;2021 | 0.27 | 0.70 |  | 0.98 | (0.05) | 34.71 | $16332 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.20 <sup>(d)</sup> | 0.50 <sup>(d)</sup> |  | 0.64 <sup>(d)</sup> | 1.01 | 23.41 | $86512 |
| &nbsp;&nbsp;&nbsp;2025 | 3.28 | 0.50 |  | 0.64 | 3.24 | 54.60 | $108124 |
| &nbsp;&nbsp;&nbsp;2024 | 3.26 | 0.50 |  | 0.63 | 5.34 | 63.53 | $111515 |
| &nbsp;&nbsp;&nbsp;2023 | 2.52 | 0.50 |  | 0.60 | 2.50 | 56.32 | $130723 |
| &nbsp;&nbsp;&nbsp;2022 | 0.88 | 0.50 |  | 0.58 | (3.77) | 89.01 | $148929 |
| &nbsp;&nbsp;&nbsp;2021 | 0.46 | 0.50 |  | 0.65 | 0.23 | 34.71 | $179245 |

---

Semi-Annual Financial Statements \| 281

Financial Highlights

Limited Term Municipal 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)** | **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<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.65 | 0.22 |  | (0.12) | 0.10 | (0.22) |  |  | (0.22) | $13.53 |
| &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** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.68 | 0.19 |  | (0.13) | 0.06 | (0.19) |  |  | (0.19) | $13.55 |
| &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** | **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.68 | 0.19 |  | (0.12) | 0.07 | (0.19) |  |  | (0.19) | $13.56 |
| &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>(e)</sup> | $14.66 | 0.10 |  | (0.12) | (0.02) | (0.10) |  |  | (0.10) | $14.54 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.65 | 0.24 |  | (0.12) | 0.12 | (0.24) |  |  | (0.24) | $13.53 |
| &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) Unaudited
 six-month period ended March 31.

(d) Annualized.

(e) Effective
 date of this class of shares was October 1, 2020.

+ Based on weighted average shares outstanding.

See notes to financial statements.

282 \| Semi-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** | **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 (%)** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.20 <sup>(d)</sup> | 0.79 <sup>(d)</sup> |  | 0.79 <sup>(d)</sup> | 0.72 | 9.90 | $432661 |
| &nbsp;&nbsp;&nbsp;2025 | 3.22 | 0.78 |  | 0.78 | 2.96 | 31.04 | $455833 |
| &nbsp;&nbsp;&nbsp;2024 | 2.99 | 0.77 |  | 0.77 | 6.94 | 39.61 | $543244 |
| &nbsp;&nbsp;&nbsp;2023 | 2.40 | 0.74 |  | 0.74 | 1.91 | 37.26 | $611338 |
| &nbsp;&nbsp;&nbsp;2022 | 1.51 | 0.71 |  | 0.71 | (7.20) | 37.69 | $755222 |
| &nbsp;&nbsp;&nbsp;2021 | 1.28 | 0.69 |  | 0.69 | 0.39 | 22.29 | $978221 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.85 <sup>(d)</sup> | 1.11 <sup>(d)</sup> |  | 1.11 <sup>(d)</sup> | 0.47 | 9.90 | $24078 |
| &nbsp;&nbsp;&nbsp;2025 | 2.92 | 1.08 |  | 1.08 | 2.66 | 31.04 | $28496 |
| &nbsp;&nbsp;&nbsp;2024 | 2.70 | 1.04 |  | 1.04 | 6.72 | 39.61 | $39586 |
| &nbsp;&nbsp;&nbsp;2023 | 2.15 | 0.98 |  | 0.98 | 1.66 | 37.26 | $59652 |
| &nbsp;&nbsp;&nbsp;2022 | 1.23 | 0.97 |  | 0.97 | (7.43) | 37.69 | $91018 |
| &nbsp;&nbsp;&nbsp;2021 | 1.00 | 0.97 |  | 0.97 | 0.11 | 22.29 | $146806 |
| **CLASS C2 SHARES** | **CLASS C2 SHARES** | **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.74 <sup>(d)</sup> | 1.27 <sup>(d)</sup> |  | 1.84 <sup>(d)</sup> | 0.48 | 9.90 | $2060 |
| &nbsp;&nbsp;&nbsp;2025 | 2.76 | 1.24 |  | 1.84 | 2.49 | 31.04 | $2435 |
| &nbsp;&nbsp;&nbsp;2024 | 2.50 | 1.24 |  | 1.72 | 6.51 | 39.61 | $2695 |
| &nbsp;&nbsp;&nbsp;2023 | 1.89 | 1.24 |  | 1.67 | 1.39 | 37.26 | $3516 |
| &nbsp;&nbsp;&nbsp;2022 | 0.99 | 1.24 |  | 1.48 | (7.74) | 37.69 | $4695 |
| &nbsp;&nbsp;&nbsp;2021<sup>(e)</sup> | 0.69 | 1.24 |  | 1.72 | (0.11) | 22.29 | $5477 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.47 <sup>(d)</sup> | 0.54 <sup>(d)</sup> |  | 0.54 <sup>(d)</sup> | 0.85 | 9.90 | $1678301 |
| &nbsp;&nbsp;&nbsp;2025 | 3.47 | 0.53 |  | 0.53 | 3.22 | 31.04 | $1670371 |
| &nbsp;&nbsp;&nbsp;2024 | 3.24 | 0.51 |  | 0.51 | 7.22 | 39.61 | $1907395 |
| &nbsp;&nbsp;&nbsp;2023 | 2.62 | 0.51 |  | 0.51 | 2.14 | 37.26 | $2303573 |
| &nbsp;&nbsp;&nbsp;2022 | 1.72 | 0.48 |  | 0.48 | (6.99) | 37.69 | $3162018 |
| &nbsp;&nbsp;&nbsp;2021 | 1.50 | 0.46 |  | 0.46 | 0.61 | 22.29 | $4502575 |

---

Semi-Annual Financial Statements \| 283

Financial Highlights

Intermediate Municipal 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)** | **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<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.18 | 0.24 |  | (0.05) | 0.19 | (0.24) |  |  | (0.24) | $13.13 |
| &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** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.20 | 0.22 |  | (0.06) | 0.16 | (0.22) |  |  | (0.22) | $13.14 |
| &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** | **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.20 | 0.22 |  | (0.06) | 0.16 | (0.22) |  |  | (0.22) | $13.14 |
| &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>(e)</sup> | $14.39 | 0.27 |  | (0.02) | 0.25 | (0.27) |  |  | (0.27) | $14.37 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.16 | 0.26 |  | (0.05) | 0.21 | (0.26) |  |  | (0.26) | $13.11 |
| &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) Unaudited
 six-month period ended March 31.

(d) Annualized.

(e) Effective
 date of this class of shares was October 1, 2020.

+ Based on weighted average shares outstanding.

See notes to financial statements.

284 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Intermediate Municipal Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **RATIOS TO AVERAGE NET ASSETS** | **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 (%)** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.68 <sup>(d)</sup> | 0.72 <sup>(d)</sup> |  | 0.90 <sup>(d)</sup> | 1.46 | 5.03 | $231155 |
| &nbsp;&nbsp;&nbsp;2025 | 3.63 | 0.72 |  | 0.92 | 2.15 | 53.42 | $229585 |
| &nbsp;&nbsp;&nbsp;2024 | 3.43 | 0.74 |  | 0.93 | 8.81 | 29.65 | $260420 |
| &nbsp;&nbsp;&nbsp;2023 | 3.06 | 0.77 |  | 0.92 | 2.31 | 39.98 | $262957 |
| &nbsp;&nbsp;&nbsp;2022 | 2.37 | 0.77 |  | 0.91 | (8.50) | 19.48 | $272111 |
| &nbsp;&nbsp;&nbsp;2021 | 2.26 | 0.77 |  | 0.91 | 2.16 | 10.20 | $328170 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.29 <sup>(d)</sup> | 1.09 <sup>(d)</sup> |  | 1.41 <sup>(d)</sup> | 1.18 | 5.03 | $11374 |
| &nbsp;&nbsp;&nbsp;2025 | 3.26 | 1.09 |  | 1.42 | 1.77 | 53.42 | $11566 |
| &nbsp;&nbsp;&nbsp;2024 | 3.05 | 1.11 |  | 1.39 | 8.49 | 29.65 | $13044 |
| &nbsp;&nbsp;&nbsp;2023 | 2.68 | 1.14 |  | 1.36 | 1.93 | 39.98 | $16306 |
| &nbsp;&nbsp;&nbsp;2022 | 1.98 | 1.14 |  | 1.33 | (8.89) | 19.48 | $22032 |
| &nbsp;&nbsp;&nbsp;2021 | 1.89 | 1.14 |  | 1.30 | 1.78 | 10.20 | $34344 |
| **CLASS C2 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.32 <sup>(d)</sup> | 1.10 <sup>(d)</sup> |  | 1.86 <sup>(d)</sup> | 1.20 | 5.03 | $2187 |
| &nbsp;&nbsp;&nbsp;2025 | 3.26 | 1.09 |  | 2.18 | 1.77 | 53.42 | $1777 |
| &nbsp;&nbsp;&nbsp;2024 | 3.05 | 1.11 |  | 2.06 | 8.49 | 29.65 | $1503 |
| &nbsp;&nbsp;&nbsp;2023 | 2.70 | 1.14 |  | 2.48 | 1.93 | 39.98 | $1501 |
| &nbsp;&nbsp;&nbsp;2022 | 2.00 | 1.14 |  | 2.07 | (8.89) | 19.48 | $1521 |
| &nbsp;&nbsp;&nbsp;2021<sup>(e)</sup> | 1.85 | 1.14 |  | 2.62 | 1.76 | 10.20 | $1860 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.94 <sup>(d)</sup> | 0.48 <sup>(d)</sup> |  | 0.64 <sup>(d)</sup> | 1.59 | 5.03 | $991302 |
| &nbsp;&nbsp;&nbsp;2025 | 3.88 | 0.48 |  | 0.66 | 2.39 | 53.42 | $854442 |
| &nbsp;&nbsp;&nbsp;2024 | 3.66 | 0.50 |  | 0.67 | 9.08 | 29.65 | $745487 |
| &nbsp;&nbsp;&nbsp;2023 | 3.30 | 0.53 |  | 0.67 | 2.55 | 39.98 | $583709 |
| &nbsp;&nbsp;&nbsp;2022 | 2.60 | 0.53 |  | 0.67 | (8.36) | 19.48 | $555898 |
| &nbsp;&nbsp;&nbsp;2021 | 2.50 | 0.53 |  | 0.67 | 2.47 | 10.20 | $666356 |

---

Semi-Annual Financial Statements \| 285

Financial Highlights

Strategic Municipal Income 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)** | **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<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $14.04 | 0.28 |  | (0.14) | 0.14 | (0.27) |  |  | (0.27) | $13.91 |
| &nbsp;&nbsp;&nbsp;2025 | $14.27 | 0.52 |  | (0.23) | 0.29 | (0.52) |  |  | (0.52) | $14.04 |
| &nbsp;&nbsp;&nbsp;2024 | $13.39 | 0.50 |  | 0.88 | 1.38 | (0.50) |  |  | (0.50) | $14.27 |
| &nbsp;&nbsp;&nbsp;2023 | $13.48 | 0.44 |  | (0.09) | 0.35 | (0.44) |  |  | (0.44) | $13.39 |
| &nbsp;&nbsp;&nbsp;2022 | $15.43 | 0.31 |  | (1.95) | (1.64) | (0.31) |  |  | (0.31) | $13.48 |
| &nbsp;&nbsp;&nbsp;2021 | $15.33 | 0.30 |  | 0.10 | 0.40 | (0.30) |  |  | (0.30) | $15.43 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $14.05 | 0.24 |  | (0.13) | 0.11 | (0.24) |  |  | (0.24) | $13.92 |
| &nbsp;&nbsp;&nbsp;2025 | $14.29 | 0.46 |  | (0.25) | 0.21 | (0.45) |  |  | (0.45) | $14.05 |
| &nbsp;&nbsp;&nbsp;2024 | $13.40 | 0.43 |  | 0.89 | 1.32 | (0.43) |  |  | (0.43) | $14.29 |
| &nbsp;&nbsp;&nbsp;2023 | $13.49 | 0.37 |  | (0.09) | 0.28 | (0.37) |  |  | (0.37) | $13.40 |
| &nbsp;&nbsp;&nbsp;2022 | $15.45 | 0.24 |  | (1.96) | (1.72) | (0.24) |  |  | (0.24) | $13.49 |
| &nbsp;&nbsp;&nbsp;2021 | $15.34 | 0.23 |  | 0.11 | 0.34 | (0.23) |  |  | (0.23) | $15.45 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $14.05 | 0.29 |  | (0.13) | 0.16 | (0.29) |  |  | (0.29) | $13.92 |
| &nbsp;&nbsp;&nbsp;2025 | $14.29 | 0.55 |  | (0.24) | 0.31 | (0.55) |  |  | (0.55) | $14.05 |
| &nbsp;&nbsp;&nbsp;2024 | $13.40 | 0.53 |  | 0.89 | 1.42 | (0.53) |  |  | (0.53) | $14.29 |
| &nbsp;&nbsp;&nbsp;2023 | $13.49 | 0.47 |  | (0.09) | 0.38 | (0.47) |  |  | (0.47) | $13.40 |
| &nbsp;&nbsp;&nbsp;2022 | $15.45 | 0.34 |  | (1.96) | (1.62) | (0.34) |  |  | (0.34) | $13.49 |
| &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.

(c) Unaudited
 six-month period ended March 31.

(d) Annualized.

+ Based on weighted average shares outstanding.

See notes to financial statements.

286 \| Semi-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** | **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 (%)** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.93 <sup>(d)</sup> | 0.79 <sup>(d)</sup> |  | 1.21 <sup>(d)</sup> | 1.02 | 4.05 | $64409 |
| &nbsp;&nbsp;&nbsp;2025 | 3.73 | 0.81 |  | 1.23 | 2.12 | 59.01 | $65175 |
| &nbsp;&nbsp;&nbsp;2024 | 3.55 | 0.81 |  | 1.27 | 10.41 | 23.43 | $69372 |
| &nbsp;&nbsp;&nbsp;2023 | 3.15 | 0.81 |  | 1.27 | 2.51 | 48.80 | $60908 |
| &nbsp;&nbsp;&nbsp;2022 | 2.12 | 0.81 |  | 1.27 | (10.73) | 46.24 | $55859 |
| &nbsp;&nbsp;&nbsp;2021 | 1.96 | 0.81 |  | 1.26 | 2.65 | 10.43 | $65220 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.48 <sup>(d)</sup> | 1.22 <sup>(d)</sup> |  | 2.03 <sup>(d)</sup> | 0.80 | 4.05 | $3640 |
| &nbsp;&nbsp;&nbsp;2025 | 3.26 | 1.28 |  | 2.12 | 1.57 | 59.01 | $3535 |
| &nbsp;&nbsp;&nbsp;2024 | 3.07 | 1.28 |  | 1.97 | 9.96 | 23.43 | $4119 |
| &nbsp;&nbsp;&nbsp;2023 | 2.65 | 1.28 |  | 1.92 | 2.03 | 48.80 | $4998 |
| &nbsp;&nbsp;&nbsp;2022 | 1.64 | 1.28 |  | 1.77 | (11.20) | 46.24 | $8278 |
| &nbsp;&nbsp;&nbsp;2021 | 1.50 | 1.28 |  | 1.71 | 2.24 | 10.43 | $11753 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 4.16 <sup>(d)</sup> | 0.56 <sup>(d)</sup> |  | 0.97 <sup>(d)</sup> | 1.14 | 4.05 | $338094 |
| &nbsp;&nbsp;&nbsp;2025 | 3.96 | 0.59 |  | 0.99 | 2.27 | 59.01 | $311692 |
| &nbsp;&nbsp;&nbsp;2024 | 3.76 | 0.59 |  | 1.01 | 10.72 | 23.43 | $248771 |
| &nbsp;&nbsp;&nbsp;2023 | 3.37 | 0.59 |  | 1.01 | 2.74 | 48.80 | $227585 |
| &nbsp;&nbsp;&nbsp;2022 | 2.33 | 0.59 |  | 0.99 | (10.59) | 46.24 | $236725 |
| &nbsp;&nbsp;&nbsp;2021 | 2.17 | 0.59 |  | 0.97 | 2.94 | 10.43 | $298871 |

---

Semi-Annual Financial Statements \| 287

Financial Highlights

Limited Term California 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)** | **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<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.02 | 0.19 |  | (0.14) | 0.05 | (0.19) |  |  | (0.19) | $12.88 |
| &nbsp;&nbsp;&nbsp;2025 | $13.03 | 0.39 |  | (0.02)<sup>(e)</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** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.04 | 0.18 |  | (0.15) | 0.03 | (0.18) |  |  | (0.18) | $12.89 |
| &nbsp;&nbsp;&nbsp;2025 | $13.04 | 0.35 |  | — <sup>(e)(f)</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** | **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.04 | 0.17 |  | (0.15) | 0.02 | (0.17) |  |  | (0.17) | $12.89 |
| &nbsp;&nbsp;&nbsp;2025 | $13.04 | 0.35 |  | — <sup>(e)(f)</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>(h)</sup> | $13.81 | 0.11 |  | (0.13) | (0.02) | (0.12) |  |  | (0.12) | $13.67 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $13.04 | 0.21 |  | (0.15) | 0.06 | (0.21) |  |  | (0.21) | $12.89 |
| &nbsp;&nbsp;&nbsp;2025 | $13.05 | 0.42 |  | (0.01)<sup>(e)</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 |

---

(a) Not
 annualized for periods less than one year.

(b) Sales
 loads are not reflected in computing total return.

(c) Unaudited
 six-month period ended March 31.

(d) Annualized.

(e) 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.

(f) Net
 realized and unrealized gain (loss) on investments was less than $0.01 per share.

(g) Due
 to the size of net assets and fixed expenses, ratios may appear disproportionate.

(h) Effective
 date of this class of shares was October 1, 2020.

+ Based on weighted average shares outstanding.

See notes to financial statements.

288 \| Semi-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** | **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 (%)** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.97 <sup>(d)</sup> | 0.74 <sup>(d)</sup> |  | 0.95 <sup>(d)</sup> | 0.39 | 13.73 | $46429 |
| &nbsp;&nbsp;&nbsp;2025 | 3.00 | 0.74 |  | 0.96 | 2.96 | 43.53 | $55662 |
| &nbsp;&nbsp;&nbsp;2024 | 2.82 | 0.74 |  | 0.96 | 6.71 | 46.36 | $60071 |
| &nbsp;&nbsp;&nbsp;2023 | 2.26 | 0.74 |  | 0.96 | 1.89 | 45.63 | $67312 |
| &nbsp;&nbsp;&nbsp;2022 | 1.32 | 0.74 |  | 0.95 | (6.44) | 41.92 | $79046 |
| &nbsp;&nbsp;&nbsp;2021 | 1.11 | 0.74 |  | 0.92 | 0.10 | 16.22 | $101949 |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.73 <sup>(d)</sup> | 1.01 <sup>(d)</sup> |  | 2.06 <sup>(d)</sup> | 0.19 | 13.73 | $1148 |
| &nbsp;&nbsp;&nbsp;2025 | 2.70 | 1.02 |  | 2.33 | 2.75 | 43.53 | $920 |
| &nbsp;&nbsp;&nbsp;2024 | 2.52 | 1.02 |  | 1.70 | 6.32 | 46.36 | $1216 |
| &nbsp;&nbsp;&nbsp;2023 | 1.95 | 1.02 |  | 1.42 | 1.69 | 45.63 | $2897 |
| &nbsp;&nbsp;&nbsp;2022 | 1.02 | 1.02 |  | 1.31 | (6.70) | 41.92 | $5976 |
| &nbsp;&nbsp;&nbsp;2021 | 0.82 | 1.02 |  | 1.27 | (0.19) | 16.22 | $9623 |
| **CLASS C2 SHARES** | **CLASS C2 SHARES** | **CLASS C2 SHARES** | **CLASS C2 SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.64 <sup>(d)</sup> | 1.06 <sup>(d)</sup> |  | 1.66 <sup>(d)</sup> | 0.16 | 13.73 | $1475 |
| &nbsp;&nbsp;&nbsp;2025 | 2.73 | 1.02 |  | 1.92 | 2.75 | 43.53 | $933 |
| &nbsp;&nbsp;&nbsp;2024 | 2.55 | 1.02 |  | 2.89 <sup>(g)</sup> | 6.41 | 46.36 | $524 |
| &nbsp;&nbsp;&nbsp;2023 | 2.00 | 1.02 |  | 8.02 <sup>(g)</sup> | 1.69 | 45.63 | $141 |
| &nbsp;&nbsp;&nbsp;2022 | 1.05 | 1.02 |  | 4.46 <sup>(g)</sup> | (6.78) | 41.92 | $129 |
| &nbsp;&nbsp;&nbsp;2021<sup>(h)</sup> | 0.84 | 1.02 |  | 6.50 <sup>(g)</sup> | (0.18) | 16.22 | $149 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.23 <sup>(d)</sup> | 0.49 <sup>(d)</sup> |  | 0.71 <sup>(d)</sup> | 0.44 | 13.73 | $245326 |
| &nbsp;&nbsp;&nbsp;2025 | 3.25 | 0.49 |  | 0.73 | 3.21 | 43.53 | $229855 |
| &nbsp;&nbsp;&nbsp;2024 | 3.07 | 0.49 |  | 0.71 | 6.97 | 46.36 | $211561 |
| &nbsp;&nbsp;&nbsp;2023 | 2.50 | 0.49 |  | 0.71 | 2.23 | 45.63 | $204982 |
| &nbsp;&nbsp;&nbsp;2022 | 1.56 | 0.49 |  | 0.71 | (6.20) | 41.92 | $276717 |
| &nbsp;&nbsp;&nbsp;2021 | 1.35 | 0.49 |  | 0.70 | 0.27 | 16.22 | $366861 |

---

Semi-Annual Financial Statements \| 289

Financial Highlights

Intermediate New Mexico 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)** | **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<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $12.39 | 0.18 |  | (0.06) | 0.12 | (0.18) |  |  | (0.18) | $12.33 |
| &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** | **CLASS D SHARES** | **CLASS D SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $12.39 | 0.17 |  | (0.05) | 0.12 | (0.17) |  |  | (0.17) | $12.34 |
| &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** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $12.38 | 0.20 |  | (0.05) | 0.15 | (0.20) |  |  | (0.20) | $12.33 |
| &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.

(c) Unaudited
six-month period ended March 31.

(d) Annualized.

+ Based on weighted average shares outstanding.

See notes to financial statements.

290 \| Semi-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** | **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 (%)** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.97 <sup>(d)</sup> | 0.97 <sup>(d)</sup> |  | 1.08 <sup>(d)</sup> | 0.98 | 5.58 | $30681 |
| &nbsp;&nbsp;&nbsp;2025 | 2.90 | 0.99 |  | 1.09 | 1.95 | 24.59 | $31901 |
| &nbsp;&nbsp;&nbsp;2024 | 2.59 | 0.99 |  | 1.06 | 6.89 | 19.49 | $37430 |
| &nbsp;&nbsp;&nbsp;2023 | 1.91 | 0.99 |  | 1.02 | 1.35 | 48.90 | $46699 |
| &nbsp;&nbsp;&nbsp;2022 | 1.50 | 0.99 |  | 1.01 | (8.49) | 8.83 | $53476 |
| &nbsp;&nbsp;&nbsp;2021 | 1.46 | 0.98 |  | 0.98 | 0.85 | 7.43 | $70051 |
| **CLASS D SHARES** | **CLASS D SHARES** | **CLASS D SHARES** | **CLASS D SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 2.74 <sup>(d)</sup> | 1.22 <sup>(d)</sup> |  | 1.39 <sup>(d)</sup> | 0.95 | 5.58 | $6224 |
| &nbsp;&nbsp;&nbsp;2025 | 2.65 | 1.24 |  | 1.44 | 1.70 | 24.59 | $6683 |
| &nbsp;&nbsp;&nbsp;2024 | 2.34 | 1.24 |  | 1.36 | 6.54 | 19.49 | $7697 |
| &nbsp;&nbsp;&nbsp;2023 | 1.65 | 1.24 |  | 1.34 | 1.18 | 48.90 | $8891 |
| &nbsp;&nbsp;&nbsp;2022 | 1.25 | 1.24 |  | 1.29 | (8.78) | 8.83 | $10388 |
| &nbsp;&nbsp;&nbsp;2021 | 1.20 | 1.24 |  | 1.29 | 0.59 | 7.43 | $12917 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.29 <sup>(d)</sup> | 0.67 <sup>(d)</sup> |  | 0.76 <sup>(d)</sup> | 1.22 | 5.58 | $50775 |
| &nbsp;&nbsp;&nbsp;2025 | 3.23 | 0.67 |  | 0.78 | 2.28 | 24.59 | $50644 |
| &nbsp;&nbsp;&nbsp;2024 | 2.91 | 0.67 |  | 0.75 | 7.15 | 19.49 | $49373 |
| &nbsp;&nbsp;&nbsp;2023 | 2.23 | 0.67 |  | 0.74 | 1.76 | 48.90 | $52436 |
| &nbsp;&nbsp;&nbsp;2022 | 1.82 | 0.67 |  | 0.73 | (8.27) | 8.83 | $57584 |
| &nbsp;&nbsp;&nbsp;2021 | 1.77 | 0.67 |  | 0.71 | 1.24 | 7.43 | $66312 |

---

Semi-Annual Financial Statements \| 291

Financial Highlights

Intermediate New York 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)** | **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<br> VALUE,<br> BEGINNING<br> OF PERIOD** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $11.91 | 0.19 |  | 0.01 | 0.20 | (0.18) |  |  | (0.18) | $11.93 |
| &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** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $11.91 | 0.20 |  | 0.03 | 0.23 | (0.20) |  |  | (0.20) | $11.94 |
| &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 |

---

(a) Not
 annualized for periods less than one year.

(b) Sales
 loads are not reflected in computing total return.

(c) Unaudited
 six-month period ended March 31.

(d) Annualized.

(e) The
 total return based on the NAV which reflects the adjustments in accordance with U.S.
 GAAP is 7.27%.

(f) 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 \| Semi-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** | **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 (%)** | **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>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** | **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.09 <sup>(d)</sup> | 0.97 <sup>(d)</sup> |  | 1.39 <sup>(d)</sup> | 1.72 | 3.97 | $11143 |
| &nbsp;&nbsp;&nbsp;2025 | 3.09 | 0.99 |  | 1.47 | 1.50 | 40.75 | $11493 |
| &nbsp;&nbsp;&nbsp;2024 | 2.81 | 0.99 |  | 1.39 | 7.18 <sup>(e)</sup> | 20.23 | $12740 |
| &nbsp;&nbsp;&nbsp;2023 | 2.33 | 0.99 |  | 1.33 | 1.75 <sup>(f)</sup> | 42.70 | $13096 |
| &nbsp;&nbsp;&nbsp;2022 | 1.98 | 0.99 |  | 1.22 | (7.48) | 6.02 | $15193 |
| &nbsp;&nbsp;&nbsp;2021 | 1.77 | 0.99 |  | 1.14 | 1.20 | 11.29 | $23885 |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 3.41 <sup>(d)</sup> | 0.67 <sup>(d)</sup> |  | 1.09 <sup>(d)</sup> | 1.96 | 3.97 | $17327 |
| &nbsp;&nbsp;&nbsp;2025 | 3.41 | 0.67 |  | 1.20 | 1.83 | 40.75 | $12928 |
| &nbsp;&nbsp;&nbsp;2024 | 3.13 | 0.67 |  | 1.12 | 7.53 | 20.23 | $12588 |
| &nbsp;&nbsp;&nbsp;2023 | 2.64 | 0.67 |  | 1.11 | 2.07 | 42.70 | $12113 |
| &nbsp;&nbsp;&nbsp;2022 | 2.30 | 0.67 |  | 0.98 | (7.18) | 6.02 | $14642 |
| &nbsp;&nbsp;&nbsp;2021 | 2.09 | 0.67 |  | 0.93 | 1.52 | 11.29 | $20454 |

---

Semi-Annual Financial Statements \| 293

Schedule of Investments

Thornburg Emerging Markets Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES** | **VALUE** |
|  | **COMMON STOCK — 92.3%** |  |  |
|  | **BANKS — 3.4%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Banks — 3.4%** | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank SA | 4858 | $39913 |
|  |  |  | 39913 |
|  | **CAPITAL GOODS — 9.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 4.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CSG NV | 628 | 16942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | 90 | 37138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | 900 | 53250 |
|  |  |  | 107330 |
|  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 3.8%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 26 | 44954 |
|  |  |  | 44954 |
|  | **CONSUMER DURABLES & APPAREL — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | 3082 | 32330 |
|  |  |  | 32330 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 9.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 9.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bid Corp. Ltd. | 4851 | 116845 |
|  |  |  | 116845 |
|  | **ENERGY — 9.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ADNOC Drilling Co. PJSC | 37463 | 52980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 5.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 4444 | 64121 |
|  |  |  | 117101 |
|  | **FINANCIAL SERVICES — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;360 ONE WAM Ltd. | 4533 | 45090 |
|  |  |  | 45090 |
|  | **FOOD, BEVERAGE & TOBACCO — 12.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 12.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | 8900 | 102517 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | 219 | 46118 |
|  |  |  | 148635 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 4.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 4.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL Class F | 83600 | 47909 |
|  |  |  | 47909 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 1303 | 62499 |
|  |  |  | 62499 |
|  | **SOFTWARE & SERVICES — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | 1476 | 37263 |
|  |  |  | 37263 |

---

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

**Schedule of Investments, Continued** 

Thornburg Emerging Markets Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES** | |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 13.8%** |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 13.8%** |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 1396 | **VALUE**<br>$163278 |
|  |  |  | 163278 |
|  | **TELECOMMUNICATION SERVICES — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 2063 | 39354 |
|  |  |  | 39354 |
|  | **TRANSPORTATION — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Salik Co. PJSC | 28254 | 39732 |
|  |  |  | 39732 |
|  | **UTILITIES — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd. | 14498 | 49935 |
|  |  |  | 49935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK (Cost $1,008,621) |  | 1092168 |
|  | **SHORT-TERM INVESTMENTS — 8.8%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 10423 | 104230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $104,230) |  | 104230 |
|  | TOTAL INVESTMENTS — 101.1% (Cost $1,112,851) |  | $1196398 |
|  | LIABILITIES NET OF OTHER ASSETS — (1.1)% |  | (12731) |
|  | NET ASSETS — 100.0% |  | $1183667 |

---

**Footnote Legend**

a Non-income producing. <br> b Investment in Affiliates.

---

| | |
|:---|:---|
| **COUNTRY EXPOSURE \*** |  |
| (percent of equity holdings) |  |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;18.3% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;China | &nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Greece | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Czech Republic | &nbsp;&nbsp;1.5% |

---

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

See notes to financial statements. Semi-Annual Financial Statements \| 295

Schedule of Investments

Thornburg High Income Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/** | |
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
|  | **PREFERRED STOCK — 1.3%** |  |  |
|  | **FINANCIAL SERVICES — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 1.3%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | 3 | $72189 |
|  |  |  | 72189 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK (Cost $70,500) |  | 72189 |
|  | **ASSET BACKED SECURITIES — 15.4%** |  |  |
|  | **AUTO RECEIVABLES — 2.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | $45782 | 46327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.79% due 2/15/2029 | 9685 | 9705 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 6.40% due 5/15/2029 | 22194 | 22337 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-5A Class A2, 4.575% due 6/26/2034 | 40000 | 39982 |
|  |  |  | 118351 |
|  | **OTHER ASSET BACKED — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.42% due 11/17/2033 | 11783 | 11728 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 6.92% due 12/17/2036 | 29754 | 30764 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A Class A, 1.27% due 5/15/2041 | 31552 | 29741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Goodgreen Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 2.63% due 4/15/2055 | 43402 | 36771 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 2.66% due 10/15/2056 | 49157 | 40760 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS Class A, 2.70% due 1/20/2049 | 32589 | 24204 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2020-2A Class B, 2.21% due 8/20/2046 | 34636 | 27273 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 | 9486 | 9516 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2022-2A Class A, 4.89% due 10/14/2034 | 2292 | 2293 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2025-1 Class A, 4.96% due 8/16/2032 | 18041 | 18049 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-B Class A, 1.47% due 5/8/2031 | 21105 | 20747 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2024-1A Class A2, 4.992% due 9/15/2049 | 25000 | 24511 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2022-3A Class B, 6.32% due 7/20/2039 | 30927 | 31371 |
|  |  |  | 307728 |
|  | **STUDENT LOAN — 7.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;College Avenue Student Loans LLC, Series 2017-A Class A2, 3.75% due 11/26/2046 | 39856 | 38096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-B Class A1, 2.73% due 10/25/2040 | 30469 | 30024 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AGS Class A1, 2.55% due 5/25/2041 | 23311 | 22586 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | 17007 | 15633 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | 40632 | 40003 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2005-1 Class B, 4.173% (TSFR1M + 0.49%) due 3/26/2035 | 14377 | 13580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GA Class A, 2.40% due 10/15/2068 | 19630 | 19070 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-FA Class A, 1.22% due 7/15/2069 | 11964 | 11305 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A, 1.31% due 1/15/2069 | 19508 | 18570 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 4.767% (TSFR1M + 1.09%) due 12/15/2059 | 24033 | 23939 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-CA Class AFL, 4.53% (TSFR1M + 0.85%) due 4/20/2062 | 41530 | 41115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9 Class B, 4.449% (SOFR90A + 0.56%) due 1/25/2041 | 72139 | 68420 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-7 Class B, 4.349% (SOFR90A + 0.46%) due 1/27/2042 | 34970 | 32789 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2019-C Class A2FX, 2.37% due 11/16/2048 | 17868 | 17336 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Wachovia Student Loan Trust, Series 2005-1 Class B, 4.449% (SOFR90A + 0.56%) due 10/25/2040 | 20567 | 19006 |
|  |  |  | 411472 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $836,719) |  | 837551 |
|  | **CORPORATE BONDS — 58.5%** |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/** | |
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
|  | **CAPITAL GOODS — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | $55000 | $53578 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | 55000 | 55628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 3.3%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | 35000 | 33749 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc., 6.125% due 3/15/2030 | 35000 | 35718 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | 55000 | 55715 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | 55000 | 53009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors — 0.3% |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | 18000 | 18643 |
|  |  |  | 306040 |
|  | **COMMERCIAL & PROFESSIONAL SERVICES — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | 18000 | 16077 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | 55000 | 54258 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | 18000 | 18288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 1.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | 35000 | 32867 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | 55000 | 54510 |
|  |  |  | 176000 |
|  | **CONSUMER DURABLES & APPAREL — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | 18000 | 15265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.8%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | 36000 | 37717 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co., 3.50% due 3/1/2031 | 55000 | 50591 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., 7.25% due 7/15/2030 | 10000 | 10111 |
|  |  |  | 113684 |
|  | **CONSUMER SERVICES — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Aramark Services, Inc., 5.00% due 2/1/2028 | 55000 | 54601 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | 35000 | 33370 |
|  |  |  | 87971 |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 18000 | 18745 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | 55000 | 54319 |
|  |  |  | 73064 |
|  | **ENERGY — 6.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.9%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | 35000 | 35203 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | 35000 | 36226 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | 15000 | 15167 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 35000 | 32247 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | 45000 | 45379 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 35000 | 34339 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | 15000 | 14333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | 35000 | 35242 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625% due 10/31/2029 | 18000 | 18540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | 35000 | 35005 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | 35000 | 35903 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | 35000 | 35927 |
|  |  |  | 373511 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 297

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/** | |
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 1.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.25% due 7/15/2030 | $55000 | $53391 |
|  |  |  | 53391 |
|  | **FINANCIAL SERVICES — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 1.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | 35000 | 34814 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | 18000 | 18776 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.00% due 3/15/2029 | 35000 | 34018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 1.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FirstCash, Inc., 5.625% due 1/1/2030 | 55000 | 54659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 1.1%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | 55000 | 57368 |
|  |  |  | 199635 |
|  | **FOOD, BEVERAGE & TOBACCO — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.6%** |  |  |
| <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 | 35000 | 34137 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/15/2027 | 35000 | 34974 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2030 | 25000 | 25249 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc., 6.25% due 2/15/2032 | 55000 | 55666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Tobacco — 0.7%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625% due 3/15/2032 | 35000 | 35941 |
|  |  |  | 185967 |
|  | **HEALTH CARE EQUIPMENT & SERVICES — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc., 4.625% due 2/1/2028 | 55000 | 55000 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower LP, 3.875% due 4/1/2029 | 35000 | 33873 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.8%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 3.75% due 3/15/2029 | 35000 | 33190 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Select Medical Corp., 6.25% due 12/1/2032 | 30000 | 28515 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | 35000 | 35287 |
|  |  |  | 185865 |
|  | **HOUSEHOLD & PERSONAL PRODUCTS — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 1.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | 18000 | 17723 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 5.125% due 1/15/2028 | 35000 | 34942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 1.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | 55000 | 54695 |
|  |  |  | 107360 |
|  | **INSURANCE — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.2%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | 35000 | 35750 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Global Funding, 4.85% due 10/22/2030 | 15000 | 14694 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | 35000 | 33832 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 6.875% due 4/15/2034 | 35000 | 37081 |
|  |  |  | 121357 |
|  | **MATERIALS — 4.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 1.3%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 9.00% due 2/15/2030 | 35000 | 36963 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 35000 | 31598 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | 55000 | 55034 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | 35000 | 32795 |

---

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

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/** | |
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OI European Group BV, 4.75% due 2/15/2030 | $15000 | $13930 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S., 7.25% due 2/15/2031 | 55000 | 57951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | 35000 | 31148 |
|  |  |  | 259419 |
|  | **MEDIA & ENTERTAINMENT — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Media — 1.8%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | 55000 | 50037 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc., 5.875% due 8/15/2027 | 15000 | 14955 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 4.00% due 7/15/2028 | 35000 | 33823 |
|  |  |  | 98815 |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | 55000 | 53670 |
|  |  |  | 53670 |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 1.3%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 35000 | 35052 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 35000 | 36518 |
|  |  |  | 71570 |
|  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.9%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | 35000 | 29252 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | 20000 | 18087 |
|  |  |  | 47339 |
|  | **SOFTWARE & SERVICES — 6.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 2.0%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | 55000 | 53041 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | 55000 | 54109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.6%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | 18000 | 17352 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | 18000 | 17796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Software — 3.9%** |  |  |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | 35000 | 35151 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | 55000 | 53393 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc., 3.875% due 2/15/2031 | 35000 | 33130 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 2/15/2028 | 55000 | 52966 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., 5.50% due 9/30/2027 | 35000 | 35034 |
|  |  |  | 351972 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.7%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 4.375% due 2/15/2030 | 60000 | 57480 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | 55000 | 55984 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | 35000 | 35210 |
|  |  |  | 148674 |
|  | **UTILITIES — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 2.4%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Co., Inc., 6.00% due 10/1/2033 | 57000 | 56909 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | 35000 | 35958 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | 35000 | 37677 |
|  | &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 | 35000 | 34670 |
|  |  |  | 165214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $3,192,073) |  | 3180518 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 299

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund <sup>\|</sup> March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/** | |
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | |
|  | **CONVERTIBLE BONDS — 1.0%** |  | |
|  | **SOFTWARE & SERVICES — 1.0%** |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services — 1.0%** |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc., Zero Coupon, due 5/1/2026 | $52000 |<br>**VALUE**<br>$51791 |
|  |  |  | 51791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $51,783) |  | 51791 |
|  | **OTHER GOVERNMENT — 0.5%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | 15000 | 13533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | 12000 | 15753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER GOVERNMENT (Cost $28,138) |  | 29286 |
|  | **U.S. GOVERNMENT AGENCIES — 0.2%** |  |  |
| <sup>b,e</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | 12000 | 12013 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT AGENCIES (Cost $12,032) |  | 12013 |
|  | **MORTGAGE BACKED — 13.3%** |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-F Class A1, 2.86% due 7/25/2059 | 34653 | 34279 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-5 Class M1, 2.97% due 5/25/2065 | 60000 | 56353 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A3, 6.40% due 12/1/2063 | 52619 | 52836 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2013-A Class A, 3.00% due 5/25/2042 | 26236 | 25187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-6 Class B1, 4.24% due 12/25/2049 | 48613 | 46218 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HYB1 Class B4, 5.095% due 10/25/2049 | 46331 | 46446 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV1 Class B3, 4.936% due 9/25/2049 | 48968 | 47891 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO, Series 2021-GS4 Class A1, 5.65% due 11/25/2060 | 54834 | 57014 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2020-EXP3 Class 1A8, 3.00% due 1/25/2060 | 48754 | 43770 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Oceanview Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A1A, 1.733% due 5/28/2050 | 17177 | 15971 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.859% due 1/25/2065 | 23971 | 23076 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2013-4 Class B1, 3.434% due 4/25/2043 | 42816 | 41630 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | 72252 | 72016 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;VOLT C LLC, Whole Loan Securities Trust CMO, Series 2021-NPL9 Class A1, 5.992% due 5/25/2051 | 35367 | 35363 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;VOLT CVI LLC, Whole Loan Securities Trust CMO, Series 2021-NP12 Class A1, 6.734% due 12/26/2051 | 37614 | 37631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1 Class A2, 3.50% due 6/20/2044 | 47200 | 45092 |
| <sup>b,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-1 Class B4, 3.778% due 1/20/2046 | 45809 | 40902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $714,771) |  | 721675 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS — 8.9%**  |  |  |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 48725 | 487249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $487,249) |  | 487249 |
|  | TOTAL INVESTMENTS — 99.1% (Cost $5,393,265) |  | $5392272 |
|  | OTHER ASSETS LESS LIABILITIES — 0.9% |  | 47778 |
|  | NET ASSETS — 100.0% |  | $5440050 |

---

**Footnote Legend**

a Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee.

---

| | |
|:---|:---|
| 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 March 31, 2026. |

---

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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $4,409,256, representing 81.05% 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 Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

f Investment in Affiliates.

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

**Schedule of Investments, Continued**

Thornburg High Income Bond Managed Account Fund \| March 31, 2026 (Unaudited)

**Portfolio Abbreviations**

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

ACB Agricultural Credit Bank SOFR90A Secured Overnight Financing Rate 90-Day Average <br> CMO Collateralized Mortgage Obligation TSFR1M Term SOFR 1 Month <br> GBP Denominated in Pound Sterling TSFR3M Term SOFR 3 Month

**COUNTRY EXPOSURE \***

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;83.7% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Guatemala | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Panama | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;9.8% |

---

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

See notes to financial statements. Semi-Annual Financial Statements \| 301

Schedule of Investments

Thornburg Investment Grade Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES/** | |
|  | **ISSUER-DESCRIPTION** | **PRINCIPAL AMOUNT** | **VALUE** |
|  | **ASSET BACKED SECURITIES — 24.9%** |  |  |
|  | **AUTO RECEIVABLES — 15.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2022-4 Class D, 8.00% due 2/15/2029 | $9753 | $9820 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Bank of America Auto Trust, Series 2023-2A Class A4, 5.66% due 11/15/2029 | 13000 | 13175 |
|  | &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 | 15024 | 14915 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P2 Class A3, 5.42% due 4/10/2028 | 3123 | 3128 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-P1 Class A3, 5.05% due 4/10/2029 | 20692 | 20774 |
|  | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 5.69% due 2/15/2030 | 3765 | 3780 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | 5458 | 5450 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A1, 4.839% due 12/15/2026 | 4110 | 4110 |
|  | &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 | 2804 | 2802 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.79% due 6/15/2028 | 10000 | 9979 |
|  | &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 | 2670 | 2664 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | 1183 | 1183 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2022-2A Class D, 6.15% due 4/17/2028 | 11888 | 11959 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A Class A2, 6.37% due 6/15/2028 | 5279 | 5288 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Huntington Auto Trust, Series 2024-1A Class A3, 5.23% due 1/16/2029 | 17830 | 17963 |
|  | &nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 6.43% due 12/15/2028 | 16000 | 16226 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class B, 6.39% due 10/16/2028 | 15000 | 15172 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2026-1A Class A1, 4.176% due 1/15/2027 | 9723 | 9721 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2025-1 Class A, 5.06% due 11/15/2027 | 1833 | 1835 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | 4631 | 4632 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIII LLC, Series 2021-2A Class A4, 1.27% due 9/11/2028 | 22183 | 22066 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIV LLC, Series 2022-1A Class A4, 2.82% due 4/10/2029 | 7407 | 7348 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XVII LLC, Series 2024-2A Class A2, 4.63% due 12/10/2027 | 6847 | 6852 |
|  | &nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 2.08% due 2/15/2028 | 5852 | 5786 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 6.33% due 4/16/2029 | 11000 | 11033 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.64% due 12/15/2027 | 1939 | 1940 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2, 4.87% due 12/15/2027 | 7580 | 7584 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2026-1A Class A2, 4.515% due 1/25/2035 | 11000 | 10993 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-6A Class A2, 4.705% due 8/25/2034 | 8000 | 8004 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2024-1A Class A3, 5.11% due 6/15/2029 | 18641 | 18718 |
|  | &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 | 21000 | 21234 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | 4306 | 4313 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1 Class A, 4.53% due 8/15/2028 | 13560 | 13554 |
|  | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 5.48% due 9/15/2027 | 9413 | 9430 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class B, 5.92% due 9/15/2028 | 1604 | 1605 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 5.55% due 11/15/2027 | 10345 | 10367 |
|  |  |  | 335403 |
|  | **OTHER ASSET BACKED — 7.2%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ACHV ABS Trust, Series 2024-1PL Class A, 5.90% due 4/25/2031 | 9371 | 9402 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2021-A Class A, 1.42% due 11/17/2033 | 4006 | 3987 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;CCG Receivables Trust, Series 2023-2 Class A2, 6.28% due 4/14/2032 | 25084 | 25305 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DLLMT LLC, Series 2023-1A Class A4, 5.35% due 3/20/2031 | 15000 | 15109 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;DLLST LLC, Series 2024-1A Class A3, 5.05% due 8/20/2027 | 17066 | 17119 |
|  | &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A3, 5.15% due 7/15/2027 | 13052 | 13101 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A4, 5.08% due 12/16/2030 | 11000 | 11150 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2024-2 Class A2, 5.25% due 10/27/2059 | 6013 | 6027 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC, Series 2023-A Class A3, 5.54% due 12/13/2029 | 13092 | 13249 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Mosaic Solar Loans LLC, Series 2017-1A Class A, 4.45% due 6/20/2042 | 11853 | 11488 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2022-1 Class C, 6.01% due 7/17/2028 | 11000 | 11001 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | $7223 | $7228 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-2A Class A, 4.25% due 6/17/2030 | 14556 | 14522 |
|  |  |  | 158688 |
|  | &nbsp;&nbsp;&nbsp;**STUDENT LOAN — 2.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 2017-BGS Class A1, 2.68% due 9/25/2042 | 11283 | 10634 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;ELFI Graduate Loan Program LLC, Series 2019-A Class A, 2.54% due 3/25/2044 | 14273 | 13688 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-A Class A2A, 3.42% due 1/15/2043 | 5867 | 5853 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2018-EA Class A2, 4.00% due 12/15/2059 | 1372 | 1372 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 4.537% (TSFR1M + 0.86%) due 10/15/2035 | 1140 | 1140 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.44% due 7/15/2036 | 11819 | 11700 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2019-A Class A2FX, 3.69% due 6/15/2048 | 13176 | 13084 |
|  |  |  | 57471 |
|  | &nbsp;&nbsp;&nbsp;TOTAL ASSET BACKED SECURITIES (Cost $551,217) |  | 551562 |
|  | **CORPORATE BONDS — 34.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**AUTOMOBILES & COMPONENTS — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.30% due 3/19/2027 | 10000 | 10076 |
|  |  |  | 10076 |
|  | &nbsp;&nbsp;&nbsp;**COMMERCIAL & PROFESSIONAL SERVICES — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.4%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.319% due 12/4/2028 | 10000 | 10419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | 20000 | 20938 |
|  |  |  | 31357 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER SERVICES — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.8%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sydney Airport Finance Co. Pty. Ltd., 5.248% due 3/26/2036 | 17000 | 16862 |
|  |  |  | 16862 |
|  | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc., 5.267% due 2/12/2034 | 15000 | 15076 |
|  |  |  | 15076 |
|  | &nbsp;&nbsp;&nbsp;**ENERGY — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.3%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 10000 | 9978 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 10000 | 9945 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 4.911% due 9/1/2027 | 10000 | 10046 |
|  |  |  | 29969 |
|  | &nbsp;&nbsp;&nbsp;**EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified REITs — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, 2.328% due 7/15/2052 | 10000 | 9641 |
|  |  |  | 9641 |
|  | &nbsp;&nbsp;&nbsp;**FINANCIAL SERVICES — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services — 0.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 4.306% due 10/16/2028 | 16000 | 15946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | 17000 | 16971 |
|  |  |  | 32917 |
|  | &nbsp;&nbsp;&nbsp;**HEALTH CARE EQUIPMENT & SERVICES — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | 10000 | 9959 |
|  |  |  | 9959 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 303

**Schedule of Investments, Continued** 

Thornburg Investment Grade Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | **INSURANCE — 12.1%** |  |  |
|  | &nbsp;&nbsp;**Insurance — 12.1%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | $10000 | $10214 |
| <sup>a,b</sup> | &nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | 15000 | 13996 |
| <sup>a</sup> | &nbsp;&nbsp;Brighthouse Financial Global Funding, 2.00% due 6/28/2028 | 10000 | 9347 |
| <sup>a</sup> | &nbsp;&nbsp;CNO Global Funding, 4.875% due 12/10/2027 | 10000 | 10034 |
| <sup>a</sup> | &nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | 12000 | 12046 |
| <sup>a,b</sup> | &nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | 10000 | 9930 |
| <sup>a</sup> | &nbsp;&nbsp;Equitable Financial Life Global Funding, 1.80% due 3/8/2028 | 12000 | 11369 |
|  | &nbsp;&nbsp;F&G Global Funding, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | 2000 | 1985 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;2.30% due 4/11/2027 | 10000 | 9736 |
| <sup>a</sup> | &nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | 10000 | 10184 |
| <sup>a,b</sup> | &nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | 15000 | 15276 |
| <sup>a</sup> | &nbsp;&nbsp;Jackson National Life Global Funding, 3.05% due 6/21/2029 | 17000 | 16099 |
|  | &nbsp;&nbsp;Lincoln Financial Global Funding, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.625% due 5/28/2028 | 10000 | 9993 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;5.30% due 1/13/2030 | 10000 | 10148 |
| <sup>a</sup> | &nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | 10000 | 10194 |
| <sup>a</sup> | &nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | 17000 | 16732 |
| <sup>a</sup> | &nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | 10000 | 10238 |
| <sup>a,c</sup> | &nbsp;&nbsp;Pacific Life Global Funding II, 4.272% (SOFR + 0.62%) due 6/4/2026 | 10000 | 10004 |
| <sup>a</sup> | &nbsp;&nbsp;Principal Life Global Funding II, 5.50% due 6/28/2028 | 10000 | 10196 |
|  | &nbsp;&nbsp;Protective Life Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;3.40% due 1/15/2030 | 10000 | 9536 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;4.30% due 9/30/2028 | 10000 | 9944 |
| <sup>a</sup> | &nbsp;&nbsp;Reliance Standard Life Global Funding II, 1.512% due 9/28/2026 | 10000 | 9857 |
| <sup>a</sup> | &nbsp;&nbsp;RGA Global Funding, 5.50% due 1/11/2031 | 10000 | 10284 |
| <sup>a</sup> | &nbsp;&nbsp;Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 12000 | 11932 |
| <sup>a</sup> | &nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | 10000 | 10059 |
|  |  |  | 269333 |
|  | **MATERIALS — 2.9%** |  |  |
|  | &nbsp;&nbsp;**Chemicals — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 4.75% due 5/15/2030 | 10000 | 10022 |
|  | &nbsp;&nbsp;**Containers & Packaging — 2.4%** |  |  |
|  | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.10% due 3/17/2030 | 20000 | 20211 |
| <sup>a,b</sup> | &nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | 15000 | 14003 |
| <sup>a</sup> | &nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | 10000 | 9986 |
| <sup>a</sup> | &nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | 10000 | 9977 |
|  |  |  | 64199 |
|  | **SOFTWARE & SERVICES — 1.1%** |  |  |
|  | &nbsp;&nbsp;**Information Technology Services — 0.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | 10000 | 9718 |
|  | &nbsp;&nbsp;**Software — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | 15000 | 14558 |
|  |  |  | 24276 |
|  | **TECHNOLOGY HARDWARE & EQUIPMENT — 0.8%** |  |  |
|  | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.8%** |  |  |
|  | &nbsp;&nbsp;Avnet, Inc., 4.625% due 4/15/2026 | 2000 | 1999 |
| <sup>a</sup> | &nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | 15000 | 15061 |
|  |  |  | 17060 |
|  | **TELECOMMUNICATION SERVICES — 1.2%** |  |  |
|  | &nbsp;&nbsp;**Diversified Telecommunication Services — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Cox Communications, Inc., 3.35% due 9/15/2026 | 15000 | 14926 |
|  | &nbsp;&nbsp;**Wireless Telecommunication Services — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | 11000 | 10930 |
|  |  |  | 25856 |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**TRANSPORTATION — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.7%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40% due 7/1/2027 | $15000 | $14961 |
|  |  |  | 14961 |
|  | &nbsp;&nbsp;&nbsp;**UTILITIES — 8.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 8.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleco Power LLC, 5.30% due 1/15/2036 | 15000 | 14889 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA, 4.75% due 10/13/2035 | 15000 | 14630 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Americas SA, 4.00% due 10/25/2026 | 17000 | 16950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% due 12/15/2027 | 10000 | 10095 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/1/2034 | 10000 | 10220 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.20% due 4/1/2028 | 20000 | 20278 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | 20000 | 20548 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 10000 | 8974 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | 10000 | 9920 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | 20000 | 20307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 5.35% due 4/1/2035 | 10000 | 10217 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | 10000 | 10152 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc., 5.725% due 3/15/2035 | 10000 | 10079 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co., 5.00% due 1/15/2031 | 10000 | 10158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas Utilities — 0.5%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | 10000 | 10440 |
|  |  |  | 197857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS (Cost $767,010) |  | 769399 |
|  | **CONVERTIBLE BONDS — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**MEDIA & ENTERTAINMENT — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 25000 | 15321 |
|  |  |  | 15321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BONDS (Cost $16,704) |  | 15321 |
|  | **MORTGAGE BACKED — 29.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A1, 2.466% due 12/25/2059 | 15200 | 14691 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-R1 Class A1, 0.99% due 4/25/2053 | 20826 | 19944 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1, 0.909% due 1/25/2066 | 9509 | 8154 |
| <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 | 10304 | 9818 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-PS1 Class A1, 3.75% due 9/25/2042 | 16966 | 16638 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | 15000 | 15640 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL9 Class A1, 3.85% due 9/25/2057 | 29031 | 28659 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL1 Class A1A, 3.65% due 7/25/2058 | 15205 | 15057 |
| <sup>a,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 | 12915 | 12552 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, Series 4162 Class P, 3.00% due 2/15/2033 | 18759 | 18380 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Pool BZ3998, 4.88% due 6/1/2030 | 7000 | 7093 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-61 Class MC, 5.50% due 7/25/2038 | 5073 | 5239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84 Class KA, 3.50% due 4/25/2053 | 18892 | 18751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-41 Class AC, 2.50% due 3/25/2053 | 5637 | 5356 |
|  | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A3, 3.50% due 10/25/2047 | 28146 | 25631 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A3, 4.00% due 4/25/2048 | 12842 | 12361 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 23257 | 22453 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-INV4 Class A2, 5.50% due 12/25/2054 | 14871 | 14815 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-162 Class BE, 2.25% due 9/20/2043 | 6704 | 6670 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 305

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;**ISSUER-DESCRIPTION** | **SHARES/**<br>**PRINCIPAL AMOUNT** |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-131 Class E, 5.00% due 2/20/2054 | $5728 | $5755 |
| <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 | 8429 | 7928 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A3, 2.352% due 9/27/2060 | 13052 | 12494 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B2, 3.309% due 10/25/2046 | 19848 | 19273 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A13, 3.50% due 5/25/2047 | 20307 | 18425 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 4.874% due 10/13/2033 | 15000 | 14953 |
| <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 | 17360 | 17300 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A3, 1.947% due 4/25/2065 | 12258 | 11870 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A2, 1.324% due 1/26/2065 | 26447 | 25095 |
|  | &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1, 3.25% due 5/25/2062 | 8196 | 8150 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GS1 Class A1, 2.75% due 7/25/2059 | 12573 | 12432 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A1, 4.00% due 2/25/2057 | 16612 | 16396 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 17168 | 16889 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4 Class A1, 2.492% due 9/25/2059 | 14901 | 14060 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2020-EXP2 Class A9, 3.00% due 5/25/2060 | 18677 | 15716 |
|  | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4 Class A1, 3.00% due 11/25/2030 | 13548 | 13292 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CH2 Class A19, 4.00% due 12/25/2047 | 8719 | 8098 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.50% due 2/25/2048 | 22647 | 20509 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class A10, 6.00% due 5/25/2054 | 16997 | 16975 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 4.938% (TSFR1M + 1.26%) due 5/15/2038 | 10000 | 9957 |
| <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 | 5342 | 5215 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class A1, 2.75% due 6/25/2057 | 14081 | 13864 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | 18812 | 18571 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | 5787 | 5745 |
|  | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A2, 1.052% due 1/25/2066 | 20738 | 18630 |
| <sup>a,c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1 Class A1, 0.82% due 10/25/2063 | 19873 | 18950 |
| <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 | 3655 | 3476 |
| <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 | 9178 | 8835 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MORTGAGE BACKED (Cost $654,536) |  | 656755 |
|  | **SHORT-TERM INVESTMENTS — 11.7%** |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | 259533 | 259533 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $259,533) |  | 259533 |
|  | TOTAL INVESTMENTS — 101.6% (Cost $2,249,000) |  | $2252570 |
|  | LIABILITIES NET OF OTHER ASSETS — (1.6)% |  | (35603) |
|  | NET ASSETS — 100.0% |  | $2216967 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $1,787,115, representing 80.61% 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 March 31, 2026.

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: |  |  |
| ABS | Asset Backed Securities | REMIC | Real Estate Mortgage Investment Conduit |
| CMBS | Commercial Mortgage-Backed Securities | SOFR | Secured Overnight Financing Rate |
| CMO | Collateralized Mortgage Obligation | TSFR1M | Term SOFR 1 Month |
| Mtg | Mortgage |  |  |

---

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

**Schedule of Investments, Continued**

Thornburg Investment Grade Bond Managed Account Fund \| March 31, 2026 (Unaudited)

**COUNTRY EXPOSURE \*** 

(percent of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;United States | 81.3% |
| &nbsp;&nbsp;Canada | 2.9% |
| &nbsp;&nbsp;Japan | 2.3% |
| &nbsp;&nbsp;Bermuda | 1.1% |
| &nbsp;&nbsp;Chile | 0.8% |
| &nbsp;&nbsp;Australia | 0.8% |
| &nbsp;&nbsp;France | 0.7% |
| &nbsp;&nbsp;Other Assets Less Liabilities | 10.1% |

---

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

See notes to financial statements. Semi-Annual Financial Statements \| 307

Schedule of Investments

Thornburg Municipal Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 98.3%** |  |  |
|  | **ALABAMA — 9.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), Series B, 5.05% due 10/1/2045 | $150000 | $154146 |
| <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 | 156873 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 12/1/2030 | 250000 | 266097 |
| <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 | 318234 |
| <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 | 266261 |
|  | **ARIZONA — 2.4%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.10% due 12/1/2037 (put 6/15/2028) | 150000 | 151627 |
|  | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, 5.00% due 7/1/2048 | 150000 | 150130 |
|  | **CALIFORNIA — 5.0%** |  |  |
| <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 | 263600 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | 150000 | 153527 |
|  | &nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2047 | 200000 | 200008 |
|  | **COLORADO — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Addenbrooke Classical Academy, Inc.) (BAM, State Aid Withholding), Series A, 5.00% due 6/1/2045 | 150000 | 152286 |
|  | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Roosevelt Charter Academy) (BAM), Series A, 5.00% due 7/1/2055 | 150000 | 144746 |
|  | **FLORIDA — 6.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | 145000 | 145469 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 100000 | 101475 |
|  | &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 | 149510 |
|  | &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | 205000 | 206283 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (RGC Phase I LLC) (FNMA, HUD), Series A, 4.88% due 3/1/2046 | 200000 | 195115 |
|  | **GEORGIA — 4.6%** |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 100000 | 101659 |
|  | &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;5.00% due 7/1/2053 (put 3/1/2030) | 150000 | 156865 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | 200000 | 211996 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (BAM), Series A, 5.00% due 1/1/2049 | 100000 | 99621 |
|  | **ILLINOIS — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue (AG), Series A, 5.25% due 1/1/2053 | 150000 | 154154 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Illinois University (BAM) COP, 5.00% due 7/1/2042 | 150000 | 152402 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois GO, Series B, 4.00% due 11/1/2039 | 150000 | 141569 |
|  | **INDIANA — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), Series B, 5.00% due 5/1/2040 | 250000 | 255873 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Westminster Village Greenwood, Inc. Obligated Group), Series A, 5.75% due 5/15/2055 | 200000 | 201469 |
|  | **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 | 169714 |
|  | **KENTUCKY — 4.6%** |  |  |
| <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 | 152772 |
| <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 | 266339 |
|  | &nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 5.00% due 10/1/2033 | 150000 | 150446 |
|  | **MICHIGAN — 3.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Detroit GO, Series C, 6.00% due 5/1/2043 | 250000 | 276426 |
|  | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Waste Management of Michigan, Inc.; Guaranty: Waste Management, Inc.) AMT, 4.125% due 8/1/2027 | 200000 | 201660 |
|  | **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 | 99442 |
|  | **NEVADA — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2047 | 100000 | 95365 |
| <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 | 252952 |
|  | **NEW HAMPSHIRE — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 175000 | 171850 |
|  | **NEW JERSEY — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, Series C, 5.25% due 12/1/2054 | 140000 | 136506 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | 174817 | 180460 |

---

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

**Schedule of Investments, Continued**

Thornburg Municipal Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **NEW MEXICO — 5.9%** |  |  |
| <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 | $253740 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.00% due 5/15/2042 | 100000 | 84477 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2049 | 150000 | 136919 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C Class I, 4.60% due 9/1/2044 | 245000 | 248437 |
|  | **NEW YORK — 1.7%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (RiverSpring Health Senior Living, Inc. Obligated Group), 7.00% due 12/15/2055 | 210000 | 211389 |
|  | **NORTH CAROLINA — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2054 | 165000 | 159111 |
|  | &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 | 150052 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 5.125% due 10/1/2056 | 140000 | 133608 |
|  | **NORTH DAKOTA — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Horace GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 5/1/2044 | 100000 | 96856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/1/2050 | 100000 | 95479 |
|  | **OHIO — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | 150000 | 120000 |
|  | &nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), 5.50% due 1/1/2050 | 100000 | 100301 |
|  | &nbsp;&nbsp;&nbsp;Madison-Plains Local School District (BAM) COP, 5.50% due 12/1/2049 | 150000 | 158195 |
|  | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (Yorktown Preservation LLC) (FNMA, HUD), 4.55% due 4/1/2041 | 160000 | 161383 |
|  | **OKLAHOMA — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 4.00% due 9/1/2032 | 100000 | 97820 |
|  | **PENNSYLVANIA — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chester County Health & Education Facilities Authority (Tel Hai Retirement Community Obligated Group), 5.25% due 6/1/2055 | 100000 | 98379 |
|  | &nbsp;&nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), Series A, 5.00% due 4/1/2050 | 195000 | 195351 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2031 | 145000 | 153071 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C, 5.00% due 12/1/2046 | 150000 | 155235 |
|  | **SOUTH DAKOTA — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), 5.00% due 9/1/2040 | 150000 | 151140 |
|  | **TENNESSEE — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health Obligated Group), Series A-2, 5.00% due 8/1/2049 | 150000 | 149705 |
|  | **TEXAS — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Agua Dulce (PSF-GTD) ISD GO, 5.00% due 8/15/2045 | 150000 | 156435 |
|  | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 150000 | 154564 |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 150000 | 153095 |
|  | **UTAH — 2.5%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | 200000 | 199360 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | 120000 | 107658 |
|  | **WASHINGTON — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP) (FNMA), Series A, 4.55% due 8/1/2043 | 100000 | 100023 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 6.25% due 7/1/2046 | 150000 | 149687 |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | 100000 | 102017 |
|  | **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 | 290370 |
|  | **WISCONSIN — 6.4%** |  |  |
| <sup>b</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority (Liberty Classical Schools Educational Services, Inc.), Series A, 6.75% due 6/15/2055 | 100000 | 97102 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (SR 400 Peach Partners LLC) AMT, Series 2025, 5.75% due 6/30/2060 | 150000 | 153426 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A, 5.00% due 10/1/2044 | 200000 | 201134 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) (AG), Series A, 5.25% due 8/15/2045 | 150000 | 159853 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP) (FNMA), Series E, 4.75% due 6/1/2043 | 175000 | 174319 |
|  | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 98.3% (Cost $11,881,333) |  | 12114618 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 309

**Schedule of Investments, Continued** 

Thornburg Municipal Managed Account Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
|  | **MUTUAL FUND — 0.5%** |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 3.60% | 55515 | $55515 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 0.5% (Cost $55,515) |  | 55515 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 0.5% (Cost $55,515) |  | 55515 |
|  | TOTAL INVESTMENTS — 98.8% (Cost $11,936,848) |  | $12170133 |
|  | OTHER ASSETS LESS LIABILITIES — 1.2% |  | 151246 |
|  | NET ASSETS — 100.0% |  | $12321379 |

---

**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 March 31, 2026. |

---

---

| | |
|:---|:---|
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $1,114,157, representing 9.04% of the Fund's net assets. |

---

c Rate represents the money market fund annualized seven-day yield at March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **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. | FNMA | Collateralized by Federal National Mortgage Association |
| AMT | Alternative Minimum Tax | GNMA | Collateralized by Government National Mortgage Association |
| BAM | Insured by Build America Mutual Insurance Co. | GO | General Obligation |
| COP | Certificates of Participation | HUD | Insured by Housing and Urban Development |
| EDA | Economic Development Authority | IDA | Industrial Development Authority/Agency |
| FHA | Insured by Federal Housing Administration | ISD | Independent School District |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. | PSF-GTD | Guaranteed by Permanent School Fund |

---

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

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $1008621 | $4906016 | $1989467 | $11936848 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 104230 | 487249 | 259533 | - |
| Investments at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | 1092168 | 4905023 | 1993037 | 12170133 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 104230 | 487249 | 259533 |  |
| Cash |  |  |  | 227 |
| Foreign currency at value <sup>(a)</sup> | 1526 | 655 |  |  |
| Receivable for investments sold |  |  | 20297 |  |
| Receivable from investment advisor | 25995 | 18600 | 17823 | 10045 |
| Dividends receivable | 5233 | 1171 | 730 | 198 |
| Principal and interest receivable |  | 50397 | 12275 | 170751 |
| Prepaid expenses and other assets | 9537 | 15546 | 15535 | 16132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 1238689 | 5478641 | 2319230 | 12367486 |
| **LIABILITIES** |  |  |  |  |
| Payable for investments purchased | 336 | 1171 | 56418 |  |
| Payable to custodian |  |  | 10073 |  |
| Accounts payable and accrued expenses | 54686 | 36755 | 35495 | 46107 |
| Dividends payable | - | 665 | 277 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 55022 | 38591 | 102263 | 46107 |
| **NET ASSETS** | $1183667 | $5440050 | $2216967 | $12321379 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Net capital paid in on shares of beneficial interest | $1094142 | $5418258 | $2208858 | $12266667 |
| Distributable earnings | 89525 | 21792 | 8109 | 54712 |
| **NET ASSETS** | $1183667 | $5440050 | $2216967 | $12321379 |
| **NET ASSET VALUE** |  |  |  |  |
| **Class SMA Shares:** |  |  |  |  |
| Net assets applicable to shares outstanding | $1183667 | $5440050 | $2216967 | $12321379 |
| Shares outstanding | 113672 | 541564 | 220888 | 1214026 |
| Net asset value and redemption price per share | $10.41 | $10.05 | $10.04 | $10.15 |

---

(a) Cost
of foreign currency is $1,591; $666; $0; $0 respectively.

See notes to financial statements.

Semi-Annual Financial Statements \| 311

Statements of Operations

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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** |
| **INVESTMENT INCOME** | | | | |
| Dividend income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers | $11617 | $843 | $- | $1247 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | 2542 | 4613 | 3300 |  |
| &nbsp;&nbsp;&nbsp;Dividend taxes withheld | (1672) |  |  |  |
| Interest income | - | 160977 | 53461 | 292328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 12487 | 166433 | 56761 | 293575 |
| **EXPENSES** |  |  |  |  |
| Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 1049 | 546 | 454 | 3188 |
| Registration and filing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 11106 | 4537 | 4537 | 11267 |
| Custodian fees | 24586 | 33540 | 33540 | 13690 |
| Audit and tax fees | 26360 | 23640 | 23640 | 25460 |
| Legal fees | 783 | 640 | 640 | 54 |
| Trustee and officer fees | 364 | 364 | 364 | 636 |
| Prepaid offering expense |  | 25937 | 20307 |  |
| Other expenses | 24966 | 2732 | 2723 | 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 89214 | 91936 | 86205 | 57149 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (89214) | (91936) | (86205) | (57149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $12487 | $166433 | $56761 | $293575 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\* | $12168 | $3344 | $230 | $1557 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (725) | 1 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 11443 | 3345 | 230 | 1557 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated issuers investments\*\* | 26193 | (58664) | (9733) | (95266) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (108) | (13) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in net unrealized appreciation (depreciation)** | 26085 | (58677) | (9733) | (95266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 37528 | (55332) | (9503) | (93709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $50015 | $111101 | $47258 | $199866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Net of foreign capital gain taxes | $1255 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\* Net of change in deferred taxes | $1802 | $- | $- | $- |

---

See notes to financial statements.

312 \| Semi-Annual Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG** **<br> EMERGING MARKETS<br> MANAGED ACCOUNT FUND** | **THORNBURG** **<br> EMERGING MARKETS<br> MANAGED ACCOUNT FUND** | **THORNBURG** **<br> HIGH INCOME BOND<br> MANAGED ACCOUNT FUND** | **THORNBURG** **<br> HIGH INCOME BOND<br> MANAGED ACCOUNT FUND** |
| | **SIX MONTHS ENDED<br> MARCH 31, 2026<sup>\*</sup>** | **YEAR ENDED**<br> SEPTEMBER 30, 2025** | **SIX MONTHS ENDED**<br> MARCH 31, 2026<sup>\*</sup>** | **PERIOD ENDED**<br> SEPTEMBER 30, 2025<sup>(a)</sup>** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $12487 | $25957 | $166433 | $174009 |
| Net realized gain (loss) | 11443 | 43272 | 3345 | 504 |
| Net change in unrealized appreciation (depreciation) | 26085 | (30544) | (58677) | 57670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 50015 | 38685 | 111101 | 232183 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | (65042) | (39191) | (150967) | (170525) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 65042 | 41794 | 85957 | 5332301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 50015 | 41288 | 46091 | 5393959 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1133652 | 1092364 | 5393959 | - |
| &nbsp;&nbsp;&nbsp;End of Period | $1183667 | $1133652 | $5440050 | $5393959 |

---

\* Unaudited.

(a) The
 Fund commenced operations on March 26, 2025.

See notes to financial statements.

Semi-Annual Financial Statements \| 313

Statements of Changes in Net Assets, Continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THORNBURG<br> INVESTMENT GRADE BOND<br> MANAGED ACCOUNT FUND** | **THORNBURG<br> INVESTMENT GRADE BOND<br> MANAGED ACCOUNT FUND** | **THORNBURG<br> MUNICIPAL<br> MANAGED ACCOUNT FUND** | **THORNBURG<br> MUNICIPAL<br> MANAGED ACCOUNT FUND** |
| | **SIX MONTHS ENDED <br> MARCH 31, 2026<sup>\*</sup>** | **PERIOD ENDED<br> SEPTEMBER 30, 2025<sup>(a)</sup>** | **SIX MONTHS ENDED<br> MARCH 31, 2026<sup>\*</sup>** | **YEAR ENDED<br> SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | $56761 | $57499 | $293575 | $529197 |
| Net realized gain (loss) | 230 | 483 | 1557 | (158749) |
| Net change in unrealized appreciation (depreciation) | (9733) | 13303 | (95266) | (105438) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 47258 | 71285 | 199866 | 265010 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | (52456) | (57978) | (293033) | (528036) |
| **FUND SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SMA Shares | 13717 | 2195141 | 404188 | 1018877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | 8519 | 2208448 | 311021 | 755851 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 2208448 | - | 12010358 | 11254507 |
| &nbsp;&nbsp;&nbsp;End of Period | $2216967 | $2208448 | $12321379 | $12010358 |

---

\* Unaudited.

(a) The
 Fund commenced operations on March 26, 2025.

See notes to financial statements.

314 \| Semi-Annual Financial Statements

Notes to Financial Statements

March 31, 2026 (Unaudited)

**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"). As of March 31, 2026, 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 March 31, 2026, 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 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

Semi-Annual Financial Statements \| 315

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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) on investments in the Statement of Operations.

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

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

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

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

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

<u>Repurchase Agreements:</u> The Funds may invest excess cash in repurchase agreements whereby the Funds purchase investments, which serve as collateral, with an agreement to resell such collateral to the seller at an agreed upon price at the maturity date of the repurchase agreement. Investments pledged as collateral for repurchase agreements are held in custody until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the six months ended March 31, 2026, the Funds did not enter into repurchase agreements.

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

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

316 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026 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 ask prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment's value in accordance with the first sentence of this paragraph will be the close of that investment's primary exchange preceding the Fund's valuation time.

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Funds can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable

Semi-Annual Financial Statements \| 317

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 observable inputs, or if a fair value is calculated using other significant inputs that are considered unobservable, the investment is

318 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING MARKETS MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | $1092168 | $281258 | $810910 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 104230 | 104230 |  |  |
| Total Investments in Securities | $1196398 | $385488 | $810910 | $— |
| **Total Assets** | $**1196398** | $**385488** | $**810910** | $**—** |
| **HIGH INCOME BOND MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | $72189 | $— | $— | $72189 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | 837551 |  | 837551 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 3180518 |  | 3180518 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 51791 |  | 51791 |  |
| &nbsp;&nbsp;&nbsp;Other Government | 29286 |  | 29286 |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agencies | 12013 |  | 12013 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 721675 |  | 721675 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 487249 | 487249 |  |  |
| Total Investments in Securities | $5392272 | $487249 | $4832834 | $72189 |
| **Total Assets** | $**5392272** | $**487249** | $**4832834** | $**72189** **<sup>(a)</sup>** |

---

<sup>(a)</sup> In accordance with the guidance prescribed in Accounting Standards Update ("ASU") No. 2011-04, the following table displays a summary of the valuation techniques and unobservable inputs used to value portfolio securities characterized as Level 3 investments for the period ended at March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**FAIR VALUE AT**<br>&nbsp;&nbsp;&nbsp;**MARCH 31, 2026** | **VALUATION**<br>**TECHNIQUE(S)** | **UNOBSERVABLE**<br>**INPUT** | **RANGE/**<br>**(WEIGHTED AVERAGE)** |
| Preferred Stock | &nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72189 | Market yield | Credit spread | 6.51%/(N/A) |

---

A rollforward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended March 31, 2026 is as follows:

---

| | | |
|:---|:---|:---|
| | **PREFERRED**<br>**STOCK** |<br>**TOTAL<sup>(e)</sup>** |
| Beginning Balance 9/30/2025 | $– | $– |
| Accrued Discounts (Premiums) |  |  |
| Net Realized Gain (Loss)<sup>(a)</sup> |  |  |
| Gross Purchases | 70500 | 70500 |
| Gross Sales |  |  |
| Net Change in Unrealized Appreciation (Depreciation)<sup>(b)(c)</sup> | 1689 | 1689 |
| Transfers into Level 3<sup>(d)</sup> |  |  |
| Transfers out of Level 3<sup>(d)</sup> | – | – |
| Ending Balance 3/31/2026 | $72189 | $72189 |

---

(a) Amount
 of net realized gain (loss) from investments recognized in income is included in the
 Trust's Statement of Operations for the six months ended March 31, 2026.

(b) Amount
 of net change in unrealized appreciation (depreciation) on investments recognized in
 income is included in the Trust's Statement of Operations for the six months ended
 March 31, 2026.

(c) The
net change in unrealized appreciation (depreciation) attributable to securities owned at March 31, 2026, which were valued using
significant unobservable inputs, was $1,689. This is included within net change in unrealized appreciation (depreciation) on investments
in the Trust's Statement of Operations for the six months ended March 31, 2026.

(d) Transfers
into or out of Level 3 were out of or into Level 2, and were due to changes in other significant observable inputs available during
the six months ended March 31, 2026. Transfers into or out of Level 3 are based on the beginning market value of the period in
which they occurred.

(e) Level
3 investments represent 1.33% of total net assets at the six months ended March 31, 2026. Significant fluctuations of the unobservable
inputs applied to portfolio securities characterized as Level 3 investments could be expected to increase or decrease the fair
value of these portfolio securities.

Semi-Annual Financial Statements \| 319

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENT GRADE BOND MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $551562 | $— | $551562 | $— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | 769399 |  | 769399 |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | 15321 |  | 15321 |  |
| &nbsp;&nbsp;&nbsp;Mortgage Backed | 656755 |  | 656755 |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 259533 | 259533 |  |  |
| Total Investments in Securities | $2252570 | $259533 | $1993037 | $— |
| **Total Assets** | $**2252570** | $**259533** | $**1993037** | $**—** |
| **MUNICIPAL MANAGED ACCOUNT FUND** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** |  |  |  |  |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds | $12114618 | $— | $12114618 | $— |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 55515 | 55515 |  |  |
| Total Investments in Securities | $12170133 | $55515 | $12114618 | $— |
| **Total Assets** | $**12170133** | $**55515** | $**12114618** | $**—** |

---

**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.

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 six months ended March 31, 2026, the Advisor contractually reimbursed certain class specific expenses and distribution fees as follows:

---

| | | |
|:---|:---|:---|
| <br>**CONTRACTUAL:** | **CLASS**<br>**SMA** |<br>**TOTAL** |
| Emerging Markets Managed Account Fund | $89214 | $89214 |
| High Income Bond Managed Account Fund | 91936 | 91936 |
| Investment Grade Bond Managed Account Fund | 86205 | 86205 |
| Municipal Managed Account Fund | 57149 | 57149 |

---

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 six months ended March 31, 2026, the Funds had no such transactions with affiliated funds.

320 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

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 MARKET VALUE** | **PURCHASES AT COST** | **SALES PROCEEDS** | **REALIZED GAIN (LOSS)** | **CHANGE IN UNREALIZED APPR./(DEPR.)** | **MARKET VALUE 3/31/26** | **DIVIDEND INCOME** |
| Thornburg Capital Mgmt. Fund | $162311 | $256368 | $(314449) | $— | $— | $104230 | $2542 |
| **HIGH INCOME BOND MANAGED ACCOUNT FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $123832 | $1264476 | $(901059) | $— | $— | $487249 | $4613 |
| **INVESTMENT GRADE BOND MANAGED ACCOUNT FUND** |  |  |  |  |  |  |  |
| Thornburg Capital Mgmt. Fund | $136616 | $778465 | $(655548) | $— | $— | $259533 | $3300 |

---

**NOTE 5 – TAXES**

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

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds' tax return filings generally remains open for the three years following a return's filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds' financial statements for the six-month period ended March 31, 2026, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical 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 March 31, 2026, information on the tax components of capital was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**COST** |<br>**UNREALIZED**<br>**APPRECIATION** |<br>**UNREALIZED**<br>**DEPRECIATION** | **NET UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)** |
| Emerging Markets Managed Account Fund | $1112851 | $181991 | $(98444) | $83547 |
| High Income Bond Managed Account Fund | 5393265 | 40605 | (41598) | (993) |
| Investment Grade Bond Managed Account Fund | 2249000 | 10422 | (6852) | 3570 |
| Municipal Managed Account Fund | 11936848 | 272941 | (39656) | 233285 |

---

At March 31, 2026, the Funds had cumulative tax basis capital losses from prior fiscal years as shown on the following table, which may be carried forward to offset future capital gains. To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations. Such capital loss carryforwards do not expire.

---

| | | |
|:---|:---|:---|
|  | **CUMULATIVE CAPITAL LOSSES** | **CUMULATIVE CAPITAL LOSSES** |
| | **SHORT-TERM** | **LONG-TERM** |
| 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.

Semi-Annual Financial Statements \| 321

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund's net assets was not significant and accordingly, a reconciliation of income taxes paid for the six months ended March 31, 2026 is not presented. Management expects the significance of the foreign withholding taxes paid in relation to net assets to change in future annual periods.

<u>Foreign Withholding Tax Reclaims:</u> The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld, in view of various considerations, including recent decisions rendered by the courts in those and other jurisdictions. The Funds would expect to record a receivable for such a 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, France and Sweden, 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) on investments in the Statement of Operations, if any.

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At March 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**EMERGING MARKETS MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | | | |
| Shares sold |  | $- | 250 | $2605 |
| Shares issued to shareholders in reinvestment of dividends | 6473 | 65042 | 3964 | 39191 |
| Shares repurchased | - | - | -‡ | (2) |
| Net increase (decrease) | 6473 | $65042 | 4214 | $41794 |

---

<sup>‡</sup> Represents less than 0.50 shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **PERIOD ENDED** | **PERIOD ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025<sup>\*</sup>** | **SEPTEMBER 30, 2025<sup>\*</sup>** |
| <br>**HIGH INCOME BOND MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | | | |
| Shares sold |  | $- | 516181 | $5162440 |
| Shares issued to shareholders in reinvestment of dividends | 14922 | 150967 | 16866 | 169861 |
| Shares repurchased | (6405) | (65010) | - | - |
| Net increase (decrease) | 8517 | $85957 | 533047 | $5332301 |

---

<sup>\*</sup> The Fund commenced operations on March 26, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **PERIOD ENDED** | **PERIOD ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025<sup>\*</sup>** | **SEPTEMBER 30, 2025<sup>\*</sup>** |
| <br>**INVESTMENT GRADE BOND MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | | | |
| Shares sold |  | $- | 213767 | $2137440 |
| Shares issued to shareholders in reinvestment of dividends | 5213 | 52456 | 5752 | 57701 |
| Shares repurchased | (3844) | (38739) | - | - |
| Net increase (decrease) | 1369 | $13717 | 219519 | $2195141 |

---

<sup>\*</sup> The Fund commenced operations on March 26, 2025.

322 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**MUNICIPAL MANAGED ACCOUNT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class SMA Shares** | | | | |
| Shares sold | 11072 | $113572 | 49563 | $506084 |
| Shares issued to shareholders in reinvestment of dividends | 28499 | 293034 | 51888 | 528039 |
| Shares repurchased | (235) | (2418) | (1514) | (15246) |
| Net increase (decrease) | 39336 | $404188 | 99937 | $1018877 |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2026, 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 | $267954 | $241543 |
| High Income Bond Managed Account Fund | 754738 | 405193 |
| Investment Grade Bond Managed Account Fund | 694617 | 98359 |
| Municipal Managed Account Fund | 678698 | 155000 |

---

Semi-Annual Financial Statements \| 323

Financial Highlights

Emerging Markets 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)** |
| <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** | <br>**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** | <br>**TOTAL**<br>**DIVIDENDS** | **NET ASSET**<br>**VALUE,**<br>**END OF**<br>**PERIOD** |
| **CLASS SMA SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> | $10.58 | 0.11 | 0.32 | 0.43 | (0.20) | (0.40) |  | (0.60) | $10.41 |
| &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>(e)</sup> | $10.00 | 0.23 | 0.43 | 0.66 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— |  | (0.05) | $10.61 |

---

(a) Not
 annualized for periods less than one year.

(b) Unaudited
 six-month period ended March 31.

(c) Annualized.

(d) Due
 to the size of net assets and fixed expenses, ratios may appear disproportionate.

(e) The
 Fund commenced operations on October 2, 2023.

+ Based on weighted average shares outstanding.

See notes to financial statements.

324 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Emerging Markets Managed Account Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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,** | <br>**NET INVESTMENT**<br>**INCOME (LOSS) (%)** | <br>**EXPENSES, AFTER**<br>**EXPENSE**<br>**REDUCTIONS (%)** | <br>**TOTAL**<br>**RETURN (%)<sup>(a)</sup>** | <br>**PORTFOLIO**<br>**TURNOVER**<br>**RATE (%)<sup>(a)</sup>** | **NET**<br>**ASSETS**<br>**AT END OF PERIOD**<br>**(THOUSANDS)** |
| **CLASS SMA SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> | 2.11<sup>(c)</sup> | <sub>—</sub><sup>(c)</sup> 15.05<sup>(c)</sup> | 4.33 | &nbsp;&nbsp;&nbsp;&nbsp;22.05 | $&nbsp;&nbsp;&nbsp;&nbsp;1184 |
| &nbsp;&nbsp;&nbsp;2025 | 2.40&nbsp;&nbsp;&nbsp;&nbsp; | — 15.87<sup>(d)</sup> | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;78.50 | $&nbsp;&nbsp;&nbsp;&nbsp;1134 |
| &nbsp;&nbsp;&nbsp;2024<sup>(e)</sup> | 2.30<sup>(c)</sup> | <sub>—</sub><sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;13.87<sup>(c)(d)</sup> | 6.67 | 145.98 | $&nbsp;&nbsp;&nbsp;&nbsp;1092 |

---

Semi-Annual Financial Statements \| 325

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)** |
| <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** | <br>**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** | <br>**TOTAL**<br>**DIVIDENDS** | **NET ASSET**<br>**VALUE,**<br>**END OF**<br>**PERIOD** |
| **CLASS SMA SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.12 | 0.31 | (0.10) | 0.21 | (0.28) |  |  | (0.28) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.05 |
| &nbsp;&nbsp;&nbsp;2025<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 10.00 | 0.34 | 0.11 | 0.45 | (0.33) |  |  | (0.33) | $&nbsp;&nbsp;&nbsp;&nbsp; 10.12 |

---

(a) Not
annualized for periods less than one year.

(b) Unaudited
six-month period ended March 31.

(c) Annualized.

(d) The
Fund commenced operations on March 26, 2025.

+ Based on weighted average shares outstanding.

See notes to financial statements.

326 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

High Income Bond Managed Account Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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,** | <br>**EXPENSES, AFTER**<br>**EXPENSE**<br>**REDUCTIONS (%)** | <br>**TOTAL**<br>**RETURN (%)<sup>(a)</sup>** | <br>**PORTFOLIO**<br>**TURNOVER**<br>**RATE (%)<sup>(a)</sup>** | **NET**<br>**ASSETS**<br>**AT END OF PERIOD**<br>**(THOUSANDS)** |
| **CLASS SMA SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> 6.13<sup>(c)</sup> | <sub>—</sub>(c) 3.39<sup>(c)</sup> | 2.10 | 8.00 | $5440 |
| &nbsp;&nbsp;&nbsp;2025<sup>(d)</sup> 6.52<sup>(c)</sup> | <sub>—</sub>(c) 3.47<sup>(c)</sup> | 4.57 | 4.74 | $5394 |

---

Semi-Annual Financial Statements \| 327

Financial Highlights

Investment Grade Bond Managed Account Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** |
| <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** | <br>**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** | <br>**TOTAL**<br>**DIVIDENDS** | **NET ASSET**<br>**VALUE,**<br>**END OF**<br>**PERIOD** |
| **CLASS SMA SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> | $10.06 | 0.26 | (0.04) | 0.22 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | $&nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| &nbsp;&nbsp;&nbsp;2025<sup>(d)</sup> | $10.00 | 0.27 | 0.07 | 0.34 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | $&nbsp;&nbsp;&nbsp;&nbsp;10.06 |

---

(a) Not
annualized for periods less than one year.

(b) Unaudited
six-month period ended March 31.

(c) Annualized.

(d) The
Fund commenced operations on March 26, 2025.

(e) 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.

328 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Investment Grade Bond Managed Account Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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,** | <br>**EXPENSES, AFTER**<br>**EXPENSE**<br>**REDUCTIONS (%)** | <br>**TOTAL**<br>**RETURN (%)<sup>(a)</sup>** | <br>**PORTFOLIO**<br>**TURNOVER**<br>**RATE (%)<sup>(a)</sup>** | **NET**<br>**ASSETS**<br>**AT END OF PERIOD**<br>**(THOUSANDS)** |
| **CLASS SMA SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> 5.12<sup>(c)</sup> | <sub>—</sub><sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;7.78<sup>(c)</sup> | 2.18 | 4.88 | $&nbsp;&nbsp;&nbsp;&nbsp; 2217 |
| &nbsp;&nbsp;&nbsp;2025<sup>(d)</sup> 5.30<sup>(c)</sup> | <sub>—</sub><sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp; 7.98<sup>(c)(e)</sup> | 3.40 | 9.45 | $&nbsp;&nbsp;&nbsp;&nbsp; 2208 |

---

Semi-Annual Financial Statements \| 329

Financial Highlights

Municipal Managed Account Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)** | |
| <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** | <br>**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** | <br>**TOTAL**<br>**DIVIDENDS** | **NET ASSET**<br>**VALUE,**<br>**END OF**<br>**PERIOD** |
| **CLASS SMA SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> | $10.22 | 0.25 | (0.07) | 0.18 | (0.25) |  |  | (0.25) | $10.15 |
| &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 |

---

(a) Not
 annualized for periods less than one year.

(b) Unaudited
 six-month period ended March 31.

(c) Annualized.

+ Based on weighted average shares outstanding.

See notes to financial statements.

330 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Municipal Managed Account Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS TO AVERAGE NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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,** | <br>**NET INVESTMENT**<br>**INCOME (LOSS) (%)** | <br>**EXPENSES, AFTER**<br>**EXPENSE**<br>**REDUCTIONS (%)** | <br>**EXPENSES,**<br>**BEFORE EXPENSE**<br>**REDUCTIONS (%)** | <br>**TOTAL**<br>**RETURN (%)<sup>(a)</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**PORTFOLIO**<br>&nbsp;&nbsp;&nbsp;&nbsp;**TURNOVER**<br>&nbsp;&nbsp;&nbsp;&nbsp;**RATE (%)<sup>(a)</sup>** | **NET**<br>**ASSETS**<br>**AT END OF PERIOD**<br>**(THOUSANDS)** |
| **CLASS SMA SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<sup>(c)</sup> | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | $&nbsp;&nbsp;&nbsp;&nbsp; 12321 |
| &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | 2.18 | 50.81 | $&nbsp;&nbsp;&nbsp;&nbsp; 12010 |
| &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | 13.02 | 21.60 | $&nbsp;&nbsp;&nbsp;&nbsp; 11255 |
| &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65<sup>(c)</sup> | (1.74) | 39.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293 |

---

Semi-Annual Financial Statements \| 331

Schedule of Investments

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | **COMMERCIAL PAPER — 96.4%** |  |  |
| <sup>a</sup> | Agree LP, 4.015% due 4/1/2026 | $57000000 | $57000000 |
|  | Alimentation Couche-Tard, Inc., |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.906% due 4/8/2026 | 1000000 | 999255 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.944% due 4/2/2026 | 1000000 | 999892 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.966% due 4/2/2026 | 565000 | 564939 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.057% due 4/2/2026 | 251000 | 250972 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.144% due 4/9/2026 | 37000000 | 36966453 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.185% due 4/10/2026 | 300000 | 299691 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.119% due 4/16/2026 | 263000 | 262556 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.157% due 4/17/2026 | 18000000 | 17967280 |
| <sup>a</sup> | Amcor Flexibles North America, Inc., 3.988% due 4/6/2026 | 2000000 | 1998911 |
|  | American Electric Power Co., Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.187% due 4/6/2026 | 50000000 | 49971389 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.092% due 4/13/2026 | 8000000 | 7989253 |
|  | American Honda Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.956% due 4/6/2026 | 5000000 | 4997313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.898% due 4/10/2026 | 4610000 | 4605609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.901% due 4/10/2026 | 250000 | 249761 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.919% due 5/13/2026 | 559000 | 556502 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.177% due 4/16/2026 | 250000 | 249572 |
| <sup>a</sup> | Anheuser-Busch InBev Worldwide, Inc., 4.255% due 5/4/2026 | 920000 | 916475 |
| <sup>a</sup> | Avangrid, Inc., 4.025% due 4/22/2026 | 5000000 | 4988450 |
| <sup>a,b</sup> | BASF SE, 4.221% due 6/29/2026 | 372000 | 368211 |
|  | BAT International Finance plc, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.056% due 4/1/2026 | 13000000 | 13000000 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.109% due 4/1/2026 | 8000000 | 8000000 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.13% due 4/1/2026 | 9000000 | 9000000 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.14% due 4/1/2026 | 27000000 | 27000000 |
|  | Bell Telephone Co. of Canada or Bell Canada, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.045% due 4/6/2026 | 9650000 | 9644706 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.901% due 4/7/2026 | 6000000 | 5996180 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.046% due 4/7/2026 | 5000000 | 4996708 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.929% due 4/7/2026 | 1000000 | 999357 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.12% due 4/7/2026 | 250000 | 249831 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.095% due 5/12/2026 | 9000000 | 8958795 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.146% due 6/10/2026 | 10000000 | 9921250 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.152% due 6/10/2026 | 18000000 | 17857900 |
| <sup>a,b</sup> | Canadian Pacific Railway Co., 4.091% due 4/7/2026 | 17500000 | 17488246 |
|  | Clorox Co., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.918% due 4/2/2026 | 4000000 | 3999572 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.92% due 4/7/2026 | 7000000 | 6995508 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.921% due 4/9/2026 | 1500000 | 1498717 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.922% due 4/10/2026 | 2000000 | 1998075 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.926% due 4/22/2026 | 10000000 | 9977542 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.906% due 4/24/2026 | 3000000 | 2992659 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.904% due 5/8/2026 | 15000000 | 14941108 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.937% due 5/18/2026 | 25000000 | 24874340 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.99% due 5/5/2026 | 250000 | 249077 |
|  | CRH America Finance, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.167% due 4/10/2026 | 2500000 | 2497438 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.188% due 4/14/2026 | 25000000 | 24962806 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.192% due 4/23/2026 | 23000000 | 22942091 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.23% due 5/5/2026 | 10000000 | 9960806 |
|  | Dominion Energy South Carolina, Inc., 4.205% due 4/2/2026 | 39000000 | 38995515 |
|  | Duke Energy Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.894% due 4/8/2026 | 4000000 | 3997029 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.948% due 5/20/2026 | 4965000 | 4938914 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.944% due 6/4/2026 | 5000000 | 4965778 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.929% due 4/7/2026 | 700000 | 699550 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.941% due 5/5/2026 | 7000000 | 6974481 |
|  | Eaton Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.152% due 4/2/2026 | 22400000 | 22397455 |

---

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

**Schedule of Investments, Continued**

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.09% due 4/8/2026 | $6000000 | $5995298 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.185% due 4/9/2026 | 30000000 | 29972533 |
| <sup>a,b</sup> | Electricite de France SA, 4.12% due 4/1/2026 | 7731000 | 7731000 |
|  | Elevance Health, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.069% due 4/7/2026 | 13500000 | 13490978 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.128% due 4/10/2026 | 4371000 | 4366563 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.164% due 4/13/2026 | 150000 | 149795 |
|  | Enbridge U.S., Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.922% due 4/9/2026 | 45000000 | 44961500 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.886% due 4/14/2026 | 4741000 | 4734477 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.945% due 4/1/2026 | 20000000 | 20000000 |
|  | Entergy Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.96% due 5/19/2026 | 4455000 | 4432012 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.958% due 5/21/2026 | 1449000 | 1441212 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.994% due 6/3/2026 | 20000000 | 19863500 |
| <sup>a</sup> | Enterprise Products Operating LLC, 4.059% due 4/8/2026 | 18000000 | 17986000 |
| <sup>a</sup> | Equifax, Inc., 3.949% due 4/7/2026 | 73000000 | 72952793 |
| <sup>a</sup> | Evergy Kansas Central, Inc., 4.173% due 4/7/2026 | 9000000 | 8993835 |
|  | Evergy Metro, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.916% due 4/2/2026 | 1600000 | 1599829 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.946% due 4/2/2026 | 21000000 | 20997737 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.956% due 4/2/2026 | 30000000 | 29996758 |
| <sup>a</sup> | Eversource Energy, 4.121% due 4/8/2026 | 40000000 | 39968422 |
|  | Experian Finance plc, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.932% due 4/1/2026 | 23300000 | 23300000 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.931% due 4/8/2026 | 2700000 | 2697974 |
| <sup>a</sup> | Fiserv, Inc., 3.965% due 4/1/2026 | 42800000 | 42800000 |
|  | Fortune Brands Innovations, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.163% due 4/1/2026 | 24000000 | 24000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.237% due 4/6/2026 | 15000000 | 14991313 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.218% due 4/15/2026 | 5000000 | 4991931 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.248% due 4/15/2026 | 4000000 | 3993498 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.268% due 4/16/2026 | 371000 | 370351 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.219% due 4/20/2026 | 1000000 | 997810 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.218% due 4/22/2026 | 9000000 | 8978213 |
|  | Howmet Aerospace, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.918% due 4/7/2026 | 36000000 | 35976900 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.174% due 4/29/2026 | 20000000 | 19936222 |
|  | Hyundai Capital America, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.916% due 4/9/2026 | 16500000 | 16485957 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.119% due 4/1/2026 | 3000000 | 3000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.228% due 5/6/2026 | 250000 | 248991 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.208% due 5/7/2026 | 6000000 | 5975220 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.266% due 5/20/2026 | 33000000 | 32812248 |
|  | Imperial Brands Finance plc, |  |  |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.905% due 4/20/2026 | 2427000 | 2422107 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.021% due 4/20/2026 | 250000 | 249480 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.955% due 4/1/2026 | 30000000 | 30000000 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.979% due 4/7/2026 | 24000000 | 23984360 |
|  | Intercontinental Exchange, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.975% due 4/1/2026 | 11000000 | 11000000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.119% due 4/27/2026 | 6000000 | 5982450 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.129% due 4/27/2026 | 6050000 | 6032260 |
|  | ITC Holdings Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.007% due 4/1/2026 | 13101000 | 13101000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.945% due 4/2/2026 | 15000000 | 14998383 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.007% due 4/2/2026 | 754000 | 753917 |
|  | ITT, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.133% due 4/8/2026 | 41000000 | 40967553 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.212% due 4/16/2026 | 3000000 | 2994825 |
|  | J.M. Smucker Co., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.028% due 4/7/2026 | 32400000 | 32378562 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.069% due 4/7/2026 | 25000000 | 24983292 |

---

See notes to financial statements. Semi-Annual Financial Statements \| 333

**Schedule of Investments, Continued**

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
|  | Keurig Dr. Pepper, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.939% due 4/7/2026 | $1000000 | $999355 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.996% due 4/23/2026 | 4000000 | 3990418 |
| <sup>a</sup> | Marriott International, Inc., 4.167% due 4/21/2026 | 8400000 | 8380867 |
| <sup>a</sup> | Marsh & McLennan Cos., Inc., 4.122% due 4/28/2026 | 34849000 | 34743146 |
|  | McCormick & Co., Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.911% due 4/1/2026 | 48700000 | 48700000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.905% due 4/13/2026 | 2000000 | 1997447 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.936% due 4/1/2026 | 26000000 | 26000000 |
|  | Mitsubishi HC Finance America LLC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.20% due 4/13/2026 | 48000000 | 47933920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.20% due 4/20/2026 | 12000000 | 11973843 |
|  | Mohawk Industries, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.006% due 4/2/2026 | 18000000 | 17998025 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.113% due 4/7/2026 | 2000000 | 1998650 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.062% due 4/14/2026 | 38000000 | 37945111 |
| <sup>a</sup> | Molson Coors Beverage Co., 4.102% due 4/13/2026 | 24400000 | 24367141 |
| <sup>a</sup> | Mondelez International, Inc., 3.947% due 4/23/2026 | 250000 | 249409 |
|  | Mosaic Co., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.177% due 4/14/2026 | 10000000 | 9985158 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.174% due 4/28/2026 | 3000000 | 2990775 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.183% due 4/28/2026 | 1000000 | 996918 |
|  | NextEra Energy Capital Holdings, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.903% due 4/7/2026 | 805000 | 804486 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.93% due 4/7/2026 | 5050000 | 5046751 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.979% due 4/7/2026 | 250000 | 249837 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.127% due 4/9/2026 | 3000000 | 2997293 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.137% due 4/9/2026 | 30500000 | 30472414 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.159% due 4/20/2026 | 1000000 | 997841 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.148% due 4/21/2026 | 1700000 | 1696147 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.151% due 4/24/2026 | 1150000 | 1147002 |
|  | Oglethorpe Power Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.174% due 4/9/2026 | 3761000 | 3757565 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.268% due 4/15/2026 | 40000000 | 39934667 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.232% due 4/23/2026 | 10437000 | 10410467 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.232% due 4/24/2026 | 4405000 | 4393293 |
| <sup>a</sup> | ONE Gas, Inc., 4.167% due 4/9/2026 | 8000000 | 7992711 |
|  | Oracle Corp., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.242% due 6/25/2026 | 1000000 | 990319 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.219% due 4/16/2026 | 4000000 | 3993133 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.29% due 4/21/2026 | 68000000 | 67841711 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.239% due 4/24/2026 | 3000000 | 2992065 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.40% due 7/15/2026 | 2000000 | 1975208 |
| <sup>a</sup> | O'Reilly Automotive, Inc., 4.142% due 4/10/2026 | 20000000 | 19979600 |
|  | Penske Truck Leasing Co. LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.884% due 4/6/2026 | 1000000 | 999471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.915% due 4/6/2026 | 4300000 | 4297707 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.885% due 4/10/2026 | 11790000 | 11778800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.916% due 4/13/2026 | 5000000 | 4993600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.906% due 4/17/2026 | 15000000 | 14974533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.898% due 5/4/2026 | 10000000 | 9965167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.146% due 4/13/2026 | 345000 | 344531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.147% due 4/14/2026 | 500000 | 499263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.167% due 4/16/2026 | 11000000 | 10981208 |
|  | PPG Industries, Inc., 4.07% due 5/1/2026 | 9500000 | 9468333 |
|  | Ryder System, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.153% due 4/1/2026 | 22000000 | 22000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.058% due 4/2/2026 | 109000 | 108988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.041% due 4/13/2026 | 10000000 | 9986733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.157% due 4/15/2026 | 7000000 | 6988866 |
|  | Sempra, |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.928% due 4/6/2026 | 7000000 | 6996247 |

---

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

**Schedule of Investments, Continued**

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | <br>**ISSUER-DESCRIPTION** | **PRINCIPAL**<br>**AMOUNT** |<br>**VALUE** |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.166% due 4/8/2026 | $25000000 | $24980070 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.169% due 4/20/2026 | 13000000 | 12971870 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.879% due 4/8/2026 | 1950000 | 1948555 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.911% due 5/5/2026 | 7850000 | 7821605 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.038% due 4/28/2026 | 2000000 | 1994045 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 3.965% due 4/1/2026 | 25000000 | 25000000 |
|  | &nbsp;&nbsp;&nbsp;Spire, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.136% due 4/6/2026 | 39000000 | 38977954 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.166% due 4/7/2026 | 15000000 | 14989750 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.191% due 4/16/2026 | 9500000 | 9483692 |
| <sup>a,b</sup> | &nbsp;&nbsp;&nbsp;Telstra Group Ltd., 3.982% due 6/4/2026 | 14915000 | 14811589 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.132% due 4/6/2026 | 10000000 | 9994347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.179% due 4/13/2026 | 10500000 | 10485615 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Vulcan Materials Co., 3.955% due 4/1/2026 | 25000000 | 25000000 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.146% due 4/14/2026 | 36900000 | 36845634 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.169% due 4/24/2026 | 21000000 | 20944992 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;Western Union Co., 4.123% due 4/2/2026 | 40000000 | 39995489 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., |  |  |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.134% due 4/1/2026 | 3078000 | 3078000 |
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.191% due 4/23/2026 | 58000000 | 57853969 |
|  | &nbsp;&nbsp;&nbsp;TOTAL COMMERCIAL PAPER (Cost $2,297,696,293) |  | 2297696293 |
|  | TOTAL INVESTMENTS — 96.4% (Cost $2,297,696,293) |  | $2297696293 |
|  | OTHER ASSETS LESS LIABILITIES — 3.6% |  | 86246950 |
|  | NET ASSETS — 100.0% |  | $2383943243 |

---

**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 March 31, 2026, the aggregate value of these securities in the Fund's portfolio was $2,060,267,096, representing 86.42% 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.

See notes to financial statements. Semi-Annual Financial Statements \| 335

Statement of Assets and Liabilities

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS** | |
| Investment in securities, at cost | $2297696293 |
| Investments at value | 2297696293 |
| Cash | 109946007 |
| Dividends receivable | 171 |
| Principal and interest receivable | 724131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 2408366602 |
| **LIABILITIES** |  |
| Payable for investments purchased | 24367141 |
| Accounts payable and accrued expenses | 56218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 24423359 |
| **NET ASSETS** | $2383943243 |
| **NET ASSETS CONSIST OF** |  |
| Net capital paid in on shares of beneficial interest | $2383918903 |
| Distributable earnings | 24340 |
| **NET ASSETS** | $2383943243 |
| **NET ASSET VALUE** |  |
| **Class I Shares:** |  |
| Net assets applicable to shares outstanding | $2383943243 |
| Shares outstanding | 238394260 |
| Net asset value and redemption price per share | $10.00 |

---

See notes to financial statements.

336 \| Semi-Annual Financial Statements

Statement of Operations

Thornburg Capital Management Fund \| Six Months Ended March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| Interest income | $61909009 |
| Dividend income | 14709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 61923718 |
| **EXPENSES** |  |
| Transfer agent fees | 16671 |
| Custodian fees | 54484 |
| Audit and tax fees | 16093 |
| Legal fees | 910 |
| Other expenses | 12297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 100455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | $61823263 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | $30862 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 30862 |
| &nbsp;&nbsp;&nbsp;**Change in Net Assets Resulting from Operations** | $61854125 |

---

See notes to financial statements.

Semi-Annual Financial Statements \| 337

Statement of Changes in Net Assets

Thornburg Capital Management Fund

---

| | | |
|:---|:---|:---|
| | **SIX MONTHS ENDED<br> MARCH 31, 2026\*** | **YEAR ENDED<br> SEPTEMBER 30, 2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| **OPERATIONS** |  |  |
| Net investment income | $61823263 | $101451843 |
| Net realized gain (loss) | 30862 | 29025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 61854125 | 101480868 |
| **DIVIDENDS TO SHAREHOLDERS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (61858489) | (101528126) |
| **FUND SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (1067825330) | 1357773130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets** | (1067829694) | 1357725872 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 3451772937 | 2094047065 |
| &nbsp;&nbsp;&nbsp;End of Period | $2383943243 | $3451772937 |

---

\* Unaudited.

See notes to financial statements.

338 \| Semi-Annual Financial Statements

Notes to Financial Statements

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

**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 March 31, 2026, 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 March 31, 2026, 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.

Semi-Annual Financial Statements \| 339

**Notes to Financial Statements, Continued**

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

<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. During the six months ended March 31, 2026, the Fund did not enter into repurchase agreements.

<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 March 31, 2026 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

340 \| Semi-Annual Financial Statements

**Notes to Financial Statements, Continued**

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

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.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **Assets** | | | | |
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper | $2297696293 | $— | $2297696293 | $— |
| Total Investments in Securities | $2297696293 | $— | $2297696293 | $— |
| **Total Assets** | $**2297696293** | $**—** | $**2297696293** | $**—** |

---

Semi-Annual Financial Statements \| 341

**Notes to Financial Statements, Continued**

Thornburg Capital Management Fund \| March 31, 2026 (Unaudited)

**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 six months ended March 31, 2026, 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 six-month period ended March 31, 2026, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical 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 March 31, 2026, information on the tax components of capital was as follows:

---

| | |
|:---|:---|
| Cost of investments for tax purposes | $2297696293 |
| Net unrealized appreciation (depreciation) on investments (tax basis) | $- |

---

There is no unrealized appreciation (depreciation) in the Fund at March 31, 2026 due to all securities with less than 60 days to maturity being valued by the amortized cost method.

**NOTE 6 – SHARES OF BENEFICIAL INTEREST**

At March 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SIX MONTHS ENDED** | **SIX MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
| | **MARCH 31, 2026** | **MARCH 31, 2026** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| <br>**THORNBURG CAPITAL MANAGEMENT FUND** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| Class I Shares |  |  |  |  |
| Shares sold | 474960310 | $4749603098 | 1015262190 | $10152621901 |
| Shares issued to shareholders in reinvestment of dividends | 6185849 | 61858490 | 10152813 | 101528125 |
| Shares repurchased | (587928692) | (5879286918) | (889637690) | (8896376896) |
| Net increase (decrease) | (106782533) | $(1067825330) | 135777313 | $1357773130 |

---

**NOTE 7 – INVESTMENT TRANSACTIONS**

For the six months ended March 31, 2026, the Fund had no purchase and sale transactions of investments other than short-term investments.

342 \| Semi-Annual Financial Statements

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Semi-Annual Financial Statements \| 343

Financial Highlights

Thornburg Capital Management 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)** |
| <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;&nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | $10.00 | 0.20 | — <sup>(d)</sup> | 0.20 | (0.20) |  | (0.20) | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $10.00 | 0.47 | — <sup>(d)</sup> | 0.47 | (0.47) |  | (0.47) | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $10.00 | 0.56 | — <sup>(d)</sup> | 0.56 | (0.56) |  | (0.56) | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $10.00 | 0.49 | — <sup>(d)</sup> | 0.49 | (0.49) |  | (0.49) | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $10.00 | 0.10 | — <sup>(d)</sup> | 0.10 | (0.10) |  | (0.10) | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | $10.00 | 0.01 | — <sup>(d)</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) Unaudited
six-month period ended March 31.

(d) Net
realized and unrealized gain (loss) on investments was less than $0.01 per share.

(e) Annualized.

(f) 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.

344 \| Semi-Annual Financial Statements

**Financial Highlights, Continued**

Thornburg Capital Management Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br> **RATIOS TO AVERAGE NET ASSETS** | <br> **RATIOS TO AVERAGE NET ASSETS** | <br> **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)** |
| **CLASS I<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026<sup>(c)</sup> | 4.04 <sup>(e)</sup> | 0.01 <sup>(e)</sup> | 0.01 <sup>(e)</sup> | 2.04 | — <sup>(f)</sup> | $2383943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4.67 | 0.01 | 0.01 | 4.78 | — <sup>(f)</sup> | $3451773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5.55 | 0.01 | 0.01 | 5.70 | — <sup>(f)</sup> | $2094047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4.88 | 0.01 | 0.01 | 4.99 | — <sup>(f)</sup> | $1730387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.96 | 0.01 | 0.01 | 0.96 | — <sup>(f)</sup> | $1528903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.12 | 0.01 | 0.01 | 0.12 | — <sup>(f)</sup> | $2060113 |

---

Semi-Annual Financial Statements \| 345

Other Information

March 31, 2026 (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.

346 \| Semi-Annual Financial Statements

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Semi-Annual Financial Statements \| 347

To receive shareholder reports, prospectuses, and proxy statements electronically, go to www.thornburg.com/edelivery. TH6387

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

Filed as part of item 7 of this Form.

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

Filed as part of item 7 of this Form.

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

Filed as part of item 7 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a) (1) Not applicable

(a) (2) Not applicable

---

| | |
|:---|:---|
| [(a) (3)](ex99cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 70.30a-2(a)) attached hereto as Exhibit 99.CERT.](ex99cert.htm) |
| [(b)](ex99-906cert.htm) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 70.30a-2(b)) attached hereto as Exhibit 99.906CERT.](ex99-906cert.htm) |

---

SIGNATURES

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

Thornburg 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, American Opportunities Fund, Focus 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: May 29, 2026

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

---

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

---

---

| | |
|:---|:---|
| Date: | May 29, 2026 |
| By: | /s/ Curtis Holloway |
|  | Curtis Holloway |
|  | Treasurer and principal financial officer |

---

Date: May 29, 2026

## Ex-99.Cert

[Thornburg Investment Trus N-CSRS](tbit-ncsrs_033126.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: | May 29, 2026 |
| /s/ Nimish Bhatt | /s/ Nimish Bhatt |
| Nimish Bhatt | Nimish Bhatt |
| President and principal executive officer | President and principal executive officer |

---

CERTIFICATION

I, Curtis Holloway, certify that:

1. I have reviewed this report on Form N-CSR of Thornburg 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: | May 29, 2026 |
| /s/ Curtis Holloway | /s/ Curtis Holloway |
| Curtis Holloway | Curtis Holloway |
| Treasurer and principal financial officer | Treasurer and principal financial officer |

---

## Exhibit 99.906

[Thornburg Investment Trus N-CSRS](tbit-ncsrs_033126.htm)

**Exhibit 99.906CERT**

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

In connection with the attached Report on Form N-CSR of Thornburg 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, American Opportunities Fund, Focus 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: | May 29, 2026 |
|  | /s/ Nimish Bhatt |
|  | Nimish Bhatt |
|  | President and principal executive officer |

---

---

| | |
|:---|:---|
| Dated: | May 29, 2026 |
|  | /s/ Curtis Holloway |
|  | Curtis Holloway |
|  | Treasurer and principal financial officer |

---

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

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