NPORT-EX 2 NPORT_9P19_94205927_1223.htm
SCHEDULE OF INVESTMENTS
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
  U.S. Treasury Securities — 14.7%    
  United States Treasury Bill,    
  5.243% due 3/28/2024 $5,000,000 $  4,937,928
  5.276% due 2/15/2024 6,000,000    5,961,566
  5.336% due 4/16/2024 4,075,000    4,013,097
  5.372% due 4/30/2024 2,800,000    2,751,802
  5.378% due 2/13/2024 2,800,000    2,782,378
  United States Treasury Notes,    
  1.75% due 6/30/2024 3,000,000    2,949,258
  2.00% due 5/31/2024 2,750,000    2,713,154
  2.125% due 7/31/2024 3,000,000    2,948,320
  2.25% due 1/31/2024 - 4/30/2024 5,980,000    5,944,205
  4.25% due 5/31/2025 3,000,000    2,988,867
  5.00% due 8/31/2025 2,000,000    2,018,672
  United States Treasury Notes Inflationary Index, 0.625% due 1/15/2024 1,911,999   1,906,639
  Total U.S. Treasury Securities (Cost $41,866,305)            41,915,886
  U.S. Government Agencies — 0.0%    
a,b Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.006% (TSFR3M + 0.61%) due 4/15/2025     15,000      14,532
  Small Business Administration Participation Certificates,    
  Series 2005-20K Class 1, 5.36% due 11/1/2025      2,924        2,912
  Series 2009-20E Class 1, 4.43% due 5/1/2029     13,186      13,012
  Total U.S. Government Agencies (Cost $31,192)                30,456
  Mortgage Backed — 1.4%    
  Arroyo Mortgage Trust, Whole Loan Securities Trust CMO,    
a,c Series 2019-1 Class A1, 3.805% due 1/25/2049     19,378       18,345
a,c Series 2019-3 Class A1, 2.962% due 10/25/2048     18,239       16,787
c BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058      6,306        6,187
a,c COLT Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.857% due 5/25/2065    241,946      199,692
a,c CSMC Trust, CMBS, Series 2021-BPNY Class A, 9.191% (TSFR1M + 3.83%) due 8/15/2026    300,000      263,426
a,c CSMC Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A1, 1.208% due 5/25/2065     82,397       74,070
  Federal National Mtg Assoc., UMBS Collateral, Pool MA3557, 4.00% due 1/1/2029     26,169       25,868
a,c Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047     10,952        9,755
  GCAT Trust, Whole Loan Securities Trust CMO,    
a,c Series 2021-CM1 Class A, 1.469% due 4/25/2065    220,202      203,566
a,c Series 2021-CM2 Class A1, 2.352% due 8/25/2066    138,808      126,818
c Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037    750,000      717,496
a,c Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058     59,716       57,902
a,c MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056    519,409      492,538
a,c New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 6.97% (TSFR1M + 1.61%) due 6/25/2057     13,530       13,434
a,c Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.654% due 5/25/2060    250,479      244,325
  Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO,    
a Series 2017-3 Class HA, 3.25% due 7/25/2056     26,973       24,770
a Series 2018-1 Class HA, 3.00% due 5/25/2057     18,881       17,121
a Series 2018-2 Class HA, 3.00% due 11/25/2057     71,452       65,590
a,c SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703% due 9/25/2059    486,970      469,263
  Towd Point Mortgage Trust, Whole Loan Securities Trust CMO,    
a,c Series 2016-5 Class A1, 2.50% due 10/25/2056      1,752        1,738
a,c Series 2018-2 Class A1, 3.25% due 3/25/2058     20,361       19,724
a,c Series 2018-6 Class A1A, 3.75% due 3/25/2058    721,008      704,669
a,c Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV3 Class A1B, 3.192% due 11/25/2059   233,056     227,008
  Total Mortgage Backed (Cost $4,178,485)             4,000,092
  Asset Backed Securities — 28.1%    
  Auto Receivables — 15.0%    
  ACC Auto Trust,    
c Series 2021-A Class C, 3.79% due 4/15/2027 1,000,000      988,512
c Series 2022-A Class A, 4.58% due 7/15/2026   117,887      117,180
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
  ACM Auto Trust,    
c Series 2023-1A Class A, 6.61% due 1/22/2030 $  240,246 $    240,082
c Series 2023-2A Class A, 7.97% due 6/20/2030    580,654      582,607
  American Credit Acceptance Receivables Trust,    
c Series 2021-4 Class C, 1.32% due 2/14/2028 1,260,549    1,247,987
c Series 2023-1 Class A, 5.45% due 9/14/2026    483,252      482,688
  AmeriCredit Automobile Receivables Trust, Series 2021-1 Class B, 0.68% due 10/19/2026    740,280      729,902
  Arivo Acceptance Auto Loan Receivables Trust,    
c Series 2021-1A Class A, 1.19% due 1/15/2027    259,667      255,414
c Series 2022-1A Class A, 3.93% due 5/15/2028    827,413      810,985
  BOF URSA VI Funding Trust I,    
c Series 2023-CAR1 Class B, 6.029% due 10/27/2031    223,166      222,443
c Series 2023-CAR2 Class B, 6.029% due 10/27/2031    633,486      631,432
c BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 1,012,773    1,019,041
  Capital One Prime Auto Receivables Trust, Series 2022-1 Class A2, 2.71% due 6/16/2025    149,221      148,694
  CarMax Auto Owner Trust,    
  Series 2020-4 Class A3, 0.50% due 8/15/2025    378,621      374,643
  Series 2021-1 Class A3, 0.34% due 12/15/2025    391,151      384,147
  Series 2021-3 Class A3, 0.55% due 6/15/2026 1,309,948    1,267,284
  Carvana Auto Receivables Trust,    
c Series 2019-1A Class E, 5.64% due 1/15/2026    230,788      230,740
  Series 2021-N3 Class A1, 0.35% due 6/12/2028     61,209       61,011
  Series 2021-N4 Class A1, 0.83% due 9/11/2028    121,355      120,066
c Series 2022-N1 Class A1, 2.31% due 12/11/2028    321,940      317,403
c Series 2023-N1 Class A, 6.36% due 4/12/2027    482,145      483,428
c Series 2023-N3 Class A, 6.41% due 9/10/2027    617,857      620,640
c Series 2023-N4 Class A, 6.42% due 1/10/2028    688,928      692,614
c CPS Auto Receivables Trust, Series 2023-A Class A, 5.54% due 3/16/2026    798,541      796,951
c Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027      9,829        9,799
  Drive Auto Receivables Trust, Series 2021-3 Class B, 1.11% due 5/15/2026     32,064       32,007
  DT Auto Owner Trust,    
c Series 2021-2A Class C, 1.10% due 2/16/2027 1,351,665    1,331,746
c Series 2022-2A Class A, 2.88% due 6/15/2026    211,103      210,509
c Series 2022-3A Class A, 6.05% due 10/15/2026    490,200      490,413
  Enterprise Fleet Financing LLC,    
c Series 2021-3 Class A2, 0.77% due 8/20/2027    923,624      901,465
c Series 2022-2 Class A2, 4.65% due 5/21/2029 1,139,871    1,131,600
  Exeter Automobile Receivables Trust,    
c Series 2019-3A Class D, 3.11% due 8/15/2025    249,913      248,323
c Series 2019-4A Class D, 2.58% due 9/15/2025    378,892      375,062
  Series 2021-1A Class C, 0.74% due 1/15/2026     16,040       16,010
  Series 2021-1A Class D, 1.08% due 11/16/2026 1,500,000    1,450,727
  Series 2021-3A Class C, 0.96% due 10/15/2026    767,684      751,717
  FHF Trust,    
c Series 2021-1A Class A, 1.27% due 3/15/2027     23,808       23,022
c Series 2021-2A Class A, 0.83% due 12/15/2026     48,698       46,988
c Series 2022-2A Class A, 6.14% due 12/15/2027    807,764      801,713
c First Investors Auto Owner Trust, Series 2021-2A Class A, 0.48% due 3/15/2027    671,910      658,939
  Flagship Credit Auto Trust,    
c Series 2019-2 Class D, 3.53% due 5/15/2025 1,558,689    1,546,189
c Series 2019-4 Class D, 3.12% due 1/15/2026    495,888      488,581
c Series 2022-1 Class A, 1.79% due 10/15/2026    618,861      608,202
  GLS Auto Receivables Issuer Trust,    
c Series 2019-4A Class C, 3.06% due 8/15/2025    176,518      175,719
c Series 2020-1A Class C, 2.72% due 11/17/2025    276,380      275,121
c Series 2021-2A Class C, 1.08% due 6/15/2026    428,645      422,649
c Series 2022-2A Class A2, 3.55% due 1/15/2026    145,700      145,249
  Honda Auto Receivables Owner Trust, Series 2020-3 Class A3, 0.37% due 10/18/2024     15,177       15,142
  Hyundai Auto Receivables Trust, Series 2020-A Class A4, 1.72% due 6/15/2026 1,358,211    1,348,465
  Lendbuzz Securitization Trust,    
c Series 2021-1A Class A, 1.46% due 6/15/2026    114,963      111,155
c Series 2022-1A Class A, 4.22% due 5/17/2027    535,706      522,271
c Series 2023-3A Class A1, 6.03% due 10/15/2024   693,752      693,821
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
  Lobel Automobile Receivables Trust,    
c Series 2023-1 Class A, 6.97% due 7/15/2026 $1,042,650 $  1,041,176
c Series 2023-2 Class A, 7.59% due 4/16/2029    685,949      690,140
  Octane Receivables Trust,    
c Series 2022-1A Class A2, 4.18% due 3/20/2028 1,936,665    1,914,414
c Series 2022-2A Class A, 5.11% due 2/22/2028    399,344      396,530
c OneMain Direct Auto Receivables Trust, Series 2021-1A Class A, 0.87% due 7/14/2028    916,390      881,528
b,c Oscar U.S. Funding XIV LLC, Series 2022-1A Class A2, 1.60% due 3/10/2025    182,709      182,474
b,c Oscar U.S. Funding XV LLC, Series 2023-1A Class A2, 6.07% due 9/10/2026 1,320,000    1,321,969
  Research-Driven Pagaya Motor Asset Trust,    
c Series 2023-3A Class A, 7.13% due 1/26/2032 1,283,584    1,291,542
c Series 2023-4A Class A, 7.54% due 3/25/2032 1,500,000    1,510,624
  Santander Drive Auto Receivables Trust,    
  Series 2020-4 Class D, 1.48% due 1/15/2027    542,002      529,628
  Series 2021-2 Class C, 0.90% due 6/15/2026    550,946      548,776
  Series 2021-3 Class C, 0.95% due 9/15/2027 1,161,779    1,150,943
  Series 2022-3 Class A3, 3.40% due 12/15/2026    388,507      385,702
c Veros Auto Receivables Trust, Series 2022-1 Class A, 3.47% due 12/15/2025    781,729      776,627
c Westlake Automobile Receivables Trust, Series 2021-2A Class C, 0.89% due 7/15/2026 2,000,000    1,961,746
  World Omni Auto Receivables Trust,    
  Series 2020-B Class A3, 0.63% due 5/15/2025     64,852       64,739
  Series 2020-C Class A3, 0.48% due 11/17/2025    488,556     483,027
               42,790,083
  Credit Card — 0.9%    
c Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 1,500,000    1,439,729
c Mercury Financial Credit Card Master Trust, Series 2023-1A Class A, 8.04% due 9/20/2027    700,000      700,508
c Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.69% due 11/15/2028    500,000     505,206
                2,645,443
  Other Asset Backed — 10.8%    
c Affirm Asset Securitization Trust, Series 2021-Z2 Class A, 1.17% due 11/16/2026    256,387      249,910
c AMCR ABS Trust, Series 2023-1A Class A, 7.66% due 1/21/2031 1,500,000    1,508,246
  Aqua Finance Trust,    
c Series 2017-A Class A, 3.72% due 11/15/2035    112,436      112,162
c Series 2020-AA Class A, 1.90% due 7/17/2046    730,573      671,138
c Auxilior Term Funding LLC, Series 2023-1A Class A1, 5.864% due 11/15/2024 1,919,661    1,919,152
c Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031     10,142       10,048
c BHG Securitization Trust, Series 2021-B Class A, 0.90% due 10/17/2034     54,086       52,496
c BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A Class A, 2.94% due 5/25/2029     32,914       31,942
c CCG Receivables Trust, Series 2022-1 Class A2, 3.91% due 7/16/2029    479,018      473,152
c CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041    874,573      826,435
c Crossroads Asset Trust, Series 2022-A Class A, 6.35% due 4/21/2031 1,012,139    1,015,447
c Dell Equipment Finance Trust, Series 2021-2 Class A3, 0.53% due 12/22/2026    416,474      413,128
  Dext ABS LLC,    
c Series 2021-1 Class A, 1.12% due 2/15/2028    761,875      744,023
c Series 2023-2 Class A2, 6.56% due 5/15/2034    715,000      721,111
  Foundation Finance Trust,    
c Series 2017-1A Class B, 4.14% due 7/15/2033    107,148      106,469
c Series 2019-1A Class A, 3.86% due 11/15/2034    257,296      254,089
c Series 2020-1A Class A, 3.54% due 7/16/2040    182,718      177,492
a,c Gracie Point International Funding, Series 2023-2A Class A, 7.596% (SOFR90A + 2.25%) due 3/1/2027 1,000,000      999,916
a,b,c Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 6.496% (TSFR1M + 1.13%) due 7/15/2039    100,000       99,065
c Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033     34,937       33,377
c Kubota Credit Owner Trust, Series 2021-1A Class A3, 0.62% due 8/15/2025    329,919      323,371
c Lendingpoint Asset Securitization Trust, Series 2022-B Class A, 4.77% due 10/15/2029     60,132       59,701
c LendingPoint Asset Securitization Trust, Series 2022-C Class A, 6.56% due 2/15/2030    317,418      317,384
  LendingPoint Pass-Through Trust,    
c Series 2022-ST1 Class A, 2.50% due 3/15/2028    138,501      134,756
c Series 2022-ST2 Class A, 3.25% due 4/15/2028    131,710      127,688
c Series 2022-ST3 Class A, 4.00% due 5/15/2028    177,078      173,152
c LL ABS Trust, Series 2021-1A Class A, 1.07% due 5/15/2029     77,688       76,840
c LP LMS Asset Securitization Trust, Series 2021-2A Class A, 1.75% due 1/15/2029     14,030       13,947
c Mariner Finance Issuance Trust, Series 2019-AA Class B, 3.51% due 7/20/2032   119,953      119,715
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
  Marlette Funding Trust,    
c Series 2019-4A Class C, 3.76% due 12/17/2029 $  163,317 $    162,524
c Series 2021-2A Class B, 1.06% due 9/15/2031     17,415       17,381
c Series 2021-3A Class B, 1.30% due 12/15/2031    654,422      645,679
c Series 2022-1A Class B, 2.34% due 4/15/2032    684,018      674,578
c Series 2022-3A Class A, 5.18% due 11/15/2032    119,191      118,823
c Series 2023-2A Class A, 6.04% due 6/15/2033    661,167      660,311
c MMAF Equipment Finance LLC, Series 2020-BA Class A3, 0.49% due 8/14/2025     87,128       85,190
c Mosaic Solar Loan Trust, Series 2018-1A Class C, Zero coupon due 6/22/2043    104,904       96,091
c NMEF Funding LLC, Series 2022-A Class A2, 2.58% due 10/16/2028    845,845      833,655
c Oportun Funding LLC, Series 2022-1 Class A, 3.25% due 6/15/2029     41,011       40,925
c Oportun Funding XIV LLC, Series 2021-A Class A, 1.21% due 3/8/2028    764,394      736,549
c Oportun Issuance Trust, Series 2021-B Class A, 1.47% due 5/8/2031    830,000      775,675
  Pagaya AI Debt Selection Trust,    
c Series 2021-1 Class B, 2.13% due 11/15/2027    201,724      200,456
c Series 2021-HG1 Class A, 1.22% due 1/16/2029    624,603      606,296
  Pagaya AI Debt Trust,    
c Series 2022-1 Class A, 2.03% due 10/15/2029    380,380      374,576
c Series 2023-1 Class A, 7.556% due 7/15/2030    293,381      294,586
c Pawnee Equipment Receivables LLC, Series 2021-1 Class A2, 1.10% due 7/15/2027 1,494,267    1,459,350
c PFS Financing Corp., Series 2020-G Class A, 0.97% due 2/15/2026 1,250,000    1,242,617
c Post Road Equipment Finance, Series 2022-1A Class A1, 3.76% due 8/16/2027     38,690       38,540
c Prosper Marketplace Issuance Trust, Series 2023-1A Class A, 7.06% due 7/16/2029 1,185,547    1,190,857
  PSNH Funding LLC 3, Series 2018-1 Class A1, 3.094% due 2/1/2026      4,548        4,538
c Reach Financial LLC, Series 2023-1A Class A, 7.05% due 2/18/2031 1,114,701    1,119,695
c Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 1,500,000    1,415,477
a,c SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049    548,000      538,822
c Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 1,571,691    1,462,150
c SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037    271,036      251,820
c SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055    660,000      610,690
c Theorem Funding Trust, Series 2022-3A Class A, 7.60% due 4/15/2029    472,967      476,268
  Upstart Pass-Through Trust,    
c Series 2020-ST1 Class A, 3.75% due 2/20/2028     18,098       17,920
c Series 2020-ST2 Class A, 3.50% due 3/20/2028     33,076       32,549
c Series 2020-ST3 Class A, 3.35% due 4/20/2028     13,382       13,077
c Series 2020-ST6 Class A, 3.00% due 1/20/2027    542,928      533,056
c Series 2021-ST4 Class A, 2.00% due 7/20/2027    243,688      233,248
c Series 2021-ST8 Class A, 1.75% due 10/20/2029    174,380      171,789
  Upstart Securitization Trust,    
c Series 2020-2 Class A, 2.309% due 11/20/2030    133,088      131,723
c Series 2020-3 Class C, 6.25% due 11/20/2030    651,276      645,726
c Series 2021-4 Class A, 0.84% due 9/20/2031     30,516       30,430
c Series 2023-1 Class A, 6.59% due 2/20/2033    143,240      143,162
c Series 2023-3 Class A, 6.90% due 10/20/2033    393,446      394,745
c Verdant Receivables LLC, Series 2023-1A Class A1, 5.822% due 8/12/2024    640,178     640,166
               30,887,062
  Student Loan — 1.4%    
  Laurel Road Prime Student Loan Trust,    
c Series 2017-B Class BFX, 3.02% due 8/25/2042    944,400      848,068
c Series 2017-C Class A2B, 2.81% due 11/25/2042    154,097      153,300
c Series 2019-A Class A2FX, 2.73% due 10/25/2048    232,919      228,873
a National Collegiate Student Loan Trust, Series 2006-4 Class A4, 5.78% (TSFR1M + 0.42%) due 5/25/2032    227,348      218,420
  Navient Private Education Loan Trust,    
c Series 2017-A Class A2A, 2.88% due 12/16/2058     62,802       62,620
a,c Series 2017-A Class A2B, 6.376% (TSFR1M + 1.01%) due 12/16/2058      2,221        2,219
a,c Series 2018-BA Class A2B, 6.196% (TSFR1M + 0.83%) due 12/15/2059     39,400       39,034
c Navient Private Education Refi Loan Trust, Series 2018-CA Class A2, 3.52% due 6/16/2042    269,843      267,490
a,c Navient Student Loan Trust, Series 2019-BA Class A2B, 6.456% (TSFR1M + 1.09%) due 12/15/2059    274,546      271,517
  Nelnet Student Loan Trust,    
a,c Series 2012-2A Class A, 6.252% (SOFR30A + 0.91%) due 12/26/2033     62,021       61,161
a,c Series 2015-3A Class A2, 6.052% (SOFR30A + 0.71%) due 2/27/2051     20,955       20,798
a,c Series 2021-DA Class AFL, 6.162% (TSFR1M + 0.80%) due 4/20/2062    131,942      129,660
a,c Pennsylvania Higher Education Assistance Agency, Student Loan Trust, Series 2012-1A Class A1, 6.002% (SOFR30A + 0.66%) due 5/25/2057     10,638       10,448
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
a,b,c Prodigy Finance DAC, Series 2021-1A Class A, 6.72% (TSFR1M + 1.36%) due 7/25/2051 $   63,219 $     62,759
  SLM Student Loan Trust,    
a Series 2013-4 Class A, 6.002% (SOFR30A + 0.66%) due 6/25/2027     20,868       20,569
a Series 2013-6 Class A3, 6.102% (SOFR30A + 0.76%) due 6/26/2028    131,594      129,240
  SMB Private Education Loan Trust,    
a,c Series 2016-A Class A2B, 6.976% (TSFR1M + 1.61%) due 5/15/2031    126,172      126,176
a,c Series 2016-B Class A2B, 6.926% (TSFR1M + 1.56%) due 2/17/2032    165,160      165,118
a,c Series 2017-A Class A2B, 6.376% (TSFR1M + 1.01%) due 9/15/2034    160,841      160,019
a,c Series 2017-B Class A2B, 6.226% (TSFR1M + 0.86%) due 10/15/2035    344,991      341,446
a,c Series 2018-B Class A2B, 6.196% (TSFR1M + 0.83%) due 1/15/2037    456,602      450,467
a,c Series 2018-C Class A2B, 6.226% (TSFR1M + 0.86%) due 11/15/2035    112,129      110,643
  Towd Point Asset Trust,    
a,c Series 2018-SL1 Class A, 6.07% (TSFR1M + 0.71%) due 1/25/2046     22,034       22,017
a,c Series 2021-SL1 Class A2, 6.172% (TSFR1M + 0.81%) due 11/20/2061    118,879     117,872
                4,019,934
  Total Asset Backed Securities (Cost $80,225,039)            80,342,522
  Corporate Bonds — 47.3%    
  Automobiles & Components — 1.0%    
  Automobiles — 1.0%    
  Hyundai Capital America,    
c 0.80% due 1/8/2024 1,259,000    1,258,131
c 5.80% due 6/26/2025    500,000      502,890
c Mercedes-Benz Finance North America LLC, 5.50% due 11/27/2024 1,000,000   1,001,210
                2,762,231
  Banks — 1.0%    
  Banks — 1.0%    
  HSBC USA, Inc., 3.75% due 5/24/2024    750,000      744,337
c National Securities Clearing Corp., 5.15% due 5/30/2025 2,000,000   2,010,000
                2,754,337
  Capital Goods — 2.5%    
  Aerospace & Defense — 1.9%    
  Boeing Co., 1.95% due 2/1/2024 1,500,000    1,495,080
c L3Harris Technologies, Inc., due 8/23/2024 2,000,000    1,922,972
  Teledyne Technologies, Inc., 0.95% due 4/1/2024 2,000,000   1,976,640
  Industrial Conglomerates — 0.3%    
  Lennox International, Inc., 1.35% due 8/1/2025 1,000,000     941,310
  Machinery — 0.3%    
a Caterpillar Financial Services Corp., 5.647% (SOFR + 0.25%) due 5/17/2024    950,000     949,554
                7,285,556
  Commercial & Professional Services — 2.6%    
  Automobiles — 0.6%    
a,c Daimler Truck Finance North America LLC, 6.361% (SOFR + 1.00%) due 4/5/2024 1,545,000   1,546,128
  Commercial Services & Supplies — 2.0%    
  Avery Dennison Corp., 0.85% due 8/15/2024 2,557,000    2,481,083
  Equifax, Inc., 2.60% due 12/1/2024 1,400,000    1,362,858
  Quanta Services, Inc., 0.95% due 10/1/2024 2,050,000   1,975,585
                7,365,654
  Consumer Discretionary Distribution & Retail — 0.7%    
  Broadline Retail — 0.5%    
  Dollar General Corp., 4.25% due 9/20/2024 1,400,000   1,384,390
  Specialty Retail — 0.2%    
  Advance Auto Parts, Inc., 5.90% due 3/9/2026    750,000     747,218
                2,131,608
  Consumer Services — 0.8%    
  Hotels, Restaurants & Leisure — 0.8%    
a Starbucks Corp., 5.819% (SOFRINDX + 0.42%) due 2/14/2024    949,000      949,047
  Warnermedia Holdings, Inc., 6.412% due 3/15/2026 1,500,000   1,501,155
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
                2,450,202
  Consumer Staples Distribution & Retail — 0.9%    
  Consumer Staples Distribution & Retail — 0.9%    
c 7-Eleven, Inc., 0.80% due 2/10/2024 $2,513,000 $  2,499,103
                2,499,103
  Energy — 2.0%    
  Gas Utilities — 0.3%    
  Eastern Energy Gas Holdings LLC, 3.60% due 12/15/2024 1,000,000     982,930
  Oil, Gas & Consumable Fuels — 1.7%    
  Energy Transfer LP, 4.90% due 2/1/2024    780,000      778,588
c Florida Gas Transmission Co. LLC, 4.35% due 7/15/2025    629,000      618,364
  PDC Energy, Inc., 5.75% due 5/15/2026 1,250,000    1,247,750
  Spectra Energy Partners LP, 4.75% due 3/15/2024 1,500,000    1,496,295
  Williams Cos., Inc., 4.30% due 3/4/2024    750,000     747,885
                5,871,812
  Equity Real Estate Investment Trusts (REITs) — 1.1%    
  Diversified REITs — 1.1%    
  American Tower Corp., 2.40% due 3/15/2025 1,000,000      967,270
  Crown Castle, Inc., 1.35% due 7/15/2025 1,218,000    1,150,096
c SBA Tower Trust, 2.836% due 1/15/2050 1,000,000     965,669
                3,083,035
  Financial Services — 3.3%    
  Capital Markets — 1.1%    
  Ares Capital Corp., 4.20% due 6/10/2024 1,250,000    1,238,100
  Sixth Street Specialty Lending, Inc., 3.875% due 11/1/2024 2,000,000   1,957,480
  Consumer Finance — 0.2%    
  PNC Financial Services Group, Inc., 3.50% due 1/23/2024    500,000     499,297
  Financial Services — 2.0%    
c Antares Holdings LP, 8.50% due 5/18/2025    750,000      762,330
a Bank of America Corp., 0.976% (SOFR + 0.69%) due 4/22/2025 1,250,000    1,229,912
a Citigroup, Inc., 6.069% (SOFR + 0.69%) due 10/30/2024 1,250,000    1,249,375
a Goldman Sachs Group, Inc., 5.865% (SOFR + 0.49%) due 10/21/2024 1,000,000      998,040
a JPMorgan Chase & Co., 0.768% (SOFR + 0.49%) due 8/9/2025 1,500,000   1,455,015
                9,389,549
  Food, Beverage & Tobacco — 2.2%    
  Beverages — 0.2%    
  Constellation Brands, Inc., 5.00% due 2/2/2026    700,000     699,881
  Food Products — 0.7%    
b,c Mondelez International Holdings Netherlands BV, 0.75% due 9/24/2024 2,100,000   2,023,560
  Tobacco — 1.3%    
  Altria Group, Inc., 4.00% due 1/31/2024    593,000      591,992
  BAT Capital Corp., 3.222% due 8/15/2024 1,620,000    1,594,274
b,c Imperial Brands Finance plc, 3.125% due 7/26/2024 1,456,000   1,432,282
                6,341,989
  Health Care Equipment & Services — 0.9%    
  Health Care Equipment & Supplies — 0.4%    
a Baxter International, Inc., 5.853% (SOFRINDX + 0.44%) due 11/29/2024 1,000,000      997,470
  Boston Scientific Corp., 3.45% due 3/1/2024    205,000     204,155
  Health Care Providers & Services — 0.5%    
  Humana, Inc., 5.70% due 3/13/2026 1,500,000   1,501,185
                2,702,810
  Industrials — 0.7%    
  Transportation Infrastructure — 0.7%    
  Penske Truck Leasing Co. LP/PTL Finance Corp.,    
c 2.70% due 11/1/2024 1,000,000      972,730
c 3.90% due 2/1/2024 1,000,000     997,410
                1,970,140
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
  Insurance — 7.1%    
  Insurance — 7.1%    
b Aon Global Ltd., 3.50% due 6/14/2024 $2,349,000 $  2,325,745
a,c Brighthouse Financial Global Funding, 6.127% (SOFR + 0.76%) due 4/12/2024 1,500,000    1,496,385
c Equitable Financial Life Global Funding, 0.80% due 8/12/2024    969,000      939,843
c F&G Global Funding, 0.90% due 9/20/2024 1,631,000    1,569,185
c Fairfax U.S., Inc., 4.875% due 8/13/2024    850,000      850,000
a,c Jackson National Life Global Funding, 6.586% (SOFR + 1.15%) due 6/28/2024    840,000      840,857
  Lincoln National Corp., 3.35% due 3/9/2025 1,250,000    1,218,288
a,c Metropolitan Life Global Funding I, 5.682% (SOFR + 0.32%) due 1/7/2024 1,037,000    1,037,010
c Metropolitan Life Insurance Co., 7.875% due 2/15/2024 1,350,000    1,352,740
a,c Nationwide Mutual Insurance Co., 7.936% (SOFR + 2.29%) due 12/15/2024 1,375,000    1,375,137
a,c Pacific Life Global Funding II, 6.236% (SOFRINDX + 0.80%) due 3/30/2025    235,000      235,179
c Principal Life Global Funding II, 0.50% due 1/8/2024 1,500,000    1,498,860
c Prudential Insurance Co. of America, 8.30% due 7/1/2025 1,000,000    1,032,930
  Reliance Standard Life Global Funding II,    
c 2.50% due 10/30/2024 1,000,000      972,610
c 5.243% due 2/2/2026    850,000      841,611
c Security Benefit Global Funding, 1.25% due 5/17/2024 1,400,000    1,367,086
  Willis North America, Inc., 3.60% due 5/15/2024 1,500,000   1,485,465
               20,438,931
  Materials — 0.9%    
  Construction Materials — 0.5%    
  Vulcan Materials Co., 5.80% due 3/1/2026 1,251,000   1,251,788
  Containers & Packaging — 0.4%    
  Amcor Flexibles North America, Inc., 4.00% due 5/17/2025 1,250,000   1,228,588
                2,480,376
  Media & Entertainment — 1.4%    
  Media — 1.4%    
  Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50% due 2/1/2024 2,000,000    1,997,080
c Cox Communications, Inc., 3.15% due 8/15/2024 2,000,000   1,964,680
                3,961,760
  Pharmaceuticals, Biotechnology & Life Sciences — 0.5%    
  Biotechnology — 0.1%    
  Amgen, Inc., 5.507% due 3/2/2026    250,000     250,113
  Pharmaceuticals — 0.4%    
  Cigna Group, 5.685% due 3/15/2026    500,000      500,285
  McKesson Corp., 5.25% due 2/15/2026    686,000     686,144
                1,436,542
  Semiconductors & Semiconductor Equipment — 2.1%    
  Semiconductors & Semiconductor Equipment — 2.1%    
b Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625% due 1/15/2024 1,455,000    1,453,734
  Microchip Technology, Inc., 0.972% due 2/15/2024 1,155,000    1,148,093
  Qorvo, Inc., 1.75% due 12/15/2024 1,250,000    1,198,650
b,c Renesas Electronics Corp., 1.543% due 11/26/2024 1,500,000    1,443,060
b,c SK Hynix, Inc., 1.00% due 1/19/2024    700,000     698,565
                5,942,102
  Software & Services — 2.3%    
  Information Technology Services — 0.9%    
b Genpact Luxembourg SARL, 3.375% due 12/1/2024 1,000,000      974,050
  Leidos, Inc., 3.625% due 5/15/2025 1,611,000   1,571,353
  Software — 1.4%    
  Fidelity National Information Services, Inc., 0.60% due 3/1/2024 1,500,000    1,485,870
  VMware LLC, 1.00% due 8/15/2024 2,690,000   2,612,098
                6,643,371
  Technology Hardware & Equipment — 1.8%    
  Electronic Equipment, Instruments & Components — 1.3%    
  Arrow Electronics, Inc., 6.125% due 3/1/2026    900,000      901,278
  TD SYNNEX Corp., 1.25% due 8/9/2024 1,731,000   1,685,648
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
  Trimble, Inc., 4.75% due 12/1/2024 $1,250,000 $  1,238,162
  Technology Hardware, Storage & Peripherals — 0.5%    
  Hewlett Packard Enterprise Co., 5.90% due 10/1/2024 1,250,000   1,252,625
                5,077,713
  Telecommunication Services — 1.8%    
  Diversified Telecommunication Services — 1.3%    
  AT&T, Inc.,    
c due 3/19/2024 1,000,000      987,650
  0.90% due 3/25/2024    319,000      315,408
b,c NTT Finance Corp., 4.142% due 7/26/2024 1,842,000    1,829,898
b,c Videotron Ltd., 5.375% due 6/15/2024    502,000     500,123
  Wireless Telecommunication Services — 0.5%    
  Sprint LLC, 7.625% due 2/15/2025 1,500,000   1,526,580
                5,159,659
  Transportation — 0.5%    
  Air Freight & Logistics — 0.5%    
  Ryder System, Inc.,    
  2.50% due 9/1/2024    371,000      363,146
  3.65% due 3/18/2024 1,000,000     995,200
                1,358,346
  Utilities — 9.2%    
  Electric Utilities — 9.2%    
c 3M Co., due 3/8/2024 1,500,000    1,483,669
  Allegion U.S. Holding Co., Inc., 3.20% due 10/1/2024 1,463,000    1,432,965
  American Electric Power Co., Inc., 2.031% due 3/15/2024 2,500,000    2,477,800
  Arizona Public Service Co., 3.35% due 6/15/2024 1,979,000    1,953,055
  Avangrid, Inc., 3.15% due 12/1/2024 1,000,000      977,250
  Black Hills Corp., 1.037% due 8/23/2024 1,988,000    1,929,076
a CenterPoint Energy, Inc., 6.046% (SOFRINDX + 0.65%) due 5/13/2024    795,000      795,072
  Cleveland Electric Illuminating Co., 5.50% due 8/15/2024 1,000,000      998,030
a DTE Energy Co., 4.22% due 11/1/2024    907,000      895,427
b,c Enel Finance International NV, 6.80% due 10/14/2025 1,000,000    1,025,520
  Eversource Energy, 4.20% due 6/27/2024 1,548,000    1,536,653
c Jersey Central Power & Light Co., 4.70% due 4/1/2024 2,000,000    1,991,840
b,c LVMH Moet Hennessy Louis Vuitton SE, due 3/21/2024 2,000,000    1,975,378
a Mississippi Power Co., Series A, 5.736% (SOFR + 0.30%) due 6/28/2024    750,000      749,422
  NextEra Energy Capital Holdings, Inc.,    
  4.255% due 9/1/2024    750,000      743,467
a 6.449% (SOFRINDX + 1.02%) due 3/21/2024    375,000      375,172
c Niagara Mohawk Power Corp., 3.508% due 10/1/2024 1,750,000    1,717,065
  Oncor Electric Delivery Co. LLC, 2.75% due 6/1/2024    500,000      493,625
  Southern Co., Series 21-A, 0.60% due 2/26/2024 1,250,000    1,239,950
  Vistra Operations Co. LLC,    
c 3.55% due 7/15/2024    500,000      492,440
c 4.875% due 5/13/2024 1,000,000     996,290
               26,279,166
  Total Corporate Bonds (Cost $135,237,756)           135,385,992
  Long-Term Municipal Bonds — 0.0%    
  New Jersey Transportation Trust Fund Authority, ETM, Series B, 2.631% due 6/15/2024     25,000      24,671
  Total Long-Term Municipal Bonds (Cost $25,000)                24,671
  Short-Term Investments — 8.0%    
  Mutual Fund — 8.0%    
d Thornburg Capital Management Fund 2,283,468  22,834,683
  Total Mutual Fund (Cost $22,834,683)            22,834,683
  Total Short-Term Investments (Cost $22,834,683)            22,834,683
  Total Investments — 99.5% (Cost $284,398,460)   $284,534,302
SCHEDULE OF INVESTMENTS, Continued
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
  Issuer-Description SHARES/PRINCIPAL
AMOUNT 		VALUE
  Other Assets Less Liabilities — 0.5%   1,475,386
  Net Assets — 100.0%   $286,009,688
    
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 December 31, 2023.
b Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.
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 December 31, 2023, the aggregate value of these securities in the Fund’s portfolio was $125,002,258, representing 43.71% of the Fund’s net assets.
d Investment in Affiliates.
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ABS Asset Backed Securities
CMBS Commercial Mortgage-Backed Securities
CMO Collateralized Mortgage Obligation
DAC Designated Activity Company
ETM Escrowed to Maturity
Mtg Mortgage
SOFR Secured Overnight Financing Rate
SOFR30A Secured Overnight Financing Rate 30-Day Average
SOFR90A Secured Overnight Financing Rate 90-Day Average
SOFRINDX Secured Overnight Financing Rate Index
TSFR1M Term SOFR 1 Month
TSFR3M Term SOFR 3 Month
UMBS Uniform Mortgage Backed Securities
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Ultra Short Income Fund December 31, 2023 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg Ultra Short Income Fund (the “Fund”) is a diversified series of Thornburg Investment Trust (the “Trust”). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987 and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-four separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers two classes of shares of beneficial interest: Class A and Institutional Class (“Class I”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.
Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.
In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.
NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund’s holding represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:
  Market Value
9/30/23 		Purchases
at Cost 		Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appr./(Depr.) 		Market Value
12/31/23 		Dividend
Income
Thornburg Capital Mgmt. Fund $18,968,697 $65,967,941 $(62,101,955) $- $- $22,834,683 $353,223