| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| LONG-TERM MUNICIPAL BONDS — 89.0% | |||
| Alabama — 2.4% | |||
| a | Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series C-1, 5.25% due 2/1/2053 (put 6/1/2029) | $ 4,000,000 | $ 4,276,236 |
| a | Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.25% due 12/1/2053 (put 12/1/2030) | 1,375,000 | 1,491,094 |
| a | Southeast Energy Authority A Cooperative District, Series B, 5.00% due 1/1/2054 (put 6/1/2030) | 5,000,000 | 5,319,645 |
| a | Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A, 5.50% due 1/1/2053 (put 12/1/2029) | 6,000,000 | 6,458,694 |
| UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | 6,000,000 | 6,362,814 | |
| Alaska — 0.1% | |||
| State of Alaska International Airports System AMT, Series C, 5.00% due 10/1/2029 | 750,000 | 810,832 | |
| Arizona — 0.5% | |||
| Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2031 | 2,500,000 | 2,536,665 | |
| Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2029 | 1,000,000 | 1,012,804 | |
| Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup, Inc.), 5.25% due 12/1/2028 | 770,000 | 816,082 | |
| Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 750,000 | 666,615 | |
| Arkansas — 0.1% | |||
| County of Pulaski (Arkansas Children’s Hospital), 5.00% due 3/1/2042 - 3/1/2043 | 1,000,000 | 1,090,553 | |
| California — 4.4% | |||
| Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.25% due 12/1/2027 - 12/1/2029 | 3,650,000 | 3,657,519 | |
| California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 2,815,000 | 2,816,697 | |
| California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 - 8/15/2033 | 950,000 | 991,835 | |
| a | California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 3,250,000 | 3,435,377 |
| California Infrastructure & Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,501,646 | |
| California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), 4.00% due 5/15/2041 | 500,000 | 497,943 | |
| a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, Series A-1, 4.60% due 11/1/2042 (put 1/16/2024) | 5,000,000 | 5,000,000 |
| a | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 2.50% due 11/1/2038 (put 5/1/2024) | 2,000,000 | 1,989,482 |
| City of Los Angeles Department of Airports AMT, | |||
| Series A, 4.75% due 5/15/2040 | 1,500,000 | 1,519,885 | |
| Series C, 5.00% due 5/15/2033 | 2,000,000 | 2,272,686 | |
| Series D, 5.00% due 5/15/2041 | 4,000,000 | 4,037,024 | |
| City of San Mateo (City of San Mateo Community Facilities District No. 2008-1) (Insured: BAM), 5.25% due 9/1/2040 | 5,000,000 | 5,574,870 | |
| Delano Financing Authority (City of Delano Police Station & Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 1,340,000 | 1,341,577 | |
| Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,097,067 | |
| Fresno (Educational Facilities & Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | 500,000 | 514,837 | |
| M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series B, 6.125% due 11/1/2029 | 2,060,000 | 2,258,825 | |
| North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,081,715 | |
| Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 (pre-refunded 8/1/2025) | 3,000,000 | 3,107,684 | |
| Colorado — 0.8% | |||
| City & County of Denver Airport System Revenue AMT, Series A, 5.00% due 11/15/2041 | 1,660,000 | 1,814,050 | |
| Colorado (CommonSpirit Health Obligated Group) HFA, | |||
| 5.00% due 11/1/2041 | 1,500,000 | 1,587,478 | |
| Series A-2, 5.00% due 8/1/2038 | 1,000,000 | 1,067,075 | |
| Colorado School of Mines (Insured: AGM) (Green Bond), Series A, 5.00% due 12/1/2039 - 12/1/2043 | 1,310,000 | 1,415,762 | |
| Denver City & County Housing Authority (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | 1,335,000 | 1,336,532 | |
| State of Colorado COP, Series A, 5.00% due 9/1/2032 | 350,000 | 385,609 | |
| Connecticut — 2.4% | |||
| City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,751,415 | |
| City of New Haven (Insured: BAM) GO, 5.25% due 8/1/2043 | 1,900,000 | 2,140,684 | |
| State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 1,000,000 | 1,057,242 | |
| State of Connecticut GO, | |||
| Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 13,713,081 | |
| Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,096,551 | |
| Series E, 5.00% due 9/15/2033 | 2,650,000 | 2,954,888 | |
| District of Columbia — 0.9% | |||
| Metropolitan Washington Airports Authority (Dulles Toll Road Revenue; Insured: AGC), Series B, Zero Coupon due 10/1/2024 | 5,000,000 | 4,888,785 | |
| Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | 3,325,000 | 3,548,431 | |
| Florida — 5.5% | |||
| Broward County School Board (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,067,844 | |
| City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | 2,770,000 | 3,350,894 | |
| City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 | 3,680,000 | 4,039,072 | |
| City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2036 - 11/1/2037 | 2,335,000 | 2,496,368 | |
| County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1,000,000 | 1,046,770 | |
| County of Broward Airport System Revenue AMT, 5.00% due 10/1/2042 | 2,850,000 | 2,946,264 |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| County of Broward Port Facilities Revenue AMT, | |||
| 5.00% due 9/1/2037 - 9/1/2041 | $ 2,050,000 | $ 2,216,845 | |
| Series B, 4.00% due 9/1/2039 | 1,500,000 | 1,499,942 | |
| County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2033 | 1,535,000 | 1,578,930 | |
| County of Miami-Dade, Series A, 5.00% due 4/1/2043 | 500,000 | 555,090 | |
| County of Miami-Dade (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 5,423,340 | |
| County of Miami-Dade Aviation Revenue AMT, | |||
| Series A, 5.00% due 10/1/2032 - 10/1/2035 | 4,000,000 | 4,037,964 | |
| Series B, 5.00% due 10/1/2040 | 2,500,000 | 2,578,665 | |
| County of Miami-Dade Seaport Department AMT, Series A, 5.00% due 10/1/2041 - 10/1/2042 | 3,050,000 | 3,276,139 | |
| Miami-Dade County (Nicklaus Children’s Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | 3,405,000 | 3,564,382 | |
| Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | 1,000,000 | 1,005,149 | |
| Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 1,750,000 | 1,767,503 | |
| Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,125,720 | |
| Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 509,523 | |
| Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2040 - 11/1/2041 | 715,000 | 746,020 | |
| Palm Beach County Housing Finance Authority (Lake Worth Towers Preservation LP; Collateralized: FNMA), 4.85% due 6/1/2041 | 1,344,455 | 1,449,649 | |
| School Board of Miami-Dade County COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,346,567 | |
| School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,404,073 | |
| Georgia — 3.8% | |||
| Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons LLC), 5.00% due 6/15/2024 - 6/15/2028 | 2,320,000 | 2,323,728 | |
| Georgia Housing & Finance Authority, Series B, 5.05% due 12/1/2043 | 1,470,000 | 1,585,201 | |
| a | Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 5,000,000 | 5,311,645 |
| Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2036 - 5/15/2038 | 11,760,000 | 12,712,840 | |
| Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
| a | Series B, 5.00% due 7/1/2053 (put 3/1/2030) | 2,000,000 | 2,124,234 |
| a | Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 8,000,000 | 8,571,640 |
| Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 | 2,295,000 | 2,509,638 | |
| Savannah (International Paper Co.) EDA, Series B, 1.90% due 8/1/2024 | 2,000,000 | 1,977,728 | |
| Guam — 0.1% | |||
| Guam Waterworks Authority (Water & Wastewater System), 5.25% due 7/1/2024 | 1,000,000 | 1,001,062 | |
| Hawaii — 0.2% | |||
| State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2034 | 2,000,000 | 2,195,526 | |
| Idaho — 0.4% | |||
| Idaho Housing & Finance Association (Collateralized: GNMA, FNMA, FHLMC), Series C, 4.65% due 7/1/2043 | 3,500,000 | 3,656,398 | |
| Illinois — 16.0% | |||
| Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 - 4/1/2043 | 2,375,000 | 2,561,345 | |
| Chicago O’Hare International Airport, Series C, 5.00% due 1/1/2038 | 2,920,000 | 3,024,329 | |
| Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2030 | 765,000 | 800,383 | |
| Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2035 | 9,100,000 | 9,725,363 | |
| Chicago Park District (Capital Improvement Plan) GO, | |||
| Series B, 5.00% due 1/1/2025 | 1,000,000 | 1,001,419 | |
| Series D, 5.00% due 1/1/2028 | 3,450,000 | 3,453,440 | |
| Chicago Park District GO, | |||
| Series A, 5.00% due 1/1/2027 - 1/1/2029 | 1,355,000 | 1,356,948 | |
| Series B, 5.00% due 1/1/2030 | 1,215,000 | 1,216,746 | |
| City of Chicago (Chicago O’Hare International Airport Customer Facility Charge Revenue; Insured: BAM), 5.25% due 1/1/2043 | 1,500,000 | 1,686,214 | |
| City of Chicago (Chicago O’Hare International Airport) AMT, Series A, 5.00% due 1/1/2028 | 1,475,000 | 1,493,463 | |
| City of Chicago (Midway International Airport), | |||
| Series B, | |||
| 5.00% due 1/1/2032 - 1/1/2033 | 9,805,000 | 9,821,335 | |
| 5.25% due 1/1/2034 | 4,700,000 | 4,708,888 | |
| City of Chicago (Midway International Airport) AMT, Series A, 5.00% due 1/1/2034 | 1,365,000 | 1,369,707 | |
| City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2033 | 500,000 | 509,911 | |
| City of Chicago (Wastewater Transmission System; Insured: AGM-CR), Series B, 5.00% due 1/1/2034 | 1,375,000 | 1,459,908 | |
| City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | 1,000,000 | 1,015,959 | |
| City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2036 - 11/1/2037 | 5,500,000 | 5,911,725 | |
| City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | 1,100,000 | 1,218,895 | |
| City of Chicago GO, | |||
| Series A, | |||
| 5.625% due 1/1/2031 | 1,585,000 | 1,660,078 | |
| 6.00% due 1/1/2038 | 7,500,000 | 7,856,805 | |
| City of Chicago Wastewater Transmission Revenue, | |||
| Series C, |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| 5.00% due 1/1/2028 - 1/1/2029 | $ 3,880,000 | $ 3,954,899 | |
| 5.00% due 1/1/2028 - 1/1/2029 (pre-refunded 1/1/2025) | 3,985,000 | 4,068,056 | |
| City of Joliet (Rock Run Crossing Project; Insured: BAM) GO, 5.50% due 12/15/2042 | 2,750,000 | 3,130,278 | |
| County of Cook Sales Tax Revenue, | |||
| 5.00% due 11/15/2038 | 435,000 | 459,875 | |
| Series A, 5.00% due 11/15/2036 - 11/15/2038 | 3,160,000 | 3,484,249 | |
| Illinois (Collateralized: GNMA, FNMA, FHLMC) HDA, Series K, 5.25% due 10/1/2043 | 2,000,000 | 2,156,070 | |
| Illinois Finance Authority (Ascension Health Credit Group), | |||
| Series C, | |||
| 4.00% due 2/15/2033 | 800,000 | 828,782 | |
| 5.00% due 2/15/2041 | 1,000,000 | 1,026,811 | |
| Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | 1,700,000 | 1,961,030 | |
| Illinois Finance Authority (Rush Obligated Group), Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,016,354 | |
| Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2024 - 8/15/2035 | 2,500,000 | 2,535,201 | |
| Illinois State Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 5,550,000 | 5,722,744 | |
| Monroe & St. Clair Counties (Community Unit School District No. 5; Insured: BAM) GO, 5.00% due 4/15/2027 - 4/15/2031 | 6,285,000 | 6,565,156 | |
| Regional Transportation Authority (Insured: AGM), Series A, 5.75% due 6/1/2034 | 1,100,000 | 1,360,271 | |
| Sales Tax Securitization Corp., | |||
| Series A, | |||
| 4.00% due 1/1/2038 | 2,000,000 | 2,045,068 | |
| 5.00% due 1/1/2029 - 1/1/2044 | 6,350,000 | 6,762,167 | |
| Sales Tax Securitization Corp. (Insured: BAM-TCRS), Series A, 5.00% due 1/1/2038 | 3,075,000 | 3,259,832 | |
| Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2037 - 4/1/2042 | 2,040,000 | 2,176,824 | |
| State of Illinois (Insured: AGM-CR) GO, 5.00% due 4/1/2036 | 500,000 | 502,403 | |
| State of Illinois GO, | |||
| 5.00% due 2/1/2039 | 670,000 | 671,260 | |
| 5.50% due 5/1/2039 | 1,500,000 | 1,659,361 | |
| Series A, 5.00% due 12/1/2034 - 5/1/2040 | 11,810,000 | 12,819,188 | |
| Series B, 5.25% due 5/1/2043 | 3,500,000 | 3,815,857 | |
| Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4,250,000 | 4,557,660 | |
| State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2030 - 6/15/2031 | 9,280,000 | 10,026,357 | |
| State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 | 2,885,000 | 3,111,672 | |
| Tazewell County School District (Insured: Natl-Re) GO Partial ETM, 9.00% due 12/1/2024 | 1,205,000 | 1,268,681 | |
| Will County School District No. 114 Manhattan (Insured: BAM) GO, | |||
| 5.25% due 1/1/2040 - 1/1/2041 | 1,000,000 | 1,115,394 | |
| 5.50% due 1/1/2043 | 2,000,000 | 2,255,822 | |
| Indiana — 3.2% | |||
| Brownsburg 1999 School Building Corp. (Brownsburg Community School Corp.; Insured: State Intercept), 5.00% due 1/15/2042 | 1,000,000 | 1,110,672 | |
| a | City of Mount Vernon (Southern Indiana Gas & Electric Co.) AMT, 4.25% due 9/1/2055 (put 9/1/2028) | 2,000,000 | 2,000,738 |
| a | City of Whiting (BP Products North America, Inc.; Guaranty : BP plc) AMT, 5.00% due 11/1/2047 (put 11/1/2024) | 250,000 | 251,656 |
| Indiana (Ascension Health Credit Group) HFFA, Series 2001-A-1, 5.00% due 11/15/2036 | 6,000,000 | 6,271,140 | |
| Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | 500,000 | 589,093 | |
| Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 8,000,000 | 8,135,184 | |
| Indiana Finance Authority (Reid Hospital & Health Care Services, Inc. Obligated Group; Insured: AGM), 5.00% due 1/1/2041 - 1/1/2042 | 2,000,000 | 2,156,850 | |
| Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, | |||
| a | Series A, 4.00% due 3/1/2038 (put 8/1/2028) | 1,500,000 | 1,525,320 |
| a | Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 2,500,000 | 2,542,200 |
| Indiana Municipal Power Agency, Series C, 5.00% due 1/1/2036 | 1,000,000 | 1,055,599 | |
| IPS Multi-School Building Corp. (Indianapolis Board of School Commissioners; Insured: State Intercept), 5.50% due 7/15/2042 | 1,000,000 | 1,160,048 | |
| Mount Vernon of Hancock County Multi-School Building Corp. (Insured: State Intercept), 5.50% due 1/15/2042 | 1,000,000 | 1,140,328 | |
| Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | 1,000,000 | 1,148,861 | |
| Silver Creek School Building Corp. (Insured: State Intercept), 5.25% due 1/15/2042 | 2,000,000 | 2,271,340 | |
| Iowa — 1.3% | |||
| a | Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 3,000,000 | 3,107,757 |
| Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4,100,000 | 4,105,729 | |
| a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 5,350,000 | 5,479,716 |
| Kentucky — 2.3% | |||
| a | County of Trimble (Louisville Gas & Electric Co.) AMT, Series A, 4.70% due 6/1/2054 (put 6/1/2027) | 1,250,000 | 1,268,925 |
| Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 5,000,000 | 5,134,240 | |
| Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
| Series A-1, | |||
| a | 4.00% due 8/1/2052 (put 8/1/2030) | 1,220,000 | 1,226,144 |
| a | 5.25% due 4/1/2054 (put 2/1/2032) | 10,000,000 | 10,892,750 |
| Kentucky State Property & Building Commission, |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Series A, | |||
| 4.00% due 11/1/2035 | $ 1,000,000 | $ 1,034,038 | |
| 5.25% due 6/1/2039 | 3,000,000 | 3,393,369 | |
| Louisiana — 0.7% | |||
| Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2034 | 1,000,000 | 1,087,886 | |
| Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1,925,000 | 2,069,009 | |
| Parish of Lafourche (Roads, Highways & Bridges), 5.00% due 1/1/2024 - 1/1/2025 | 3,685,000 | 3,736,669 | |
| Maine — 0.1% | |||
| Maine Health & Higher Educational Facilities Authority (Insured: AGM), Series A, 5.00% due 7/1/2041 - 7/1/2043 | 625,000 | 688,688 | |
| Massachusetts — 0.1% | |||
| Massachusetts Bay Transportation Authority Assessment Revenue (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,180,922 | |
| Michigan — 1.8% | |||
| Board of Governors of Wayne State University (Educational Facilities & Equipment), Series A, 5.00% due 11/15/2031 | 1,010,000 | 1,029,933 | |
| Detroit City School District (School Building & Site Improvement; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3,150,000 | 3,315,545 | |
| Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,100,000 | 1,186,008 | |
| Kalamazoo Hospital Finance Authority (Bronson Healthcare), Series A, 5.25% due 5/15/2026 | 110,000 | 110,154 | |
| Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2036 | 2,000,000 | 2,275,100 | |
| Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 1,000,000 | 1,001,591 | |
| Michigan Finance Authority (Trinity Health Corp. Obligated Group), Series A, 4.00% due 12/1/2040 | 6,200,000 | 6,189,770 | |
| Michigan HDA, Series B, 2.95% due 12/1/2039 | 2,000,000 | 1,744,492 | |
| Wayne County Airport Authority (Insured: AGM) AMT, Series B, 5.50% due 12/1/2043 | 675,000 | 765,054 | |
| Minnesota — 0.2% | |||
| City of Coon Rapids (Mississippi View Housing Partners LP; Collateralized: FNMA), Series M, 5.60% due 12/1/2039 | 1,500,000 | 1,641,942 | |
| Mississippi — 0.7% | |||
| a | County of Warren (International Paper Co.), Series A, 1.375% due 5/1/2034 (put 6/16/2025) | 1,625,000 | 1,557,754 |
| Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.25% due 10/1/2037 - 10/1/2038 | 5,250,000 | 5,681,633 | |
| Montana — 0.2% | |||
| Montana Board of Housing, Series B, 4.80% due 12/1/2043 | 2,000,000 | 2,076,986 | |
| Nebraska — 0.4% | |||
| a | Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | 2,000,000 | 2,117,062 |
| Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), | |||
| a | Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 500,000 | 525,141 |
| Series A, 5.00% due 9/1/2031 | 1,000,000 | 1,070,359 | |
| Nevada — 0.1% | |||
| Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2032 | 730,000 | 766,738 | |
| New Jersey — 3.9% | |||
| New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.25% due 11/1/2042 | 4,000,000 | 4,518,400 | |
| New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,210,807 | |
| New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N1, 5.50% due 9/1/2027 | 1,700,000 | 1,864,608 | |
| New Jersey (State of New Jersey Department of the Treasury) EDA, Series EEE, 5.00% due 6/15/2043 | 545,000 | 577,201 | |
| New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2,815,000 | 2,819,138 | |
| New Jersey Transportation Trust Fund Authority, | |||
| Series A, 5.00% due 12/15/2032 - 12/15/2035 | 5,300,000 | 5,795,683 | |
| Series AA, | |||
| 5.00% due 6/15/2035 - 6/15/2040 | 1,800,000 | 2,008,893 | |
| 5.25% due 6/15/2043 | 3,100,000 | 3,323,823 | |
| Series BB-1, 5.00% due 6/15/2034 | 2,000,000 | 2,198,756 | |
| New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
| Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,055,622 | |
| Series A-1, 5.00% due 6/15/2024 | 1,000,000 | 1,009,517 | |
| New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), | |||
| Series AA, 5.00% due 6/15/2038 | 3,500,000 | 3,779,860 | |
| Series CC, 5.00% due 6/15/2042 | 3,750,000 | 4,150,537 | |
| New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2039 | 2,000,000 | 2,179,963 | |
| New Mexico — 0.6% | |||
| Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2035 | 500,000 | 572,493 | |
| New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2036 - 8/1/2037 | 1,955,000 | 2,142,087 | |
| New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements; Insured: AGM), 4.00% due 12/1/2035 - 12/1/2040 | 1,910,000 | 1,966,151 | |
| Village of Los Ranchos de Albuquerque (Albuquerque Academy), 4.00% due 9/1/2040 | 825,000 | 811,056 | |
| New York — 7.8% | |||
| Build NYC Resource Corp. (Kipp NYC Public Charter Schools), 5.00% due 7/1/2042 | 2,300,000 | 2,365,532 | |
| City of Long Beach (Insured: BAM) GO, Series B, 5.25% due 7/15/2042 | 1,000,000 | 1,080,958 | |
| City of New York (City Budget Financial Management) GO, |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Series G, 5.00% due 8/1/2027 | $ 4,530,000 | $ 4,537,941 | |
| Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 9,122,226 | |
| City of New York GO, | |||
| Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,097,778 | |
| Series D-1, 5.25% due 5/1/2040 - 5/1/2041 | 2,500,000 | 2,895,695 | |
| Dutchess County Local Development Corp. (Tompkins Terrace Housing LP; Collateralized: FNMA), 5.00% due 10/1/2040 | 3,100,000 | 3,419,018 | |
| Erie County (City of Buffalo School District) (State Aid Withholding) IDA, Series A, 5.00% due 5/1/2027 | 5,000,000 | 5,015,920 | |
| Metropolitan Transportation Authority, | |||
| Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8,295,000 | 8,837,836 | |
| Series D-1, 5.00% due 11/15/2031 | 2,285,000 | 2,373,541 | |
| Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1,820,000 | 1,920,241 | |
| New York City Housing Development Corp., Series B, 5.05% due 11/1/2043 | 4,250,000 | 4,514,690 | |
| New York City Housing Development Corp. (CSA Preservation Partners LLC), Series A, 4.45% due 8/1/2043 | 1,500,000 | 1,535,277 | |
| New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
| Series A, 5.00% due 11/1/2036 | 1,230,000 | 1,409,491 | |
| Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,101,158 | |
| Series A-3, 4.00% due 8/1/2042 | 2,500,000 | 2,505,285 | |
| New York State Dormitory Authority (Cornell University) (Green Bond), Series D, 5.00% due 7/1/2036 | 500,000 | 632,938 | |
| New York State Dormitory Authority (Insured: BAM), Series A, 5.00% due 10/1/2042 | 5,000,000 | 5,545,730 | |
| New York State Thruway Authority (State of New York Personal Income Tax Revenue), 5.00% due 3/15/2041 | 1,500,000 | 1,709,434 | |
| 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 | 4,300,000 | 4,778,584 | |
| Port Authority of New York & New Jersey AMT, | |||
| Series 186, 5.00% due 10/15/2037 | 3,000,000 | 3,044,040 | |
| Series 207, 5.00% due 9/15/2030 | 1,400,000 | 1,504,892 | |
| State of New York Mortgage Agency (Insured: SONYMA) AMT, | |||
| Series 248, 4.05% due 10/1/2031 | 2,035,000 | 1,976,905 | |
| Series 253, 4.70% due 10/1/2038 | 1,000,000 | 1,007,623 | |
| Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250,000 | 291,232 | |
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series A, 4.00% due 5/15/2040 | 1,500,000 | 1,573,079 | |
| Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 | 250,000 | 261,521 | |
| Yonkers (New Community School Project) (State Aid Withholding) IDA, 4.00% due 5/1/2041 | 250,000 | 255,564 | |
| North Carolina — 0.8% | |||
| Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,193,250 | |
| Greater Asheville Regional Airport Authority (Insured: AGM) AMT, 5.25% due 7/1/2042 - 7/1/2043 | 1,450,000 | 1,619,962 | |
| North Carolina Medical Care Commission (Plantation Village Obligated Group), Series A, 4.00% due 1/1/2041 | 1,020,000 | 875,412 | |
| North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 (pre-refunded 6/1/2025) | 3,000,000 | 3,090,219 | |
| Ohio — 2.2% | |||
| Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 (pre-refunded 12/15/2024) | 3,075,000 | 3,136,125 | |
| City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | 1,000,000 | 1,001,704 | |
| City of Cleveland GO, 5.00% due 12/1/2026 | 15,000 | 15,026 | |
| Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 1,838,094 | |
| County of Hamilton (Cincinnati Children’s Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | 8,085,000 | 8,151,104 | |
| Northeast Ohio Medical University (Insured: BAM), | |||
| 5.00% due 12/1/2038 - 12/1/2041 | 2,420,000 | 2,590,349 | |
| Series B, 4.00% due 12/1/2042 | 1,310,000 | 1,258,974 | |
| Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | 840,000 | 903,104 | |
| Ohio Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series B, 4.80% due 9/1/2043 | 1,000,000 | 1,058,756 | |
| Polaris Career Center COP, 5.00% due 11/1/2041 | 1,150,000 | 1,182,637 | |
| Oklahoma — 0.9% | |||
| Clinton Public Works Authority, 5.00% due 10/1/2039 | 3,335,000 | 3,594,393 | |
| Oklahoma County Finance Authority (Oklahoma County ISD No. 4 Choctaw-Nicoma Park), 4.00% due 9/1/2038 | 5,000,000 | 5,080,790 | |
| Oregon — 0.2% | |||
| a | County of Gilliam (Guaranty: Waste Management, Inc.) AMT, 3.95% due 7/1/2038 (put 5/1/2024) | 1,500,000 | 1,503,299 |
| Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | 500,000 | 430,155 | |
| Pennsylvania — 5.6% | |||
| City of Philadelphia (Pennsylvania Gas Works), | |||
| Series 13, 5.00% due 8/1/2032 - 8/1/2034 | 2,300,000 | 2,374,315 | |
| Series 14, 5.00% due 10/1/2034 | 500,000 | 522,656 | |
| City of Philadelphia (Philadelphia Gas Works), Series 15, 5.00% due 8/1/2042 | 2,500,000 | 2,584,965 | |
| City of Philadelphia Airport Revenue (Insured: AGM) AMT, 4.00% due 7/1/2038 - 7/1/2041 | 3,410,000 | 3,429,221 | |
| City of Philadelphia Airport Revenue AMT, | |||
| Series B, 5.00% due 7/1/2030 - 7/1/2037 | 3,175,000 | 3,332,149 | |
| Series C, 5.00% due 7/1/2032 | 1,380,000 | 1,512,215 | |
| City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | 1,215,000 | 1,309,250 |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | $ 3,000,000 | $ 3,120,291 | |
| Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 3,642,932 | |
| a | Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | 1,000,000 | 1,007,671 |
| Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.50% due 6/30/2043 | 6,000,000 | 6,510,570 | |
| Pennsylvania (Presbyterian Homes Obligated Group) EDFA, Series B-2, 5.00% due 7/1/2042 | 1,250,000 | 1,271,786 | |
| Pennsylvania (UPMC Obligated Group) EDFA, | |||
| Series A, | |||
| 4.00% due 10/15/2037 | 1,000,000 | 1,017,389 | |
| 5.00% due 2/15/2036 | 1,000,000 | 1,129,363 | |
| Pennsylvania Housing Finance Agency (Cambridge Community Partners LP; Collateralized: FNMA), Series A, 5.55% due 11/1/2042 | 1,100,000 | 1,275,639 | |
| Pennsylvania Housing Finance Agency AMT, 5.00% due 4/1/2027 | 1,500,000 | 1,569,352 | |
| Pennsylvania State Public School Building Authority (Philadelphia School District; Insured: AGM) (State Aid Withholding), Series B, 5.00% due 6/1/2027 | 5,000,000 | 5,354,405 | |
| Pennsylvania Turnpike Commission, Series 2, 5.00% due 12/1/2036 | 1,150,000 | 1,233,987 | |
| Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | 11,125,000 | 11,879,154 | |
| School District of Philadelphia (State Aid Withholding) GO, Series A, 4.00% due 9/1/2041 | 1,000,000 | 1,006,204 | |
| Rhode Island — 0.6% | |||
| Rhode Island Housing & Mortgage Finance Corp. (Collateralized: GNMA), Series 81-A, 5.25% due 10/1/2043 | 2,000,000 | 2,160,524 | |
| State of Rhode Island & Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 3,600,723 | |
| South Carolina — 2.1% | |||
| City of Myrtle Beach (Municipal Sports Complex), Series B, 5.00% due 6/1/2028 - 6/1/2030 | 2,000,000 | 2,016,479 | |
| a | Patriots Energy Group Financing Agency (Guaranty: Royal Bank Of Canada), Series B-1, 5.25% due 2/1/2054 (put 3/1/2031) | 6,000,000 | 6,510,306 |
| a | Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 9,500,000 | 10,329,873 |
| a | South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 2,000,000 | 1,988,258 |
| South Dakota — 0.2% | |||
| South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2028 - 11/1/2029 | 1,800,000 | 1,856,727 | |
| Tennessee — 2.9% | |||
| Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2026 - 7/1/2033 | 2,320,000 | 2,543,018 | |
| Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2031 - 5/1/2035 | 2,925,000 | 3,102,270 | |
| a | Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 2,000,000 | 1,999,900 |
| Tennessee (Collateralized: GNMA, FNMA, FHLMC) HDA, Series 3A, 5.20% due 7/1/2043 | 1,975,000 | 2,124,592 | |
| a | Tennessee Energy Acquisition Corp. (Guaranty: Goldman Sachs Group, Inc.), Series A-1, 5.00% due 5/1/2053 (put 5/1/2028) | 5,000,000 | 5,222,670 |
| a | Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | 11,785,000 | 12,517,285 |
| Tennessee HDA, Series 2A, 4.45% due 7/1/2043 | 1,000,000 | 1,004,578 | |
| Texas — 9.0% | |||
| Calallen (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2043 | 750,000 | 842,649 | |
| Celina (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2042 - 2/15/2043 | 1,250,000 | 1,415,634 | |
| City of Austin Airport System Revenue AMT, 5.00% due 11/15/2035 - 11/15/2042 | 5,740,000 | 6,244,236 | |
| City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 9,966,845 | |
| City of Galveston (Galveston Island Convention Center; Insured: AGM), Series B, 5.00% due 9/1/2024 | 575,000 | 575,933 | |
| City of Houston Airport System Revenue AMT, | |||
| Series A, | |||
| 4.00% due 7/1/2041 | 1,310,000 | 1,309,669 | |
| 5.00% due 7/1/2033 - 7/1/2041 | 2,500,000 | 2,678,753 | |
| City of Houston Airport System Revenue AMT; (Insured: AGM), Series A, 5.25% due 7/1/2042 | 1,000,000 | 1,114,190 | |
| City of McAllen (International Toll Bridge Revenue; Insured: AGM), Series A, 5.00% due 3/1/2029 - 3/1/2032 | 4,730,000 | 4,961,269 | |
| City of McKinney Waterworks & Sewer System Revenue, 5.00% due 3/15/2041 - 3/15/2042 | 900,000 | 1,007,251 | |
| City of New Braunfels Utility System Revenue, 5.00% due 7/1/2042 | 1,750,000 | 1,985,870 | |
| City of Port Arthur (CTFS Obligation; Insured: BAM) GO, | |||
| 4.00% due 2/15/2040 - 2/15/2042 | 1,750,000 | 1,774,125 | |
| 5.00% due 2/15/2039 - 2/15/2043 | 2,350,000 | 2,606,255 | |
| City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,228,631 | |
| City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2040 | 2,000,000 | 2,245,122 | |
| City of San Antonio (Water System), Series A, 5.00% due 5/15/2037 | 500,000 | 543,109 | |
| a | City of San Antonio Electric & Gas Systems Revenue, Series A, 1.75% due 2/1/2033 (put 12/1/2024) | 3,995,000 | 3,933,865 |
| Corpus Christi (Insured: PSF-GTD) ISD GO, 4.00% due 8/15/2043 | 1,500,000 | 1,538,164 | |
| County of Bexar GO, 4.00% due 6/15/2036 | 1,000,000 | 1,026,497 | |
| Crosby (Insured: PSF-GTD) ISD GO, 4.00% due 2/15/2042 | 1,000,000 | 1,031,733 | |
| Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2034 | 1,185,000 | 1,370,247 | |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), | |||
| 5.00% due 7/1/2040 | 5,000,000 | 5,181,745 | |
| Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,054,699 | |
| Hays Consolidated (Insured: PSF-GTD) ISD GO, 4.00% due 2/15/2043 | 1,000,000 | 1,032,069 | |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| 5.00% due 5/15/2039 | $ 750,000 | $ 790,101 | |
| Series A, | |||
| 5.00% due 5/15/2039 | 500,000 | 548,374 | |
| 5.25% due 5/15/2042 | 1,410,000 | 1,592,801 | |
| Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 2,000,000 | 2,003,658 | |
| a | Mission Economic Development Corp. (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 6/1/2048 (put 6/3/2024) | 1,100,000 | 1,100,340 |
| Newark Higher Education Finance Corp. (Hughen Center, Inc.; Insured: PSF-GTD), Series A, 5.00% due 8/15/2042 | 600,000 | 656,709 | |
| North Texas Tollway Authority (North Texas Tollway System), Series A, 4.125% due 1/1/2040 | 1,500,000 | 1,565,998 | |
| Pecos Barstow Toyah (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2043 | 1,000,000 | 1,031,725 | |
| Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group), Series B, 5.00% due 7/1/2036 | 1,185,000 | 1,278,534 | |
| Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2040 | 3,520,000 | 3,898,351 | |
| a | Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | 5,000,000 | 5,567,350 |
| Texas Public Finance Authority (Texas Southern University; Insured: BAM), 5.25% due 5/1/2040 | 500,000 | 538,914 | |
| Texas State Technical College (Insured: AGM), Series A, 5.50% due 8/1/2042 | 2,000,000 | 2,305,418 | |
| Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 3,350,000 | 3,362,737 | |
| Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | 850,000 | 858,353 | |
| Utah — 0.1% | |||
| Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 500,000 | 528,604 | |
| Utah Telecommunication Open Infrastructure Agency, 5.50% due 6/1/2040 | 500,000 | 579,725 | |
| Virginia — 0.8% | |||
| Virginia HDA, Series D, 4.50% due 8/1/2043 | 2,000,000 | 2,044,262 | |
| Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 | 850,000 | 902,560 | |
| a | Wise County (Virginia Electric & Power Co.) IDA, Series A, 1.20% due 11/1/2040 (put 5/31/2024) | 5,155,000 | 5,084,825 |
| Washington — 0.6% | |||
| Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | 1,000,000 | 1,135,576 | |
| State of Washington GO, Series 2021A, 5.00% due 6/1/2040 | 2,225,000 | 2,469,837 | |
| Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | 1,000,000 | 1,023,595 | |
| b | Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.875% due 7/1/2043 | 1,000,000 | 1,090,457 |
| Wisconsin — 2.0% | |||
| Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2028 - 1/1/2042 | 4,250,000 | 4,155,121 | |
| Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2040 - 6/1/2041 | 525,000 | 508,089 | |
| Racine (Insured: AGM) USD GO, 5.00% due 4/1/2039 - 4/1/2042 | 3,850,000 | 4,252,154 | |
| Wisconsin Health & Educational Facilities Authority (Ascension Health), Series A, 5.00% due 11/15/2036 | 2,380,000 | 2,451,845 | |
| Wisconsin Housing (Collateralized: GNMA, FNMA, FHLMC) EDA, Series A, 4.85% due 9/1/2043 | 5,000,000 | 5,279,250 | |
| WPPI Energy, Series A, 5.00% due 7/1/2030 - 7/1/2036 | 2,680,000 | 2,952,434 | |
| Total Long-Term Municipal Bonds — 89.0% (Cost $841,315,375) | 870,398,006 | ||
| Short-Term Municipal Bonds — 9.4% | |||
| California — 1.8% | |||
| a | California Public Finance Authority (Sharp Healthcare Obligated Group; LOC Barclays Bank plc), Series B, 4.00% due 8/1/2052 (put 1/2/2024) | 550,000 | 550,000 |
| a | California Statewide Communities Development Authority (Rady Children’s Hospital Obligated Group; LOC Wells Fargo Bank NA), Series B 3.38% due 8/15/2047 (put 1/2/2024) | 5,000,000 | 5,000,000 |
| a | Irvine Ranch Water District Water Service Corp. (LOC Bank Of America NA), Series B 3.29% due 10/1/2041 (put 1/2/2024) | 875,000 | 875,000 |
| a | Los Angeles Department of Water & Power (SPA UBS AG), Series B2, 3.64% due 7/1/2035 (put 1/2/2024) | 6,000,000 | 6,000,000 |
| a | San Mateo County Transit District Sales Tax Revenue (LOC Bank of America NA), Series B 3.65% due 6/1/2049 (put 1/2/2024) | 1,650,000 | 1,650,000 |
| a | State of California (LOC Barclays Bank plc) GO, Series A-1-REMK, 3.70% due 5/1/2033 (put 1/2/2024) | 3,300,000 | 3,300,000 |
| Florida — 0.3% | |||
| City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), | |||
| a | Series A-REMK, 3.85% due 10/1/2026 (put 1/2/2024) | 1,500,000 | 1,500,000 |
| a | Series B-REMK, 4.15% due 10/1/2042 (put 1/2/2024) | 1,500,000 | 1,500,000 |
| Indiana — 1.1% | |||
| a | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank plc), Series J, 4.10% due 11/1/2037 (put 1/2/2024) | 11,000,000 | 11,000,000 |
| Kentucky — 1.8% | |||
| County of Meade (Nucor Corp.) AMT, | |||
| Series A-1, | |||
| a | 5.00% due 7/1/2060 (put 1/2/2024) | 760,000 | 760,000 |
| a | 5.05% due 8/1/2061 (put 1/2/2024) | 10,800,000 | 10,800,000 |
| a | Series A-2, 5.00% due 7/1/2060 (put 1/2/2024) | 6,200,000 | 6,200,000 |
| Maryland — 0.1% | |||
| a | Maryland Health & Higher Educational Facilities Authority (LOC TD Bank NA), Series A 3.93% due 4/1/2035 (put 1/8/2024) | 900,000 | 900,000 |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Minnesota — 0.1% | |||
| a | City of Minneapolis (Fairview Health Services Obligated Group; LOC Wells Fargo Bank NA), Series C, 3.95% due 11/15/2048 (put 1/2/2024) | $ 800,000 | $ 800,000 |
| New Jersey — 0.3% | |||
| a | New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group; LOC JP Morgan Chase Bank NA), Series C 3.80% due 7/1/2043 (put 1/2/2024) | 2,550,000 | 2,550,000 |
| New York — 1.1% | |||
| a | City of New York (SPA Barclays Bank plc) GO, Series F5, 4.10% due 6/1/2044 (put 1/2/2024) | 900,000 | 900,000 |
| a | Metropolitan Transportation Authority (LOC Barclays Bank plc), Series E 1, 4.10% due 11/15/2050 (put 1/2/2024) | 2,100,000 | 2,100,000 |
| New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA JP Morgan Chase Bank NA), | |||
| a | 4.10% due 6/15/2044 (put 1/2/2024) | 2,900,000 | 2,900,000 |
| a | Series AA-1, 4.10% due 6/15/2050 (put 1/2/2024) | 940,000 | 940,000 |
| a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Barclays Bank plc), Series B3, 4.10% due 11/1/2042 (put 1/2/2024) | 3,620,000 | 3,620,000 |
| a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), Series A4, 4.10% due 8/1/2039 (put 1/2/2024) | 600,000 | 600,000 |
| Texas — 2.8% | |||
| a | City of Houston Combined Utility System Revenue (LOC Barclays Bank plc), Series C, 3.91% due 5/15/2034 (put 1/8/2024) | 1,350,000 | 1,350,000 |
| a | Port of Port Arthur Navigation District (Motiva Enterprises LLC), 4.65% due 4/1/2040 (put 1/2/2024) | 25,450,000 | 25,450,000 |
| Total Short-Term Municipal Bonds — 9.4% (Cost $91,245,000) | 91,245,000 | ||
| Total Investments — 98.4% (Cost $932,560,375) | $961,643,006 | ||
| Other Assets Less Liabilities — 1.6% | 16,050,005 | ||
| Net Assets — 100.0% | $977,693,011 |
| 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 | 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 $6,090,457, representing 0.62% of the Fund’s net assets. |
| Thornburg Intermediate Municipal Fund | December 31, 2023 (Unaudited) |