SCHEDULE OF INVESTMENTS

Thornburg Developing World Fund December 31, 2023 (Unaudited)

	Issuer-Description	SHARES	VALUE
	Common Stock — 93.5%
	Automobiles & Components — 3.6%
	Automobile Components — 0.9%
	Zhejiang Shuanghuan Driveline Co. Ltd. Class A,	2,492,000	$  9,142,697
	Automobiles — 2.7%
a	Kia Corp.	133,137	10,295,918
	Tata Motors Ltd.	1,604,091	15,024,302
			34,462,917
	Banks — 10.9%
	Banks — 10.9%
	Bank Rakyat Indonesia Persero Tbk. PT	29,019,267	10,790,109
	Credicorp Ltd.	75,342	11,296,026
	Grupo Financiero Banorte SAB de CV Class O	2,419,789	24,381,715
	HDFC Bank Ltd.	1,048,809	21,535,473
	ICICI Bank Ltd.	1,257,283	15,084,903
	Saudi National Bank	956,932	9,869,030
	SCB X PCL	3,401,025	10,551,409
			103,508,665
	Capital Goods — 1.0%
	Machinery — 1.0%
	Shenzhen Inovance Technology Co. Ltd. Class A	1,051,665	9,362,698
			9,362,698
	Consumer Discretionary Distribution & Retail — 9.9%
	Broadline Retail — 8.2%
	Alibaba Group Holding Ltd.	1,803,122	17,457,389
a	MercadoLibre, Inc.	7,422	11,663,970
	momo.com, Inc.	571,000	9,469,999
	Naspers Ltd. Class N	107,127	18,318,615
a	PDD Holdings, Inc. ADR	144,721	21,174,129
	Specialty Retail — 1.7%
	China Tourism Group Duty Free Corp. Ltd. Class A	816,298	9,632,551
	K Car Co. Ltd.	705,055	6,395,754
			94,112,407
	Consumer Services — 2.9%
	Hotels, Restaurants & Leisure — 2.9%
	Galaxy Entertainment Group Ltd.	1,632,000	9,143,882
	H World Group Ltd. ADR	254,647	8,515,396
	Yum China Holdings, Inc.	231,714	9,857,897
			27,517,175
	Consumer Staples Distribution & Retail — 8.4%
	Consumer Staples Distribution & Retail — 8.4%
	BIM Birlesik Magazalar AS	946,795	9,662,731
a,b	Dino Polska SA	241,170	28,237,377
	Raia Drogasil SA	2,230,120	13,500,255
	Sendas Distribuidora SA	3,986,700	11,045,062
	Wal-Mart de Mexico SAB de CV	3,980,207	16,733,230
			79,178,655
	Energy — 4.2%
	Energy Equipment & Services — 1.0%
	ADNOC Drilling Co. PJSC	8,862,856	9,121,665
	Oil, Gas & Consumable Fuels — 3.2%
	PRIO SA	3,197,426	30,246,579
			39,368,244
	Equity Real Estate Investment Trusts (REITs) — 1.1%
	Diversified REITs — 1.1%
	Fibra Uno Administracion SA de CV	5,911,925	10,618,557
			10,618,557

SCHEDULE OF INVESTMENTS, Continued

Thornburg Developing World Fund December 31, 2023 (Unaudited)

	Issuer-Description	SHARES	VALUE
	Financial Services — 6.1%
	Capital Markets — 2.9%
	East Money Information Co. Ltd. Class A	4,559,478	$  9,026,123
	Hong Kong Exchanges & Clearing Ltd.	256,300	8,796,619
	Saudi Tadawul Group Holding Co.	198,960	9,737,906
	Consumer Finance — 0.9%
	Bajaj Finance Ltd.	98,348	8,645,394
	Financial Services — 2.3%
	Chailease Holding Co. Ltd.	3,448,038	21,683,300
			57,889,342
	Food, Beverage & Tobacco — 4.2%
	Beverages — 4.2%
	Kweichow Moutai Co. Ltd. Class A	48,497	11,802,518
	Varun Beverages Ltd.	1,859,906	27,648,120
			39,450,638
	Health Care Equipment & Services — 6.0%
	Health Care Providers & Services — 6.0%
	Aier Eye Hospital Group Co. Ltd. Class A	3,723,682	8,306,118
	Max Healthcare Institute Ltd.	4,233,439	34,899,751
a	Oncoclinicas do Brasil Servicos Medicos SA	4,921,373	13,189,083
			56,394,952
	Insurance — 3.0%
	Insurance — 3.0%
	AIA Group Ltd.	3,300,892	28,766,818
			28,766,818
	Materials — 1.0%
	Metals & Mining — 1.0%
	Freeport-McMoRan, Inc.	219,049	9,324,916
			9,324,916
	Media & Entertainment — 2.9%
	Interactive Media & Services — 2.9%
	Tencent Holdings Ltd.	726,709	27,324,296
			27,324,296
	Pharmaceuticals, Biotechnology & Life Sciences — 0.8%
	Biotechnology — 0.8%
	Imeik Technology Development Co. Ltd. Class A	174,022	7,222,004
			7,222,004
	Real Estate Management & Development — 3.9%
	Real Estate Management & Development — 3.9%
	Aldar Properties PJSC	6,175,250	8,995,327
	Corp. Inmobiliaria Vesta SAB de CV ADR	318,950	12,636,799
b	Macrotech Developers Ltd.	1,239,692	15,240,329
			36,872,455
	Semiconductors & Semiconductor Equipment — 12.8%
	Semiconductors & Semiconductor Equipment — 12.8%
	ASMPT Ltd.	863,700	8,240,462
	MediaTek, Inc.	343,000	11,343,738
	SK Hynix, Inc.	283,870	30,980,985
	Taiwan Semiconductor Manufacturing Co. Ltd.	3,663,767	70,791,086
			121,356,271
	Technology Hardware & Equipment — 6.6%
	Electronic Equipment, Instruments & Components — 1.4%
	Lotes Co. Ltd.	373,000	13,004,350
	Technology Hardware, Storage & Peripherals — 5.2%
	Samsung Electronics Co. Ltd.	806,524	48,953,420
			61,957,770

SCHEDULE OF INVESTMENTS, Continued

Thornburg Developing World Fund December 31, 2023 (Unaudited)

	Issuer-Description	SHARES	VALUE
	Telecommunication Services — 0.9%
	Diversified Telecommunication Services — 0.9%
a	Converge Information & Communications Technology Solutions, Inc.	58,574,534	$  8,864,191
			8,864,191
	Transportation — 3.3%
	Ground Transportation — 2.3%
	Localiza Rent a Car SA	1,698,390	22,236,670
	Transportation Infrastructure — 1.0%
	Salik Co. PJSC	10,758,938	9,110,420
			31,347,090
	Total Common Stock (Cost $713,291,543)		884,900,061
	Preferred Stock — 3.3%
	Banks — 1.9%
	Banks — 1.9%
	Itau Unibanco Holding SA 3.699%	2,627,767	18,282,671
			18,282,671
	Utilities — 1.4%
	Electric Utilities — 1.4%
	Centrais Eletricas Brasileiras SA Class B, 3.179%	1,379,824	13,354,363
			13,354,363
	Total Preferred Stock (Cost $26,632,545)		31,637,034
	Rights — 0.0%
	Transportation — 0.0%
	Ground Transportation — 0.0%
a	Localiza Rent a Car SA	6,093	25,087
			25,087
	Total Rights (Cost $0)		25,087
	Short-Term Investments — 3.3%
c	Thornburg Capital Management Fund	3,066,607	30,666,073
	Total Short-Term Investments (Cost $30,666,073)		30,666,073
	Total Investments — 100.1% (Cost $770,590,161)		$947,228,255
	Liabilities Net of Other Assets — (0.1)%		(553,339)
	Net Assets — 100.0%		$946,674,916

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 December 31, 2023, the aggregate value of these securities in the Fund’s portfolio was $43,477,706, representing 4.59% of the Fund’s net assets.
c	Investment in Affiliates.

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

ADR American Depositary Receipt

NOTES TO SCHEDULE OF INVESTMENTS

Thornburg Developing World Fund December 31, 2023 (Unaudited)

NOTE 1 – ORGANIZATION

Thornburg Developing World 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 five classes of shares of beneficial interest: Class A, Class C, Institutional Class (“Class I”) and Retirement Classes (“Class R5” and “Class R6”).

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

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund 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.

NOTES TO SCHEDULE OF INVESTMENTS, Continued

Thornburg Developing World Fund December 31, 2023 (Unaudited)

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.

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 Fund’s investments may be significantly affected on days when shareholders cannot purchase or sell Fund’s shares.

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	$31,140,363	$58,571,794	$(59,046,084)	$-	$-	$30,666,073	$59,743