| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| LONG-TERM MUNICIPAL BONDS — 96.9% | |||
| Alabama — 3.6% | |||
| Alabama Special Care Facilities Financing Authority-Birmingham (Children’s Hospital of Alabama Obligated Group), 5.00% due 6/1/2033 | $ 3,470,000 | $ 3,492,999 | |
| a | Black Belt Energy Gas District (Guaranty: Canadian Imperial Bank), Series E, 5.00% due 5/1/2053 (put 6/1/2028) | 1,750,000 | 1,821,579 |
| a | Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series F, 5.50% due 11/1/2053 (put 12/1/2028) | 4,825,000 | 5,108,792 |
| a | Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series C-1, 5.25% due 2/1/2053 (put 6/1/2029) | 13,240,000 | 13,924,415 |
| Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), | |||
| Series B, | |||
| 5.00% due 12/1/2030 | 1,750,000 | 1,852,305 | |
| a | 5.25% due 12/1/2053 (put 12/1/2030) | 4,000,000 | 4,297,612 |
| a | Series D1, 4.00% due 7/1/2052 (put 6/1/2027) | 14,500,000 | 14,538,947 |
| Chatom (Powersouth Energy Cooperative Projects) (AGM) IDB, 5.00% due 8/1/2025 | 425,000 | 430,656 | |
| a | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.875% due 8/1/2037 (put 8/1/2024) | 3,000,000 | 3,000,042 |
| City of Mobile Alabama (Alabama Power Co.) IDB, | |||
| a | Series A, 3.65% due 7/15/2034 (put 1/10/2025) | 5,000,000 | 4,999,425 |
| a | Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 2,000,000 | 1,992,930 |
| County of Jefferson, 5.00% due 9/15/2032 - 9/15/2034 | 5,875,000 | 6,079,160 | |
| a | Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B-1, 5.75% due 4/1/2054 (put 11/1/2031) | 7,000,000 | 7,675,605 |
| Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.25% due 10/1/2034 | 260,000 | 282,857 | |
| Marshall County Board of Education (Warrants) (BAM), 5.00% due 3/1/2032 - 3/1/2033 | 815,000 | 905,545 | |
| a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 6,025,000 | 5,985,000 |
| a | Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | 1,925,000 | 2,065,639 |
| a | Southeast Energy Authority A Cooperative District (Guaranty: Goldman Sachs Groups, Inc.), Series B-1, 5.00% due 5/1/2053 (put 8/1/2028) | 5,000,000 | 5,212,560 |
| a | Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 3,500,000 | 3,740,229 |
| Troy University (BAM), Series A, 5.00% due 11/1/2028 | 1,000,000 | 1,009,350 | |
| UAB Medicine Finance Authority (UAB Medicine Obligated Group), Series B2, 5.00% due 9/1/2030 | 560,000 | 579,976 | |
| Water Works Board of the City of Birmingham, 5.00% due 1/1/2029 | 2,230,000 | 2,356,472 | |
| Arizona — 1.6% | |||
| Arizona (Banner Health Obligated Group) HFA, | |||
| Series B, | |||
| a | 4.13% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 630,000 | 630,212 |
| a | 4.13% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 3,370,000 | 3,333,435 |
| Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2024 | 260,000 | 261,342 | |
| a | Arizona (TWG Glendale LP) IDA, 5.00% due 3/1/2045 (put 9/1/2026) | 1,100,000 | 1,126,520 |
| a | Chandler (Intel Corp.) IDA, 3.80% due 12/1/2035 (put 6/15/2028) | 7,500,000 | 7,652,887 |
| County of Pinal (Detention & Training Facilities), Series A, 5.00% due 8/1/2024 | 700,000 | 700,859 | |
| Maricopa County (Banner Health Obligated Group) IDA, | |||
| Series A, 5.00% due 1/1/2031 - 1/1/2034 | 3,985,000 | 4,102,907 | |
| a | Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | 12,960,000 | 14,132,634 |
| Salt River Project Agricultural Improvement & Power District, Series A, 4.00% due 12/1/2034 | 2,500,000 | 2,502,565 | |
| Salt River Project Agricultural Improvement & Power District (Salt River Electric System), Series A, 5.00% due 1/1/2029 | 1,405,000 | 1,488,273 | |
| State of Arizona COP ETM, Series A, 5.00% due 10/1/2025 | 3,375,000 | 3,446,226 | |
| California — 4.2% | |||
| a | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 4.29% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 4,000,000 | 3,910,196 |
| California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2028 - 6/1/2030 | 2,950,000 | 3,157,298 | |
| a | California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 16,955,000 | 17,844,561 |
| California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), | |||
| a | Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 13,175,000 | 13,118,492 |
| a | Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 14,980,000 | 15,820,827 |
| California Municipal Finance Authority (Biola University), 5.00% due 10/1/2024 - 10/1/2025 | 1,040,000 | 1,044,627 | |
| California Municipal Finance Authority (CHF-Davis II LLC) (BAM), 5.00% due 5/15/2028 | 2,905,000 | 3,044,533 | |
| California Statewide Communities Development Authority (CHF-Irvine LLC), Series A, 5.00% due 5/15/2027 | 500,000 | 517,075 | |
| California Statewide Communities Development Authority (CHF-Irvine LLC) (BAM), 5.00% due 5/15/2030 | 2,000,000 | 2,175,288 | |
| a | California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2004-M-R, 5.00% due 4/1/2038 (put 11/1/2029) | 5,250,000 | 5,679,230 |
| a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank AG), Series 2024-8135, 5.10% due 4/1/2060 (put 7/1/2024) | 14,000,000 | 14,000,000 |
| Lammersville Joint (BAM) USD, 5.00% due 9/1/2029 - 9/1/2030 | 2,215,000 | 2,442,597 | |
| Long Beach Bond Finance Authority (Guaranty: Merrill Lynch & Co.), Series A, 5.00% due 11/15/2024 | 2,000,000 | 2,003,474 | |
| a | Los Angeles County Development Authority (2111 Firestone LP) (HUD), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | 2,450,000 | 2,513,396 |
| Los Angeles Housing Authority (FNMA), Series A, 3.75% due 4/1/2034 | 2,000,000 | 2,004,850 | |
| Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 1,500,000 | 1,500,210 | |
| Peralta Community College District GO, Series A, 5.00% due 8/1/2025 | 585,000 | 596,885 | |
| Santa Clara County Financing Authority, Series Q, 4.00% due 5/15/2032 | 1,000,000 | 1,003,342 | |
| Santa Fe Springs CDC Successor Agency (Consolidated Redevelopment Project) (NPFG), Series A, Zero Coupon due 9/1/2024 | 7,000,000 | 6,960,051 | |
| Semitropic Water Storage Improvement District (Irrigation Water System) (AGM), Series A, 5.00% due 12/1/2025 | 1,110,000 | 1,136,417 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| State of California GO, 4.00% due 9/1/2034 | $ 2,000,000 | $ 2,016,088 | |
| Temecula Valley Financing Authority (BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,241,616 | |
| Tustin (Community Facilities) (BAM) USD, Series A, 5.00% due 9/1/2033 | 1,500,000 | 1,517,685 | |
| Colorado — 2.2% | |||
| a | Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | 3,500,000 | 3,533,880 |
| Colorado (AdventHealth Obligated Group) HFA, | |||
| a | Series A, 5.00% due 11/15/2059 (put 11/15/2031) | 2,750,000 | 3,050,636 |
| a | Series B, 5.00% due 11/15/2049 (put 11/19/2026) | 7,000,000 | 7,214,095 |
| a | Colorado (Adventhealth Obligation Group) HFA, Series A-2, 5.00% due 11/15/2057 (put 11/15/2033) | 14,815,000 | 16,390,086 |
| a | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, Series C, 5.00% due 11/15/2036 (put 11/15/2026) | 1,460,000 | 1,504,456 |
| Colorado (CommonSpirit Health Obligated Group) HFA, | |||
| 5.00% due 11/1/2029 - 11/1/2032 | 4,550,000 | 5,058,219 | |
| Series A-2, 5.00% due 8/1/2031 | 850,000 | 921,216 | |
| a | Series B-2, 5.00% due 8/1/2049 (put 8/1/2026) | 5,475,000 | 5,635,702 |
| a | Colorado (Intermountain Healthcare Obligated Group) HFA, Series B, 5.00% due 5/15/2062 (put 8/17/2026) | 1,690,000 | 1,739,818 |
| County of El Paso (Judicial Complex) (AGM) COP, 5.00% due 12/1/2028 | 725,000 | 777,707 | |
| Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1,000,000 | 1,022,972 | |
| a | E-470 Public Highway Authority, Series B, 3.928% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,998,716 |
| Interlocken Metropolitan District (AGM) GO, Series A-1, 5.00% due 12/1/2026 | 500,000 | 516,244 | |
| Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 1/15/2030 - 7/15/2032 | 3,430,000 | 3,672,972 | |
| Sierra Ridge Metropolitan District No. 2 (AGM) GO, 4.00% due 12/1/2025 | 275,000 | 275,835 | |
| a | University of Colorado Hospital Authority (University of Colorado Health Obligated Group), Series C, 5.00% due 11/15/2047 (put 11/15/2024) | 1,360,000 | 1,362,776 |
| Connecticut — 2.6% | |||
| City of Hartford (Various Public Improvements) (AGM) GO, Series A, 5.00% due 7/1/2024 - 7/1/2025 | 1,820,000 | 1,835,167 | |
| City of New Haven (AGM) GO, Series B, 5.00% due 2/1/2028 - 2/1/2030 | 1,470,000 | 1,555,436 | |
| City of New Haven (BAM) GO, 5.00% due 8/1/2032 - 8/1/2033 | 1,100,000 | 1,214,933 | |
| a | Connecticut Housing Finance Authority, Series D2, 3.85% due 11/15/2064 (put 5/15/2027) | 8,500,000 | 8,505,440 |
| State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 16,615,000 | 17,083,111 | |
| State of Connecticut GO, | |||
| Series B, 4.00% due 6/15/2034 | 1,000,000 | 1,001,921 | |
| Series C, 5.00% due 6/15/2026 - 6/15/2028 | 10,705,000 | 11,268,299 | |
| Series D, 4.00% due 8/15/2029 | 2,325,000 | 2,340,663 | |
| Series E, 5.00% due 9/15/2028 | 2,560,000 | 2,751,378 | |
| Series F, 5.00% due 11/15/2031 | 2,500,000 | 2,544,732 | |
| State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2026 - 8/1/2033 | 2,200,000 | 2,233,327 | |
| State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes) (BAM), Series A, 5.00% due 9/1/2031 | 11,600,000 | 11,972,012 | |
| Delaware — 0.2% | |||
| Delaware State (Beebe Medical Center, Inc.) HFA, 5.00% due 6/1/2031 | 1,200,000 | 1,237,744 | |
| Delaware Transportation Authority, 5.00% due 9/1/2029 | 2,665,000 | 2,888,900 | |
| District of Columbia — 0.5% | |||
| a | District of Columbia Housing Finance Agency (Barry Farm Building 1A LLC), 5.00% due 12/1/2028 (put 12/1/2027) | 3,750,000 | 3,899,160 |
| a | District of Columbia Housing Finance Agency (Benning Corridor Titleholder LLC), 4.00% due 9/1/2040 (put 9/1/2025) | 3,000,000 | 2,987,001 |
| a | District of Columbia Housing Finance Agency (ECD Edgewood Commons 5 LP) (FHA, HUD), 5.00% due 6/1/2027 (put 6/1/2026) | 2,000,000 | 2,035,526 |
| a | District of Columbia Housing Finance Agency (Wesley Hawaii LLC), 3.65% due 7/1/2028 (put 7/1/2027) | 3,620,000 | 3,616,340 |
| Florida — 4.4% | |||
| a | Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026) | 2,150,000 | 2,158,359 |
| Broward County School Board (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,022,230 | |
| Broward County School Board COP, | |||
| Series A, 5.00% due 7/1/2029 - 7/1/2030 | 4,345,000 | 4,435,323 | |
| Series B, 5.00% due 7/1/2029 | 1,005,000 | 1,017,777 | |
| City of Jacksonville, Series B, 5.00% due 10/1/2029 | 1,350,000 | 1,395,390 | |
| City of Orlando (Senior Tourist Development) (AGM), Series A, 5.00% due 11/1/2025 | 1,675,000 | 1,705,523 | |
| County of Lee Airport Revenue, 5.00% due 10/1/2033 | 3,305,000 | 3,354,648 | |
| County of Miami-Dade Aviation Revenue, Series A, 5.00% due 10/1/2032 | 500,000 | 548,641 | |
| a | County of Okeechobee (Waste Management, Inc.), Series A, 3.80% due 7/1/2039 | 4,000,000 | 3,995,761 |
| Duval County Public Schools (AGM) COP, Series A, 5.00% due 7/1/2025 - 7/1/2033 | 11,390,000 | 12,023,353 | |
| Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2025 - 6/15/2027 | 770,000 | 773,116 | |
| a | Florida Housing Finance Corp. (GNMA), Series B, 3.35% due 10/1/2027 (put 10/1/2026) | 1,250,000 | 1,238,324 |
| a | Florida Housing Finance Corp. (Hampton Point Preservation Ltd.), Series E, 5.00% due 5/1/2026 (put 5/1/2025) | 1,625,000 | 1,641,791 |
| a | Florida Housing Finance Corp. (Vineland Family Apartments Ltd.), Series E, 3.80% due 6/1/2042 (put 6/1/2027) | 5,250,000 | 5,262,505 |
| Florida Insurance Assistance Interlocal Agency, Inc., Series A-1, 5.00% due 9/1/2027 - 9/1/2028 | 11,000,000 | 11,347,673 | |
| Hillsborough County School Board (Master Lease Program) COP, 5.00% due 7/1/2028 | 2,650,000 | 2,795,832 | |
| JEA Electric System Revenue, Series III B, 5.00% due 10/1/2031 | 2,110,000 | 2,211,864 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| c | Lee County (Shell Point Obligated Group) IDA, Series B, 4.375% due 11/15/2029 | $ 1,500,000 | $ 1,496,415 |
| Manatee County School District (School Facilities Improvements) (AGM), 5.00% due 10/1/2027 | 2,000,000 | 2,057,636 | |
| Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2025 | 3,350,000 | 3,352,931 | |
| Miami-Dade County School Board (Educational Facilities Improvements) COP, Series C, 5.00% due 5/1/2025 | 10,000,000 | 10,132,820 | |
| Miami-Dade County Transit System, 4.00% due 7/1/2034 | 3,425,000 | 3,434,426 | |
| Orange County School Board COP, Series C, 5.00% due 8/1/2033 (pre-refunded 8/1/2026) | 2,000,000 | 2,071,636 | |
| Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2028 - 11/1/2031 | 1,415,000 | 1,465,144 | |
| Palm Beach County School Board (Educational Facilities) COP, Series B, 5.00% due 8/1/2024 | 3,595,000 | 3,599,440 | |
| Palm Beach County School District COP, Series D, 5.00% due 8/1/2027 - 8/1/2031 | 3,300,000 | 3,346,119 | |
| Pasco County School Board COP, Series A, 5.00% due 8/1/2032 | 750,000 | 842,635 | |
| a | Polk County Housing Finance Authority (Episcopal Catholic Apartments Owner LLLP) (HUD), 4.15% due 12/1/2040 (put 6/1/2026) | 2,000,000 | 2,009,814 |
| School Board of Miami-Dade County COP, | |||
| Series B, 5.00% due 8/1/2026 | 10,665,000 | 11,026,885 | |
| Series C, 5.00% due 2/1/2033 | 5,220,000 | 5,320,146 | |
| State of Florida GO, Series C, 4.00% due 6/1/2031 | 1,540,000 | 1,555,183 | |
| Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | 400,000 | 418,062 | |
| Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2024 - 10/15/2025 | 1,050,000 | 1,059,874 | |
| Volusia County School Board (University High School, River Springs Middle School) COP, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,001,235 | |
| Georgia — 7.0% | |||
| a | Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 3,060,000 | 3,096,047 |
| Development Authority of Burke County (Georgia Power Co.), | |||
| Series 1995, 2.20% due 10/1/2032 | 1,225,000 | 1,029,606 | |
| a | Series 2013, 3.375% due 11/1/2053 (put 3/12/2027) | 3,000,000 | 2,980,101 |
| a | Series REMK, 3.80% due 10/1/2032 (put 5/21/2026) | 2,100,000 | 2,105,158 |
| a | Development Authority of Monroe County (Georgia Power Co.), Series 1, 3.875% due 6/1/2042 (put 3/6/2026) | 2,000,000 | 2,006,444 |
| Gwinnett County School District GO, 4.00% due 2/1/2032 - 2/1/2033 | 5,000,000 | 5,030,221 | |
| Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), | |||
| a | Series A, 4.00% due 9/1/2052 (put 12/1/2029) | 29,500,000 | 29,327,867 |
| a | Series B, 5.00% due 12/1/2052 (put 6/1/2029) | 755,000 | 783,408 |
| a | Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 5,160,000 | 5,162,719 |
| a | Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 47,520,000 | 49,881,601 |
| Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2028 | 2,350,000 | 2,414,190 | |
| Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
| Series A, | |||
| a | 4.00% due 7/1/2052 (put 9/1/2027) | 12,645,000 | 12,688,372 |
| a | 5.00% due 5/1/2054 (put 9/1/2031) | 3,500,000 | 3,706,091 |
| a | Series B, 5.00% due 7/1/2053 (put 3/1/2030) | 26,675,000 | 28,018,753 |
| a | Series C, 5.00% due 9/1/2053 (put 9/1/2030) | 1,500,000 | 1,578,003 |
| a | Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 25,250,000 | 26,590,927 |
| Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2030 - 10/1/2032 | 350,000 | 388,302 | |
| State of Georgia GO, Series A, 4.00% due 2/1/2033 | 500,000 | 501,554 | |
| Guam — 0.2% | |||
| Government of Guam (Various Capital Projects), Series D, 5.00% due 11/15/2024 | 4,500,000 | 4,517,577 | |
| Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2026 | 500,000 | 508,878 | |
| Idaho — 0.1% | |||
| Idaho Housing & Finance Association Illinois (FHLMC, FNMA, GNMA) HDA, Series A, 3.75% due 1/1/2033 | 1,625,000 | 1,572,701 | |
| Illinois — 9.7% | |||
| Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2030 | 765,000 | 780,248 | |
| Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 | 2,000,000 | 2,065,150 | |
| Chicago Park District GO, Series A, 5.00% due 1/1/2032 | 1,550,000 | 1,573,048 | |
| City of Chicago (Chicago O’Hare International Airport Customer Facility Charge Revenue) (BAM), 5.00% due 1/1/2031 - 1/1/2033 | 5,400,000 | 5,836,749 | |
| City of Chicago (Chicago O’Hare International Airport), Series C, 5.00% due 1/1/2031 | 500,000 | 509,769 | |
| City of Chicago (Wastewater Transmission System) (AGM), Series B, 5.00% due 1/1/2034 | 1,375,000 | 1,417,857 | |
| City of Chicago (Water System), | |||
| 5.00% due 11/1/2024 - 11/1/2027 | 7,755,000 | 7,922,462 | |
| Series A-1, 5.00% due 11/1/2024 | 4,000,000 | 4,019,096 | |
| a | City of Chicago Heights (Olympic Village LLC) (FHA, GNMA, HUD), 2.875% due 8/1/2027 (put 8/1/2025) | 6,299,000 | 6,241,685 |
| City of Chicago Wastewater Transmission Revenue, | |||
| Series B, 5.00% due 1/1/2033 | 2,710,000 | 2,796,782 | |
| Series C, 5.00% due 1/1/2025 - 1/1/2026 | 4,450,000 | 4,482,050 | |
| City of Chicago Wastewater Transmission Revenue, ETM, Series C, 5.00% due 1/1/2025 | 795,000 | 800,260 | |
| City of Chicago Waterworks Revenue, | |||
| 5.00% due 11/1/2028 | 1,250,000 | 1,278,164 | |
| Series A-1, 5.00% due 11/1/2030 | 1,495,000 | 1,541,043 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| City of Joliet (Rock Run Crossing Project) (BAM) GO, 5.00% due 12/15/2031 - 12/15/2032 | $ 2,030,000 | $ 2,282,453 | |
| Cook County (Capital Improvement Plan) GO, Series A, 5.00% due 11/15/2024 | 2,500,000 | 2,513,950 | |
| Cook County Community High School District No. 233 Homewood-Flossmoor GO, 4.00% due 12/1/2025 | 1,000,000 | 1,006,999 | |
| Cook County School District No.170 (AGM) GO, Series D, 5.00% due 12/1/2024 | 1,190,000 | 1,197,812 | |
| DuPage County Forest Preserve District GO, 5.00% due 11/1/2030 | 1,710,000 | 1,886,279 | |
| Greene Jersey & Macoupin Counties Community Unit School District No. 9 Southwest (BAM) GO, 5.00% due 12/1/2032 - 12/1/2033 | 635,000 | 679,911 | |
| a | Illinois (Anchor Senior Living 2021 LP) (HUD) HDA, Series A, 4.00% due 11/1/2042 (put 5/1/2025) | 2,000,000 | 2,000,344 |
| Illinois (FHLMC, FNMA, GNMA) HDA, | |||
| Series K, | |||
| 4.60% due 4/1/2031 | 1,700,000 | 1,766,579 | |
| 4.65% due 10/1/2031 | 1,700,000 | 1,771,743 | |
| 4.70% due 4/1/2032 | 1,980,000 | 2,070,545 | |
| 4.75% due 10/1/2032 | 1,650,000 | 1,732,464 | |
| 4.80% due 4/1/2033 | 1,000,000 | 1,052,636 | |
| a | Illinois (South Shore HHDC LIHTC LLC) (HUD) HDA, 5.00% due 2/1/2027 (put 2/1/2026) | 1,000,000 | 1,020,819 |
| a | Illinois (South Shore IL Preservation LP) (FHA, HUD) HDA, 4.00% due 6/1/2026 (put 6/1/2025) | 1,750,000 | 1,754,580 |
| a | Illinois Finance Authority, Series 2020-REMK, 3.875% due 5/1/2040 (put 9/1/2028) | 2,500,000 | 2,471,937 |
| Illinois Finance Authority (Advocate Aurora Health Obligated Group), Series B, 4.00% due 5/1/2041 | 4,745,000 | 4,773,703 | |
| Illinois Finance Authority (Ascension Health Credit Group), Series C, 5.00% due 2/15/2033 | 1,500,000 | 1,549,071 | |
| a | Illinois Finance Authority (Carle Foundation Obligated Group), Series B, 5.00% due 8/15/2053 (put 8/15/2031) | 10,330,000 | 11,170,862 |
| Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2032 | 800,000 | 890,123 | |
| Illinois Finance Authority (Rush Obligated Group), | |||
| Series A, 5.00% due 11/15/2025 - 11/15/2034 | 5,870,000 | 5,900,870 | |
| Series B, 5.00% due 11/15/2033 | 805,000 | 808,738 | |
| Illinois Finance Authority (State of Illinois Water Revolving Fund - Clean Water Program) (Green Bond), 4.00% due 7/1/2032 | 575,000 | 576,321 | |
| a | Illinois Finance Authority (University of Chicago Medical Center Obligated Group), Series B-1, 5.00% due 8/15/2052 (put 8/15/2025) | 10,000,000 | 10,107,890 |
| Illinois State Toll Highway Authority, | |||
| Series A, 5.00% due 12/1/2031 | 3,000,000 | 3,059,118 | |
| Series B, 5.00% due 1/1/2031 - 1/1/2033 | 1,950,000 | 1,988,329 | |
| Series C, 5.00% due 1/1/2025 - 1/1/2029 | 3,500,000 | 3,525,516 | |
| Knox & Warren Counties Community Unit School District No. 205 Galesburg GO, Series B, 5.00% due 12/1/2030 | 1,875,000 | 1,957,251 | |
| Madison-Macoupin Etc Counties Community College District No. 536 (AGM) GO, Series A, 5.00% due 11/1/2032 | 1,620,000 | 1,659,700 | |
| Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2027 - 12/15/2028 | 6,000,000 | 6,317,126 | |
| Metropolitan Water Reclamation District of Greater Chicago (Green Bond) GO, Series E, 5.00% due 12/1/2025 | 1,000,000 | 1,021,208 | |
| Metropolitan Water Reclamation District of Greater Chicago GO, | |||
| Series A, 5.00% due 12/1/2030 - 12/1/2031 | 3,120,000 | 3,221,722 | |
| Series B, 5.00% due 12/1/2031 | 775,000 | 800,125 | |
| Monroe & St. Clair Counties Community Unit School District No. 5 (BAM) GO, 5.00% due 4/15/2026 | 600,000 | 617,212 | |
| Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | 2,000,000 | 2,064,612 | |
| Peoria Tazewell Etc Counties Community College District No. 514 GO, Series B, 6.25% due 12/1/2027 - 12/1/2028 | 5,000,000 | 5,506,134 | |
| Rock Island Henry Mercer Etc Counties Community College District No. 503 (Black Hawk College) (AGM) GO, 5.00% due 12/1/2024 | 3,415,000 | 3,436,713 | |
| Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2028 - 1/1/2029 | 6,445,000 | 6,785,479 | |
| Sangamon County School District No. 186 Springfield (AGM) GO, Series B, 5.00% due 2/1/2030 | 1,570,000 | 1,686,483 | |
| Southern Illinois University (BAM), Series A, 5.00% due 4/1/2025 - 4/1/2032 | 4,435,000 | 4,711,050 | |
| State of Illinois (State Facilities Improvements) GO, Series D, 5.00% due 11/1/2024 | 3,650,000 | 3,665,381 | |
| State of Illinois GO, | |||
| 5.50% due 5/1/2025 - 5/1/2030 | 1,175,000 | 1,261,402 | |
| Series A, 5.00% due 10/1/2024 - 3/1/2032 | 9,525,000 | 10,285,606 | |
| Series B, | |||
| 4.00% due 10/1/2033 - 11/1/2033 | 3,090,000 | 3,144,972 | |
| 5.00% due 3/1/2029 - 12/1/2032 | 2,500,000 | 2,730,680 | |
| Series D, 5.00% due 11/1/2027 - 11/1/2028 | 35,470,000 | 37,001,488 | |
| State of Illinois Sales Tax Revenue, | |||
| Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20,000,000 | 20,923,040 | |
| Series C, 5.00% due 6/15/2028 | 500,000 | 529,147 | |
| State of Illinois Sales Tax Revenue (BAM), Series A, 5.00% due 6/15/2031 | 1,200,000 | 1,265,380 | |
| State of Illinois Sales Tax Revenue (BAM, NPFG), 6.00% due 6/15/2026 | 235,000 | 245,763 | |
| University of Illinois (University of Illinois Auxiliary Facilities System), Series A, 4.00% due 4/1/2032 | 11,465,000 | 11,502,353 | |
| Village of Tinley Park GO, 5.00% due 12/1/2024 | 450,000 | 450,392 | |
| Indiana — 1.9% | |||
| City of Indianapolis Department of Public Utilities Gas Utility Revenue, Series A, 5.00% due 8/15/2027 | 6,865,000 | 7,247,113 | |
| City of Rockport (AEP Generating Co.; Guaranty: American Electric Power Co.), Series A, 3.125% due 7/1/2025 | 3,000,000 | 2,980,542 | |
| Clark-Pleasant Community School Building Corp. (State Intercept), 5.00% due 7/15/2033 | 955,000 | 1,063,063 | |
| Indiana Finance Authority (CWA Authority, Inc. Wastewater System Project), Series A, 5.00% due 10/1/2024 | 500,000 | 501,947 | |
| Indiana Finance Authority (Department of Transportation), Series C, 5.00% due 6/1/2029 | 8,040,000 | 8,771,962 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| a | Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series B-2, 5.00% due 10/1/2060 (put 7/1/2030) | $12,820,000 | $ 13,831,562 |
| a | Indiana Finance Authority (Republic Services, Inc.), Series B, 3.90% due 5/1/2028 (put 9/3/2024) | 6,000,000 | 6,000,000 |
| Mount Vernon of Hancock County Multi-School Building Corp. (State Intercept), 5.00% due 1/15/2031 | 500,000 | 547,039 | |
| Noblesville Redevelopment Authority, 5.00% due 1/15/2028 | 300,000 | 319,252 | |
| Warsaw Community Schools (State Intercept) GO, 5.00% due 1/15/2025 - 1/15/2026 | 4,990,000 | 5,068,478 | |
| Westfield-Washington Schools (State Intercept) GO, Series C, 6.00% due 7/15/2024 - 1/15/2025 | 2,550,000 | 2,569,844 | |
| Iowa — 2.4% | |||
| Clinton Community School District/IA Infrastructure Sales Services & Use Tax (AGM), 5.00% due 7/1/2032 - 7/1/2033 | 3,050,000 | 3,384,219 | |
| a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 53,720,000 | 54,771,891 |
| Pleasant Valley Community School District (Pleasant Valley Community School District Infrastructure Sales Service & Use Tax) (AGM), 5.00% due 7/1/2032 - 7/1/2033 | 1,795,000 | 1,963,166 | |
| Kansas — 0.8% | |||
| a | City of Burlington (Evergy Metro, Inc.), 4.30% due 3/1/2045 (put 6/1/2026) | 7,200,000 | 7,248,334 |
| a | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 5,220,000 | 5,701,926 |
| Kansas DFA, Series SRF, 5.00% due 5/1/2026 | 765,000 | 789,374 | |
| Unified Government of Wyandotte County/Kansas City (Utility Systems Improvement), Series A, 5.00% due 9/1/2024 | 600,000 | 601,472 | |
| Wyandotte County No. 500 (General Improvement) USD GO, Series A, 5.00% due 9/1/2025 - 9/1/2026 | 5,675,000 | 5,813,043 | |
| Kentucky — 2.8% | |||
| County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 5,000,000 | 4,938,655 | |
| a | County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | 2,350,000 | 2,323,621 |
| a | Kentucky (Republic Services, Inc.) EDFA, Series B, 3.90% due 4/1/2031 (put 9/3/2024) | 1,000,000 | 1,000,000 |
| Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
| Series A-1, | |||
| a | 4.00% due 8/1/2052 (put 8/1/2030) | 18,690,000 | 18,541,059 |
| a | 5.25% due 4/1/2054 (put 2/1/2032) | 13,000,000 | 13,927,550 |
| a | Series C-1, 4.00% due 12/1/2049 (put 6/1/2025) | 3,785,000 | 3,785,428 |
| Kentucky State Property & Building Commission, Series A, 5.00% due 6/1/2030 - 6/1/2032 | 3,000,000 | 3,308,232 | |
| Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), | |||
| Series A, 5.00% due 10/1/2027 - 10/1/2033 | 7,740,000 | 7,914,978 | |
| a | Series C, 5.00% due 10/1/2047 (put 10/1/2026) | 8,500,000 | 8,723,797 |
| a | Series D, 5.00% due 10/1/2047 (put 10/1/2029) | 6,575,000 | 6,986,391 |
| Louisiana — 1.0% | |||
| City of Shreveport (AGM) GO, Series A, 5.00% due 3/1/2027 - 3/1/2032 | 4,300,000 | 4,604,673 | |
| City of Shreveport (Water & Sewer System) (BAM), Series C, 5.00% due 12/1/2026 - 12/1/2029 | 2,010,000 | 2,099,379 | |
| a | Louisiana Offshore Terminal Authority (Loop LLC), Series A-R, 4.20% due 9/1/2033 (put 9/1/2028) | 2,000,000 | 2,010,128 |
| Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), | |||
| Series A, 5.00% due 5/15/2031 | 875,000 | 934,440 | |
| a | Series B, 5.00% due 5/15/2050 (put 5/15/2025) | 1,735,000 | 1,753,516 |
| Plaquemines Port Harbor & Terminal District (International Marine Terminals Partnership; LOC Wells Fargo Bank NA), | |||
| Series A, 4.00% due 3/15/2025 (put 3/15/2024) | 2,500,000 | 2,513,250 | |
| Series B, 4.00% due 3/15/2025 (put 3/15/2024) | 5,000,000 | 5,026,500 | |
| State of Louisiana (Garvee), 5.00% due 9/1/2025 | 1,200,000 | 1,223,620 | |
| a | State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 4.238% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026) | 2,920,000 | 2,904,845 |
| State of Louisiana GO, 4.00% due 5/1/2031 | 1,500,000 | 1,504,737 | |
| Maryland — 0.1% | |||
| State of Maryland GO, Series B, 5.00% due 8/1/2024 | 2,500,000 | 2,503,388 | |
| Massachusetts — 0.7% | |||
| Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2027 | 1,900,000 | 1,950,284 | |
| a,b | Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 4.48% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | 3,750,000 | 3,740,089 |
| Massachusetts DFA, Series H, 5.00% due 7/1/2024 | 3,645,000 | 3,645,386 | |
| Massachusetts DFA ETM, Series H-1, 5.00% due 7/1/2024 - 7/1/2025 | 5,525,000 | 5,564,411 | |
| Massachusetts School Building Authority, Series D, 4.75% due 8/15/2032 | 2,700,000 | 2,733,520 | |
| Michigan — 0.7% | |||
| Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2029 - 4/15/2032 | 6,215,000 | 6,815,669 | |
| a | Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | 1,730,000 | 1,765,792 |
| Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) (AGM), Series D2, 5.00% due 7/1/2027 | 3,000,000 | 3,002,640 | |
| Michigan Finance Authority (Henry Ford Health System), 5.00% due 11/15/2027 | 1,000,000 | 1,030,793 | |
| Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), Series A, 5.00% due 5/15/2032 | 1,000,000 | 1,009,358 | |
| Michigan Finance Authority (Trinity Health Corp. Obligated Group), Series A, 5.00% due 12/1/2034 | 295,000 | 308,492 | |
| Michigan State Building Authority, Series I, 5.00% due 10/15/2032 | 1,250,000 | 1,292,854 | |
| Wayne State University, Series A, 4.00% due 11/15/2034 | 1,875,000 | 1,880,640 | |
| Minnesota — 0.1% |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Minnesota Higher Education Facilities Authority (University of St. Thomas), | |||
| a | Series B-1, 5.00% due 10/1/2053 (put 10/1/2027) | $ 1,000,000 | $ 1,041,854 |
| a | Series B-2, 5.00% due 10/1/2053 (put 10/1/2029) | 1,000,000 | 1,073,606 |
| St. Paul Housing & Redevelopment Authority (HealthPartners), Series A, 5.00% due 7/1/2024 - 7/1/2025 | 850,000 | 853,694 | |
| Mississippi — 0.1% | |||
| Mississippi Development Bank (Jackson Public School District) (BAM), 5.00% due 10/1/2024 - 10/1/2028 | 2,400,000 | 2,473,856 | |
| Missouri — 0.6% | |||
| a | Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group), Series C, 5.00% due 5/1/2052 (put 5/1/2028) | 9,265,000 | 9,789,121 |
| Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.00% due 2/1/2025 - 2/1/2027 | 1,630,000 | 1,661,258 | |
| Health & Educational Facilities Authority of the State of Missouri (SSM Health Care Obligated Group), Series A, 5.00% due 6/1/2031 | 680,000 | 748,694 | |
| Poplar Bluff R-I School District (AGM) COP, 5.00% due 3/1/2031 - 3/1/2033 | 1,575,000 | 1,725,348 | |
| Montana — 0.3% | |||
| City of Forsyth (Avista Corp.), Series A, 3.875% due 10/1/2032 | 6,350,000 | 6,240,164 | |
| City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1,000,000 | 1,009,192 | |
| Montana Facility Finance Authority (Billings Clinic Obligated Group), Series A, 5.00% due 8/15/2031 | 1,000,000 | 1,089,951 | |
| Nebraska — 1.1% | |||
| a | Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | 11,500,000 | 12,094,470 |
| a | Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 7,825,000 | 8,181,053 |
| Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2024 - 11/1/2025 | 3,405,000 | 3,449,798 | |
| Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 3,000,000 | 3,058,302 | |
| Nevada — 0.7% | |||
| Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2027 - 9/1/2032 | 1,090,000 | 1,120,018 | |
| City of Las Vegas GO, Series C, 5.00% due 9/1/2031 | 1,000,000 | 1,022,962 | |
| Clark County School District (AGM) GO, Series B, 5.00% due 6/15/2031 | 1,650,000 | 1,777,934 | |
| Clark County School District (BAM) GO, Series B, 5.00% due 6/15/2031 | 1,500,000 | 1,637,271 | |
| Clark County School District GO, Series C, 4.00% due 6/15/2030 | 2,015,000 | 2,023,572 | |
| a | County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | 1,000,000 | 987,547 |
| County of Clark GO, | |||
| 4.00% due 11/1/2033 | 2,550,000 | 2,555,564 | |
| Series C, 4.00% due 7/1/2032 | 1,985,000 | 2,043,478 | |
| Truckee Meadows Water Authority, 5.00% due 7/1/2033 (pre-refunded 7/1/2026) | 5,070,000 | 5,248,135 | |
| New Hampshire — 0.3% | |||
| New Hampshire Business Finance Authority (United Illuminating Co.), Series A, 4.50% due 10/1/2033 | 7,000,000 | 7,246,015 | |
| New Jersey — 4.7% | |||
| a | Camden County Improvement Authority (HUD), 5.00% due 3/1/2027 (put 3/1/2026) | 3,200,000 | 3,268,464 |
| Essex County Improvement Authority, 5.00% due 7/3/2024 | 3,500,000 | 3,500,259 | |
| New Jersey (New Jersey Transit Corp.) (State Aid Withholding) EDA, Series B, 5.00% due 11/1/2024 | 8,000,000 | 8,036,992 | |
| New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2029 - 11/1/2032 | 3,630,000 | 4,026,617 | |
| New Jersey (School Facilities Construction) EDA, 5.00% due 6/15/2028 | 900,000 | 954,991 | |
| New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 (pre-refunded 6/15/2027) | 1,500,000 | 1,581,861 | |
| New Jersey Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series A, 4.00% due 7/1/2034 | 4,900,000 | 4,914,014 | |
| New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2024 | 935,000 | 935,107 | |
| New Jersey Transportation Trust Fund Authority, | |||
| Series 2014-BB-2, 5.00% due 6/15/2030 | 1,200,000 | 1,305,347 | |
| Series A, 5.00% due 12/15/2032 - 6/15/2033 | 4,100,000 | 4,452,830 | |
| Series BB1, 5.00% due 6/15/2033 | 1,425,000 | 1,506,090 | |
| New Jersey Transportation Trust Fund Authority (Transportation System), Series D, 5.00% due 6/15/2032 | 6,380,000 | 6,425,119 | |
| New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
| Series A, 5.00% due 6/15/2028 | 4,240,000 | 4,352,012 | |
| Series A-1, 5.00% due 6/15/2025 - 6/15/2027 | 31,285,000 | 32,112,130 | |
| New Jersey Transportation Trust Fund Authority (Transportation System), | |||
| Series A, 5.00% due 12/15/2025 - 6/15/2032 | 25,965,000 | 27,555,603 | |
| Series BB-1, 5.00% due 6/15/2031 | 2,500,000 | 2,658,880 | |
| State of New Jersey (COVID-19 GO Emergency Bonds) GO, Series A, 5.00% due 6/1/2029 | 7,500,000 | 8,125,920 | |
| State of New Jersey GO, 5.00% due 6/1/2027 | 2,200,000 | 2,310,645 | |
| New Mexico — 1.9% | |||
| Albuquerque Bernalillo County Water Utility Authority, 5.00% due 7/1/2032 | 1,575,000 | 1,646,996 | |
| Albuquerque Bernalillo County Water Utility Authority (2005 NMFA Loan & Joint Water & Sewer System Improvements), Series A, 5.00% due 7/1/2026 | 2,000,000 | 2,001,964 | |
| Albuquerque Municipal School District No. 12 (Bernalillo & Sandoval Counties School Facilities) (State Aid Withholding) GO, 5.00% due 8/1/2034 | 1,260,000 | 1,336,299 | |
| Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series 2017, 5.00% due 8/1/2026 | 550,000 | 568,905 | |
| City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870,000 | 898,023 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| City of Farmington (Public Service Co. of New Mexico), | |||
| a | Series A, 0.875% due 6/1/2040 (put 10/1/2026) | $ 1,000,000 | $ 931,177 |
| a | Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2,000,000 | 2,010,908 |
| City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | 1,055,000 | 1,045,804 | |
| City of Santa Fe (Public Facilities) GRT, 5.00% due 6/1/2029 | 950,000 | 950,917 | |
| County of Sandoval GO, 5.00% due 8/1/2027 | 210,000 | 220,884 | |
| County of Santa Fe (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2025 | 1,250,000 | 1,270,025 | |
| Hobbs School District No. 16 (State Aid Withholding) GO, 5.00% due 9/15/2028 - 9/15/2030 | 1,355,000 | 1,455,523 | |
| New Mexico Finance Authority (Public Project Revolving Fund), | |||
| Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,012,123 | |
| Series C, 5.00% due 6/1/2029 | 1,900,000 | 1,923,300 | |
| New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2026 | 1,500,000 | 1,551,429 | |
| New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
| Series A, 5.00% due 8/1/2032 | 1,000,000 | 1,077,908 | |
| a | Series B, 5.00% due 8/1/2049 (put 8/1/2025) | 3,650,000 | 3,697,826 |
| New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030 - 6/1/2031 | 1,215,000 | 1,290,502 | |
| a | New Mexico Mortgage Finance Authority (JLG NM ABQ 2023 LLLP) (HUD), 5.00% due 2/1/2042 (put 9/1/2025) | 3,100,000 | 3,128,005 |
| a | New Mexico Mortgage Finance Authority (JLG SAF 2023 LLLP) (HUD), 5.00% due 2/1/2042 (put 6/1/2025) | 4,050,000 | 4,061,765 |
| Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2032 | 1,500,000 | 1,643,559 | |
| State of New Mexico Severance Tax Permanent Fund, Series A, 5.00% due 7/1/2025 | 11,705,000 | 11,901,597 | |
| Village of Los Ranchos de Albuquerque (Albuquerque Academy), 5.00% due 9/1/2029 - 9/1/2032 | 1,030,000 | 1,088,769 | |
| New York — 6.1% | |||
| City of New York GO, | |||
| Series A-1, 5.00% due 9/1/2033 | 1,300,000 | 1,478,043 | |
| Series C, 5.00% due 8/1/2025 - 8/1/2026 | 4,250,000 | 4,357,069 | |
| Series C-1, 5.00% due 8/1/2032 | 1,000,000 | 1,103,535 | |
| Series F-1, 5.00% due 8/1/2033 | 1,000,000 | 1,149,062 | |
| City of Yonkers (AGM) GO, Series A, 5.00% due 2/15/2029 | 850,000 | 906,425 | |
| Long Island Power Authority, 5.00% due 9/1/2033 | 400,000 | 429,767 | |
| Metropolitan Transportation Authority, | |||
| Series A-1, | |||
| 5.00% due 11/15/2025 | 1,265,000 | 1,279,184 | |
| a | 5.00% due 11/15/2048 (put 11/15/2024) | 710,000 | 713,783 |
| Series B, | |||
| 4.00% due 11/15/2026 | 1,660,000 | 1,684,510 | |
| 5.00% due 11/15/2028 | 1,230,000 | 1,269,847 | |
| Series C-1, | |||
| 5.00% due 11/15/2027 | 1,070,000 | 1,088,562 | |
| 5.25% due 11/15/2028 - 11/15/2029 | 16,100,000 | 16,422,353 | |
| Series D-1, 5.00% due 11/15/2028 - 11/15/2029 | 4,990,000 | 5,072,973 | |
| Series F, 5.00% due 11/15/2025 | 1,055,000 | 1,077,046 | |
| Metropolitan Transportation Authority (Green Bond), | |||
| Series A2, 5.00% due 11/15/2027 | 3,450,000 | 3,564,054 | |
| Series B, 5.00% due 11/15/2025 - 11/15/2027 | 6,650,000 | 6,851,910 | |
| Series C-1, 5.00% due 11/15/2024 - 11/15/2026 | 6,840,000 | 6,997,232 | |
| a | Monroe County Industrial Development Corp. (Andrews Terrace Community Partners LP) (HUD), Series B-2, 5.00% due 7/1/2028 (put 7/1/2027) | 4,000,000 | 4,163,768 |
| a | New York City Housing Development Corp., Series D, 4.30% due 11/1/2063 (put 11/1/2028) | 2,250,000 | 2,290,264 |
| a | New York City Housing Development Corp. (FHA), Series F-2A, 3.40% due 11/1/2062 (put 12/22/2026) | 2,500,000 | 2,502,930 |
| New York City Municipal Water Finance Authority (New York City Water & Sewer System), Series AA-2, 5.00% due 6/15/2029 | 4,495,000 | 4,777,034 | |
| New York City Transitional Finance Authority Building Aid Revenue (State Aid Withholding), Series S, 5.00% due 7/15/2034 | 1,000,000 | 1,067,772 | |
| New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
| Series A, 5.00% due 11/1/2031 | 7,980,000 | 8,860,529 | |
| Series A1, 5.00% due 8/1/2031 - 8/1/2032 | 8,500,000 | 8,626,107 | |
| Series B-1, 5.00% due 8/1/2034 | 1,000,000 | 1,047,153 | |
| Series F-1, 5.00% due 5/1/2030 | 3,705,000 | 3,828,606 | |
| Series F-3, 4.00% due 2/1/2034 | 4,000,000 | 4,012,320 | |
| Series F5, 5.00% due 2/1/2029 | 3,500,000 | 3,788,064 | |
| New York State Dormitory Authority (AGM), Series A, 5.00% due 10/1/2032 | 400,000 | 427,944 | |
| New York State Dormitory Authority (AGM, State Aid Withholding), Series A, 5.00% due 10/1/2034 | 2,000,000 | 2,275,366 | |
| New York State Dormitory Authority (BAM), Series A, 5.00% due 10/1/2032 | 3,500,000 | 3,875,400 | |
| New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2029 | 1,000,000 | 1,051,524 | |
| New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
| Series A, 5.00% due 3/15/2030 | 7,250,000 | 7,941,568 | |
| Series A1, 5.00% due 3/15/2031 | 4,545,000 | 5,064,366 | |
| Series E, 5.00% due 3/15/2033 | 2,000,000 | 2,262,148 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| New York State Dormitory Authority (State of New York Sales Tax Revenue), | |||
| Series A, 5.00% due 3/15/2028 - 3/15/2033 | $ 4,645,000 | $ 4,802,550 | |
| Series E, 5.00% due 3/15/2029 | 4,135,000 | 4,446,676 | |
| New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 4.00% due 4/1/2034 | 1,700,000 | 1,707,840 | |
| New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), | |||
| Series A-G, 5.00% due 3/15/2034 | 3,220,000 | 3,348,063 | |
| Series C-2, 5.00% due 3/15/2032 | 4,715,000 | 4,948,359 | |
| Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2025 - 7/1/2032 | 855,000 | 875,483 | |
| Triborough Bridge & Tunnel Authority, | |||
| Series A, 5.00% due 11/15/2033 | 750,000 | 758,735 | |
| Series B, 5.00% due 11/15/2031 | 4,170,000 | 4,358,438 | |
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) (Green Bond), | |||
| Series D-1A, 5.00% due 11/15/2031 | 1,000,000 | 1,129,964 | |
| Series E, 5.00% due 11/15/2032 | 2,000,000 | 2,265,896 | |
| Utility Debt Securitization Authority, 5.00% due 12/15/2034 | 2,000,000 | 2,044,376 | |
| Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2024 | 250,000 | 250,011 | |
| North Carolina — 1.0% | |||
| Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), | |||
| Series D, | |||
| a | 3.625% due 1/15/2048 (put 6/15/2027) | 1,350,000 | 1,335,590 |
| a | 5.00% due 1/15/2049 (put 12/1/2031) | 7,000,000 | 7,637,511 |
| a | Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Series B, 2.00% due 11/1/2033 (put 10/1/2024) | 1,100,000 | 1,094,144 |
| County of Buncombe, 5.00% due 6/1/2031 | 1,000,000 | 1,012,855 | |
| North Carolina Housing Finance Agency, Series 51, 3.85% due 7/1/2032 | 1,495,000 | 1,495,716 | |
| North Carolina Turnpike Authority, 5.00% due 1/1/2026 - 1/1/2029 | 7,990,000 | 8,264,378 | |
| State of North Carolina, 5.00% due 3/1/2033 | 5,000,000 | 5,377,030 | |
| Ohio — 2.4% | |||
| Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2028 - 11/15/2032 | 3,280,000 | 3,473,542 | |
| City of Cincinnati Water System Revenue, Series C, 4.00% due 12/1/2030 | 1,000,000 | 1,011,026 | |
| City of Columbus GO, Series A, 4.00% due 4/1/2031 | 600,000 | 608,546 | |
| c | City of Delaware GO, 4.50% due 7/1/2025 | 3,650,000 | 3,683,091 |
| City of Louisville GO, 4.375% due 6/25/2025 | 2,800,000 | 2,823,013 | |
| City of Middletown GO, 4.625% due 6/26/2025 | 2,550,000 | 2,574,842 | |
| City of Parma Heights GO, 4.625% due 6/26/2025 | 925,000 | 933,918 | |
| a | Columbus-Franklin County Finance Authority (Dering Family Homes Owner LLC), 5.00% due 7/1/2045 (put 2/1/2027) | 2,000,000 | 2,041,186 |
| County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), | |||
| a | Series B-1, 5.00% due 10/1/2049 (put 8/3/2027) | 2,665,000 | 2,767,429 |
| a | Series B-2, 5.00% due 10/1/2051 (put 6/4/2030) | 10,590,000 | 11,238,309 |
| County of Cuyahoga (Convention Hotel Project) COP, 5.00% due 12/1/2024 | 11,515,000 | 11,526,607 | |
| County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2030 - 1/1/2032 | 820,000 | 870,067 | |
| a | County of Franklin (Trinity Health Corp. Obligated Group), Series OH, 3.70% due 12/1/2046 (put 8/1/2024) | 1,000,000 | 997,913 |
| County of Franklin GO, 5.00% due 12/1/2030 | 2,500,000 | 2,553,010 | |
| County of Hamilton Sales Tax Revenue, Series A, 4.00% due 12/1/2031 | 1,100,000 | 1,105,804 | |
| Northeast Ohio Medical University (BAM), 5.00% due 12/1/2031 - 12/1/2032 | 615,000 | 673,234 | |
| a | Ohio Air Quality Development Authority (Duke Energy Corp.), Series B, 4.00% due 9/1/2030 (put 6/1/2027) | 4,515,000 | 4,487,296 |
| a | Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series B, 1.375% due 2/1/2026 (put 11/1/2024) | 800,000 | 789,615 |
| Ohio Water Development Authority, 4.00% due 12/1/2032 | 2,000,000 | 2,012,356 | |
| a | State of Ohio (Children’s Hospital Medical Center of Akron Obligated Group), Series B, 5.00% due 8/15/2054 (put 8/15/2032) | 1,250,000 | 1,366,861 |
| State of Ohio (Cleveland Clinic Health System Obligated Group), Series A, 5.00% due 1/1/2032 | 800,000 | 842,918 | |
| a | State of Ohio (Republic Services, Inc.), 3.90% due 11/1/2035 (put 9/3/2024) | 2,000,000 | 2,000,000 |
| State of Ohio Department of Administrative Services, Series A-2, 4.00% due 4/1/2032 | 1,000,000 | 1,001,919 | |
| Oklahoma — 3.6% | |||
| Caddo County Educational Facilities Authority (Fort Cobb-Broxton Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2034 | 3,170,000 | 3,318,432 | |
| Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series A, 5.00% due 9/1/2032 - 9/1/2033 | 11,000,000 | 12,272,485 | |
| Canadian County Educational Facilities Authority (Yukon Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2029 | 10,850,000 | 11,488,865 | |
| Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, 4.00% due 6/1/2030 - 6/1/2031 | 9,240,000 | 9,611,859 | |
| Cleveland County Educational Facilities Authority (Norman Public Schools) ISD, Series A, 5.00% due 6/1/2028 - 6/1/2033 | 15,850,000 | 17,516,255 | |
| Clinton Public Works Authority, 5.00% due 10/1/2029 - 10/1/2032 | 4,295,000 | 4,611,824 | |
| Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 - 9/1/2032 | 14,000,000 | 14,952,648 | |
| Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2026 | 475,000 | 484,478 | |
| Oklahoma (Oklahoma State Regents for Higher Education) DFA, Series A, 5.00% due 6/1/2028 | 425,000 | 429,636 | |
| Oklahoma County Finance Authority (Midwest City Public Service) ISD, 5.00% due 10/1/2025 - 10/1/2026 | 825,000 | 844,999 | |
| Payne County (Stillwater Public Schools) (BAM) EDA, 5.00% due 9/1/2032 | 1,250,000 | 1,391,469 | |
| Rogers County Educational Facilities Authority (School District No. 2 Catoosa), 5.00% due 9/1/2029 - 9/1/2032 | 12,000,000 | 13,078,545 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Tulsa County Industrial Authority (Tulsa County ISD No. 2 Sand Springs) (BAM), 5.00% due 9/1/2034 | $ 665,000 | $ 756,906 | |
| Oregon — 0.5% | |||
| a | Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | 11,780,000 | 12,830,458 |
| Pennsylvania — 5.3% | |||
| Allegheny County Higher Education Building Authority (Duquesne University of the Holy Spirit), Series A, 5.00% due 3/1/2025 | 1,145,000 | 1,153,626 | |
| Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2031 | 2,520,000 | 2,710,016 | |
| Allegheny County Sanitary Authority (BAM), 5.00% due 12/1/2029 | 2,830,000 | 2,879,856 | |
| Allentown City School District (BAM, State Aid Withholding) GO, Series B, 5.00% due 2/1/2031 | 3,750,000 | 3,947,524 | |
| Bethlehem Area School District Authority (State Aid Withholding), | |||
| a | Series A, 3.928% (SOFR + 0.35%) due 1/1/2030 (put 11/1/2025) | 2,985,000 | 2,865,740 |
| a | Series C, 3.928% (SOFR + 0.35%) due 1/1/2032 (put 11/1/2025) | 2,985,000 | 2,934,165 |
| City of Philadelphia (AGM) GO, 5.00% due 8/1/2025 - 8/1/2027 | 10,970,000 | 11,368,423 | |
| City of Philadelphia (Pennsylvania Gas Works), | |||
| Series 13, 5.00% due 8/1/2025 - 8/1/2031 | 2,900,000 | 2,938,990 | |
| Series 14, 5.00% due 10/1/2024 - 10/1/2032 | 3,070,000 | 3,124,443 | |
| City of Philadelphia (Pennsylvania Gas Works) (AGM), Series A, 5.00% due 8/1/2025 - 8/1/2032 | 2,210,000 | 2,372,542 | |
| City of Philadelphia Airport Revenue, Series A, 5.00% due 7/1/2030 | 750,000 | 819,989 | |
| City of Philadelphia GO, Series B, 5.00% due 8/1/2033 | 1,060,000 | 1,072,760 | |
| City of Philadelphia IDA, 5.00% due 5/1/2026 - 5/1/2028 | 1,950,000 | 2,045,175 | |
| City of Philadelphia Water & Wastewater Revenue, Series B, 5.00% due 7/1/2032 | 2,500,000 | 2,527,698 | |
| City of Scranton (BAM) GO, 5.00% due 9/1/2028 | 2,085,000 | 2,150,605 | |
| Commonwealth Financing Authority (Pennsylvania Department of Community & Economic Development) (AGM), Series B-1, 5.00% due 6/1/2025 | 3,000,000 | 3,039,939 | |
| Commonwealth Financing Authority (Tobacco Master Settlement Paym) (BAM), 5.00% due 6/1/2031 | 10,000,000 | 10,545,590 | |
| Commonwealth of Pennsylvania (Capital Facilities) GO, Series D, 5.00% due 8/15/2025 | 2,825,000 | 2,877,681 | |
| Commonwealth of Pennsylvania GO, | |||
| 5.00% due 7/15/2030 | 12,930,000 | 14,111,207 | |
| Series 1, 5.00% due 3/15/2025 | 12,005,000 | 12,142,301 | |
| County of Luzerne (AGM) GO, Series A, 5.00% due 11/15/2024 | 4,000,000 | 4,023,880 | |
| Geisinger Authority (Geisinger Health System Obligated group), | |||
| a | Series B, 5.00% due 4/1/2043 (put 2/15/2027) | 5,115,000 | 5,263,923 |
| a | Series C, 5.00% due 4/1/2043 (put 4/1/2030) | 3,530,000 | 3,756,255 |
| Hempfield Area School District (AGM, State Aid Withholding) GO, Series B, 5.00% due 3/15/2027 | 1,410,000 | 1,471,920 | |
| Luzerne County (AGM) IDA GO, 5.00% due 12/15/2026 - 12/15/2027 | 1,500,000 | 1,524,329 | |
| a | Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 5,000,000 | 5,078,865 |
| Northeastern Pennsylvania Hospital & Education Authority (King’s College), 5.00% due 5/1/2027 - 5/1/2029 | 3,825,000 | 3,823,478 | |
| Pennsylvania (UPMC Obligated Group) EDFA, Series A, 5.00% due 10/15/2033 | 1,150,000 | 1,268,255 | |
| a | Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1,000,000 | 930,950 |
| Pennsylvania Turnpike Commission, Series A-1, 5.00% due 12/1/2033 | 1,000,000 | 1,010,830 | |
| Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2027 | 1,365,000 | 1,429,474 | |
| Pittsburgh Water & Sewer Authority (AGM), Series B, 5.00% due 9/1/2033 | 1,000,000 | 1,133,166 | |
| Plum Borough School District (BAM, State Aid Withholding) GO, Series A, 5.00% due 9/15/2024 | 1,885,000 | 1,886,549 | |
| School District of Philadelphia (BAM, State Aid Withholding) GO, Series F, 5.00% due 9/1/2025 | 500,000 | 509,187 | |
| School District of Philadelphia (State Aid Withholding) GO, | |||
| Series A, 5.00% due 9/1/2025 - 9/1/2028 | 1,870,000 | 1,949,922 | |
| Series F, 5.00% due 9/1/2024 | 620,000 | 621,298 | |
| Sports & Exhibition Authority of Pittsburgh & Allegheny County (Allegheny County Hotel Room Excise Tax Revenue) (AGM), Series A, 5.00% due 2/1/2033 | 4,000,000 | 4,440,208 | |
| State Public School Building Authority (BAM), Series A, 4.00% due 10/1/2033 | 2,325,000 | 2,311,566 | |
| State Public School Building Authority (School District of Philadelphia) (AGM, State Aid Withholding), Series A, 5.00% due 6/1/2030 | 3,550,000 | 3,653,983 | |
| South Carolina — 0.7% | |||
| Berkeley County School District (School Facility Equipment Acquisition), 5.00% due 12/1/2024 | 2,000,000 | 2,012,694 | |
| Lancaster County School District GO, 4.00% due 3/1/2034 | 2,500,000 | 2,515,465 | |
| a | Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 10,090,000 | 10,775,605 |
| SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2029 | 2,000,000 | 2,023,146 | |
| Tennessee — 2.7% | |||
| Knox County Health Educational & Housing Facility Board (BAM), Series B-1, 5.00% due 7/1/2031 - 7/1/2034 | 3,570,000 | 3,957,872 | |
| a | Knox County Health Educational & Housing Facility Board (Gleason Partners LP) (HUD), 3.95% due 12/1/2027 (put 12/1/2025) | 1,500,000 | 1,506,890 |
| Knox County Health Educational & Housing Facility Board (Provident Group - UTK Properties LLC) (BAM), Series A-1, 5.00% due 7/1/2031 - 7/1/2034 | 1,245,000 | 1,379,768 | |
| a | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Northview Housing Development LP), Series B, 3.85% due 2/1/2045 (put 2/1/2025) | 2,500,000 | 2,498,077 |
| Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2031 | 1,260,000 | 1,301,603 | |
| a | Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 14,730,000 | 14,726,745 |
| a | Tennessee Energy Acquisition Corp. (Guaranty: Goldman Sachs Group, Inc.), Series A-1, 5.00% due 5/1/2053 (put 5/1/2028) | 1,000,000 | 1,038,891 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| 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) | $35,310,000 | $ 37,299,930 |
| Tennessee HDA, | |||
| Series 2A, | |||
| 3.80% due 1/1/2032 | 400,000 | 394,499 | |
| 3.875% due 1/1/2033 | 500,000 | 493,720 | |
| 3.90% due 7/1/2033 | 500,000 | 494,021 | |
| 3.95% due 1/1/2034 | 1,000,000 | 991,183 | |
| a | Williamson County (ECG Wood Duck LP) (HUD) IDB, 5.00% due 5/1/2042 (put 5/1/2027) | 2,000,000 | 2,056,512 |
| Texas — 13.7% | |||
| Amarillo Junior College District GO, 5.00% due 2/15/2030 | 2,325,000 | 2,543,410 | |
| Arlington Higher Education Finance Corp. (KIPP Texas, Inc.) (PSF-GTD), 4.00% due 8/15/2031 | 1,000,000 | 1,003,258 | |
| Arlington Higher Education Finance Corp. (Riverwalk Education Foundation, Inc.) (PSF-GTD), 5.00% due 8/15/2026 | 365,000 | 376,126 | |
| Bexar County Hospital District (CTFS Obligation) GO, 5.00% due 2/15/2033 | 820,000 | 843,570 | |
| a | Bexar County Housing Finance Corp. (Culebra Road Apartments LP), 4.05% due 3/1/2028 (put 3/1/2026) | 2,500,000 | 2,505,612 |
| a | Boerne School District (PSF-GTD) ISD GO, 3.125% due 2/1/2053 (put 2/1/2027) | 4,775,000 | 4,768,439 |
| Central Texas Turnpike System, Series C, 5.00% due 8/15/2031 | 2,800,000 | 2,803,038 | |
| City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2026 - 9/1/2034 | 2,180,000 | 2,345,898 | |
| City of Austin Electric Utility Revenue, Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,015,333 | |
| City of Austin Water & Wastewater System Revenue, | |||
| 5.00% due 11/15/2033 | 2,000,000 | 2,106,094 | |
| Series A, 5.00% due 11/15/2032 | 1,000,000 | 1,015,841 | |
| City of Beaumont (Waterworks & Sewer System Improvements) (AGM), Series A, 5.00% due 9/1/2024 | 2,500,000 | 2,502,652 | |
| City of Conroe GO, Series B, 5.00% due 11/15/2030 | 1,750,000 | 1,874,709 | |
| City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 | 3,000,000 | 3,028,863 | |
| City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2025 - 2/15/2026 | 17,935,000 | 17,955,356 | |
| a | City of Dallas Housing Finance Corp. (Ash Creek Housing LLC) (FHA), 5.00% due 7/1/2026 (put 12/1/2025) | 1,500,000 | 1,527,656 |
| City of Georgetown Utility System Revenue (BAM), 5.00% due 8/15/2028 - 8/15/2029 | 1,300,000 | 1,395,172 | |
| City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 2,875,000 | 3,007,477 | |
| City of Houston Combined Utility System Revenue, Series B, 4.00% due 11/15/2031 | 1,725,000 | 1,734,018 | |
| City of Houston GO, Series A, 5.00% due 3/1/2031 | 2,635,000 | 2,842,274 | |
| City of Hutto (AGM) GO, 5.00% due 8/1/2033 | 400,000 | 443,108 | |
| City of Lubbock Electric Light & Power System Revenue, 5.00% due 4/15/2025 | 725,000 | 732,628 | |
| City of Lubbock GO, Series A, 5.00% due 2/15/2026 - 2/15/2027 | 1,500,000 | 1,555,364 | |
| City of Mansfield GO, Series A, 5.00% due 2/15/2031 - 2/15/2033 | 1,500,000 | 1,678,801 | |
| City of McAllen (International Toll Bridge System) (AGM), Series A, 5.00% due 3/1/2027 | 1,125,000 | 1,149,711 | |
| City of Port Arthur (CTFS Obligation) (BAM) GO, 5.00% due 2/15/2033 | 1,025,000 | 1,171,995 | |
| City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2027 - 9/15/2032 | 4,155,000 | 4,568,617 | |
| City of San Antonio Electric & Gas Systems Revenue, 4.00% due 2/1/2032 | 4,100,000 | 4,120,553 | |
| City of Waco (CTFS Obligation) GO, Series A, 5.00% due 2/1/2033 - 2/1/2034 | 1,800,000 | 2,059,735 | |
| Clear Creek (PSF-GTD) ISD GO, | |||
| a | 3.60% due 2/15/2035 (put 8/15/2025) | 1,500,000 | 1,505,165 |
| Series A, 4.00% due 2/15/2033 | 5,000,000 | 5,005,955 | |
| Clifton Higher Education Finance Corp. (Idea Public Schools) (PSF-GTD), | |||
| 4.00% due 8/15/2028 | 2,000,000 | 2,013,204 | |
| Series T, 5.00% due 8/15/2026 | 400,000 | 412,053 | |
| Clifton Higher Education Finance Corp. (YES Prep Public Schools, Inc.) (PSF-GTD), 5.00% due 4/1/2027 - 4/1/2029 | 1,700,000 | 1,788,900 | |
| Conroe (PSF-GTD) ISD GO, Series A, 4.00% due 2/15/2033 | 1,050,000 | 1,054,768 | |
| Cotulla (PSF-GTD) ISD GO, 5.00% due 2/15/2031 - 2/15/2033 | 3,315,000 | 3,671,123 | |
| County of Bexar GO, 4.00% due 6/15/2033 | 2,750,000 | 2,773,298 | |
| County of Harris (Harris County Toll Road Revenue), Series B, 5.00% due 8/15/2030 - 8/15/2033 | 5,370,000 | 5,452,974 | |
| County of Hays GO, 4.00% due 2/15/2034 | 850,000 | 857,375 | |
| Cypress-Fairbanks (PSF-GTD) ISD GO, 5.00% due 2/15/2028 | 2,955,000 | 2,979,441 | |
| a | Denton (PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 340,000 | 339,597 |
| a | Dickinson (PSF-GTD) ISD GO, 3.50% due 8/1/2037 (put 8/1/2025) | 1,045,000 | 1,045,142 |
| a | El Paso Housing Finance Corp. (Columbia Housing Partners LP) (HUD), 4.50% due 3/1/2026 (put 3/1/2025) | 2,300,000 | 2,309,665 |
| a | Fort Bend (PSF-GTD) ISD GO, Series B, 4.00% due 8/1/2054 (put 8/1/2027) | 10,000,000 | 10,253,100 |
| Franklin (PSF-GTD) ISD GO, 4.00% due 2/15/2032 | 2,000,000 | 2,004,172 | |
| Frisco (PSF-GTD) ISD GO, 5.00% due 8/15/2033 | 1,465,000 | 1,582,527 | |
| a | Grand Parkway Transportation Corp., 5.00% due 10/1/2052 (put 4/1/2028) | 4,000,000 | 4,196,540 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), | |||
| Series A, | |||
| 4.00% due 12/1/2031 | 825,000 | 821,444 | |
| 5.00% due 12/1/2025 | 2,845,000 | 2,859,831 | |
| a | Series B, 5.00% due 6/1/2050 (put 12/1/2028) | 2,250,000 | 2,355,520 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Hays Consolidated (PSF-GTD) ISD GO, 5.00% due 2/15/2033 | $ 1,250,000 | $ 1,406,773 | |
| a | Houston (PSF-GTD) ISD GO, Series C, 4.00% due 6/1/2039 (put 6/1/2025) | 3,000,000 | 3,021,678 |
| a,c | Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | 2,700,000 | 2,697,057 |
| a | Houston Housing Finance Corp. (Summerdale Apartments LP), 5.00% due 8/1/2041 (put 8/1/2026) | 3,650,000 | 3,745,904 |
| a | Houston Housing Finance Corp. (Sunset Gardens Preservation LP) (FHA, HUD), 4.00% due 10/1/2025 (put 10/1/2024) | 3,000,000 | 3,002,445 |
| Humble (PSF-GTD) ISD GO, | |||
| 4.00% due 2/15/2033 | 1,605,000 | 1,656,384 | |
| Series A, 4.00% due 2/15/2029 | 2,500,000 | 2,506,922 | |
| Hutto (PSF-GTD) ISD GO, Series C, 4.00% due 8/1/2032 | 1,245,000 | 1,297,113 | |
| a | Jacksboro (PSF-GTD) ISD GO, 4.00% due 2/15/2048 (put 8/15/2028) | 2,500,000 | 2,576,060 |
| Keller (PSF-GTD) ISD GO, 5.00% due 8/15/2027 (pre-refunded 2/15/2025) | 5,795,000 | 5,853,448 | |
| a | Lakeside Place PFC (Brookside Gardens Apartments LLC) (FHA), 4.15% due 11/1/2026 (put 11/1/2025) | 5,000,000 | 5,015,095 |
| Laredo College District Combined Fee Revenue (BAM), 4.00% due 8/1/2033 | 1,180,000 | 1,176,671 | |
| Laredo Community College District (School Facilities Improvements) GO, 5.00% due 8/1/2024 | 715,000 | 715,841 | |
| Leander (PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2029 | 1,940,000 | 2,096,424 | |
| Llano (PSF-GTD) ISD GO, 5.00% due 2/15/2032 | 1,200,000 | 1,226,101 | |
| Lower Colorado River Authority, Series D, 5.00% due 5/15/2026 - 5/15/2027 | 2,200,000 | 2,225,298 | |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), | |||
| Series A, | |||
| 5.00% due 5/15/2031 - 5/15/2032 | 900,000 | 1,004,356 | |
| 5.25% due 5/15/2033 | 350,000 | 398,744 | |
| North East (PSF-GTD) ISD GO, | |||
| a | 3.60% due 8/1/2052 (put 8/1/2024) | 5,000,000 | 4,997,410 |
| a | 3.75% due 8/1/2049 (put 8/1/2027) | 5,250,000 | 5,286,104 |
| 4.00% due 8/1/2034 | 1,500,000 | 1,507,619 | |
| North Texas Tollway Authority (North Texas Tollway System), Series A, 5.00% due 1/1/2031 - 1/1/2032 | 2,750,000 | 2,765,854 | |
| Northside (PSF-GTD) ISD GO, | |||
| 4.00% due 6/15/2033 - 8/15/2034 | 2,175,000 | 2,187,646 | |
| a | Series B, 3.45% due 8/1/2054 (put 8/1/2027) | 2,500,000 | 2,519,330 |
| Pecos Barstow Toyah (PSF-GTD) ISD GO, 5.00% due 2/15/2031 - 2/15/2033 | 5,500,000 | 5,800,245 | |
| Prosper (PSF-GTD) ISD GO, 5.00% due 2/15/2033 | 1,000,000 | 1,123,708 | |
| Round Rock (Educational Facilities Improvements) (PSF-GTD) ISD GO, 5.00% due 8/1/2028 - 8/1/2029 (pre-refunded 8/1/2025) | 5,820,000 | 5,925,744 | |
| San Antonio (PSF-GTD) ISD GO, | |||
| 4.00% due 8/15/2034 | 2,350,000 | 2,417,483 | |
| 5.00% due 8/15/2033 | 2,080,000 | 2,356,276 | |
| a | San Antonio Housing Trust Finance Corp. (Arbors at West Avenue LP) (HUD), 1.45% due 3/1/2026 (put 3/1/2025) | 2,000,000 | 1,963,360 |
| a | San Antonio Housing Trust Public Facility Corp. (PV Country Club Village LP), 4.00% due 8/1/2026 (put 8/1/2025) | 1,000,000 | 1,002,520 |
| Southwest (PSF-GTD) ISD GO, 5.00% due 2/1/2032 - 2/1/2033 | 2,600,000 | 2,919,760 | |
| State of Texas GO, | |||
| 5.00% due 10/1/2027 | 1,875,000 | 1,876,993 | |
| Series A, 4.00% due 10/1/2032 - 10/1/2033 | 20,430,000 | 20,437,916 | |
| Tarrant County College District GO, | |||
| 4.00% due 8/15/2033 | 890,000 | 920,406 | |
| 5.00% due 8/15/2032 | 2,500,000 | 2,841,800 | |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), | |||
| a | Series A, 5.00% due 7/1/2053 (put 7/1/2032) | 5,520,000 | 5,989,526 |
| Series B, 5.00% due 7/1/2032 | 2,695,000 | 2,861,306 | |
| Tarrant County Hospital District GO, 5.00% due 8/15/2025 - 8/15/2027 | 2,880,000 | 2,997,441 | |
| Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2025 - 12/15/2032 | 69,065,000 | 71,596,121 | |
| a | Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | 1,000,000 | 1,114,264 |
| Texas Public Finance Authority (Texas Southern University) (BAM), 5.00% due 5/1/2032 - 5/1/2033 | 1,700,000 | 1,862,994 | |
| a | Texas State Affordable Housing Corp. (FC Juniper Creek Housing LP), 3.75% due 7/1/2044 (put 7/1/2026) | 2,000,000 | 1,996,716 |
| Texas State Technical College (AGM), | |||
| Series A, | |||
| 5.00% due 8/1/2031 - 8/1/2032 | 4,250,000 | 4,713,728 | |
| 5.25% due 8/1/2033 | 2,300,000 | 2,609,916 | |
| Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2025 | 240,000 | 240,309 | |
| Texas Water Development Board (State Water Implementation Revenue Fund for Texas), Series A, 4.00% due 10/15/2034 | 5,000,000 | 5,041,430 | |
| Texas Woman’s University, Series A, 5.00% due 7/1/2031 - 7/1/2033 | 4,275,000 | 4,806,996 | |
| Utah — 0.2% | |||
| a | County of Utah (Intermountain Healthcare Obligated Group), Series B, 5.00% due 5/15/2060 (put 8/1/2026) | 1,740,000 | 1,787,043 |
| a,c | Utah Housing Corp., 3.70% due 8/1/2043 (put 8/1/2027) | 1,500,000 | 1,498,461 |
| Utah Telecommunication Open Infrastructure Agency, | |||
| 5.00% due 6/1/2031 | 600,000 | 666,776 | |
| 5.25% due 6/1/2033 | 500,000 | 571,238 |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Virginia — 0.9% | |||
| a | Fairfax County Redevelopment & Housing Authority (Apah Tysons North Four LP), 5.00% due 1/1/2045 (put 1/1/2028) | $ 2,000,000 | $ 2,089,530 |
| a | Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | 8,320,000 | 8,371,767 |
| a | Harrisonburg Redevelopment & Housing Authority, 4.00% due 12/1/2028 (put 12/1/2026) | 1,615,000 | 1,630,546 |
| Virginia Commonwealth Transportation Board, | |||
| 4.00% due 5/15/2032 | 2,500,000 | 2,512,383 | |
| 5.00% due 9/15/2028 | 3,945,000 | 4,159,383 | |
| Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 - 1/1/2033 | 4,400,000 | 4,651,215 | |
| Washington — 0.7% | |||
| City of Seattle GO, 4.00% due 12/1/2032 | 1,000,000 | 1,004,157 | |
| Clark County Public Utility District No. 1, 5.00% due 1/1/2028 | 500,000 | 531,953 | |
| King County School District No. 414 (School Bond Gauranteed) GO, 4.00% due 12/1/2033 | 2,000,000 | 2,013,906 | |
| State of Washington COP, Series B, 5.00% due 7/1/2032 | 650,000 | 693,805 | |
| State of Washington GO, | |||
| Series B, 5.00% due 2/1/2033 | 1,000,000 | 1,007,548 | |
| Series C, 5.00% due 2/1/2032 | 1,200,000 | 1,208,981 | |
| Series R-2015E, 5.00% due 7/1/2032 | 4,000,000 | 4,026,332 | |
| University of Washington, Series C, 4.00% due 12/1/2031 | 1,000,000 | 1,001,075 | |
| Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A1, 5.00% due 8/1/2031 | 780,000 | 837,363 | |
| Washington Health Care Facilities Authority (Providence St. Joseph Health Obligated Group), Series B, 5.00% due 10/1/2030 | 2,500,000 | 2,602,690 | |
| a | Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | 1,000,000 | 1,024,648 |
| b | Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.125% due 7/1/2033 | 735,000 | 794,177 |
| Washington State Housing Finance Commission (SRMAHMILL LLC) (FNMA), 4.15% due 7/1/2034 | 1,400,000 | 1,404,542 | |
| Wisconsin — 2.6% | |||
| City of Milwaukee (AGM) GO, | |||
| 5.00% due 4/1/2032 - 4/1/2033 | 4,845,000 | 5,400,728 | |
| Series N3, 5.00% due 4/1/2031 - 4/1/2032 | 6,550,000 | 7,205,185 | |
| County of Waushara GO, Series A, 4.50% due 6/1/2027 | 5,260,000 | 5,297,446 | |
| Peshtigo School District, 4.75% due 3/1/2027 | 10,500,000 | 10,592,431 | |
| Public Finance Authority (Duke Energy Progress LLC), | |||
| a | Series A-1, 3.30% due 10/1/2046 (put 10/1/2026) | 13,980,000 | 13,811,639 |
| a | Series A-2, 3.70% due 10/1/2046 (put 10/1/2030) | 1,155,000 | 1,138,649 |
| a | Public Finance Authority (Providence St. Joseph Health Obligated Group), Series C, 4.00% due 10/1/2041 (put 10/1/2030) | 4,050,000 | 4,073,478 |
| a | Public Finance Authority (St. John’s College), 3.00% due 10/1/2045 (put 10/1/2026) | 1,535,000 | 1,488,832 |
| Racine USD, Series B, 4.125% due 4/1/2025 | 1,500,000 | 1,500,303 | |
| a | Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), Series B1, 5.00% due 8/15/2054 (put 7/1/2027) | 1,375,000 | 1,411,490 |
| a | Wisconsin Health & Educational Facilities Authority (Fort Healthcare, Inc. Obligated Group), Series B, 5.00% due 10/1/2054 (put 10/3/2034) | 2,320,000 | 2,567,658 |
| a | Wisconsin Housing & EDA (East Washington Apartments LLC), Series I, 5.00% due 11/1/2058 | 2,250,000 | 2,322,843 |
| Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA), Series B, 3.90% due 9/1/2033 | 1,815,000 | 1,810,020 | |
| Wisconsin Housing & EDA Housing Revenue (HUD), | |||
| Series B, | |||
| a | 0.50% due 11/1/2050 (put 11/1/2024) | 1,105,000 | 1,088,413 |
| a | 3.75% due 5/1/2054 (put 11/1/2026) | 3,565,000 | 3,551,916 |
| a | Wisconsin Housing (Flats at Bishops Woods LP) EDA, Series F, 5.00% due 12/1/2027 (put 12/1/2026) | 1,000,000 | 1,032,571 |
| WPPI Energy, Series A, 5.00% due 7/1/2027 - 7/1/2028 | 390,000 | 411,185 | |
| Total Long-Term Municipal Bonds — 96.9% (Cost $2,410,151,010) | 2,441,249,572 | ||
| Short-Term Municipal Bonds — 2.9% | |||
| Florida — 0.1% | |||
| a | Hillsborough County (BayCare Obligated Group; LOC TD Bank NA) IDA, Series D, 4.90% due 11/15/2042 (put 7/1/2024) | 2,950,000 | 2,950,000 |
| Illinois — 0.0% | |||
| a | Phoenix Realty Special Account-U LP (LOC Northern Trust Co.), 4.45% due 4/1/2025 (put 7/5/2024) | 1,000,000 | 1,000,000 |
| Indiana — 0.1% | |||
| a | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays bank plc), Series J, 4.90% due 11/1/2037 (put 7/1/2024) | 2,400,000 | 2,400,000 |
| Kansas — 0.3% | |||
| a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank AG), Series 2024-DBE-8134, 5.10% due 6/1/2064 (put 7/1/2024) | 7,490,000 | 7,490,000 |
| New York — 0.3% | |||
| a | City of New York (SPA Barclays Bank plc) GO, Series F5, 4.90% due 6/1/2044 (put 7/1/2024) | 1,100,000 | 1,100,000 |
| Metropolitan Transportation Authority (LOC Barclays Bank plc), | |||
| a | Series 2012G-1, 4.90% due 11/1/2032 (put 7/1/2024) | 2,670,000 | 2,670,000 |
| a | Series E 1, 4.90% due 11/15/2050 (put 7/1/2024) | 4,075,000 | 4,075,000 |
| Texas — 2.1% |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Port of Port Arthur Navigation District (Motiva Enterprises LLC), | |||
| a | 5.00% due 4/1/2040 (put 7/1/2024) | $46,820,000 | $ 46,820,000 |
| a | 5.05% due 4/1/2040 (put 7/1/2024) | 5,300,000 | 5,300,000 |
| Total Short-Term Municipal Bonds — 2.9% (Cost $73,805,000) | 73,805,000 | ||
| Total Investments — 99.8% (Cost $2,483,956,010) | $2,515,054,572 | ||
| Other Assets Less Liabilities — 0.2% | 5,546,368 | ||
| Net Assets — 100.0% | $2,520,600,940 |
| 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 June 30, 2024. |
| 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 June 30, 2024, the aggregate value of these securities in the Fund’s portfolio was $26,024,266, representing 1.03% of the Fund’s net assets. |
| c | When-issued security. |
| Thornburg Limited Term Municipal Fund | June 30, 2024 (Unaudited) |