NPORT-EX 2 NPORT_9P24_86808053_0624.htm
SCHEDULE OF INVESTMENTS
Thornburg Summit Fund June 30, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Common Stock — 50.6%    
  Automobiles & Components — 0.5%    
  Automobile Components — 0.5%    
a Mobileye Global, Inc. Class A        17,553 $    492,976
                      492,976
  Banks — 2.1%    
  Banks — 2.1%    
  BNP Paribas SA         9,575      610,442
  Citigroup, Inc.        12,653      802,959
  JPMorgan Chase & Co.         3,976     804,186
                    2,217,587
  Capital Goods — 1.9%    
  Aerospace & Defense — 0.6%    
  L3Harris Technologies, Inc.         2,560     574,925
  Electrical Equipment — 0.4%    
  Vertiv Holdings Co. Class A         5,349     463,063
  Machinery — 0.3%    
  FANUC Corp.        12,200     334,327
  Trading Companies & Distributors — 0.6%    
  ITOCHU Corp.        13,500     659,015
                    2,031,330
  Commercial & Professional Services — 0.8%    
  Professional Services — 0.8%    
  Jacobs Solutions, Inc.         6,196     865,643
                      865,643
  Consumer Discretionary Distribution & Retail — 4.3%    
  Broadline Retail — 3.8%    
a Amazon.com, Inc.        10,462    2,021,782
a MercadoLibre, Inc.           638    1,048,489
a PDD Holdings, Inc. ADR         7,103     944,344
  Specialty Retail — 0.5%    
  Home Depot, Inc.         1,713     589,683
                    4,604,298
  Consumer Durables & Apparel — 1.4%    
  Textiles, Apparel & Luxury Goods — 1.4%    
  Kalyan Jewellers India Ltd.       102,899      620,572
  LVMH Moet Hennessy Louis Vuitton SE         1,131     864,344
                    1,484,916
  Consumer Services — 2.8%    
  Hotels, Restaurants & Leisure — 2.8%    
a Airbnb, Inc. Class A         8,717    1,321,759
  Galaxy Entertainment Group Ltd.       205,000      955,558
  Wyndham Hotels & Resorts, Inc.         9,043     669,182
                    2,946,499
  Energy — 1.3%    
  Energy Equipment & Services — 0.4%    
  Liberty Energy, Inc. Class A        20,838     435,306
  Oil, Gas & Consumable Fuels — 0.9%    
  Enbridge, Inc.         4,868      173,185
  TotalEnergies SE        12,107     808,170
                    1,416,661
  Financial Services — 4.2%    
  Capital Markets — 1.8%    
  Charles Schwab Corp.        17,608    1,297,533
  CME Group, Inc.         2,781      546,745
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund June 30, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Financial Services — 2.4%    
b Home First Finance Co. India Ltd.        24,326 $    299,920
  Mastercard, Inc. Class A         2,211      975,404
  Visa, Inc. Class A         4,906   1,287,678
                    4,407,280
  Food, Beverage & Tobacco — 0.8%    
  Beverages — 0.8%    
  Varun Beverages Ltd.        43,839     855,357
                      855,357
  Health Care Equipment & Services — 0.6%    
  Health Care Equipment & Supplies — 0.6%    
  Medtronic plc         8,377     659,354
                      659,354
  Insurance — 1.7%    
  Insurance — 1.7%    
  NN Group NV        20,324      945,732
a PB Fintech Ltd.        49,562     829,129
                    1,774,861
  Materials — 1.3%    
  Chemicals — 0.9%    
  Linde plc         2,195     963,188
  Metals & Mining — 0.4%    
  Glencore plc        76,743     437,616
                    1,400,804
  Media & Entertainment — 3.7%    
  Interactive Media & Services — 3.7%    
  Alphabet, Inc. Class A        10,328    1,881,245
  Meta Platforms, Inc. Class A         4,029   2,031,502
                    3,912,747
  Pharmaceuticals, Biotechnology & Life Sciences — 5.4%    
  Biotechnology — 1.5%    
a BioMarin Pharmaceutical, Inc.         5,428      446,887
a Sarepta Therapeutics, Inc.         7,273   1,149,134
  Life Sciences Tools & Services — 0.3%    
a Repligen Corp.         2,541     320,319
  Pharmaceuticals — 3.6%    
  AstraZeneca plc         5,396      842,813
  Merck & Co., Inc.         5,273      652,797
  Novo Nordisk AS Class B         5,098      736,161
  Pfizer, Inc.        29,742      832,181
  Roche Holding AG         2,647     735,073
                    5,715,365
  Semiconductors & Semiconductor Equipment — 7.1%    
  Semiconductors & Semiconductor Equipment — 7.1%    
a Advanced Micro Devices, Inc.         5,073      822,891
  ASML Holding NV           862      890,110
  Broadcom, Inc.           996    1,599,108
  NVIDIA Corp.        16,936    2,092,274
  Taiwan Semiconductor Manufacturing Co. Ltd.        73,000   2,173,697
                    7,578,080
  Software & Services — 4.0%    
  Information Technology Services — 1.0%    
  Nomura Research Institute Ltd.        17,300      486,129
a Shopify, Inc. Class A         8,828     583,090
  Software — 3.0%    
  Microsoft Corp.         3,316   1,482,086
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund June 30, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  SAP SE         2,927 $    594,083
a ServiceNow, Inc.         1,451   1,141,458
                    4,286,846
  Technology Hardware & Equipment — 2.7%    
  Electronic Equipment, Instruments & Components — 0.7%    
  Keyence Corp.         1,719     753,778
  Technology Hardware, Storage & Peripherals — 2.0%    
  Apple, Inc.         4,895    1,030,985
  Samsung Electronics Co. Ltd.        18,041   1,068,174
                    2,852,937
  Telecommunication Services — 3.0%    
  Diversified Telecommunication Services — 3.0%    
  AT&T, Inc.        67,625    1,292,314
  Orange SA        95,296      954,644
a Zegona Communications plc       265,022     884,437
                    3,131,395
  Transportation — 1.0%    
  Ground Transportation — 1.0%    
  Canadian Pacific Kansas City Ltd.        14,043   1,105,605
                    1,105,605
  Total Common Stock (Cost $40,700,597)                53,740,541
  Asset Backed Securities — 3.7%    
  Auto Receivables — 1.3%    
b ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 $       24,468       24,441
b Ally Auto Receivables Trust Series 2023-1 Class CERT, due 4/15/2034          1,000      336,623
  CarMax Auto Owner Trust, Series 2021-1 Class A3, 0.34% due 12/15/2025         48,593       48,308
b Carvana Auto Receivables Trust, Series 2023-N4 Class A, 6.42% due 1/10/2028        103,436      103,842
  Exeter Automobile Receivables Trust, Series 2021-3A Class C, 0.96% due 10/15/2026        134,605      133,294
  Flagship Credit Auto Trust,    
b Series 2019-4 Class R, due 3/15/2027          5,000      246,754
b Series 2022-1 Class A, 1.79% due 10/15/2026         88,528       87,734
  Harley-Davidson Motorcycle Trust, Series 2021-B Class A3, 0.56% due 11/16/2026        109,459      108,074
b Tricolor Auto Securitization Trust, Series 2024-2A Class A, 6.36% due 12/15/2027        287,615     287,742
                    1,376,812
  Other Asset Backed — 1.8%    
b Amur Equipment Finance Receivables IX LLC, Series 2021-1A Class F, 6.09% due 2/20/2029        600,000      588,138
b Aqua Finance Trust, Series 2019-A Class B, 3.47% due 7/16/2040        131,319      122,739
b,c ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040        135,033       89,122
b Foundation Finance Trust, Series 2019-1A Class A, 3.86% due 11/15/2034            262          261
b,d Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051          2,000      109,864
b LendingPoint Pass-Through Trust, Series 2022-ST1 Class A, 2.50% due 3/15/2028         53,686       52,438
  Marlette Funding Trust,    
b Series 2019-4A Class C, 3.76% due 12/17/2029          2,887        2,887
b Series 2021-1A Class R, due 6/16/2031          1,200       19,889
b Series 2021-2A Class R, due 9/15/2031          1,150       22,393
b Series 2021-3A Class R, due 12/15/2031          1,200       35,277
b Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045        134,059      135,134
b Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047      1,150,000       93,351
  Pagaya AI Debt Trust,    
b Series 2022-1 Class A, 2.03% due 10/15/2029         35,952       35,764
b,e Series 2023-5 Class AB, 7.351% due 4/15/2031        102,637      102,998
b Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031        100,000       96,379
b,e SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049         30,000       29,806
b SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055        300,000      283,351
b Upstart Pass-Through Trust Series 2021-ST4 Class CERT, due 7/20/2027        500,000       58,293
b Upstart Securitization Trust, Series 2020-1 Class C, 4.899% due 4/22/2030          6,201       6,191
                    1,884,275
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund June 30, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Student Loan — 0.6%    
b EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 $      306,692 $    273,756
b SMB Private Education Loan Trust, Series 2020-B Class A1A, 1.29% due 7/15/2053        101,265       92,411
b SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047        308,710     263,239
                      629,406
  Total Asset Backed Securities (Cost $4,393,296)                 3,890,493
  Corporate Bonds — 6.6%    
  Banks — 0.1%    
  Banks — 0.1%    
e,f Bank of New York Mellon Corp., Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026        100,000      96,294
                       96,294
  Capital Goods — 0.2%    
  Machinery — 0.2%    
  Regal Rexnord Corp., 6.05% due 2/15/2026        250,000     251,100
                      251,100
  Energy — 1.0%    
  Energy Equipment & Services — 0.3%    
b,c Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028        350,000     321,216
  Oil, Gas & Consumable Fuels — 0.7%    
  Ecopetrol SA,    
c 6.875% due 4/29/2030        125,000      120,185
c 8.875% due 1/13/2033        117,000      120,955
  Petroleos Mexicanos,    
c 5.95% due 1/28/2031        120,000       96,643
c 7.69% due 1/23/2050        315,000      226,746
b,c Raizen Fuels Finance SA, 6.45% due 3/5/2034        200,000     203,028
                    1,088,773
  Equity Real Estate Investment Trusts (REITs) — 0.6%    
  Diversified REITs — 0.3%    
b American Tower Trust #1, 3.652% due 3/15/2048        300,000     281,951
  Retail REITs — 0.3%    
  Brixmor Operating Partnership LP, 3.85% due 2/1/2025        300,000     296,682
                      578,633
  Financial Services — 1.7%    
  Capital Markets — 1.0%    
b Blue Owl Technology Finance Corp., 4.75% due 12/15/2025        179,000      173,217
b Burford Capital Global Finance LLC, 9.25% due 7/1/2031        250,000      263,167
b GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031        250,000      338,693
  Hercules Capital, Inc., 2.625% due 9/16/2026        250,000     229,015
  Financial Services — 0.7%    
b Antares Holdings LP, 6.50% due 2/8/2029        250,000      246,200
c,e HSBC Holdings plc, 3.973% (TSFR3M + 1.87%) due 5/22/2030        350,000      326,925
e Truist Financial Corp., 7.161% (SOFR + 2.45%) due 10/30/2029        200,000     212,358
                    1,789,575
  Food, Beverage & Tobacco — 0.2%    
  Food Products — 0.2%    
b Darling Global Finance BV (EUR), 3.625% due 5/15/2026        200,000     211,828
                      211,828
  Insurance — 0.2%    
  Insurance — 0.2%    
b Principal Life Global Funding II, 5.50% due 6/28/2028        250,000     250,435
                      250,435
  Materials — 0.4%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund June 30, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Metals & Mining — 0.4%    
b,c POSCO, 5.625% due 1/17/2026 $      200,000 $    200,296
b,c WE Soda Investments Holding plc, 9.375% due 2/14/2031        200,000     203,996
                      404,292
  Media & Entertainment — 0.6%    
  Media — 0.6%    
b CCO Holdings LLC/CCO Holdings Capital Corp.,4.25% due 2/1/2031 - 1/15/2034        750,000     597,748
                      597,748
  Pharmaceuticals, Biotechnology & Life Sciences — 0.1%    
  Life Sciences Tools & Services — 0.1%    
b Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025        100,000     104,685
                      104,685
  Software & Services — 0.3%    
  Internet Software & Services — 0.2%    
b Prosus NV (EUR), 1.288% due 7/13/2029        285,000     261,708
  Software — 0.1%    
b GoTo Group, Inc.,5.50% due 5/1/2028        184,029     104,418
                      366,126
  Technology Hardware & Equipment — 0.2%    
  Electronic Equipment, Instruments & Components — 0.2%    
  CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029        250,000     225,578
                      225,578
  Telecommunication Services — 0.2%    
  Diversified Telecommunication Services — 0.2%    
  AT&T, Inc., 5.539% due 2/20/2026        250,000     250,020
                      250,020
  Utilities — 0.8%    
  Electric Utilities — 0.5%    
  AEP Texas, Inc., 5.40% due 6/1/2033        300,000      291,945
  Black Hills Corp., 6.15% due 5/15/2034        250,000     254,942
  Multi-Utilities — 0.3%    
b,c Aegea Finance SARL, 9.00% due 1/20/2031        250,000     259,195
                      806,082
  Total Corporate Bonds (Cost $7,004,056)                 7,021,169
  Other Government — 2.0%    
  Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033      1,000,000     597,435
  Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029      1,000,000      166,163
b,g Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036     13,000,000      222,661
  Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027      7,075,000      143,278
  Egypt Treasury Bills (EGP), Series 364D, due 3/11/2025     12,650,000      222,972
c Panama Bonos del Tesoro, Series DOM, 6.375% due 7/25/2033        100,000       93,977
b Republic of Uzbekistan International Bonds (UZS), 16.625% due 5/29/2027 4,500,000,000      358,347
  U.K. Gilts (GBP), 1.625% due 10/22/2028        275,000     315,416
  Total Other Government (Cost $2,121,805)                 2,120,249
  U.S. Treasury Securities — 9.3%    
  U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/2052        563,105     319,606
  U.S. Treasury Inflation-Indexed Notes,    
  0.125%, 7/15/2024 - 1/15/2031      3,154,458    2,814,688
  1.125%, 1/15/2033        231,546      214,234
  1.25%, 4/15/2028        209,040      201,985
  U.S. Treasury Notes,    
  0.875%, 9/30/2026        400,000      368,156
  1.125%, 2/15/2031      1,200,000      981,187
  3.50%, 2/15/2039        400,000      359,688
  3.875%, 8/15/2033        250,000      240,547
  4.00%, 2/15/2034      1,800,000   1,747,687
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund June 30, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  4.125%, 11/15/2032 $      550,000 $    540,805
  4.50%, 11/15/2033      2,050,000   2,069,219
  Total U.S. Treasury Securities (Cost $10,080,614)                 9,857,802
  Mortgage Backed — 10.8%    
b,e Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049         28,767      27,356
b BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044        325,000      255,424
b Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039        245,000      209,576
  Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-J1 Class B4, 2.611% due 4/25/2051        100,000       42,687
b,e Series 2021-J1 Class B5, 2.611% due 4/25/2051        100,000       35,841
b,e Series 2021-J1 Class B6, 2.611% due 4/25/2051         99,907       30,332
  COMM Mortgage Trust, CMBS, Series 2015-LC23 Class ASB, 3.598% due 10/10/2048        157,441      155,145
b,e CSMC Trust, CMBS, Series 2020-522F Class A, 9.182% (TSFR1M + 3.85%) due 9/16/2025        100,000       58,589
b DataBank Issuer LLC, CMBS, Series 2024-1A Class A2, 5.30% due 1/26/2054        200,000      192,219
b DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045        250,000      213,252
b,e Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.206% due 1/25/2067        236,938      202,794
  Federal Home Loan Mtg Corp., Pool SE9046, 3.00% due 12/1/2051        247,860      211,089
  Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50% due 7/25/2058         40,944       38,249
  Federal Home Loan Mtg Corp., UMBS Collateral,    
  Pool SD1669, 2.50% due 1/1/2052        275,032      224,521
  Pool SD4175, 2.50% due 6/1/2052      1,084,971      887,453
  Pool SD8242, 3.00% due 9/1/2052        595,130      506,168
  Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047         64,340       55,025
  Federal National Mtg Assoc., UMBS Collateral,    
  Pool BV4119, 2.50% due 3/1/2052        625,033      511,246
  Pool CB1388, 2.50% due 8/1/2051        541,765      445,367
  Pool CB2301, 3.00% due 12/1/2051        473,550      402,861
  Pool FM8658, 2.50% due 9/1/2051        927,414      758,081
  Pool FM8761, 2.50% due 9/1/2051        378,245      308,939
  Pool FS5447, 2.50% due 9/1/2052        355,154      291,378
  Pool FS6130, 2.50% due 7/1/2052        540,969      442,486
  Pool FS6157, 3.00% due 9/1/2052      1,014,548      864,461
  Pool MA4512, 2.50% due 1/1/2052        747,381      611,783
  Pool MA4548, 2.50% due 2/1/2052        537,976      440,204
  Pool MA4653, 3.00% due 7/1/2052        524,155      446,005
b,e Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 3.998% due 12/25/2049        112,561       97,171
  GCAT Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-CM2 Class A1, 2.352% due 8/25/2066        190,637      173,118
b,e Series 2023-NQM4 Class A1, 4.25% due 5/25/2067        236,961      218,580
b Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037        215,000      209,460
b,e Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041        245,000      212,559
  Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-NQM2 Class A1, 1.073% due 9/25/2056        194,477      158,297
b,e Series 2021-NQM3 Class A1, 1.595% due 11/25/2056        303,246      254,967
b,e Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058         34,827       33,739
b,e MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056        258,455      246,671
b,e New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-NQM3 Class A1, 3.90% due 4/25/2062        341,838      308,912
b One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054        250,000      212,213
b SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041        250,000      204,580
b,e TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.66% due 7/25/2048        152,375      134,573
b,e WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040        205,000     204,463
  Total Mortgage Backed (Cost $11,721,349)                11,537,834
  Loan Participations — 0.2%    
  Commercial & Professional Services — 0.2%    
  Commercial Services & Supplies — 0.2%    
h Imagefirst Holdings LLC, 9.566% (SOFR + 4.75%) due 4/27/2028        197,978     197,483
                      197,483
  Total Loan Participations (Cost $195,505)                   197,483
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund June 30, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Exchange-Traded Funds — 3.1%    
a Invesco DB Base Metals Fund        34,412 $    693,058
a SPDR Gold Shares Fund         5,318    1,143,423
a U.S. Oil Fund LP        18,036   1,435,485
  Total Exchange-Traded Funds (Cost $2,548,886)                 3,271,966
  Short-Term Investments — 13.7%    
i Thornburg Capital Management Fund     1,457,799  14,577,993
  Total Short-Term Investments (Cost $14,577,993)                14,577,993
  Total Investments — 100.0% (Cost $93,344,101)   $106,215,530
  Other Assets Less Liabilities — 0.0%   18,077
  Net Assets — 100.0%   $106,233,607
    
Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2024
Contract
Description 		Contract
Party* 		Buy/Sell Contract
Amount 		Contract
Value Date 		Value
USD 		Unrealized
Appreciation 		Unrealized
Depreciation
Euro SSB Buy 4,025,000 7/31/2024 4,316,457 $  — $     (2,332)
Japanese Yen MSC Buy 614,060,000 7/31/2024 3,833,503    —     (167,209)
Total           — $(169,541)
Net unrealized appreciation (depreciation)             $(169,541)
    
* Counterparties include State Street Bank and Trust Company (“SSB”) and Morgan Stanely & Co. Inc. ("MSC").
    
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 June 30, 2024, the aggregate value of these securities in the Fund’s portfolio was $12,440,899, representing 11.71% of the Fund’s net assets.
c Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.
d Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee.
e 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.
f Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
g When-issued security.
h The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at June 30, 2024.
i Investment in Affiliates.
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ABS Asset Backed Securities
ADR American Depositary Receipt
AUD Denominated in Australian Dollar
BRL Denominated in Brazilian Real
CMBS Commercial Mortgage-Backed Securities
CMO Collateralized Mortgage Obligation
DOP Denominated in Dominican Peso
EGP Denominated in Egyptian Pound
EUR Denominated in Euro
GBP Denominated in Pound Sterling
Mtg Mortgage
SOFR Secured Overnight Financing Rate
TSFR1M Term SOFR 1 Month
TSFR3M Term SOFR 3 Month
UMBS Uniform Mortgage Backed Securities
UZS Denominated in Uzbekistani Som
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Summit Fund June 30, 2024 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg Summit Fund (the “Fund”) is a diversified series of Thornburg Investment Trust (the “Trust”). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987 and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-four separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers two classes of shares of beneficial interest: Class A and Institutional Class (“Class I”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: 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.
Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.
NOTES TO SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund June 30, 2024 (Unaudited)
Forward currency contracts are valued by a third-party pricing service provider.
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
6/30/24 		Dividend
Income
Thornburg Capital Mgmt. Fund $4,641,593 $39,451,036 $(29,514,636) $- $- $14,577,993 $195,914