Form NPORT-P THORNBURG INVESTMENT For: Jun 30

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August 17, 2022 4:22 PM EDT

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      THORNBURG INVESTMENT TRUST
      811-05201
      0000816153
      5493001XM52H8S4WYY82
      2300 NORTH RIDGETOP ROAD
      SANTA FE
      
      87506-8361
      505-984-0200
      Thornburg Global Opportunities Fund
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      2022-09-30
      2022-06-30
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        L3Harris Technologies Inc
        549300UTE50ZMDBG8A20
        L3Harris Technologies Inc
        502431109
        
          
        
        43120.00000000
        NS
        USD
        10422104.00000000
        1.143850405085
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Warner Bros Discovery Inc
        5493006ZCRFWKF6B1K26
        Warner Bros Discovery Inc
        934423104
        
          
        
        383535.00000000
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        USD
        5147039.70000000
        0.564899702194
        Long
        EC
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        1
        
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          N
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        Brown Brothers Harriman & Co.
        5493006KMX1VFTPYPW14
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        000000000
        
          
        
        1.00000000
        NC
        
        -128359.58000000
        -0.01408776553
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              Brown Brothers Harriman & Co.
              5493006KMX1VFTPYPW14
            
            34351300.00000000
            EUR
            35978521.08000000
            USD
            2022-08-18
            -128359.58000000
          
        
        
          N
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        Tesco PLC
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        Tesco PLC
        000000000
        
          
        
        9854184.00000000
        NS
        
        30648504.69000000
        3.363745411188
        Long
        EC
        CORP
        GB
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        1
        
          N
          N
          N
        
      
      
        AbbVie Inc
        FR5LCKFTG8054YNNRU85
        AbbVie Inc
        00287Y109
        
          
        
        164587.00000000
        NS
        USD
        25208144.92000000
        2.766653142033
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE
        000000000
        
          
        
        224624.00000000
        NS
        
        20462863.08000000
        2.245847309072
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Teladoc Health Inc
        549300I2PVFBC9MFAC61
        Teladoc Health Inc
        87918A105
        
          
        
        76025.00000000
        NS
        USD
        2524790.25000000
        0.277101662986
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Micron Technology Inc
        B3DXGBC8GAIYWI2Z0172
        Micron Technology Inc
        595112103
        
          
        
        293561.00000000
        NS
        USD
        16228052.08000000
        1.781066850365
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citigroup Inc
        6SHGI4ZSSLCXXQSBB395
        Citigroup Inc
        172967424
        
          
        
        705516.00000000
        NS
        USD
        32446680.84000000
        3.561099469216
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Samsung Electronics Co Ltd
        9884007ER46L6N7EI764
        Samsung Electronics Co Ltd
        000000000
        
          
        
        765727.00000000
        NS
        
        33615556.84000000
        3.689386356979
        Long
        EC
        CORP
        KR
        N
        
        1
        
          N
          N
          N
        
      
      
        Qorvo Inc
        254900YAUJV2EUEVBR11
        Qorvo Inc
        74736K101
        
          
        
        202387.00000000
        NS
        USD
        19089141.84000000
        2.095078174850
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reliance Industries Ltd
        5493003UOETFYRONLG31
        Reliance Industries Ltd
        000000000
        
          
        
        1619898.00000000
        NS
        
        53106029.59000000
        5.828511542297
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K305
        
          
        
        18872.00000000
        NS
        USD
        41126994.72000000
        4.513784315569
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        000000000
        
          
        
        68837.00000000
        NS
        
        22969702.35000000
        2.520978809820
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd
        01609W102
        
          
        
        193243.00000000
        NS
        USD
        21967864.24000000
        2.411024723011
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TotalEnergies SE
        529900S21EQ1BO4ESM68
        TotalEnergies SE
        000000000
        
          
        
        953499.00000000
        NS
        
        50330675.00000000
        5.523909854189
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        OCI NV
        549300NCMRGIBJYUOE57
        OCI NV
        000000000
        
          
        
        1064555.00000000
        NS
        
        35119100.98000000
        3.854403859549
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Lundin Mining Corp
        549300FQDIM6C8HTN269
        Lundin Mining Corp
        550372106
        
          
        
        1224334.00000000
        NS
        
        7761470.98000000
        0.851839678872
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Thornburg Capital Management Fund
        549300GLR0WG6ALV5277
        Thornburg Capital Management Fund
        885216739
        
          
        
        3090655.60300000
        NS
        USD
        30906556.03000000
        3.392067152153
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Galaxy Entertainment Group Ltd
        549300ZSEBV3HR826S10
        Galaxy Entertainment Group Ltd
        000000000
        
          
        
        2036462.00000000
        NS
        
        12145896.62000000
        1.333040695901
        Long
        EC
        CORP
        HK
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX Cos Inc/The
        V167QI9I69W364E2DY52
        TJX Cos Inc/The
        872540109
        
          
        
        515161.00000000
        NS
        USD
        28771741.85000000
        3.157766279260
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vestas Wind Systems A/S
        549300DYMC8BGZZC8844
        Vestas Wind Systems A/S
        000000000
        
          
        
        809286.00000000
        NS
        
        17092091.13000000
        1.875897166523
        Long
        EC
        CORP
        DK
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of Ireland Group PLC
        635400C8EK6DRI12LJ39
        Bank of Ireland Group PLC
        000000000
        
          
        
        6154498.00000000
        NS
        
        38904024.48000000
        4.269808107932
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Antofagasta PLC
        213800MY6QVH4FVLD628
        Antofagasta PLC
        000000000
        
          
        
        621589.00000000
        NS
        
        8739428.29000000
        0.959172791764
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Bank & Trust Co.
        571474TGEMMWANRLN572
        PURCHASED USD / SOLD GBP
        000000000
        
          
        
        1.00000000
        NC
        
        3290142.46000000
        0.361100866548
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              State Street Bank & Trust Co.
              571474TGEMMWANRLN572
            
            39145800.00000000
            GBP
            50947671.51000000
            USD
            2022-07-14
            3290142.46000000
          
        
        
          N
          N
          N
        
      
      
        Deutsche Telekom AG
        549300V9QSIG4WX4GJ96
        Deutsche Telekom AG
        000000000
        
          
        
        648377.00000000
        NS
        
        12873175.67000000
        1.412861280684
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        JD.com Inc
        549300HVTWB0GJZ16V92
        JD.com Inc
        000000000
        
          
        
        171946.00000000
        NS
        
        5539576.49000000
        0.607981537325
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mineral Resources Ltd
        5299007V1ACKFFX2P066
        Mineral Resources Ltd
        000000000
        
          
        
        810255.00000000
        NS
        
        26996382.30000000
        2.962916396699
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        Freeport-McMoRan Inc
        549300IRDTHJQ1PVET45
        Freeport-McMoRan Inc
        35671D857
        
          
        
        505244.00000000
        NS
        USD
        14783439.44000000
        1.622517218404
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Charles Schwab Corp/The
        549300VSGCJ7E698NM85
        Charles Schwab Corp/The
        808513105
        
          
        
        438660.00000000
        NS
        USD
        27714538.80000000
        3.041735760182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meta Platforms Inc
        BQ4BKCS1HXDV9HN80Z93
        Meta Platforms Inc
        30303M102
        
          
        
        152850.00000000
        NS
        USD
        24647062.50000000
        2.705073027941
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pfizer Inc
        765LHXWGK1KXCLTFYQ30
        Pfizer Inc
        717081103
        
          
        
        463991.00000000
        NS
        USD
        24327048.13000000
        2.669950698826
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Converge Information and Communications Technology Solutions Inc
        254900CGJPNECN6ENN96
        Converge Information and Communications Technology Solutions Inc
        000000000
        
          
        
        30908215.00000000
        NS
        
        11888856.00000000
        1.304829883832
        Long
        EC
        CORP
        PH
        N
        
        1
        
          N
          N
          N
        
      
      
        Barratt Developments PLC
        2138006R85VEOF5YNK29
        Barratt Developments PLC
        000000000
        
          
        
        4509656.00000000
        NS
        
        25109455.43000000
        2.755821738594
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        CF Industries Holdings Inc
        529900CG8YAQFZ2JMV97
        CF Industries Holdings Inc
        125269100
        
          
        
        140752.00000000
        NS
        USD
        12066668.96000000
        1.324345274037
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NN Group NV
        724500OHYNDT9OY6Q215
        NN Group NV
        000000000
        
          
        
        761899.00000000
        NS
        
        34604045.36000000
        3.797875294915
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        CACI International Inc
        SYRPI2D1O9WRTS2WX210
        CACI International Inc
        127190304
        
          
        
        103000.00000000
        NS
        USD
        29023340.00000000
        3.185379767457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co Ltd
        000000000
        
          
        
        1462114.00000000
        NS
        
        23406805.93000000
        2.568951954883
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        T-Mobile US Inc
        872590104
        
          
        
        32679.00000000
        NS
        USD
        4396632.66000000
        0.482540766159
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd
        000000000
        
          
        
        429779.00000000
        NS
        
        19410928.99000000
        2.130395070736
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Booking Holdings Inc
        FXM8FAOHMYDIPD38UZ17
        Booking Holdings Inc
        09857L108
        
          
        
        8713.00000000
        NS
        USD
        15238949.87000000
        1.672510558509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Bank & Trust Co.
        571474TGEMMWANRLN572
        PURCHASED USD / SOLD EUR
        000000000
        
          
        
        1.00000000
        NC
        
        -126298.50000000
        -0.01386155716
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              State Street Bank & Trust Co.
              571474TGEMMWANRLN572
            
            34351300.00000000
            EUR
            35980582.16000000
            USD
            2022-08-18
            -126298.50000000
          
        
        
          N
          N
          N
        
      
      
        Capital One Financial Corp
        ZUE8T73ROZOF6FLBAR73
        Capital One Financial Corp
        14040H105
        
          
        
        336029.00000000
        NS
        USD
        35010861.51000000
        3.842524323362
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-07-25
      THORNBURG INVESTMENT TRUST
      Christopher Luckham
      Christopher Luckham
      Manager - Fund Admin
    
  
  XXXX

SCHEDULE OF INVESTMENTS

Thornburg Global Opportunities Fund

June 30, 2022 (Unaudited)

	Issuer-Description	SHARES	VALUE
	Common Stock — 96.7%
	Banks — 7.8%
	Banks — 7.8%
	Bank of Ireland Group plc	6,154,498	$ 38,904,024
	Citigroup, Inc.	705,516	32,446,681
			71,350,705
	Capital Goods — 3.0%
	Aerospace & Defense — 1.1%
	L3Harris Technologies, Inc.	43,120	10,422,104
	Electrical Equipment — 1.9%
	Vestas Wind Systems A/S	809,286	17,092,091
			27,514,195
	Commercial & Professional Services — 3.2%
	Professional Services — 3.2%
^a	CACI International, Inc. Class A	103,000	29,023,340
			29,023,340
	Consumer Durables & Apparel — 2.8%
	Household Durables — 2.8%
	Barratt Developments plc	4,509,656	25,109,455
			25,109,455
	Consumer Services — 3.0%
	Hotels, Restaurants & Leisure — 3.0%
^a	Booking Holdings, Inc.	8,713	15,238,950
	Galaxy Entertainment Group Ltd.	2,036,462	12,145,897
			27,384,847
	Diversified Financials — 6.9%
	Capital Markets — 3.0%
	Charles Schwab Corp.	438,660	27,714,539
	Consumer Finance — 3.9%
	Capital One Financial Corp.	336,029	35,010,861
			62,725,400
	Energy — 11.3%
	Oil, Gas & Consumable Fuels — 11.3%
^a	Reliance Industries Ltd.	1,619,898	53,106,030
	TotalEnergies SE	953,499	50,330,675
			103,436,705
	Food & Staples Retailing — 3.4%
	Food & Staples Retailing — 3.4%
	Tesco plc	9,854,184	30,648,505
			30,648,505
	Health Care Equipment & Services — 0.3%
	Health Care Technology — 0.3%
^a	Teladoc Health, Inc.	76,025	2,524,790
			2,524,790
	Insurance — 3.8%
	Insurance — 3.8%
	NN Group NV	761,899	34,604,045
			34,604,045
	Materials — 11.6%
	Chemicals — 5.2%
	CF Industries Holdings, Inc.	140,752	12,066,669
	OCI NV	1,064,555	35,119,101
	Metals & Mining — 6.4%
	Antofagasta plc	621,589	8,739,428
	Freeport-McMoRan, Inc.	505,244	14,783,440

SCHEDULE OF INVESTMENTS, Continued

Thornburg Global Opportunities Fund

June 30, 2022 (Unaudited)

	Issuer-Description	SHARES	VALUE
	Lundin Mining Corp.	1,224,334	$ 7,761,471
	Mineral Resources Ltd.	810,255	26,996,382
			105,466,491
	Media & Entertainment — 9.9%
	Entertainment — 0.6%
^a	Warner Bros Discovery, Inc.	383,535	5,147,040
	Interactive Media & Services — 9.3%
^a	Alphabet, Inc. Class A	18,872	41,126,995
^a	Meta Platforms, Inc. Class A	152,850	24,647,062
	Tencent Holdings Ltd.	429,779	19,410,929
			90,332,026
	Pharmaceuticals, Biotechnology & Life Sciences — 8.0%
	Biotechnology — 2.8%
	AbbVie, Inc.	164,587	25,208,145
	Pharmaceuticals — 5.2%
	Pfizer, Inc.	463,991	24,327,048
	Roche Holding AG	68,837	22,969,702
			72,504,895
	Retailing — 6.2%
	Internet & Direct Marketing Retail — 3.0%
^a	Alibaba Group Holding Ltd. Sponsored ADR	193,243	21,967,864
	JD.com, Inc. Class A	171,946	5,539,577
	Specialty Retail — 3.2%
	TJX Companies, Inc.	515,161	28,771,742
			56,279,183
	Semiconductors & Semiconductor Equipment — 6.4%
	Semiconductors & Semiconductor Equipment — 6.4%
	Micron Technology, Inc.	293,561	16,228,052
^a	Qorvo, Inc.	202,387	19,089,142
	Taiwan Semiconductor Manufacturing Co. Ltd.	1,462,114	23,406,806
			58,724,000
	Software & Services — 2.2%
	Software — 2.2%
	SAP SE	224,624	20,462,863
			20,462,863
	Technology Hardware & Equipment — 3.7%
	Technology Hardware, Storage & Peripherals — 3.7%
	Samsung Electronics Co. Ltd.	765,727	33,615,557
			33,615,557
	Telecommunication Services — 3.2%
	Diversified Telecommunication Services — 2.7%
^a	Converge ICT Solutions, Inc.	30,908,215	11,888,856
	Deutsche Telekom AG	648,377	12,873,176
	Wireless Telecommunication Services — 0.5%
^a	T-Mobile US, Inc.	32,679	4,396,632
			29,158,664
	Total Common Stock (Cost $717,688,508)		880,865,666
	Short-Term Investments — 3.4%
^b	Thornburg Capital Management Fund	3,094,114	30,941,141
	Total Short-Term Investments (Cost $30,941,141)		30,941,141
	Total Investments — 100.1% (Cost $748,629,649)		$911,806,807
	Liabilities Net of Other Assets — (0.1)%		(649,714)
	Net Assets — 100.0%		$911,157,093

SCHEDULE OF INVESTMENTS, Continued

Thornburg Global Opportunities Fund

June 30, 2022 (Unaudited)

Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2022
Contract Description	Contract Party*	Buy/Sell	Contract Amount	Contract Value Date	Value USD	Unrealized Appreciation	Unrealized Depreciation
Great Britain Pound	SSB	Sell	39,145,800	7/14/2022	47,657,529	$ 3,290,142	$ —
Euro	SSB	Sell	34,351,300	8/18/2022	36,106,880	—	(126,298)
Euro	BBH	Sell	34,351,300	8/18/2022	36,106,881	—	(128,360)

Total						$3,290,142	$(254,658)

Net unrealized appreciation (depreciation)						$3,035,484

*	Counterparties include State Street Bank and Trust Company (“SSB”) and Brown Brothers Harriman & Co. (“BBH”).

Footnote Legend
a	Non-income producing.
b	Investment in Affiliates.

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

ADR	American Depositary Receipt

NOTES TO SCHEDULE OF INVESTMENTS

Thornburg Global Opportunities Fund

June 30, 2022 (Unaudited)

NOTE 1 – ORGANIZATION

Thornburg Global Opportunities 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-one separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers seven classes of shares of beneficial interest: Class A, Class C, Institutional Class (“Class I”), and Retirement Classes (“Class R3”, “Class R4”, “Class R5”, and “Class R6”).

NOTE 2 – SECURITY VALUATION

Valuation of the Fund’s portfolio investment securities is performed in accordance with policies and procedures adopted by and under the oversight of the Trustees.

The Trustees of the Trust have appointed Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), to assist the Trustees with obtaining fair market values for portfolio investments, evaluating and monitoring professional pricing service providers appointed by the Trustees’ Audit Committee (the "Audit Committee") to assist in determining fair values for portfolio investments, assisting in calculating fair values for portfolio investments in certain circumstances, and performing other functions in connection with the valuation of investments. The Advisor acts through its Valuation and Pricing Committee (the “Committee”) and other employees of the Advisor. The Committee regularly reviews its own valuation calculations, reviews the valuations, valuation techniques and services furnished by pricing service providers, considers circumstances which may require valuation calculations by the Committee, and reviews previous valuation calculations. The Committee reports to the Audit Committee on the Committee’s activities, the performance of pricing service providers, and other matters relating to valuation of portfolio investments.

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 approved by the Audit Committee. Because fair values calculated by the Committee are estimates, the calculation of a 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 valued at the last reported sale price on the valuation date. Investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation 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. Securities and other portfolio investments which are listed or traded on exchanges outside the United States are valued at the last price or the closing price of the investment on the exchange that is normally the primary market for the investment, as of the close of the exchange preceding the Fund’s valuation date. Foreign investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation date.

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 alternative methods approved by the Audit Committee. A market quotation is not readily available when the primary market or exchange for the investment is not open for the entire scheduled day of trading. Market quotations for an investment also may not be readily available if developments after the most recent close of the investment’s primary exchange or market, but prior to the close of business on any Fund business day, or an unusual event or significant period of time occurring since the availability of a market quotation, create a serious question concerning the reliability of the most recent market quotation available for the investment. In particular, on days when market volatility thresholds established by the Audit Committee are exceeded, foreign equity investments held by the Fund may be valued using alternative methods. The Committee customarily obtains valuations in these instances from pricing service providers approved by the Audit Committee. 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.

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 Audit Committee.

Investments in open-end U.S. mutual funds are valued at net asset value ("NAV") each business day.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee calculates a fair value for the obligation using alternative methods under procedures approved by the Audit Committee. Additionally, in cases when management believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the

NOTES TO SCHEDULE OF INVESTMENTS, Continued

Thornburg Global Opportunities Fund

June 30, 2022 (Unaudited)

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 approved by the Audit Committee.

Quotations for foreign investments expressed in foreign currency amounts are converted to U.S. dollar equivalents using a foreign exchange quotation from a third party service provider 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 investments may be significantly affected on days when shareholders cannot purchase or sell Fund 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 9/30/21	Purchases at Cost	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appr./(Depr.)	Market Value 6/30/22	Dividend Income
Thornburg Capital Management Fund	$34,427,071	$176,745,386	$(180,231,316)	$-	$-	$30,941,141	$128,196

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