ThZeal - The Zeal

(a) The following are the reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Thornburg Core Plus Bond ETF Tailored Shareholder Report

Thornburg Core Plus Bond ETF

TICKER: TPLS | NASDAQ

Semi-annual Shareholder Report

This semi-annual shareholder report contains important information about the Thornburg Core Plus Bond ETF for the period from February 4, 2025 to February 28, 2025. You can find additional information about the Fund at https://www.thornburg.com/product/etfs/ecb/TPLS. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

How did the Fund perform last year and what affected its performance?

The Fund outperformed the Bloomberg U.S. Aggregate Total Return Value Index USD (the “Index”) during the period from the Fund’s inception on February 4, 2025 to February 28, 2025. For the period ended February 28, 2025, U.S. Treasury yields declined due to fiscal policy concerns and softening economic data. The 10-year Treasury yield fell from 4.79% to 4.24%, and corporate bond spreads widened slightly, reflecting mixed performance across different fixed income sectors and security selection within the Fund.

How did the Fund perform over the past 10 years?

The line graph below reflects a hypothetical $10,000 investment. The returns shown in the line graph and table assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. The performance information shown below represents past performance and is no guarantee of future results. For Fund performance current to the most recent month end, visit https://www.thornburg.com/product/etfs/ecb/TPLS or call 1-800-847-0200.

Cumulative Performance

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg Core Plus Bond ETF	$3.00	0.45%

Fund costs may be higher for a full six month period.

Thornburg Core Plus Bond ETF Tailored Shareholder Report

2/28/25

TH6463

Annual Performance	Since Inception (02/04/2025)
Core Plus Bond ETF	1.98%
Bloomberg U.S. Aggregate Total Return Index Value USD	1.94%

Key Fund Statistics

(as of February 28, 2025)


Fund Size (Millions)	$12.7M
Number of Holdings	173
Annual Portfolio Turnover	1.07%
Total Advisory Fee	$2,967

What did the Fund invest in?

(as of February 28, 2025)

Credit Quality Ratings		(%)
	U.S. Government	48.3
	AAA	11.1
	AA	2.4
	A	7.6
	BBB	13.1
	Below Invest. Grade	6.4
	Cash Equivalents & Other	11.0

Expressed as a percentage of the Fund’s net assets. * Credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Services, both of which are independent, nationally recognized statistical rating organizations. If a credit rating for an investment is not available from either S&P or Moody’s, then the Fund’s investment advisor will determine the credit quality of the investment. Investments are considered to be investment grade if they are rated within the four highest grades by S&P or Moody’s (BBB/Baa or higher) or, if no credit rating is available, have been judged to be of comparable quality by the Fund’s investment advisor.

How has the Fund changed?

This is a summary of certain changes to the Fund since February 4, 2025. For more complete information,
you may review the Fund’s next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/product/etfs/ecb/TPLS or upon request by calling 1-800-847-0200.

Changes In and Disagreements with Accountants

No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/product/etfs/ecb/TPLS.

Thornburg Multi Sector Bond ETF Tailored Shareholder Report

Thornburg Multi Sector Bond ETF

TICKER: TMB | NASDAQ

Semi-annual Shareholder Report

This semi-annual shareholder report contains important information about the Thornburg Multi Sector Bond ETF for the period from February 4, 2025 to February 28, 2025. You can find additional information about the Fund at https://www.thornburg.com/product/etfs/emb/TMB. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

How did the Fund perform last year and what affected its performance?

The Fund underperformed the Bloomberg U.S. Universal Total Return Index Value Unhedged (the “Index”) during the period from the Fund’s inception on February 4, 2025 to February 28, 2025. For the period ended February 28, 2025, U.S. Treasury yields declined due to fiscal policy concerns and softening economic data. The 10-year Treasury yield fell from 4.79% to 4.24%, and corporate bond spreads widened slightly, reflecting mixed performance across different fixed income sectors and security selection within the Fund.

How did the Fund perform over the past 10 years?

Cumulative Performance

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg Multi Sector Bond ETF	$4.00	0.55%

Fund costs may be higher for a full six month period.

Thornburg Multi Sector Bond ETF Tailored Shareholder Report

2/28/25

TH6464

Annual Performance	Since Inception (02/04/2025)
Multi Sector Bond ETF	1.46%
Bloomberg U.S. Universal Total Return Index Value Unhedged	1.84%
Bloomberg U.S. Aggregate Total Return Value Index USD	1.94%

Key Fund Statistics

(as of February 28, 2025)


Fund Size (Millions)	$32.9M
Number of Holdings	243
Annual Portfolio Turnover	4.43%
Total Advisory Fee	$7,666

What did the Fund invest in?

(as of February 28, 2025)

Fixed Income Credit Quality		(%)
	U.S. Government	34.0
	AAA	20.8
	AA	1.8
	A	10.0
	BBB	17.1
	Below Invest. Grade	15.3
	Cash Equivalents & Other	1.0

How has the Fund changed?

Changes In and Disagreements with Accountants

No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/product/etfs/emb/TMB.

Thornburg International Equity ETF Tailored Shareholder Report

Thornburg International Equity ETF

TICKER: TXUE | NASDAQ

Semi-annual Shareholder Report

This semi-annual shareholder report contains important information about the Thornburg International Equity ETF for the period from January 21, 2025 to February 28, 2025. You can find additional information about the Fund at https://www.thornburg.com/product/etfs/eie/TXUE. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

How did the Fund perform last year and what affected its performance?

The Fund underperformed the MSCI EAFE Net Total Return USD Index (the “Index”) during the period from the Fund’s inception on January 21, 2025 to February 28, 2025. A broad rotation from U.S. and Japanese equities has taken place, with meaningful portions of the rebalancing going to Europe, where equities are benefitting from both monetary and fiscal stimulus. The Fund’s overweight allocation to the European securities drove positive relative performance, while an overweight allocation to Japanese securities detracted from relative performance. On a sector basis, the Fund’s overweight allocation to industrials hampered relative performance, while an overweight allocation to utilities bolstered relative performance.

How did the Fund perform over the past 10 years?

Cumulative Performance

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg International Equity ETF	$7.00	0.65%

Fund costs may be higher for a full six month period.

Thornburg International Equity ETF Tailored Shareholder Report

2/28/25

TH6461

Annual Performance	Since Inception (01/21/2025)
International Equity ETF	3.04%
MSCI EAFE Net Total Return USD Index	4.43%

Key Fund Statistics

(as of February 28, 2025)


Fund Size (Millions)	$88.9M
Number of Holdings	50
Annual Portfolio Turnover	1.94%
Total Advisory Fee	$45,341

What did the Fund invest in?

(as of February 28, 2025)

Market Capitalization Exposure		(%)
	Small Cap (<$2.5 B)	0.0
	Mid Cap ($2.5-12 B)	3.7
	Large Cap (>$12 B)	96.3

Expressed as a percentage of the Fund’s net assets.

How has the Fund changed?

This is a summary of certain changes to the Fund since January 21, 2025. For more complete information,
you may review the Fund’s next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/product/etfs/eie/TXUE or upon request by calling 1-800-847-0200.

Changes In and Disagreements with Accountants

No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/product/etfs/eie/TXUE.

Thornburg International Growth ETF Tailored Shareholder Report

Thornburg International Growth ETF

TICKER: TXUG | NASDAQ

Semi-annual Shareholder Report

This semi-annual shareholder report contains important information about the Thornburg International Growth ETF for the period from January 22, 2025 to February 28, 2025. You can find additional information about the Fund at https://www.thornburg.com/product/etfs/eig/TXUG. You can also request this information by contacting us at 1-800-847-0200. This report also describes changes to the Fund that occurred during the reporting period.

How did the Fund perform last year and what affected its performance?

The Fund underperformed the MSCI EAFE Growth Net Total Return USD Index (the “Index”) during the period from the Fund’s inception on January 22, 2025 to February 28, 2025. The Fund’s overweight allocation to Japanese and U.S. securities hampered relative performance, while an overweight allocation to European securities drove positive relative performance. The Fund’s overweight allocation to securities in the technology sector detracted from relative performance due to worries over artificial intelligence spending and valuations, trade tensions and tariffs, economic growth concerns, and the market rotation. Stock selection in consumer discretionary and industrials contributed to relative performance.

How did the Fund perform over the past 10 years?

Cumulative Performance

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg International Growth ETF	$7.00	0.70%

Fund costs may be higher for a full six month period.

Thornburg International Growth ETF Tailored Shareholder Report

2/28/25

TH6462

Annual Performance	Since Inception (01/22/2025)
International Growth ETF	-0.32%
MSCI EAFE Growth Net Total Return USD Index	1.51%

Key Fund Statistics

(as of February 28, 2025)


Fund Size (Millions)	$5.0M
Number of Holdings	42
Annual Portfolio Turnover	3.97%
Total Advisory Fee	$2,697

What did the Fund invest in?

(as of February 28, 2025)

Market Capitalization Exposure		(%)
	Small Cap (<$2.5 B)	3.2
	Mid Cap ($2.5-12 B)	17.1
	Large Cap (>$12 B)	79.7

Expressed as a percentage of the Fund’s net assets.

How has the Fund changed?

This is a summary of certain changes to the Fund since January 22, 2025. For more complete information,
you may review the Fund’s next prospectus, which we expect to be available by February 1, 2026 at https://www.thornburg.com/product/etfs/eig/TXUG or upon request by calling 1-800-847-0200.

Changes In and Disagreements with Accountants

No changes and/or disagreements occurred in the current reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, visit https://www.thornburg.com/product/etfs/eig/TXUG.

The Trustees of the Trust have determined that four members of the Trust’s audit committee, Lisa Black, Sally Corning, James Weyhrauch, and Patrick Talamantes, are each audit committee financial experts as defined in Item 3 of Form N-CSR. Ms. Black, Ms. Corning, Mr. Weyhrauch, and Mr. Talamantes are each independent for purposes of Item 3 of Form N-CSR. The Trustees’ determinations in this regard were based upon their current understandings of the definition of “audit committee financial expert” and current interpretations of the definition. The Trustees call attention to the lack of clarity in the definition, and that shareholders and prospective investors may wish to evaluate independently this definition and the qualifications of the Trust’s audit committee. The definition of “audit committee financial expert,” together with comments on the definition, is set forth in the Securities and Exchange Commission’s website (www.sec.gov).

(a) The schedule of investments for each Fund is filed as part of item 7 of this Form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

The following financial statements and financial highlights are attached hereto, in order:

Investments carry risks, including possible loss of principal. Investments in equity securities are subject to additional risks, such as greater market fluctuations. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. This effect is more pronounced for longer-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. A short position will lose value as the security’s price increases. Theoretically, the loss on a short sale can be unlimited. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. Please see the Funds’ prospectus for a discussion of the risks associated with an investment in the Funds. Investments in the Funds are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.

Schedule of Investments, Continued
Thornburg Core Plus Bond ETF | February 28, 2025 (Unaudited)

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

* Holdings are classified by country of risk as determined by MSCI and Bloomberg.

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

* Holdings are classified by country of risk as determined by MSCI and Bloomberg.

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

* Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Thornburg Core Plus Bond ETF (“Core Plus Bond ETF”), Thornburg Multi Sector Bond ETF (“Multi Sector Bond ETF”), Thornburg International Equity ETF (“International Equity ETF”), and Thornburg International Growth ETF (“International Growth ETF”), collectively the “Funds”, are series of Thornburg ETF Trust (the “Trust”). The Trust was organized as a Massachusetts Business Trust on September 9, 2024 and is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an open-end management investment company. Each Fund is non-diversified within the meaning of the 1940 Act. The shares of each Fund are bought and sold through exchange trading at market prices (not net asset value (“NAV”)), and are not individually redeemable with the Funds. Shares may trade at a premium or discount to their NAV in the secondary market. Core Plus Bond ETF and Multi Sector Bond ETF commenced operations on Feburary 4, 2025, International Equity ETF commenced operations on January 21, 2025 and International Growth ETF commenced operations on January 22, 2025. Each Fund is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

Core Plus Bond ETF: The Fund’s investment objective is to seek total return, consisting of income and capital appreciation. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, risks of bank loans, loan assignments, loan participations and similar obligations, risks affecting convertible debt obligations, risks affecting zero coupon bonds and stripped securities, risks of investing in U.S. government obligations, risks of investing in municipal obligations, risks of debt issued by foreign governments, credit risk, high yield risk, interest rate risk, prepayment and extension risk, risks affecting mortgage-backed securities and other asset-backed securities, structured products risk, foreign currency risk, foreign investment risk, emerging markets risk, market and economic risk, risks affecting specific issuers, liquidity risk, derivatives risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

Multi Sector Bond ETF: The Fund’s investment objective is to seek total return, consisting of income and capital appreciation. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, risks of bank loans, loan assignments, loan participations and similar obligations, risks affecting convertible debt obligations, risks affecting zero coupon bonds and stripped securities, risks of investing in U.S. government obligations, risks of investing in municipal obligations, risks of debt issued by foreign governments, credit risk, high yield risk, interest rate risk, prepayment and extension risk, risks affecting mortgage-backed securities and other asset-backed securities, structured products risk, foreign currency risk, foreign investment risk, market and economic risk, risks affecting specific issuers, liquidity risk, derivatives risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

International Equity ETF: The Fund’s investment objective is to seek long-term capital appreciation. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, equity risk, derivatives risk, risks of investing in depositary receipts, market and economic risk, risks affecting specific issuers, risks affecting specific countries or regions, focused investment risk, foreign investment risk, foreign currency risk, liquidity risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

International Growth ETF: The Fund’s investment objective is to seek long-term capital growth. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, growth company risk, equity risk, derivatives risk, risks of investing in depositary receipts, small and mid-cap company risk, market and economic risk, risks affecting specific issuers, risks affecting specific countries or regions, focused investment risk, foreign investment risk, foreign currency risk, liquidity risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

The following is a summary of significant accounting policies followed by each of the Funds in the preparation of its financial statements. Each Fund prepares its financial statements in conformity with United States generally accepted accounting principles (“GAAP”), including investment company accounting and reporting guidance in the Financial Accounting Standards Board (the “FASB”) Accounting Standard Codification Topic 946.

Segment Reporting: Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President of each

Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

Allocation of Income, Gains, Losses and Expenses: Net investment income and any realized and unrealized gains and losses are allocated daily to each outstanding share at the beginning of the day (after adjusting for the current capital shares activity). Expenses common to each Fund and each series of Thornburg Investment Trust are allocated daily among the Funds and series of Thornburg Investment Trust based upon their relative net asset values or other appropriate allocation methods.

Dividends and Distributions to Shareholders: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and may differ from GAAP, are recorded on the ex-dividend date. Ordinary income dividends of a Fund, if any, are generally declared and paid at least monthly for Core Plus Bond ETF and Multi Sector Bond ETF and at least annually for International Equity ETF and International Growth ETF. Capital gains distributions, if any, usually will be declared and paid in December for the prior twelve-month period ending October 31.

Foreign Currency Translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against the U.S. dollar on the date of valuation. Purchases and sales of investments and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. When the Funds purchase or sell foreign investments, they will customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to the settlement date of such transactions. The values of such spot contracts are included in receivable for investments sold and payable for investments purchased on the Statement of Assets and Liabilities.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on investments held. Such changes are included in net unrealized appreciation (depreciation) from investments in the Statement of Operations.

Reported net realized gains and losses from foreign currency transactions arise due to purchases and sales of foreign currencies, currency gains and losses realized between the trade and settlement dates on investment transactions and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. These amounts are included in foreign currency transactions in the Statement of Operations.

Net change in unrealized appreciation (depreciation) on foreign currency translations arise from changes in the fair value of assets and liabilities, other than investments at period end, resulting from changes in exchange rates.

Guarantees and Indemnifications: Under the Trust’s organizational documents (and under separate agreements with the independent Trustees), its officers and Trustees are provided with an indemnification, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of the performance of their duties to the Funds. In the normal course of business the Trust may also enter into contracts with service providers that contain general indemnifications. The Trust’s maximum exposure under these arrangements is unknown. However, based on experience, the Trust expects the risk of loss to be remote.

Investment Income: Dividend income is recorded on the ex-dividend date. Certain income from foreign investments is recognized as soon as information is available to the Funds. Interest income is accrued as earned. Premiums and discounts are amortized and accreted, respectively, to first call dates or maturity dates using the effective yield method of the respective investments. These amounts are included in Investment Income in the Statement of Operations.

Investment Transactions: Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale of investments are recorded on an identified cost basis.

Repurchase Agreements: The Funds may invest excess cash in repurchase agreements whereby the Funds purchase investments, which serve as collateral, with an agreement to resell such collateral to the seller at an agreed upon price at the maturity date of the repurchase agreement. Investments pledged as collateral for repurchase agreements are held in custody until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the period ended February 28, 2025, the Funds did not enter into repurchase agreements.

Security Valuation: All investments in securities held by the Funds are valued as described in Note 3.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the

financial statements and the reported amounts of increases (decreases) in net assets from operations during the reporting period. Actual results could differ from those estimates.

When-Issued and Delayed Delivery Transactions: The Funds may engage in when-issued or delayed delivery transactions. To the extent the Funds engage in such transactions, they will do so for the purpose of acquiring portfolio investments consistent with the Funds’ investment objectives and not for the purpose of investment leverage. At the time the Funds make a commitment to purchase an investment on a when-issued or delayed delivery basis, the Funds will record the transaction and reflect the value in determining its net asset value. Pursuant to current U.S. Securities and Exchange Commission (“SEC”) guidance, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Funds intend to settle the transaction physically and the transaction settles within 35 days. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. The values of these securities held at February 28, 2025, if any, are detailed in the Schedule of Investments.

Valuation of the Funds’ 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 Funds’ “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 Funds’ 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 Funds’ 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 Funds 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 Funds upon a sale of the investment, and the difference could be material to the Funds’ 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 Funds 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.

Investments in U.S. exchange traded funds are valued at the exchange-traded price if they are listed.

Debt obligations held by the Funds 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 Funds, 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 Funds are likely to obtain if they 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 Funds may be traded on days and at times when the Funds are not open for business. Consequently, the value of Funds’ investments may be significantly affected on days when shareholders cannot purchase or sell Funds’ shares.

Valuation Hierarchy: The Funds categorize their investments based upon the inputs used in valuing those investments, according to a three-level hierarchy established in guidance from the FASB. Categorization of investments using this hierarchy is intended by the FASB to maximize the use of observable inputs in valuing investments and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in valuing an investment based on available market information. Unobservable inputs are those that reflect assumptions about the information market participants would use in valuing an investment. An investment’s level within the hierarchy is based on the lowest level input that is deemed significant to the valuation. The methodologies and inputs used to value investments are not necessarily indications of the risk or liquidity associated with those investments.

Various inputs are used in calculating valuations for the Funds’ investments. These inputs are generally summarized according to the three-level hierarchy below:

Level 2: Other direct or indirect significant observable inputs (including quoted prices for similar investments in active markets and other observable inputs, such as interest rates, prepayment rates, credit ratings, etc.).

Level 3: Significant unobservable inputs (including the Committee’s own assumptions in calculating the fair values of investments).

Valuations for debt obligations held by the Funds are typically calculated by pricing service providers approved by the Committee and are generally characterized as Level 2 within the valuation hierarchy.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Funds, the Committee calculates a fair value for the obligation using alternative methods under procedures approved by the 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 valuation of the investment, is significantly different than the value the Funds are likely to obtain if they sought a bid for the investment, or is otherwise unreliable, the Committee calculates a fair value for the obligation using an alternative method approved by the Committee.

In a limited number of cases the Committee calculates a fair value for investments using broker quotations or other methods approved by the Committee. When the Committee uses a single broker quotation to calculate a fair value for an investment without other significant observable inputs, or if a fair value is calculated using other significant inputs that are considered unobservable, the investment is characterized as Level 3 within the hierarchy. Other significant unobservable inputs used to calculate a fair value in these instances might include an income-based valuation approach which considers discounted anticipated future cash flows from the investment and application of discounts due to the nature or duration of any restrictions on the disposition of the investment.

Valuations based upon the use of inputs from Levels 1, 2 or 3 may not represent the actual price received upon the disposition of an investment, and a Fund may receive a price that is lower than the valuation based upon these inputs when it sells the investment.

The following table displays a summary of the fair value hierarchy measurements of the Funds’ investments as of February 28, 2025:

Pursuant to an investment advisory agreement with the Trust, the Advisor is paid a management fee for advisory services and for administrative and other services. Each Fund pays for these services under a bundled fee structure (the “Unified Management Fee”). Each Fund pays the Advisor a Unified Management Fee based on the average daily net assets of that Fund at an annual rate as shown in the following table:

Total management fees incurred by the Funds for the period ended February 28, 2025 are set forth in the Statement of Operations.

As of February 28, 2025, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

The Funds may purchase or sell portfolio securities from or to an affiliated fund provided that all such transactions will comply with Rule 17a-7 under the 1940 Act. For the period ended February 28, 2025, the Funds had no such transactions with affiliated funds.

Shown below are holdings of voting securities of each portfolio holding which is considered “affiliated” to the Funds under the 1940 Act, including companies for which the Funds’ holdings represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Funds invested for cash management purposes during the period:

Federal Income Taxes: It is the policy of the Trust to comply with the provisions of the Internal Revenue Code of 1986 applicable to regulated investment companies and to distribute to shareholders substantially all investment company taxable income including net realized gains on investments (if any), and tax exempt income of the Funds. Therefore, no provision for federal income or excise tax is required.

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds’ tax return filings generally remains open for the three years following a return’s filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds’ financial statements for the period ended February 28, 2025, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

At February 28, 2025, information on the tax components of capital was as follows:

Foreign Withholding Taxes: The Funds are subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on

applicable foreign tax laws. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld, in view of various considerations, including recent decisions rendered by the courts in those and other jurisdictions. The Funds would expect to record a receivable for such a tax reclaim based on a variety of factors, including assessment of a jurisdiction’s legal obligation to pay reclaims, the jurisdiction’s administrative practices and payment history, and industry convention.

The Funds are exchange-traded funds or “ETFs.” Shares of each Fund may be acquired or redeemed directly from the Fund only in large blocks of shares called “Creation Units” or multiples thereof. A Creation Unit of each Fund consists of 50,000 shares. The Trust may increase or decrease the number of a Fund’s shares that constitute a Creation Unit, including on a per transaction basis if doing so is deemed to be in the best interests of the applicable Fund and its shareholders. Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. An Authorized Participant is either a “participating party” (i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation) or a Depository Trust Company participant, in either case, who has executed an agreement with ALPS Distributors, Inc., the Trust’s principal underwriter, and accepted by State Street Bank and Trust Company, the Trust’s transfer agent, with respect to creations and redemptions of Creation Units. Once created, shares of each Fund generally trade in the secondary market in amounts less than a Creation Unit.

Most investors will buy and sell shares of each Fund in secondary market transactions through broker-dealers. Shares of each Fund are listed for trading on a national securities exchange during the trading day. Shares of each Fund trade on an exchange at prices that may differ to varying degrees from the daily NAV of the shares. Each Fund determines its NAV once daily at the close of regular trading on the New York Stock Exchange, which is normally 4:00 p.m. Eastern time. Each Fund determines its NAV by dividing the total Fund assets, less all liabilities, by the total number of outstanding shares. The price at which an Authorized Participant purchases shares of a Fund is based on the next calculation of the NAV after the Fund receives a purchase request in good order.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions.

For the period ended February 28, 2025, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments and in-kind transactions).

For the period ended February 28, 2025, the Funds had in-kind transactions associated with Creation Unit purchases and redemptions as listed in the table below.

The Funds may use a variety of derivative financial instruments to hedge or adjust the risks affecting its investment portfolio or to enhance investment returns. Provisions of FASB Accounting Standards Codification ASC 815-10-50 (“ASC 815”) require certain disclosures. The disclosures are intended to provide users of financial statements with an understanding of the use of derivative instruments by the Funds and how these derivatives affect the financial position, financial performance and cash flows of the Funds. The Funds do not designate any derivative instruments as hedging instruments under ASC 815. Additionally, the Funds’ risk of loss may exceed the amounts recognized on the Statement of Assets and Liabilities.

During the period ended February 28, 2025, the Funds did not invest in any derivative financial instruments of the type addressed by ASC 815.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the period covered by this report, there were no matters submitted to the Funds’ shareholders through the solicitation of proxies or otherwise.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

Thornburg Investment Management, Inc. (the “Advisor”) provides investment management services to each of the Funds or, for purposes of this discussion, ETFs, each a series of the Thornburg ETF Trust (the “Trust”), pursuant to an Investment advisory agreement (the “Agreement”). The Trustees considered the approval of the Agreement for each of the ETFs on December 11, 2024.

In anticipation of their consideration of the Agreement, the Trustees met on September 18, 2024 to discuss the ETFs with representatives of the Advisor and with the Trust’s legal counsel, including a discussion of written materials relating to the ETFs that had been provided to the Trustees in advance of that meeting. The Independent Trustees were advised by counsel to the Independent Trustees.

The Trustees met again on November 14, 2024 for a further discussion of the ETFs with representatives of the Advisor and with the Trust’s legal counsel and Independent Trustee counsel, again including a discussion of written materials relating to the ETFs that had been provided to the Trustees in advance of that meeting. The Trustees also met on November 14, 2024 with representatives of an independent mutual fund analyst firm respecting the proposed fees and expenses of the ETFs and considered comparative fee and expense data provided by that analyst firm. Finally, the Trustees met again on December 11, 2024 at a meeting called for the purpose of considering, among other topics, the approval of the Agreement in respect of each ETF. At their meeting on December 11, 2024, the Trustees reviewed additional materials relating to each ETF that had been provided by the Advisor and by the Trust’s legal counsel, conferred further with representatives of the Advisor and with the Trust’s legal counsel and Independent Trustee counsel, and voted unanimously to approve the Agreement for the ETFs.

The information below summarizes certain factors considered by the Trustees in connection with the determination to approve the Agreement for each ETF. In determining to approve the Agreement, the Trustees did not identify any single factor as controlling, and this summary does not describe all of the matters considered by the Trustees in making their determination.

Nature, Extent and Quality of Services. Information considered by the Trustees as relevant to the nature, extent, and quality of the services that the Advisor would provide under the Agreement for each ETF included: the background and experience of the portfolio managers who would be primarily responsible for the day-to-day management of each ETF and the other members of the Advisor’s investment team who would support those portfolio managers; presentations and explanations made by the Advisor’s personnel about the investment objective, investment strategies, and investment limitations of each ETF; information about how each ETF would fit into the Trust’s lineup of investment products; market demand for the type of investment strategies to be pursued by each ETF; the resources that the Advisor would devote to the services it provides to each ETF, the overall reputation and capabilities of the Advisor; the Advisor’s success in managing other portfolios with investment strategies similar to the ETFs’ strategies; and the Advisor’s responsiveness to the Trustees’ questions. Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services to be provided to the ETFs by the Advisor.

Investment Performance. While the ETFs did not have any investment performance at the time the Trustees approved the Agreement, the Trustees did consider the Advisor’s success in achieving positive investment performance in other portfolio with investment strategies similar to the ETFs’ strategies. The Trustees also considered each ETF’s proposed investment strategies and processes and concluded that the prospects for each ETF’s competitive future performance were acceptable.

Comparisons of Fee and Expense Levels. The Trustees considered information comparing each ETF’s contractual advisory fee rate and total expense ratio to the advisory fee rates and total expense ratios of a group of selected peers. The Trustees observed that the ETFs’ advisory fee rates and expense ratios were generally in line with the peer funds.

Costs and Profitability of Advisor. Information about the profitability of the ETFs was not available when the Trustees considered the approval of the Agreement because the ETFs were not yet operational.

Potential Economies of Scale. In reviewing the extent to which economies of scale would be realized by each ETF as it grows and whether fee levels reflect potential economies of scale, the Trustees considered the Advisor’s willingness in the past to expend from its own profits and resources to maintain staffing levels and expand staff competencies, pay competitive levels of compensation, and add to its information management and other electronic systems so as to maintain or improve service levels. The information provided demonstrated to the Trustees that shareholders may be expected to benefit from any economies of scale.

Potential Ancillary Benefits. In reviewing potential benefits to the Advisor because of its relationship to the ETFs, the Trustees noted the benefits to both the Trust and the Advisor of the Advisor’s expansion of its staffing, compliance and systems capabilities and other resources to serve a broader variety of investment management clients. No unusual or unfair potential benefits to the Advisor from its relationship to the ETFs were identified by the Trustees.

Summary of Conclusions. After considering the factors identified above, and in light of the other information received by the Trustees respecting the ETFs, the Trustees concluded that the level of the advisory fee to be charged to each ETF by the Advisor is fair and reasonable in relation to the services to be provided by the Advisor, the clear disclosure of fees and expenses in the ETFs’ prospectus, comparisons of fees and expenses charged to the ETFs to fees and expenses charged to other exchange-traded funds, and the other factors and relevant circumstances considered. The Trustees accordingly determined to approve the Agreement with the Advisor in respect of each ETF.

To receive shareholder reports, prospectuses, and proxy statements electronically, go to www.thornburg.com/edelivery.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies Filed as part of item 7 of this Form.

Item 9. Proxy Disclosures for Open-End Management Investment Companies Filed as part of item 7 of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies Filed as part of item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract Filed as part of item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Item 15. Submission of Matters to a Vote of Security Holders The authority to consider candidates recommended by the shareholders in accordance with the Trust’s Procedures for Shareholder Communications is committed to the Governance and Nominating Committee.

(a) The principal executive officer and the principal financial officer have concluded that the Trust’s disclosure controls and procedures provide reasonable assurance that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There was no change in the Trust’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Thornburg ETF Trust, in respect of the following Thornburg Funds: Core Plus Bond ETF, Multi Sector Bond ETF, International Equity ETF, and International Growth ETF.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date	Thornburg Core Plus Bond ETF	Bloomberg U.S. Aggregate Total Return Value Index USD
2/4/2025	10000	10000
2/28/2025	10198	10194

Date	Thornburg Multi Sector Bond ETF	Bloomberg U.S. Universal Total Return Index Value Unhedged	Bloomberg U.S. Aggregate Total Return Value Index USD
2/4/2025	10000	10000	10000
2/28/2025	10146	10184	10194

Date	Thornburg International Equity ETF	MSCI EAFE Net Total Return USD Index
1/21/2025	10000	10000
1/31/2025	10160	10244
2/28/2025	10304	10443

Date	Thornburg International Growth ETF	MSCI EAFE Growth Net Total Return USD Index
1/22/2025	10000	10000
1/31/2025	10108	10138
2/28/2025	9968	10151

		ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	ASSET BACKED SECURITIES — 9.4%

		AUTO RECEIVABLES — 5.4%
^a		BOF VII AL Funding Trust I, Series 2023-CAR3 Class B, 6.632% due 7/26/2032	$	45,738	$	46,493
		Carvana Auto Receivables Trust,
		Series 2021-P1 Class C, 1.53% due 3/10/2027		145,000		140,778
^a		Series 2023-N3 Class B, 6.45% due 5/10/2028		75,000		76,012
^a		GLS Auto Receivables Issuer Trust, Series 2022-1A Class D, 3.97% due 1/18/2028		50,000		49,646
^a		Octane Receivables Trust, Series 2023-1A Class A, 5.87% due 5/21/2029		95,205		95,559
		Santander Drive Auto Receivables Trust,
		Series 2023-5 Class A2, 6.31% due 7/15/2027		41,524		41,560
		Series 2024-4 Class A3, 4.85% due 1/16/2029		100,000		100,404
		Toyota Auto Receivables Owner Trust, Series 2023-B Class A2A, 5.28% due 5/15/2026		55,838		55,852
^a		Wheels Fleet Lease Funding 1 LLC, Series 2023-2A Class A, 6.46% due 8/18/2038		75,536		76,775
						683,079
		CREDIT CARD — 0.8%
		BA Credit Card Trust, Series 2023-A1 Class A1, 4.79% due 5/15/2028		105,000		105,560
						105,560
		OTHER ASSET BACKED — 2.6%
^a		DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054		50,000		49,776
^a		Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048		97,153		79,881
^a,b		PFS Financing Corp., Series 2023-D Class A, 5.489% (SOFR30A + 1.15%) due 8/15/2027		147,000		147,472
^a		Retained Vantage Data Centers Issuer LLC, Series 2023-2A Class A2, 5.05% due 9/15/2048		50,000		49,261
						326,390
		STUDENT LOAN — 0.6%
^a,b		College Ave Student Loans LLC, Series 2019-A Class A1, 5.834% (TSFR1M + 1.51%) due 12/28/2048		83,145		83,715
						83,715
		TOTAL ASSET BACKED SECURITIES (Cost $1,194,843)				1,198,744

	CORPORATE BONDS — 25.8%

		AUTOMOBILES & COMPONENTS — 1.0%
		Automobiles — 1.0%
^a		Harley-Davidson Financial Services, Inc., 5.036% due 4/21/2025		100,000		99,318
^a		Hyundai Capital America, 4.30% due 9/24/2027		25,000		24,748
						124,066
		BANKS — 0.8%
		Banks — 0.8%
^b		Bank of New York Mellon Corp., 4.975% (SOFR + 1.09%) due 3/14/2030		25,000		25,345
^b		Santander Holdings USA, Inc., 6.174% (SOFR + 2.50%) due 1/9/2030		25,000		25,871
^b		U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030		25,000		25,264
^b		Wells Fargo & Co., 5.574% (SOFR + 1.74%) due 7/25/2029		25,000		25,612
						102,092
		CAPITAL GOODS — 1.1%
		Aerospace & Defense — 0.4%
^a		BWX Technologies, Inc., 4.125% due 4/15/2029		25,000		23,435
^a		TransDigm, Inc., 6.375% due 3/1/2029		25,000		25,340
		Machinery — 0.5%
^a		Mueller Water Products, Inc., 4.00% due 6/15/2029		25,000		23,484
^c		nVent Finance SARL, 2.75% due 11/15/2031		25,000		21,533
		Regal Rexnord Corp., 6.30% due 2/15/2030		25,000		26,001
		Trading Companies & Distributors — 0.2%
		LKQ Corp., 6.25% due 6/15/2033		25,000		26,198
						145,991

Credit Quality Ratings	(%)
U.S. Government	48.3%
AAA	11.1%
AA	2.4%
A	7.6%
BBB	13.1%
Below Invest. Grade	6.4%
Cash Equivalents & Other	11.0%

Fixed Income Credit Quality	(%)
U.S. Government	34.0%
AAA	20.8%
AA	1.8%
A	10.0%
BBB	17.1%
Below Invest. Grade	15.3%
Cash Equivalents & Other	1.0%

Market Capitalization Exposure	(%)
Small Cap (<$2.5 B)	0.0%
Mid Cap ($2.5-12 B)	3.7%
Large Cap (>$12 B)	96.3%

Market Capitalization Exposure	(%)
Small Cap (<$2.5 B)	3.2%
Mid Cap ($2.5-12 B)	17.1%
Large Cap (>$12 B)	79.7%

Schedule of Investments
Thornburg Core Plus Bond ETF	4
Thornburg Multi Sector Bond ETF	10
Thornburg International Equity ETF	18
Thornburg International Growth ETF	21
Statements of Assets and Liabilities	24
Statements of Operations	25
Statements of Changes in Net Assets	26
Notes to Financial Statements	28
Financial Highlights	35
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	39
Proxy Disclosures for Open-End Management Investment Companies	39
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	39
Statement Regarding Basis for Approval of Investment Advisory Contract	39

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	COMMERCIAL & PROFESSIONAL SERVICES — 0.6%
	Commercial Services & Supplies — 0.4%
	CoreCivic, Inc., 8.25% due 4/15/2029	$	25,000	$	26,523
	Equifax, Inc., 3.25% due 6/1/2026		25,000		24,575
	Professional Services — 0.2%
^a	Korn Ferry, 4.625% due 12/15/2027		25,000		24,389
					75,487
	CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.2%
	Specialty Retail — 0.2%
	Genuine Parts Co., 4.95% due 8/15/2029		25,000		25,047
					25,047
	CONSUMER DURABLES & APPAREL — 0.2%
	Leisure Products — 0.2%
	Polaris, Inc., 6.95% due 3/15/2029		25,000		26,428
					26,428
	CONSUMER SERVICES — 0.2%
	Hotels, Restaurants & Leisure — 0.2%
^a	Papa John’s International, Inc., 3.875% due 9/15/2029		25,000		23,649
					23,649
	CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.4%
	Consumer Staples Distribution & Retail — 0.4%
^a	KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029		25,000		26,008
^a	U.S. Foods, Inc., 4.75% due 2/15/2029		25,000		24,194
					50,202
	ENERGY — 1.7%
	Oil, Gas & Consumable Fuels — 1.7%
^a	Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031		10,000		9,935
^a	Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030		10,000		10,414
^c	Ecopetrol SA, 8.375% due 1/19/2036		20,000		19,826
^c	Energean Israel Finance Ltd., 8.50% due 9/30/2033		25,000		26,016
	Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035		25,000		25,786
^a,c	Parkland Corp., 5.875% due 7/15/2027		25,000		24,993
^c	Petroleos Mexicanos, 7.69% due 1/23/2050		20,000		15,147
^a	South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029		25,000		24,827
^a	Sunoco LP, 7.25% due 5/1/2032		25,000		26,080
^a	Whistler Pipeline LLC, 5.70% due 9/30/2031		35,000		35,529
					218,553
	EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.0%
	Diversified REITs — 1.0%
^a	American Tower Trust #1, 3.652% due 3/15/2048		50,000		48,366
	Crown Castle, Inc.,
	4.90% due 9/1/2029		10,000		10,009
	5.80% due 3/1/2034		25,000		25,920
	Extra Space Storage LP, 3.90% due 4/1/2029		25,000		24,158
^a	Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032		20,000		18,758
					127,211
	FINANCIAL SERVICES — 2.3%
	Capital Markets — 1.3%
^a	Blue Owl Credit Income Corp., 6.60% due 9/15/2029		25,000		25,655
^a	Blue Owl Technology Finance Corp., 6.10% due 3/15/2028		25,000		25,182
	Hercules Capital, Inc., 3.375% due 1/20/2027		35,000		33,795
^a	LPL Holdings, Inc., 4.00% due 3/15/2029		35,000		33,491
	Main Street Capital Corp., 6.50% due 6/4/2027		25,000		25,566
	Nasdaq, Inc., 5.55% due 2/15/2034		25,000		25,898

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE
^a	Liberty Utilities Finance GP 1, 2.05% due 9/15/2030	$	25,000	$	21,422
^a	Monongahela Power Co., 3.55% due 5/15/2027		25,000		24,370
^b	Pacific Gas & Electric Co., 5.367% (SOFRINDX + 0.95%) due 9/4/2025		25,000		24,975
	PPL Capital Funding, Inc., 5.25% due 9/1/2034		25,000		24,971
	Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031		25,000		21,237
	Puget Energy, Inc., 4.224% due 3/15/2032		25,000		23,307
^b	Southern Co., Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051		25,000		24,664
	Southwestern Public Service Co., 6.00% due 6/1/2054		25,000		25,860
	Tucson Electric Power Co., 5.20% due 9/15/2034		30,000		30,030
	Union Electric Co., 2.95% due 3/15/2030		25,000		23,086
	Virginia Electric & Power Co., 5.05% due 8/15/2034		25,000		24,810
	Wisconsin Power & Light Co., 5.375% due 3/30/2034		25,000		25,449
	Gas Utilities — 0.6%
^a,c	APA Infrastructure Ltd., 5.125% due 9/16/2034		50,000		49,238
^a	KeySpan Gas East Corp., 5.994% due 3/6/2033		25,000		25,803
					680,382
	TOTAL CORPORATE BONDS (Cost $3,258,994)				3,282,683

OTHER GOVERNMENT — 1.0%
	Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033		100,000		56,453
	U.K. Gilts (GBP), 3.25% due 1/31/2033		60,000		69,880
	TOTAL OTHER GOVERNMENT (Cost $126,547)				126,333

U.S. TREASURY SECURITIES — 33.6%
	U.S. Treasury Inflation-Indexed Bonds, 2.125%, 2/15/2054		267,368		263,347
	U.S. Treasury Notes,
	3.375%, 5/15/2044		1,250,000		1,062,500
	3.75%, 12/31/2030		160,000		157,400
	4.125%, 8/15/2053		465,000		436,010
	4.25%, 11/15/2034		1,220,000		1,224,766
	4.625%, 11/15/2044		600,000		606,563
	U.S. Treasury Strip Coupon, 7.60%, 11/15/2041		1,120,000		513,846
	TOTAL U.S. TREASURY SECURITIES (Cost $4,163,173)				4,264,432

MORTGAGE BACKED — 19.2%
^a,b	Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059		159,496		148,566
^a,b	Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.881% due 12/25/2066		83,981		77,073
^a	COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044		30,000		31,460
^a,b	CSMC Trust, Whole Loan Securities Trust CMO, Series 2022-NQM5 Class A1, 5.169% due 5/25/2067		108,930		107,855
^b	Federal Home Loan Mtg Corp., Pool 841733, 2.092% (2.19% - SOFR30A) due 6/1/2052		105,664		97,445
	Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031		90,000		91,029
	Federal Home Loan Mtg Corp., UMBS Collateral,
	Pool SD2278, 3.00% due 8/1/2052		113,851		99,443
	Pool SD2601, 2.50% due 2/1/2053		182,822		153,292
	Pool SD8194, 2.50% due 2/1/2052		253,912		213,100
	Pool SD8218, 2.00% due 6/1/2052		118,698		95,197
	Pool SD8225, 3.00% due 7/1/2052		360,310		314,630
	Federal National Mtg Assoc.,
	Pool AM5836, 4.05% due 4/1/2032		81,239		78,819
	Pool BL2763, 3.99% due 6/1/2049		91,458		80,795
	Pool BS7738, 4.20% due 3/1/2033		17,000		16,604
	Federal National Mtg Assoc., UMBS Collateral,
	Pool FS4713, 2.50% due 5/1/2053		116,101		97,347
	Pool MA5107, 5.50% due 8/1/2053		199,467		199,935
	Pool MA5611, 4.00% due 2/1/2055		264,256		247,814
^a,b	GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066		98,447		88,181
	Government National Mtg Assoc., CMBS,
	Series 2021-110 Class AC, 1.75% due 10/16/2062		27,641		20,899
	Series 2021-75 Class AC, 1.60% due 4/16/2062		36,054		26,946
^a	One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054		34,000		30,455

AUD	Denominated in Australian Dollar	SOFR	Secured Overnight Financing Rate
CMBS	Commercial Mortgage-Backed Securities	SOFR30A	Secured Overnight Financing Rate 30-Day Average
CMO	Collateralized Mortgage Obligation	SOFRINDX	Secured Overnight Financing Rate Index
CMT	Constant Maturity Rate	TSFR1M	Term SOFR 1 Month
GBP	Denominated in Pound Sterling	UMBS	Uniform Mortgage Backed Securities
Mtg	Mortgage

United States	84.8%
Canada	1.4%
United Kingdom	0.9%
Australia	0.8%
Bermuda	0.4%
Israel	0.2%
Guatemala	0.2%
Colombia	0.2%
Mexico	0.1%
Other Assets Less Liabilities	11.0%

Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
AUD	Denominated in Australian Dollar	Mtg	Mortgage
BRL	Denominated in Brazilian Real	SOFR	Secured Overnight Financing Rate
CMBS	Commercial Mortgage-Backed Securities	SOFR30A	Secured Overnight Financing Rate 30-Day Average
CMO	Collateralized Mortgage Obligation	SOFRINDX	Secured Overnight Financing Rate Index
CMT	Constant Maturity Rate	TSFR1M	Term SOFR 1 Month
GBP	Denominated in Pound Sterling	UMBS	Uniform Mortgage Backed Securities

United States	93.4%
Canada	2.0%
Australia	0.9%
Bermuda	0.6%
United Kingdom	0.6%
Guatemala	0.5%
Mexico	0.4%
Israel	0.4%
Colombia	0.4%
France	0.3%
Brazil	0.2%
Other Assets Less Liabilities	0.3%

ISSUER-DESCRIPTION	SHARES		VALUE

COMMON STOCK — 97.0%

BANKS — 7.5%
Banks — 7.5%
BNP Paribas SA		33,275	$	2,514,968
ING Groep NV Series N		110,518		1,965,488
Mitsubishi UFJ Financial Group, Inc.		174,225		2,202,479
				6,682,935

CAPITAL GOODS — 20.2%
Aerospace & Defense — 7.2%
MTU Aero Engines AG		5,727		1,984,261
Rheinmetall AG		1,863		1,945,144
Safran SA		9,315		2,416,695
Construction & Engineering — 2.1%
Ferrovial SE		41,814		1,857,349
Electrical Equipment — 5.4%
ABB Ltd.		31,464		1,683,400
Mitsubishi Electric Corp.		74,382		1,139,929
Schneider Electric SE		8,211		1,992,711
Industrial Conglomerates — 4.0%
Hitachi Ltd.		87,216		2,172,651
Siemens AG		6,145		1,410,043
Machinery — 1.5%
FANUC Corp.		46,368		1,327,264
				17,929,447
COMMERCIAL & PROFESSIONAL SERVICES — 1.5%
Professional Services — 1.5%
Recruit Holdings Co. Ltd.		22,555		1,318,524
				1,318,524

CONSUMER DURABLES & APPAREL — 7.5%
Household Durables — 3.8%
Barratt Redrow plc		258,681		1,388,459
Sony Group Corp.		81,903		2,034,313
Textiles, Apparel & Luxury Goods — 3.7%
^a Amer Sports, Inc.		43,194		1,291,069
LVMH Moet Hennessy Louis Vuitton SE		2,753		1,984,512
				6,698,353

CONSUMER SERVICES — 3.2%
Hotels, Restaurants & Leisure — 3.2%
Compass Group plc		32,775		1,143,243
Galaxy Entertainment Group Ltd. ADR		82,886		1,699,992
				2,843,235
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.4%
Consumer Staples Distribution & Retail — 1.4%
Alimentation Couche-Tard, Inc.		24,978		1,241,865
				1,241,865

ENERGY — 4.3%
Oil, Gas & Consumable Fuels — 4.3%
Shell plc		39,537		1,318,796
TotalEnergies SE		41,607		2,493,843
				3,812,639

FINANCIAL SERVICES — 2.1%
Capital Markets — 2.1%
Hong Kong Exchanges & Clearing Ltd. ADR		41,814		1,886,648
				1,886,648

France	19.8%
Japan	16.6%
United States	14.6%
Germany	12.8%
United Kingdom	7.2%
Canada	5.9%
Italy	5.2%
Netherlands	5.2%
Spain	2.3%
Hong Kong	2.2%
Macao	2.0%
Switzerland	1.9%
Denmark	1.5%
Finland	1.5%
Taiwan	1.3%

	THORNBURG CORE PLUS BOND ETF		THORNBURG MULTI SECTOR BOND ETF		THORNBURG INTERNATIONAL EQUITY ETF		THORNBURG INTERNATIONAL GROWTH ETF
ASSETS
Investments at cost
Non-affiliated issuers	$	11,150,812	$	32,556,381	$	84,740,829	$	4,950,630
Non-controlled affiliated issuers		216,792		2,079,218		2,725,217		33,950
Investments at value
Non-affiliated issuers		11,317,828		32,793,346		86,185,633		4,900,722
Non-controlled affiliated issuers		216,792		2,079,218		2,725,217		33,950
Cash		3,297		147,592		—		—
Foreign currency at value^(a)		—		—		48,584		—
Receivable for investments sold		—		202,928		133		49,441
Receivable for fund shares sold		2,541,589		—		1,297,112		—
Dividends receivable		1,394		5,463		71,446		2,910
Tax reclaims receivable		—		—		4,800		—
Principal and interest receivable		93,841		244,410		—		—

Total Assets		14,174,741		35,472,957		90,332,925		4,987,023

LIABILITIES
Payable for investments purchased		1,458,485		2,464,805		1,420,692		121
Payable to investment advisor and other affiliates		2,967		100,832		39,877		2,335

Total Liabilities		1,461,452		2,565,637		1,460,569		2,456

NET ASSETS	$	12,713,289	$	32,907,320	$	88,872,356	$	4,984,567

NET ASSETS CONSIST OF
Net capital paid in on shares of beneficial interest	$	12,541,589	$	32,638,897	$	87,422,677	$	5,043,273
Distributable earnings (accumulated loss)		171,700		268,423		1,449,679		(58,706	)

NET ASSETS	$	12,713,289	$	32,907,320	$	88,872,356	$	4,984,567

NET ASSET VALUE
Net assets applicable to shares outstanding	$	12,713,289	$	32,907,320	$	88,872,356	$	4,984,567
Shares outstanding		500,000		1,300,000		3,450,000		200,000
Net asset value and redemption price per share		25.43		25.31		25.76		24.92

	THORNBURG CORE PLUS BOND ETF^(a)			THORNBURG MULTI SECTOR BOND ETF^(b)			THORNBURG INTERNATIONAL EQUITY ETF^(c)			THORNBURG INTERNATIONAL GROWTH ETF^(d)
INVESTMENT INCOME
Dividend income
Non-affiliated issuers	$	—		$	—		$	103,440		$	3,164
Non-controlled affiliated issuers		1,394			5,463			26,318			420
Dividend taxes withheld		—			—			(6,329	)		(65	)
Interest income		36,776			77,322			—			—

Total Income		38,170			82,785			123,429			3,519

EXPENSES
Investment management fees		2,967			7,666			45,341			2,697
Total Expenses		2,967			7,666			45,341			2,697
Net Investment Income (Loss)	$	35,203		$	75,119		$	78,088		$	822

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Non-affiliated issuers investments		(411	)		14,740			(48,531	)		(9,177	)
Foreign currency transactions		—			92			(24,633	)		(443	)
Net realized gain (loss)		(411	)		14,832			(73,164	)		(9,620	)

Net change in unrealized appreciation (depreciation) on:
Non-affiliated issuers investments		167,016			236,965			1,444,804			(49,908	)
Foreign currency translations		56			(292	)		(49	)		—
Change in net unrealized appreciation (depreciation)		167,072			236,673			1,444,755			(49,908	)
Net Realized and Unrealized Gain (Loss)		166,661			251,505			1,371,591			(59,528	)
Change in Net Assets Resulting from Operations	$	201,864		$	326,624		$	1,449,679		$	(58,706	)

	THORNBURG CORE PLUS BOND ETF PERIOD ENDED FEBRUARY 28, 2025^(a)			THORNBURG MULTI SECTOR BOND ETF PERIOD ENDED FEBRUARY 28, 2025^(b)
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income (loss)	$	35,203		$	75,119
Net realized gain (loss)		(411	)		14,832
Net change in unrealized appreciation (depreciation)		167,072			236,673

Net Increase (Decrease) in Net Assets Resulting from Operations		201,864			326,624

DIVIDENDS TO SHAREHOLDERS
From distributable earnings		(30,164	)		(58,201	)

FUND SHARE TRANSACTIONS
Proceeds from shares sold		12,541,589			32,638,897
Net Increase (Decrease) in Net Assets		12,713,289			32,907,320

NET ASSETS
Beginning of Period		—			—
End of Period	$	12,713,289		$	32,907,320

	THORNBURG INTERNATIONAL EQUITY ETF PERIOD ENDED FEBRUARY 28, 2025^(a)			THORNBURG INTERNATIONAL GROWTH ETF PERIOD ENDED FEBRUARY 28, 2025^(b)
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income (loss)	$	78,088		$	822
Net realized gain (loss)		(73,164	)		(9,620	)
Net change in unrealized appreciation (depreciation)		1,444,755			(49,908	)

Net Increase (Decrease) in Net Assets Resulting from Operations		1,449,679			(58,706	)

DIVIDENDS TO SHAREHOLDERS
From distributable earnings		—			—

FUND SHARE TRANSACTIONS
Proceeds from shares sold		87,422,677			5,043,273
Net Increase (Decrease) in Net Assets		88,872,356			4,984,567

NET ASSETS
Beginning of Period		—			—
End of Period	$	88,872,356		$	4,984,567

CORE PLUS BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets
Investments in Securities
Asset Backed Securities		1,198,744		—		1,198,744		—
Corporate Bonds		3,260,940		—		3,260,940		—
Other Government		126,333		—		126,333		—
U.S. Treasury Securities		4,264,432		4,264,432		—		—
Mortgage Backed		2,445,636		—		2,445,636		—
Total Futures contracts		21,743		—		21,743		—
Short-Term Investments		216,792		216,792		—		—
Total Investments in Securities		11,534,620		4,481,224		7,053,396		—
Total Assets	$	11,534,620	$	4,481,224	$	7,053,396	$	—

MULTI SECTOR BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets
Investments in Securities
Asset Backed Securities		4,687,774		—		4,687,774		—
Corporate Bonds		12,718,032		—		12,718,032		—
Other Government		415,605		—		415,605		—
U.S. Treasury Securities		7,001,253		7,001,253		—		—
Mortgage Backed		7,970,682		—		7,970,682		—
Short-Term Investments		2,079,218		2,079,218		—		—
Total Investments in Securities		34,872,564		9,080,471		25,792,093		—
Total Assets	$	34,872,564	$	9,080,471	$	25,792,093	$	—

INTERNATIONAL EQUITY ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets
Investments in Securities
Common Stock		86,185,633		86,185,633		—		—
Short-Term Investments		2,725,217		2,725,217		—		—
Total Investments in Securities		88,910,850		88,910,850		—		—
Total Assets	$	88,910,850	$	88,910,850	$	—	$	—

INTERNATIONAL GROWTH ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets
Investments in Securities
Common Stock		4,900,722		4,900,722		—		—
Short-Term Investments		33,950		33,950		—		—
Total Investments in Securities		4,934,672		4,934,672		—		—
Total Assets	$	4,934,672	$	4,934,672	$	—	$	—

	MANAGEMENT FEE
Core Plus Bond ETF	0.45	%
Multi Sector Bond ETF	0.55
International Equity ETF	0.65
International Growth ETF	0.70

	PERCENTAGE OF DIRECT INVESTMENTS
Core Plus Bond ETF	0.70	%
Multi Sector Bond ETF	—
International Equity ETF	0.29
International Growth ETF	—

CORE PLUS BOND ETF	MARKET VALUE 8/31/24		PURCHASES AT COST		SALES PROCEEDS			REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPR./(DEPR.)		MARKET VALUE 2/28/25		DIVIDEND INCOME
Thornburg Capital Mgmt. Fund	$	—	$	2,438,237	$	(2,221,445	)	$	—	$	—	$	216,792	$	1,394

MULTI SECTOR BOND ETF
Thornburg Capital Mgmt. Fund	$	—	$	8,779,207	$	(6,699,989	)	$	—	$	—	$	2,079,218	$	5,463

INTERNATIONAL EQUITY ETF
Thornburg Capital Mgmt. Fund	$	—	$	40,846,309	$	(38,121,092	)	$	—	$	—	$	2,725,217	$	26,318

INTERNATIONAL GROWTH ETF
Thornburg Capital Mgmt. Fund	$	—	$	1,738,543	$	(1,704,593	)	$	—	$	—	$	33,950	$	420

	COST		UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Core Plus Bond ETF	$	11,367,604	$	171,222	$	(4,206	)	$	167,016
Multi Sector Bond ETF		34,635,599		252,860		(15,895	)		236,965
International Equity ETF		87,466,046		3,481,297		(2,036,493	)		1,444,804
International Growth ETF		4,984,580		150,839		(200,747	)		(49,908	)

	PURCHASES		SALES
Core Plus Bond ETF	$	11,146,119	$	119,456
Multi Sector Bond ETF		32,979,817		1,408,252
International Equity ETF		54,881,365		1,555,638
International Growth ETF		2,701,738		170,127

	2025^(a)(b)

PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)^(c)
Net Asset Value, Beginning of Period	25.00

Net Investment Income (Loss)⁺	0.09
Net Realized & Unrealized Gain (Loss) on Investments	0.42

Total from Investment Operations	0.51

Dividends from Net Investment Income	(0.08)

Dividends from Net Realized Gains	0.00

Total Dividends	(0.08)

Net Asset Value, End of Period	25.43

TOTAL RETURN APPLICABLE TO SHAREHOLDERS
Total Return^(d)	1.98%^(e)
Total Return, Market Value^(d)	2.08%
RATIOS TO AVERAGE NET ASSETS
Net Investment Income (Loss) Ratio	5.34%^(f)
Expenses, After Expense Reductions Ratio	0.45%^(f)
Expenses, Before Expense Reductions Ratio	0.45%^(f)
SUPPLEMENTAL DATA
Portfolio Turnover Rate^(d)	1.07%
Net Assets at End of Period (Thousands)	12,713

(a)(1)	Not applicable.

(a)(2)	Not applicable.

(a)(3)	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 70.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b)	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 70.30a-2(b)) attached hereto as Exhibit 99.906CERT.

By:	/s/ Nimish Bhatt
	Nimish Bhatt
	President and principal executive officer

Date:	April 24, 2025