# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195816
**Filing Date:** 2025-8
**Character Count:** 323958
**Document Hash:** 88646259406c864b91bd781c47788397
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195816.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195816

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153

**ORGANIZATION NAME:**
- **EIN:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238596

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361
- **BUSINESS PHONE:** 5059840200

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THORNBURG INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIMITED TERM TRUST
- **DATE OF NAME CHANGE:** 19870816

## Series and Classes Contracts Data

### Thornburg Intermediate Municipal Fund (Series ID: S000011844)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000032354 | Thornburg Intermediate Municipal Fund - Class A  | THIMX           |
| C000032355 | Thornburg Intermediate Municipal Fund - Class C  | THMCX           |
| C000032356 | Thornburg Intermediate Municipal Fund - Class I  | THMIX           |
| C000222324 | Thornburg Intermediate Municipal Fund - Class C2 | THMQX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **Long-Term Municipal Bonds — 94.7%** |  |  |
|  | &nbsp;&nbsp;**Alabama — 5.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), 5.05% due 10/1/2045 | &nbsp;&nbsp;$1350000 | &nbsp;&nbsp;$1361617 |
|  | &nbsp;&nbsp;&nbsp;Alabama State University (AG), 5.50% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 522994 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: BP plc), Series D, 5.00% due 3/1/2055 (put 11/1/2034) | &nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 13283512 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2055 (put 9/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 558193 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.50% due 10/1/2054 (put 6/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081532 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series C-1, 5.25% due 2/1/2053 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4196260 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.25% due 12/1/2053 (put 12/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463318 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.80% due 8/1/2037 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3250494 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 5.25% due 7/1/2054 (put 6/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 3110000 | &nbsp;&nbsp;&nbsp;&nbsp; 3319163 |
|  | &nbsp;&nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.50% due 10/1/2042 - 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3195000 | &nbsp;&nbsp;&nbsp;&nbsp; 3260174 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5270295 |
|  | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Deutsche Bank AG), Series A, 5.00% due 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6080000 | &nbsp;&nbsp;&nbsp;&nbsp; 6277868 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6409626 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 1/1/2054 (put 6/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5266840 |
|  | &nbsp;&nbsp;&nbsp;UAB Medicine Finance Authority (UAB Medicine Obligated Group), Series B, 5.00% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5430000 | &nbsp;&nbsp;&nbsp;&nbsp; 5515267 |
|  | &nbsp;&nbsp;**Alaska — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Alaska International Airports System AMT, Series C, 5.00% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 789869 |
|  | &nbsp;&nbsp;**Arizona — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arizona (FHLMC, FNMA, GNMA) IDA, Series A, 5.00% due 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004717 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.00% due 6/1/2049 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6795397 |
|  | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series A, 5.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2249630 |
|  | &nbsp;&nbsp;&nbsp;County of Pima (TMC HealthCare Obligated Group) IDA, Series A, 4.00% due 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 930665 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County & Phoenix (GNMA) IDA, Series A, 4.55% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178706 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (HonorHealth Obligated Group) IDA, Series A 5.00% due 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004366 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (Legacy Traditional School Obligated Group) IDA, 5.25% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1538319 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1457204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023016 |
|  | &nbsp;&nbsp;&nbsp;Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup, Inc.), 5.25% due 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 807459 |
|  | &nbsp;&nbsp;&nbsp;Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 707403 |
|  | &nbsp;&nbsp;**Arkansas — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;County of Pulaski (Arkansas Children's Hospital), 5.00% due 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 516517 |
|  | &nbsp;&nbsp;**California — 6.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2817162 |
|  | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2033 - 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114138 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California (Providence St. Joseph Health Obligated Group) HFFA, Series B, 5.00% due 10/1/2039 (put 10/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032969 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 4510000 | &nbsp;&nbsp;&nbsp;&nbsp; 4718466 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501552 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Republic Services, Inc.) AMT, Series A, 3.75% due 7/1/2041 (put 10/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990967 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 12/1/2044 (put 12/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8000571 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Witmer Manor Community Partners LP) (FNMA, HUD), Series A, 4.875% due 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2420093 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 3.70% due 7/1/2043 (put 8/15/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995500 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022892 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Central Valley Energy Authority (Guaranty: Pacific Life Insurance Co.), 5.00% due 12/1/2055 (put 8/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8574080 |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.25% due 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4162872 |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1767540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2033 - 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp;&nbsp; 3637697 |
|  | &nbsp;&nbsp;&nbsp;City of San Mateo (City of San Mateo Community Facilities District No. 2008-1) (BAM), 5.25% due 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5311265 |
|  | &nbsp;&nbsp;&nbsp;Delano Financing Authority (City of Delano Police Station & Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 685921 |
|  | &nbsp;&nbsp;&nbsp;Franklin-McKinley School District (NPFG) GO, 5.25% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052136 |
|  | &nbsp;&nbsp;&nbsp;Fresno (Educational Facilities & Improvements) (NPFG) USD GO, Series A, 6.00% due 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142639 |
|  | &nbsp;&nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series B, 6.125% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 1978670 |
|  | &nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 (pre-refunded 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005820 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 5445000 | &nbsp;&nbsp;&nbsp;&nbsp; 5422621 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), Series A, 5.50% due 1/1/2056 (put 7/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856054 |
|  | &nbsp;&nbsp;**Colorado — 3.0%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Adams County School District No. 1 (BAM) COP, 5.00% due 12/1/2045 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$507947 |
|  | &nbsp;&nbsp;&nbsp;City & County of Denver (4340 South Monaco LLC) (FNMA), Series A, 4.70% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080972 |
|  | &nbsp;&nbsp;&nbsp;City & County of Denver Airport System Revenue AMT, Series A, 5.00% due 12/1/2037 - 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 6160000 | &nbsp;&nbsp;&nbsp;&nbsp; 6194773 |
|  | &nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1541950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2038 - 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10090000 | &nbsp;&nbsp;&nbsp;&nbsp; 9999181 |
|  | &nbsp;&nbsp;&nbsp;Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3584869 |
|  | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority, Series F-1, 5.00% due 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015829 |
|  | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority (FHLMC, FNMA, GNMA) (Green Bond) AMT, Series E, 5.10% due 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499096 |
|  | &nbsp;&nbsp;&nbsp;Colorado School of Mines (AG) (Green Bond), Series A, 5.00% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 366633 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County Housing Authority (Three Towers Rehabilitation) (AG) AMT, 5.20% due 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp;&nbsp; 865926 |
|  | &nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2034 - 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2133494 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072699 |
|  | &nbsp;&nbsp;**Connecticut — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of New Haven (BAM) GO, 5.25% due 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029263 |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2033 - 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;12415000 | &nbsp;&nbsp;&nbsp;&nbsp; 13022859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2028 - 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007731 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2798999 |
|  | &nbsp;&nbsp;**Delaware — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Delaware State (ACTS Retirement-Life Communities, Inc. Obligated Group) EDA, Series B, 5.00% due 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 489522 |
|  | &nbsp;&nbsp;**District of Columbia — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC) (FNMA) (Green Bond), Series A, 4.875% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 968494 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 5.00% due 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1496831 |
|  | &nbsp;&nbsp;**Florida — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Broward County School Board (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200085 |
|  | &nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, 5.00% due 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145132 |
|  | &nbsp;&nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 3107613 |
|  | &nbsp;&nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project) (AG), 5.25% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3879920 |
|  | &nbsp;&nbsp;&nbsp;County of Broward Port Facilities Revenue AMT, 5.00% due 9/1/2037 - 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2098280 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade, Series A, 5.00% due 4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 516699 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 373615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3503539 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Transit System, 4.00% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004582 |
|  | &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4225000 | &nbsp;&nbsp;&nbsp;&nbsp; 4199189 |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County Aviation Authority, Series F, 5.00% due 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2069194 |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County Aviation Authority AMT, 5.00% due 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497905 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County (Nicklaus Children's Hospital) HFA, 5.00% due 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504964 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Miami-Dade County (Waste Management, Inc.) IDA AMT, 4.25% due 11/1/2041 (put 11/3/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1498587 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (RGC Phase I LLC) (FNMA, HUD), Series A, 4.88% due 3/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1265085 |
|  | &nbsp;&nbsp;&nbsp;Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744622 |
|  | &nbsp;&nbsp;&nbsp;Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042068 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2040 - 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 722885 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County Housing Finance Authority (Lake Worth Towers Preservation LP) (FNMA), 4.85% due 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1327533 | &nbsp;&nbsp;&nbsp;&nbsp; 1330616 |
|  | &nbsp;&nbsp;**Georgia — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority, Series B, 5.05% due 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077991 |
|  | &nbsp;&nbsp;&nbsp;Housing Authority of Douglas County (FNMA), 5.10% due 2/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003815 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 12/1/2054 (put 12/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107824 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5252590 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2055 (put 12/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 3435000 | &nbsp;&nbsp;&nbsp;&nbsp; 3620401 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2034 - 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15410000 | &nbsp;&nbsp;&nbsp;&nbsp; 15743451 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2053 (put 3/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106024 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 5150302 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8457096 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2295000 | &nbsp;&nbsp;&nbsp;&nbsp; 2414278 |
|  | &nbsp;&nbsp;**Hawaii — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2479843 |
|  | &nbsp;&nbsp;**Illinois — 12.3%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
| &nbsp;&nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 - 4/1/2043 | &nbsp;&nbsp;$2375000 | &nbsp;&nbsp;$2477856 |
| &nbsp;&nbsp;&nbsp;Chicago Midway International Airport AMT, Series C, 5.00% due 1/1/2036 - 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2558980 |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series C, 5.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp;&nbsp; 2927966 |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4491573 |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2044 - 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2799010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514635 |
| &nbsp;&nbsp;&nbsp;Chicago Transit Authority Sales Tax Receipts Fund (AG), Series A, 5.00% due 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000801 |
| &nbsp;&nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport Customer Facility Charge Revenue) (BAM), 5.25% due 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567678 |
| &nbsp;&nbsp;&nbsp;City of Chicago (FNMA), Series A, 4.875% due 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145384 |
| &nbsp;&nbsp;&nbsp;City of Chicago (Water System) (AG), Series 2017-2, 5.00% due 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4614300 |
| &nbsp;&nbsp;&nbsp;City of Chicago (Water System) (BHAC, AMBAC), 5.75% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026700 |
| &nbsp;&nbsp;&nbsp;City of Chicago GO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 986728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1623953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7705170 |
| &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue, Series A, 5.00% due 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005337 |
| &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue (AG), Series 2017-2, 5.00% due 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012849 |
| &nbsp;&nbsp;&nbsp;Cook County School District No. 145 (BAM) GO, Series B, 5.00% due 12/1/2042 - 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525768 |
| &nbsp;&nbsp;&nbsp;County of Cook Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 442263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/15/2036 - 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp;&nbsp; 3299255 |
| &nbsp;&nbsp;&nbsp;DuPage County High School District No. 87 Glenbard GO, 5.25% due 1/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151296 |
| &nbsp;&nbsp;&nbsp;Illinois (FHLMC, FNMA, GNMA) HDA (Green Bond), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.75% due 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2638702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K, 5.25% due 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053178 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 236251 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2033 (pre-refunded 2/15/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 576786 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 682800 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2041 (pre-refunded 2/15/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 647891 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1817943 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502824 |
| &nbsp;&nbsp;&nbsp;Illinois State University (AG) COP, 5.00% due 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 726221 |
| &nbsp;&nbsp;&nbsp;Monroe & St. Clair Counties Community Unit School District No. 5 (BAM) GO, 5.00% due 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126847 |
| &nbsp;&nbsp;&nbsp;Moultrie Shelby & Coles Counties Community Unit School District No. 300 (BAM) GO, 5.00% due 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524738 |
| &nbsp;&nbsp;&nbsp;Rock Island County School District No. 41 Milan (AG) GO, Series A, 5.00% due 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 423543 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 - 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4175918 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. (BAM), Series A, 5.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp;&nbsp; 3129698 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. (Green Bond), Series A, 5.00% due 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005519 |
| &nbsp;&nbsp;&nbsp;Sangamon County School District No. 186 Springfield (BAM) GO, 5.00% due 6/1/2041 - 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4646992 |
| &nbsp;&nbsp;&nbsp;Southern Illinois University (BAM), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 593966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2037 - 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 2097321 |
| &nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052893 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3755000 | &nbsp;&nbsp;&nbsp;&nbsp; 3963586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2034 - 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;11810000 | &nbsp;&nbsp;&nbsp;&nbsp; 12223608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 317580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2455000 | &nbsp;&nbsp;&nbsp;&nbsp; 2242809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6150756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2027 - 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4416512 |
| &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/15/2030 - 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;12165000 | &nbsp;&nbsp;&nbsp;&nbsp; 12698313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 619804 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Will County School District No. 114 Manhattan (BAM) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2040 - 1/1/2041 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1057300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121788 |
|  | &nbsp;&nbsp;**Indiana — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Indianapolis Department of Public Utilities Water System Revenue, Series B, 5.00% due 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008147 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;City of Mount Vernon (Southern Indiana Gas & Electric Co.) AMT, 4.25% due 9/1/2055 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060274 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;City of Whiting (BP Products North America, Inc.; Guaranty: BP plc) AMT, Series A, 5.00% due 12/1/2044 (put 6/5/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1355574 |
|  | &nbsp;&nbsp;&nbsp;Indiana (Ascension Health Credit Group) HFFA, Series 2001-A-1, 5.00% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4019664 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 544205 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1233851 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), 5.00% due 10/1/2054 (put 10/1/2037) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187354 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8138104 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Retirement Living, Inc. Obligated Group), Series A, 5.125% due 3/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3167217 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 3/1/2038 (put 8/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530840 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% due 5/1/2043 (put 8/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2551400 |
|  | &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority (FHLMC, FNMA, GNMA) (Green Bond), Series B-1, 4.90% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012084 |
|  | &nbsp;&nbsp;&nbsp;Indiana Municipal Power Agency, Series C, 5.00% due 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014956 |
|  | &nbsp;&nbsp;&nbsp;IPS Multi-School Building Corp. (Indianapolis Board of School Commissioners) (State Intercept) (Green Bond), 5.50% due 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070047 |
|  | &nbsp;&nbsp;&nbsp;Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079144 |
|  | &nbsp;&nbsp;&nbsp;Silver Creek School Building Corp. (State Intercept), 5.25% due 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106868 |
|  | &nbsp;&nbsp;**Iowa — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Bondurant, 5.00% due 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 986990 |
|  | &nbsp;&nbsp;&nbsp;County of Polk AMT GO, 5.00% due 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014292 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (FHLMC, FNMA, GNMA) (Green Bond), Series C, 4.85% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3515796 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (pre-refunded 12/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3387276 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series 2024 A&B, 5.00% due 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3805000 | &nbsp;&nbsp;&nbsp;&nbsp; 3719467 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.50% due 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020360 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Union at Bluffs Run LP) (FNMA), Series 2024-20FN Class PT, 4.65% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1914470 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4104404 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5429180 |
|  | &nbsp;&nbsp;**Kentucky — 2.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;City of Henderson (Guaranty: Pratt Industries, Inc.) AMT, Series B, 4.45% due 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 925163 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;County of Trimble (Louisville Gas & Electric Co.) AMT, Series A, 4.70% due 6/1/2054 (put 6/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263659 |
|  | &nbsp;&nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5003405 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2052 (put 8/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227962 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;14750000 | &nbsp;&nbsp;&nbsp;&nbsp; 15769461 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002388 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3224142 |
|  | &nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 4.00% due 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1719399 |
|  | &nbsp;&nbsp;**Louisiana — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Jefferson Sales Tax District (AG), Series B, 5.00% due 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038963 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 6.00% due 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3029862 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2035 - 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011705 |
|  | &nbsp;&nbsp;&nbsp;West Baton Rouge Parish School Board (AG), 5.25% due 3/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990499 |
|  | &nbsp;&nbsp;**Maine — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Maine Health & Higher Educational Facilities Authority (AG), Series A, 5.00% due 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 361673 |
|  | &nbsp;&nbsp;**Maryland — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Maryland Community Development Administration (6301 Central Avenue LLC) (Green Bond) (FNMA), 5.05% due 2/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5012840 |
|  | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) (AG), 5.00% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018462 |
|  | &nbsp;&nbsp;&nbsp;Maryland State Transportation Authority Passenger Facility Charge Revenue AMT, 4.00% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198754 |
|  | &nbsp;&nbsp;&nbsp;State of Maryland Department of Transportation (Maryland Aviation Administration) AMT, Series B, 5.00% due 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088784 |
|  | &nbsp;&nbsp;**Massachusetts — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series 2024B-1, 5.25% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3899973 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Assessment Revenue (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114926 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Michigan — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site Improvement) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | &nbsp;&nbsp;$3150000 | &nbsp;&nbsp;$3213009 |
|  | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1147442 |
|  | &nbsp;&nbsp;&nbsp;Kalamazoo Hospital Finance Authority (Bronson Health Care Group Obligated Group), 4.00% due 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906323 |
|  | &nbsp;&nbsp;&nbsp;Kalamazoo Hospital Finance Authority (Bronson Healthcare), Series A, 5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40057 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 4.00% due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 920810 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350468 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Henry Ford Health System Obligated Group), 4.00% due 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 432713 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Trinity Health Corp. Obligated Group), Series 2016-MI, 5.00% due 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088441 |
|  | &nbsp;&nbsp;&nbsp;Michigan HDA, Series B, 2.95% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620042 |
|  | &nbsp;&nbsp;&nbsp;Michigan State HDA (Green Bond), Series A, 4.85% due 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3460384 |
|  | &nbsp;&nbsp;&nbsp;Wayne County Airport Authority (AG) AMT, Series B, 5.50% due 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 713406 |
|  | &nbsp;&nbsp;&nbsp;Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport) AMT, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 521400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000148 |
|  | &nbsp;&nbsp;**Minnesota — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1489741 | &nbsp;&nbsp;&nbsp;&nbsp; 1551728 |
|  | &nbsp;&nbsp;&nbsp;Dakota County Community Development Agency (Roers Burnsville Affordable Apartments Owner LLC) (FNMA), 4.20% due 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 602770 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency (FHLMC, FNMA, GNMA) (Green Bond), Series F, 4.85% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1494919 |
|  | &nbsp;&nbsp;**Missouri — 0.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group), Series C, 5.00% due 4/1/2059 (put 4/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094243 |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 702486 |
|  | &nbsp;&nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), Series C, 4.85% due 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3902000 |
|  | &nbsp;&nbsp;&nbsp;St. Charles County (Fox Hill Preservation LP) (FNMA, HUD) (Green Bond) IDA, 4.65% due 4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 483908 |
|  | &nbsp;&nbsp;**Montana — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Montana Board of Housing, Series B, 4.80% due 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051626 |
|  | &nbsp;&nbsp;**Nebraska — 0.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100364 |
|  | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 519474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058034 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority (FHLMC, FNMA, GNMA) (Green Bond), 5.05% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026620 |
|  | &nbsp;&nbsp;**Nevada — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Las Vegas Special Improvement District No. 814 (Summerlin Village 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 870372 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1521372 |
|  | &nbsp;&nbsp;**New Jersey — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25% due 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4162328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005006 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) (AMBAC) EDA, Series N1, 5.50% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3089535 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) (NPFG) EDA, Series N1, 5.50% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1789223 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (State of New Jersey Department of the Treasury) EDA, Series EEE, 5.00% due 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187682 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2818883 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1572775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 786305 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Green Bond), Series M, 5.05% due 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002292 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2032 - 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5485488 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series AA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2035 - 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1881854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3147703 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series BB1, 5.00% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2095656 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State of New Jersey), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series BB, 5.00% due 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series CC, 5.00% due 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073896 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A, 5.00% due 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013301 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.00% due 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3587465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series CC, 5.00% due 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3841432 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2058652 |
|  | &nbsp;&nbsp;**New Mexico — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 535269 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series E, 3.875% due 6/1/2040 (put 6/1/2029) | &nbsp;&nbsp;$2265000 | &nbsp;&nbsp;$2293684 |
|  | &nbsp;&nbsp;&nbsp;City of Rio Rancho (GRT), 5.00% due 6/1/2043 - 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3473293 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 680016 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 349958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series LA, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 561898 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2246263 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements) (AG), 4.00% due 12/1/2035 - 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207850 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A Class I, 4.55% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.95% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 993757 |
|  | &nbsp;&nbsp;&nbsp;Village of Los Ranchos de Albuquerque (Albuquerque Academy), 4.00% due 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 778366 |
|  | &nbsp;&nbsp;**New York — 4.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (Kipp NYC Public Charter Schools) (Green Bond), 5.00% due 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2283822 |
|  | &nbsp;&nbsp;&nbsp;City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036968 |
|  | &nbsp;&nbsp;&nbsp;City of New York (City Budget Financial Management) GO, Series J, 5.00% due 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
|  | &nbsp;&nbsp;&nbsp;City of New York GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.25% due 5/1/2040 - 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2658397 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series G-1, 5.00% due 2/1/2042 - 2/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2475000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575206 |
|  | &nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3166948 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/15/2030 - 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8295000 | &nbsp;&nbsp;&nbsp;&nbsp; 8486346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp;&nbsp; 2296116 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2035 - 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1851572 |
|  | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (HUD) (Green Bond), Series B-1, 5.05% due 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4328710 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Revenue (State Aid Withholding), Series S1A, 4.00% due 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027112 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016224 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series A, 4.00% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1496464 |
|  | &nbsp;&nbsp;&nbsp;New York State Thruway Authority (State of New York Personal Income Tax Revenue), 5.00% due 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1582839 |
|  | &nbsp;&nbsp;&nbsp;New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2041 - 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4477157 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1510872 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 207, 5.00% due 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455391 |
|  | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, Series 253, 4.70% due 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 928191 |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 272862 |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series A, 4.00% due 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1435710 |
|  | &nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257712 |
|  | &nbsp;&nbsp;**North Carolina — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193121 |
|  | &nbsp;&nbsp;&nbsp;Inlivian, Series A, 5.05% due 2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1632884 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1377434 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Plantation Village Obligated Group), Series A, 4.00% due 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 895649 |
|  | &nbsp;&nbsp;**North Dakota — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7508055 |
|  | &nbsp;&nbsp;**Ohio — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Cleveland GO, 5.00% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15023 |
|  | &nbsp;&nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1780094 |
|  | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority, Series A, 5.125% due 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005428 |
|  | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority (FNMA), Series A, 4.46% due 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 951050 |
|  | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority (Meadow Creek Apartments LP) (FNMA), 4.82% due 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1839150 |
|  | &nbsp;&nbsp;&nbsp;County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), Series A, 5.00% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403696 |
|  | &nbsp;&nbsp;&nbsp;Northeast Ohio Medical University (BAM), 5.00% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 611667 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 878538 |
|  | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (FHLMC, FNMA, GNMA) (Green Bond), Series B, 4.80% due 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 914525 |
|  | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (Yorktown Preservation LLC) (FNMA, HUD), 4.55% due 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2087344 |
|  | &nbsp;&nbsp;&nbsp;Polaris Career Center COP, 5.00% due 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150399 |
|  | &nbsp;&nbsp;**Oklahoma — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Clinton Public Works Authority, 5.00% due 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3335000 | &nbsp;&nbsp;&nbsp;&nbsp; 3501620 |
|  | &nbsp;&nbsp;&nbsp;Love County Educational Facilities Authority (Love County ISD No. 4 Thackerville), 4.75% due 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143492 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2025 | &nbsp;&nbsp;$850000 | &nbsp;&nbsp;$851867 |
|  | &nbsp;&nbsp;**Oregon — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 432930 |
|  | &nbsp;&nbsp;**Pennsylvania — 6.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Airport Authority (AG) AMT, Series A, 5.25% due 1/1/2044 - 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3825000 | &nbsp;&nbsp;&nbsp;&nbsp; 3980812 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 14, 5.00% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508001 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Philadelphia Gas Works), Series 15, 5.00% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009586 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue (AG) AMT, 4.00% due 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1804840 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1660092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2033 - 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4278004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1459609 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1376157 |
|  | &nbsp;&nbsp;&nbsp;City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254409 |
|  | &nbsp;&nbsp;&nbsp;County of Luzerne (AG) GO, Series A, 5.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3017658 |
|  | &nbsp;&nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1991458 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101130 |
|  | &nbsp;&nbsp;&nbsp;Luzerne County (AG) IDA GO, 5.00% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 550331 |
|  | &nbsp;&nbsp;&nbsp;Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3530575 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County (ACTS Retirement-Life Communities, Inc. Obligated Group) IDA, Series C, 5.00% due 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1933600 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013013 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.50% due 6/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6288066 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Presbyterian Homes Obligated Group) EDFA, Series B-2, 5.00% due 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260062 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 959849 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055750 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 4.25% due 8/1/2038 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000790 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Cambridge Community Partners LP) (FNMA, HUD) (Green Bond), Series A, 5.55% due 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1210397 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1579126 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 148A, 3.95% due 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 937593 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency (Green Bond) AMT, 5.00% due 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537810 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania State Public School Building Authority (Philadelphia School District) (AG, State Aid Withholding), Series B, 5.00% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5212505 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series 2, 5.00% due 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186744 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2034 - 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3602874 |
|  | &nbsp;&nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1253483 |
|  | &nbsp;&nbsp;&nbsp;State Public School Building Authority (School District of Philadelphia) (AG, State Aid Withholding), Series A, 5.00% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3580612 |
|  | &nbsp;&nbsp;**Rhode Island — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (FNMA), Series A, 4.80% due 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2480748 |
|  | &nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. (GNMA) (Green Bond), Series 81-A, 5.25% due 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2079982 |
|  | &nbsp;&nbsp;**South Carolina — 2.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series B-1, 5.25% due 2/1/2054 (put 3/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6374142 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10071624 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003764 |
|  | &nbsp;&nbsp;&nbsp;South Carolina State Housing Finance & Development Authority (FHLMC, FNMA, GNMA), Series B, 4.875% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5021405 |
|  | &nbsp;&nbsp;&nbsp;South Carolina State Housing Finance & Development Authority (Hallmark Settlement Manor LP) (FNMA), Series 2025A, 4.80% due 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 978039 |
|  | &nbsp;&nbsp;**South Dakota — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;South Dakota HDA (FHLMC, FNMA, GNMA), Series C, 5.00% due 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3011205 |
|  | &nbsp;&nbsp;**Tennessee — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Board of The Metropolitan Government of Nashville, Series 2024-11FN Class PT, 4.80% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2955799 |
|  | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Provident Group - UTK Properties LLC) (BAM), Series A-1, 5.00% due 7/1/2043 - 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 990246 |
|  | &nbsp;&nbsp;&nbsp;Knox County Health Educational & Housing Facility Board (Village at Inskip LP) (FNMA), Series A, 4.625% due 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462055 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series A, 5.10% due 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1634562 |
|  | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare) (AG), 5.00% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1607122 |
|  | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012987 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011054 |
|  | &nbsp;&nbsp;&nbsp;Tennessee (FHLMC, FNMA, GNMA) (Green Bond) HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A, 4.90% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 3A, 5.20% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022250 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Guaranty: Goldman Sachs Group, Inc.), Series A-1, 5.00% due 5/1/2053 (put 5/1/2028) | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5155380 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;11785000 | &nbsp;&nbsp;&nbsp;&nbsp; 12385057 |
|  | &nbsp;&nbsp;**Texas — 7.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bexar County Hospital District (CTFS Obligation) GO, 4.00% due 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2486971 |
|  | &nbsp;&nbsp;&nbsp;Bexar Management & Development Corp. (Oso Apartments Ltd.) (FNMA), 4.61% due 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990492 |
|  | &nbsp;&nbsp;&nbsp;Celina (PSF-GTD) ISD GO, 5.00% due 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 571942 |
|  | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 - 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4740000 | &nbsp;&nbsp;&nbsp;&nbsp; 4859087 |
|  | &nbsp;&nbsp;&nbsp;City of Dallas Housing Finance Corp., Series 2025-04FN Class PT, 4.625% due 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001379 |
|  | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue AMT, Series A, 5.00% due 7/1/2033 - 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4357911 |
|  | &nbsp;&nbsp;&nbsp;City of Port Arthur (CTFS Obligation) (BAM) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2040 - 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2039 - 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2469197 |
|  | &nbsp;&nbsp;&nbsp;City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1160049 |
|  | &nbsp;&nbsp;&nbsp;City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2102158 |
|  | &nbsp;&nbsp;&nbsp;County of Bexar GO, 4.00% due 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 986024 |
|  | &nbsp;&nbsp;&nbsp;Dallas College GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 716155 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2037 (pre-refunded 8/15/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 285745 |
|  | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp., Series A, 5.00% due 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1893122 |
|  | &nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266552 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), 5.00% due 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5044130 |
|  | &nbsp;&nbsp;&nbsp;Harris County Hospital District GO, 5.00% due 2/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2554807 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority (LCRA Transmission Services Corp.), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 761518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 521500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482339 |
|  | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023532 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Memorial City Redevelopment Authority (Houston Reinvestment Zone No. 17) (AG), 5.00% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203333 |
|  | &nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Republic Services, Inc.) AMT, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/1/2054 (put 6/1/2034) | &nbsp;&nbsp;&nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514278 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 1/1/2026 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994072 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Waste Management, Inc.) AMT, Series A, 3.95% due 5/1/2046 (put 9/2/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2983500 |
|  | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 616621 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority (North Texas Tollway System), Series A, 4.125% due 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420524 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group), Series A, 4.00% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 958782 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2053 (put 7/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2033 - 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4185000 | &nbsp;&nbsp;&nbsp;&nbsp; 4321195 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cumberland Rest, Inc. Obligated Group), 5.00% due 10/1/2034 - 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3817698 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3520000 | &nbsp;&nbsp;&nbsp;&nbsp; 3659170 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6595164 |
|  | &nbsp;&nbsp;&nbsp;Texas Public Finance Authority (Texas Southern University) (BAM), 5.25% due 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 529400 |
|  | &nbsp;&nbsp;&nbsp;Texas State Technical College (AG), Series A, 5.50% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153810 |
|  | &nbsp;&nbsp;&nbsp;Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 786008 |
|  | &nbsp;&nbsp;**Utah — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Salt Lake City Airport Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2030 - 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 6975000 | &nbsp;&nbsp;&nbsp;&nbsp; 7049765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031648 |
|  | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509552 |
|  | &nbsp;&nbsp;&nbsp;Utah Housing Corp. (FNMA), Series A, 4.69% due 2/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972786 |
|  | &nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency, 5.50% due 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 542606 |
|  | &nbsp;&nbsp;**Virginia — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Virginia HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503490 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002412 |
|  | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 893052 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Wise County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 11/1/2040 (put 5/28/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 8775000 | &nbsp;&nbsp;&nbsp;&nbsp; 8874043 |
|  | &nbsp;&nbsp;**Washington — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032843 |
|  | &nbsp;&nbsp;&nbsp;Port of Seattle AMT, 5.00% due 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020272 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;State of Washington GO, Series 2021A, 5.00% due 6/1/2040 | &nbsp;&nbsp;$2225000 | &nbsp;&nbsp;$2319113 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Series 1N, 5.00% due 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018900 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP) (FNMA), Series A FN, 4.55% due 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967466 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996896 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.875% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048593 |
|  | &nbsp;&nbsp;**West Virginia — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Morgantown Utility Board, Inc. (AG), Series A, 5.00% due 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004142 |
|  | &nbsp;&nbsp;**Wisconsin — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2028 - 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5235000 | &nbsp;&nbsp;&nbsp;&nbsp; 5187948 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Public Finance Authority (Penick Village Obligated Group), 5.00% due 9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 757849 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2040 - 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 475294 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A 5.00% due 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4824280 |
|  | &nbsp;&nbsp;&nbsp;Racine (AG) USD GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1726375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2039 - 4/1/2042 (pre-refunded 4/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 775417 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group), Series A, 4.50% due 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 478188 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Ascension Health), Series A, 5.00% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2380000 | &nbsp;&nbsp;&nbsp;&nbsp; 2389994 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Fort Healthcare, Inc. Obligated Group), Series A, 5.00% due 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 737123 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA) (Green Bond), Series C, 4.50% due 9/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;14690000 | &nbsp;&nbsp;&nbsp;&nbsp; 13904467 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA) (Green Bond), Series A, 4.85% due 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995605 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds — 94.7% (Cost $975,397,722) |  | &nbsp;&nbsp;&nbsp;&nbsp; 987397544 |
|  | **SHORT-TERM INVESTMENTS — 5.1%** |  |  |
|  | **Municipal Bonds — 5.1%** |  |  |
|  | &nbsp;&nbsp;**New York — 3.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;City of New York (SPA Barclays Bank plc) GO, Series F5, 3.90% due 6/1/2044 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;15100000 | &nbsp;&nbsp;&nbsp;&nbsp; 15100000 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA JP Morgan Chase Bank NA), Series AA-2, 4.00% due 6/15/2050 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp;&nbsp; 2155000 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), Series B4, 4.00% due 8/1/2042 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;17700000 | &nbsp;&nbsp;&nbsp;&nbsp; 17700000 |
|  | &nbsp;&nbsp;**Texas — 1.8%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 4.00% due 4/1/2040 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;18400000 | &nbsp;&nbsp;&nbsp;&nbsp; 18400000 |
|  | &nbsp;&nbsp;&nbsp;Total Municipal Bonds — 5.1% (Cost $53,355,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 53355000 |
|  | **Mutual Fund — 0.0%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.20% | &nbsp;&nbsp;&nbsp;&nbsp; 205437 | &nbsp;&nbsp;&nbsp;&nbsp; 205437 |
|  | &nbsp;&nbsp;&nbsp;Total Mutual Fund — 0.0% (Cost $205,437) |  | &nbsp;&nbsp;&nbsp;&nbsp; 205437 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments — 5.1% (Cost $53,560,437) |  | &nbsp;&nbsp;&nbsp;&nbsp; 53560437 |
|  | **Total Investments — 99.8% (Cost $1,028,958,159)** |  | &nbsp;&nbsp;$1040957981 |
|  | **Other Assets Less Liabilities — 0.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804606 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$1042762587 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | When-issued security. |
| b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025. |
| c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $10,656,940, representing 1.02% of the Fund's net assets. |
| d | Segregated as collateral for a when-issued security. |
| e | Rate represents the money market fund annualized seven-day yield at June 30, 2025. |

---

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

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| GRT | Gross Receipts Tax |

---

---

| | |
|:---|:---|
| HDA | Housing Development Authority |
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| IDB | Industrial Development Board |
| ISD | Independent School District |
| NPFG | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| Q-SBLF | Insured by Qualified School Bond Loan Fund |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| USD | Unified School District |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Intermediate Municipal 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-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers four classes of shares of beneficial interest: Class A, Class C, Class C2 and Institutional Class ("Class I").

#### NOTE 2 – SECURITY VALUATION
Valuation of the Fund's portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund's "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the "Valuation Policy and Procedures").

In its capacity as the Fund's valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the "Committee"), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund's investments. The Committee provides reports on its activities to the Trustees' Audit Committee, which is responsible for overseeing the Committee's and the Advisor's work in discharging the functions under the Valuation Policy and Procedures.

In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund's financial statements. The Committee's calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.

<u>Valuation of Securities:</u> Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** THORNBURG INVESTMENT TRUST

- **b. Investment Company Act file number:** 811-05201

- **c. CIK number of Registrant:** 0000816153

- **d. LEI of Registrant:** 5493001XM52H8S4WYY82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2300 NORTH RIDGETOP ROAD

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506-8361

  - **Telephone number:** 505-984-0200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Thornburg Intermediate Municipal Fund

- **b. EDGAR series identifier (if any):** S000011844

- **c. LEI of Series:** 549300PH2XN84HM3Z895

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1057157534.24

**Total Liabilities:** $15996641.68

**Net Assets:** $1041160892.56

**Delayed Delivery Securities:** $11770013.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -2176.00000000 | **1-Year:** -47273.14000000 | **5-Year:** -172699.94000000 | **10-Year:** -306110.84000000 | **30-Year:** -59025.03000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -93.18000000 | **1-Year:** -852.10000000 | **5-Year:** -2473.10000000 | **10-Year:** -6328.75000000 | **30-Year:** -1532.01000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032355 | -0.49%               | 0.20%                | 0.51%                |
| Class ID C000032354 | -0.39%               | 0.15%                | 0.62%                |
| Class ID C000222324 | -0.49%               | 0.20%                | 0.51%                |
| Class ID C000032356 | -0.37%               | 0.17%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4624064.30             | $-2715954.20                               |
| Month 2  | $-2495701.44             | $1350129.48                                |
| Month 3  | $-1526369.26             | $4336240.65                                |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Port of Port Arthur Navigation District                                          | PORT OF PORT ARTHUR TX NAV DIST                                                  | CUSIP: 735220AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9650000 | PA      | $9650000.00   | 0.93%             | 2040-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                               | CUSIP: 249182LT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2521140.00   | 0.24%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                                              | CUSIP: 59333P3A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373614.90    | 0.04%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                                               | CUSIP: 85780TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063024.00   | 0.10%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                                      | CUSIP: 70879QLJ0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537810.50   | 0.15%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PWX9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1013053.79   | 0.10%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $5150302.30   | 0.49%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 167593A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4491572.80   | 0.43%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                         | INLIVIAN NC MF REVENUE                                                           | CUSIP: 45753CAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1632884.24   | 0.16%             | 2043-02-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH HOSP REVENUE                                      | CUSIP: 56678PAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004366.00   | 0.19%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities                     | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE                     | CUSIP: 566736JU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1178706.25   | 0.11%             | 2045-09-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION AUTH                                               | CUSIP: 432308H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497904.50   | 0.14%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Coon Rapids MN                                                           | COON RAPIDS MN MF TAX EXEMPT MTGE BACKED BONDS                                   | CUSIP: 21659AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1489741 | PA      | $1551727.55   | 0.15%             | 2039-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                  | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE                                 | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8574080.00   | 0.82%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | AZ INDL DEV AUTH SF MTGE REVENUE                                                 | CUSIP: 04052JDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004717.00   | 0.10%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                        | CUSIP: 13032UUP1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032969.00   | 0.10%             | 2039-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                     | JEFFERSON LA SALES TAX DIST SPL SALES TAX REVENUE                                | CUSIP: 474176KH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038963.00   | 0.10%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                                                   | CUSIP: 167562TG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1149345.95   | 0.11%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION AUTH                                               | CUSIP: 432308K29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069194.00   | 0.20%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                                       | CUSIP: 167486ZV4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1623952.96   | 0.16%             | 2031-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | ALLEN CNTY OH HOSP FACS REVENUE                                                  | CUSIP: 01757LGE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1403696.00   | 0.13%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 1675935S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127622.00   | 0.20%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN                                                    | CUSIP: 57421FAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088784.00   | 0.20%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   9090000 | PA      | $8977320.36   | 0.86%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                                | UTAH ST TELECOMMUNICATION OPEN INFRASTRUCTURE AGY SALES TAX                      | CUSIP: 91756SAQ6<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542606.00    | 0.05%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH HLTH FACS REVENUE                                               | CUSIP: 462466EZ2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1852856.40   | 0.18%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celina Independent School District                                               | CELINA TX INDEP SCH DIST                                                         | CUSIP: 151145XY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $571942.25    | 0.05%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                     | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX                                 | CUSIP: 167510BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047545.00   | 0.10%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                             | TRIMBLE CNTY KY ENVRNMNTL FACS REVENUE                                           | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1263658.75   | 0.12%             | 2054-06-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153AR0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563249.00   | 0.15%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044380.00   | 0.10%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                                      | CUSIP: 85732GUG3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3580612.00   | 0.34%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                                            | CUSIP: 672325XU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001935.00   | 0.10%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PWW1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    945000 | PA      | $961498.76    | 0.09%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE                       | CUSIP: 647377AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $561898.05    | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Los Ranchos de Albuquerque NM                                         | LOS RANCHOS DE ALBUQUERQUE NM EDUCTNL FACS REVENUE                               | CUSIP: 545610BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $778366.05    | 0.07%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgantown Utility Board Inc                                                     | MORGANTOWN WV COMB UTILITY SYS REVENUE                                           | CUSIP: 61759CBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004142.00   | 0.19%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                     | DETROIT MI CITY SCH DIST                                                         | CUSIP: 251129Y71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3213009.45   | 0.31%             | 2026-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                                    | CUSIP: 592647FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1496830.50   | 0.14%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                                       | CUSIP: 735389H68<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020272.00   | 0.10%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE                                | CUSIP: 821697S83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012987.00   | 0.10%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                                 | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000571.20   | 0.77%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE                                  | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  14750000 | PA      | $15769461.00  | 1.51%             | 2054-04-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PSX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    255000 | PA      | $232766.04    | 0.02%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                                      | CUSIP: 45506ENY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3167217.12   | 0.30%             | 2045-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE                       | CUSIP: 646080XS5<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572775.50   | 0.15%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE                           | CUSIP: 60637AXN7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094243.00   | 0.11%             | 2059-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                                     | WILL CNTY IL SCH DIST #114 MANHATTAN                                             | CUSIP: 968838JV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530562.50    | 0.05%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                                                    | MONROEVILLE PA FIN AUTH UPMC REVENUE                                             | CUSIP: 611530AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3490000 | PA      | $3530574.74   | 0.34%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                                       | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1260062.50   | 0.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | LUZERNE CNTY PA                                                                  | CUSIP: 550697VF0<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017658.00   | 0.29%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | INDIANA ST MUNI PWR AGY                                                          | CUSIP: 454898UN5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014956.00   | 0.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                                | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE                                 | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1893121.88   | 0.18%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Luzerne County Industrial Development Authority                                  | LUZERNE CNTY PA INDL DEV AUTH LEASE REVENUE                                      | CUSIP: 55072RBE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $550331.19    | 0.05%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                              | COOK CNTY IL SALES TAX REVENUE                                                   | CUSIP: 213248CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1221583.24   | 0.12%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                                                  | CUSIP: 64577XEC6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4162328.00   | 0.40%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                                                  | CUSIP: 74442CBY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4824280.30   | 0.46%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FP82<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    235000 | PA      | $236250.91    | 0.02%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399KN5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    650000 | PA      | $682108.05    | 0.07%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                                    | CUSIP: 452227US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $619804.20    | 0.06%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 1675936D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527942.00   | 0.15%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH RETMNT CMNTYS REVENUE                                  | CUSIP: 246371AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $489522.24    | 0.05%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE                             | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   3110000 | PA      | $3319163.05   | 0.32%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE                                   | CUSIP: 69651ACB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $368199.23    | 0.04%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                              | COOK CNTY IL SALES TAX REVENUE                                                   | CUSIP: 213248BJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $442263.20    | 0.04%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                                      | CUSIP: 64578EMG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005006.00   | 0.19%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polaris Career Center                                                            | POLARIS CAREER CTR OH COPS                                                       | CUSIP: 73105VAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150399.05   | 0.11%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE                             | CUSIP: 64990FP99<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1496463.62   | 0.14%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                           | COLORADO ST HSG & FIN AUTH                                                       | CUSIP: 19648GE81<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015829.00   | 0.10%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV WTR FAC REVENUE                                                   | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521372.00   | 0.15%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153EL9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057274.00   | 0.10%             | 2040-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772KBB4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   5415000 | PA      | $5678965.01   | 0.55%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 167593F31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514635.50   | 0.15%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FN92<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    625000 | PA      | $647891.25    | 0.06%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE                      | CUSIP: 499526AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $560020.45    | 0.05%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59259Y6P9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2296116.53   | 0.22%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                                             | CUSIP: 60635H4A4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    700000 | PA      | $702485.70    | 0.07%             | 2044-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45203HY48<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502824.50   | 0.14%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                                            | CUSIP: 672325XR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001935.00   | 0.10%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH EXEMPT FACS REVENUE                             | CUSIP: 61361TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013013.00   | 0.10%             | 2034-10-01      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                                       | CUSIP: 052398HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559329.50   | 0.15%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH                                                       | CUSIP: 721901KV7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930665.00    | 0.09%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                                      | CUSIP: 6459165G8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3089535.00   | 0.30%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                                    | CUSIP: 605155BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1514277.68   | 0.15%             | 2054-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FKQ6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021861.00   | 0.10%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                 | PHILADELPHIA PA MUNI AUTH REVENUE                                                | CUSIP: 717904LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1376156.80   | 0.13%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                                       | CUSIP: 91754TYA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509551.50    | 0.05%             | 2039-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                                      | CUSIP: 419794A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2479842.50   | 0.24%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION MF TAX-EXEMPT MTGE-BACKED                       | CUSIP: 93979AAD1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967465.82    | 0.09%             | 2043-08-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG TAX EXEMPT MTGE BD                     | CUSIP: 19909AAA7<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951050.00    | 0.09%             | 2044-11-01      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153KX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052893.00   | 0.10%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966QB90<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590159.00   | 0.15%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                         | MONTANA ST BRD OF HSG SF MTGE                                                    | CUSIP: 61212WVC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2051626.32   | 0.20%             | 2043-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX                          | CUSIP: 89602HCA3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1435710.00   | 0.14%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                                               | CUSIP: 85780TAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070470.00   | 0.10%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                                      | CUSIP: 442349FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060772.00   | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                                                 | CUSIP: 425099AD0<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925163.00    | 0.09%             | 2042-01-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                                           | CUSIP: 8431465X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $552657.50    | 0.05%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                                         | CUSIP: 594654C60<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3460383.50   | 0.33%             | 2045-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                                              | CUSIP: 76221SAL5<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079982.00   | 0.20%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                                        | CUSIP: 167736P84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4614300.00   | 0.44%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                           | COLORADO ST HSG & FIN AUTH                                                       | CUSIP: 19648GB92<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499095.50   | 0.14%             | 2040-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                         | LAS VEGAS NV SPL IMPT DIST #814                                                  | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $498669.80    | 0.05%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund                            | State Street Institutional Treasury Money Market Fund                            | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |    205437 | NS      | $205437.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                                         | CUSIP: 01728LKX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1893472.18   | 0.18%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | GEORGIA ST HSG & FIN AUTH REVENUE                                                | CUSIP: 37353PLU1<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1077991.38   | 0.10%             | 2043-12-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                                        | CUSIP: 66285WJ80<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1420524.00   | 0.14%             | 2040-01-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                               | CUSIP: 87638TGH0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081832.00   | 0.20%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                           | PORT ARTHUR TX                                                                   | CUSIP: 733488Y46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $698346.75    | 0.07%             | 2042-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                                    | CUSIP: 154871CG0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058034.00   | 0.10%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                                               | CUSIP: 650036FU5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2625112.50   | 0.25%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wise County Industrial Development Authority                                     | WISE CNTY VA INDL DEV AUTH SOL WST & SEWAGE DISP REVENUE                         | CUSIP: 977228AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8775000 | PA      | $8874043.43   | 0.85%             | 2040-11-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP MF                                               | CUSIP: 26704AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3166947.60   | 0.30%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE                         | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995500.00    | 0.10%             | 2043-07-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                        | CUSIP: 544445FY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012767.00   | 0.10%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | GEORGIA ST HSG & FIN AUTH REVENUE                                                | CUSIP: 37353PRH4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009406.00   | 0.19%             | 2045-12-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                                         | CUSIP: 46247SFT6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3719467.41   | 0.36%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar Management And Development Corp                                            | BEXAR MGMT & DEV CORP TX MF HSG REVENUE                                          | CUSIP: 08857FAA1<br>LEI: 2549009KNEM1RHMCBG65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990492.00    | 0.10%             | 2044-07-01      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                      | INDIANA ST HLTH FAC FING AUTH                                                    | CUSIP: 454798TB5<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4019664.00   | 0.39%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966SMA1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1523493.58   | 0.15%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                        | CUSIP: 13032UNC8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502670.00    | 0.05%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY RSDL MTGE REVENUE                                            | CUSIP: 67756Q4N4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    905000 | PA      | $914525.13    | 0.09%             | 2043-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461367G0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    800000 | PA      | $822812.00    | 0.08%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399CK0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013473.00   | 0.10%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                                        | CUSIP: 167736Z91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005337.00   | 0.10%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                                                 | CUSIP: 79467BBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1078255.50   | 0.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                                                 | CUSIP: 93978UDK9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018900.00   | 0.19%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | CHATOM AL INDL DEV BRD REVENUE                                                   | CUSIP: 162296AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3250494.00   | 0.31%             | 2037-08-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399UW4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3029862.00   | 0.29%             | 2045-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD MF REVENUE                               | CUSIP: 49952AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462054.50   | 0.14%             | 2043-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                          | HOMEWOOD AL EDUCTNL BLDG AUTH LEASE REVENUE                                      | CUSIP: 43788VAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1066232.96   | 0.10%             | 2042-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Silver Creek School Building Corp                                                | SILVER CREEK IN SCH BLDG CORP                                                    | CUSIP: 827555DA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106868.00   | 0.20%             | 2042-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado School of Mines                                                         | COLORADO ST SCH OF MINES INSTNL ENTERPRISE REVENUE                               | CUSIP: 19658QFX0<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |    350000 | PA      | $366633.05    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Housing Finance Authority                                      | PALM BEACH CNTY FL HSG FIN AUTH MF HSG REVENUE                                   | CUSIP: 696513AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1327533 | PA      | $1330616.01   | 0.13%             | 2041-06-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE                                | CUSIP: 821697Z44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1607122.50   | 0.15%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE                       | CUSIP: 54811BSY8<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761518.50    | 0.07%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                                    | CUSIP: 97712DQY5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2389993.62   | 0.23%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                | ALABAMA ST HSG FIN AUTH SF MTGE REVENUE                                          | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1361616.75   | 0.13%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                                                  | CUSIP: 64577XEH5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2187682.32   | 0.21%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261ATD9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    805000 | PA      | $831514.29    | 0.08%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                                     | CUSIP: 928104MP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $893051.65    | 0.09%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE                                  | CUSIP: 70870JDY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055750.00   | 0.10%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772KBA6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5251940.00   | 0.50%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                 | PHILADELPHIA PA MUNI AUTH REVENUE                                                | CUSIP: 717904LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1798325.76   | 0.17%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                     | CUSIP: 59447TML4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    450000 | PA      | $432712.80    | 0.04%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                                         | CUSIP: 594654GA7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1620042.00   | 0.16%             | 2039-12-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                                        | CUSIP: 167736Q26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012849.00   | 0.10%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 145                                               | COOK CNTY IL SCH DIST #145                                                       | CUSIP: 215030KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $640803.56    | 0.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                                         | CUSIP: 717883WG3<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1253482.50   | 0.12%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6374142.00   | 0.61%             | 2054-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461364D0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315562.80    | 0.03%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No 12                                      | ALBUQUERQUE NM MUNI SCH DIST #12                                                 | CUSIP: 013595XT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535269.50    | 0.05%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE                         | CUSIP: 79574CCB7<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1457204.13   | 0.14%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                    | MASSACHUSETTS BAY MA TRANSPRTN AUTH REVENUE                                      | CUSIP: 575577HX2<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114926.00   | 0.11%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greater Texas Cultural Education Facilities Finance Corp                         | GREATER TEXAS CULTURAL EDU FACS FIN CORP LEASE REVENUE                           | CUSIP: 39237RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1266551.70   | 0.12%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                                     | CUSIP: 717817XS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1660091.93   | 0.16%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                                          | CUSIP: 45505MMH6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544205.50    | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Polk IA                                                                | POLK CNTY IA                                                                     | CUSIP: 7311972L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014292.00   | 0.19%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County Housing Authority                                           | DENVER CITY & CNTY CO HSG AUTH CAPITAL FUND PROGRAM REVENUE                      | CUSIP: 24917PBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $865925.55    | 0.08%             | 2027-11-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                       | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                                     | CUSIP: 772436GE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $423543.19    | 0.04%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                                    | CUSIP: 452227PE5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5218955.00   | 0.50%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Baton Rouge Parish School Board                                             | WEST BATON ROUGE PARISH LA SCH BRD REVENUE                                       | CUSIP: 95134VAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1990499.68   | 0.19%             | 2045-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                         | PEFA INC IA GAS PROJ REVENUE                                                     | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5429180.00   | 0.52%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                                         | CUSIP: 64613ALR1<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002292.00   | 0.19%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5252590.00   | 0.50%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    530000 | PA      | $558193.35    | 0.05%             | 2055-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8457096.00   | 0.81%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fresno Unified School District                                                   | FRESNO CA UNIF SCH DIST                                                          | CUSIP: 358232RH1<br>LEI: 549300WL4QIP65TFU882 | Long             | DBT              | MUN               | US        |    140000 | PA      | $142638.58    | 0.01%             | 2026-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                                       | DAKOTA CNTY MN CMNTY DEV AGY MF HSG REVENUE                                      | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $602770.35    | 0.06%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                                      | CUSIP: 65889BCD4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7508055.00   | 0.72%             | 2045-07-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE                         | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022892.00   | 0.19%             | 2038-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                        | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2817161.92   | 0.27%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                                                  | CUSIP: 944514TA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000148.00   | 0.19%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Port Arthur Navigation District                                          | PORT OF PORT ARTHUR TX NAV DIST                                                  | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $8750000.00   | 0.84%             | 2040-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE                                  | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6409626.00   | 0.62%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                                            | CUSIP: 455054BK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530840.00   | 0.15%             | 2038-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                                    | CUSIP: 49126KLC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003405.00   | 0.48%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | BEXAR CNTY TX                                                                    | CUSIP: 088281WW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986024.00    | 0.09%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bondurant IA                                                             | BONDURANT IA                                                                     | CUSIP: 098041PY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986990.00    | 0.09%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                                                   | CUSIP: 795576LX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031648.00   | 0.10%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 145                                               | COOK CNTY IL SCH DIST #145                                                       | CUSIP: 215030KJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $439858.00    | 0.04%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358WS39<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1455391.00   | 0.14%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE                       | CUSIP: 54811BVW8<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521500.50    | 0.05%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                                            | CUSIP: 455054BL9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2551400.00   | 0.25%             | 2043-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358WK45<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510872.00   | 0.15%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                                     | CUSIP: 64972E6Z7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4328710.00   | 0.42%             | 2043-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE                                  | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    770000 | PA      | $807458.96    | 0.08%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | CMNTY DEV ADMIN MD MF DEV REVENUE                                                | CUSIP: 20364NDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5012840.00   | 0.48%             | 2046-02-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai/The                    | YAVAPAI CNTY AZ INDL DEV AUTH SOL WST DISP REVENUE                               | CUSIP: 98521UAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $707403.00    | 0.07%             | 2027-06-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                           | PORT ARTHUR TX                                                                   | CUSIP: 733488Y20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957803.00    | 0.09%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                     | CUSIP: 59447PGU9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350468.30    | 0.03%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA HSG DEV AUTH                                                            | CUSIP: 92812XLT7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002412.00   | 0.29%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH HLTH FACS REVENUE                                               | CUSIP: 462466EX7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2251548.00   | 0.22%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE                                   | CUSIP: 593344BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1265084.60   | 0.12%             | 2046-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PXF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1239242.13   | 0.12%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                                                  | CUSIP: 944514U55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521400.00    | 0.05%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                                            | CUSIP: 74444VAQ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    770000 | PA      | $757849.40    | 0.07%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Racine Unified School District                                                   | RACINE WI UNIF SCH DIST                                                          | CUSIP: 750046SP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1726375.52   | 0.17%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                                      | CUSIP: 70879QN25<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    990000 | PA      | $937593.36    | 0.09%             | 2036-10-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3147702.80   | 0.30%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                           | M-S-R CA ENERGY AUTH GAS REVENUE                                                 | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1978669.89   | 0.19%             | 2029-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG REVENUE                                | CUSIP: 19910XAL0<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1839149.75   | 0.18%             | 2043-11-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                                     | WILL CNTY IL SCH DIST #114 MANHATTAN                                             | CUSIP: 968838JY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121788.00   | 0.20%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                               | CUSIP: 87638TGL1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2239362.80   | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 4521525U1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2242809.44   | 0.22%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                               | WHITING IN ENVRNMNTL FACS REVENUE                                                | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1355573.69   | 0.13%             | 2044-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                     | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE                         | CUSIP: 160853RR0<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2193120.75   | 0.21%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH                                                 | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933600.00   | 0.19%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE                       | CUSIP: 646080XZ9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786305.25    | 0.08%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966LU41<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  15100000 | PA      | $15100000.00  | 1.45%             | 2044-06-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261ALX3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    825000 | PA      | $845848.58    | 0.08%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE                          | CUSIP: 97689QWB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14690000 | PA      | $13904466.94  | 1.34%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | NEW HAVEN CT                                                                     | CUSIP: 645021DD5<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2029262.70   | 0.19%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261ASY4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    645000 | PA      | $673490.94    | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                                      | CUSIP: 442349AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509456.00   | 0.14%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | TEXAS ST PUBLIC FIN AUTH REVENUE                                                 | CUSIP: 88277PBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529400.50    | 0.05%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES                                 | CUSIP: 49151FV49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3224142.00   | 0.31%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE                                   | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4199189.48   | 0.40%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                     | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX                                 | CUSIP: 167510BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1430310.75   | 0.14%             | 2043-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                                 | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990967.00    | 0.10%             | 2041-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                                      | CUSIP: 45506ENF6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1144517.95   | 0.11%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 1675934F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567678.50   | 0.15%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 64613CCD8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073896.00   | 0.20%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966LME8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5006.60      | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                                          | CUSIP: 71883MKX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2249629.80   | 0.22%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                              | COOK CNTY IL SALES TAX REVENUE                                                   | CUSIP: 213248CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077672.00   | 0.20%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                        | ILLINOIS ST UNIV COPS                                                            | CUSIP: 452259EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $726221.30    | 0.07%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399KQ8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520365.00    | 0.05%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                                           | CUSIP: 8431465W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262490.50    | 0.03%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                     | CUSIP: 59447T3V3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920810.00    | 0.09%             | 2042-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                                    | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100364.00   | 0.20%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13283512.50  | 1.28%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                                     | CUSIP: 115065YK4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200085.40    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Institute of Mining & Technology                                      | NEW MEXICO ST INSTITUTE OF MINING & TECHNOLOGY                                   | CUSIP: 647157KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $581272.52    | 0.06%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach NY                                                            | LONG BEACH NY                                                                    | CUSIP: 542519ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036968.00   | 0.10%             | 2042-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE                                | CUSIP: 83712D8R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5021405.00   | 0.48%             | 2045-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH SF MTGE REVENUE                                                 | CUSIP: 46247EGP4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3515795.50   | 0.34%             | 2045-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051713.00   | 0.10%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE                         | CUSIP: 79574CCC5<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023016.00   | 0.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memorial City Redevelopment Authority                                            | MEMORIAL CITY REDEVELOPMENT AUTH TX                                              | CUSIP: 58602FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1203333.60   | 0.12%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE                             | CUSIP: 709224ZX0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1186743.65   | 0.11%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE                                    | CUSIP: 56042SBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361672.50    | 0.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                          | HOMEWOOD AL EDUCTNL BLDG AUTH LEASE REVENUE                                      | CUSIP: 43788VAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020873.00   | 0.10%             | 2043-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE                        | CUSIP: 65820YSR8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $895648.74    | 0.09%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                               | MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE                            | CUSIP: 59333GAL2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498587.00   | 0.14%             | 2041-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013301.00   | 0.10%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                                     | WILL CNTY IL SCH DIST #114 MANHATTAN                                             | CUSIP: 968838JW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526737.00    | 0.05%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE                                  | CUSIP: 70870JDC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959849.00    | 0.09%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | LAKELAND FL ENERGY SYS REVENUE                                                   | CUSIP: 51166FCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $3107613.14   | 0.30%             | 2036-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE                                 | CUSIP: 57421CJY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018462.00   | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                                               | CUSIP: 368497JM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101129.70   | 0.11%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461364V0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3587465.00   | 0.34%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH LEASE REVENUE                               | CUSIP: 18610RAS3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1780094.34   | 0.17%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                           | PORT ARTHUR TX                                                                   | CUSIP: 733488Y53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034595.00   | 0.10%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH MF REVENUE                                                      | CUSIP: 46246JNM3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1914469.46   | 0.18%             | 2043-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE                                   | CUSIP: 64971W4Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016224.00   | 0.19%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                                       | CUSIP: 052398HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $760613.44    | 0.07%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                                      | CUSIP: 65889BCC6<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497183.00   | 0.14%             | 2040-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No 5 Waterloo          | MONROE & SAINT CLAIR CNTYS ILCMNTY UNIT SCH DIST #5                              | CUSIP: 610253DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1126846.88   | 0.11%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                                                      | TRISTATE INSURED CASH SWEEP                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      8631 | NS      | $8630.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                        | CUSIP: 544445RF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470165.91    | 0.05%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Noblesville Redevelopment Authority                                              | NOBLESVILLE IN REDEV AUTH                                                        | CUSIP: 655164JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079144.00   | 0.10%             | 2041-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FJH9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1817942.60   | 0.17%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE                                   | CUSIP: 64971XHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17700000 | PA      | $17700000.00  | 1.70%             | 2042-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA HSG DEV AUTH                                                            | CUSIP: 92812XJP8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503489.50    | 0.05%             | 2045-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153CX5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5265290.00   | 0.51%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE                             | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582839.00   | 0.15%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                                       | CUSIP: 052398HT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539145.00   | 0.24%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY MF HSG REVENUE                                               | CUSIP: 676900XL2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2087344.43   | 0.20%             | 2041-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106024.00   | 0.20%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA JOBS-ECON DEV AUTH ENVRNMNTL IMPT REVENUE                         | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003764.00   | 0.19%             | 2033-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                                    | CUSIP: 452227PF2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $3007176.87   | 0.29%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                                        | CUSIP: 153476EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1145131.88   | 0.11%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE                                  | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1227961.72   | 0.12%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                                                   | CUSIP: 167562TK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026447.00   | 0.10%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                                                 | CUSIP: 45203MJ93<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2638701.90   | 0.25%             | 2045-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Rio Rancho NM Gross Receipts Tax Revenue                                 | RIO RANCHO NM GROSS RECPTS TAX REVENUE                                           | CUSIP: 767169FN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1685613.24   | 0.16%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas College                                                                   | DALLAS CNTY TX CMNTY CLG DIST                                                    | CUSIP: 234685MQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $285744.99    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN & DEV AUTH MF REVENUE                                  | CUSIP: 83712EHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978038.94    | 0.09%             | 2043-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Clinton Public Works Authority                                                   | CLINTON OK PUBLIC WKS AUTH EDUCTNL FACS LEASE REVENUE                            | CUSIP: 188411AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3501619.94   | 0.34%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE                                  | CUSIP: 59334PHH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004582.00   | 0.10%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD                     | CUSIP: 592114AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1634562.02   | 0.16%             | 2044-07-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399KP0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    775000 | PA      | $809231.75    | 0.08%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PWY7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1051751.58   | 0.10%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                        | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                                    | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5270295.00   | 0.51%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rio Rancho NM Gross Receipts Tax Revenue                                 | RIO RANCHO NM GROSS RECPTS TAX REVENUE                                           | CUSIP: 767169FP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1787679.93   | 0.17%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port Arthur TX                                                           | PORT ARTHUR TX                                                                   | CUSIP: 733488X96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1434601.80   | 0.14%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST COMMODITY SPLY REV                     | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5266840.00   | 0.51%             | 2054-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                                       | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6800000 | PA      | $6795396.40   | 0.65%             | 2049-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                       | SOUTH DAKOTA ST HSG DEV AUTH                                                     | CUSIP: 83756LCT0<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011205.00   | 0.29%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                    | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE                                   | CUSIP: 59334NDV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504964.00    | 0.05%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772KBC2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091954.00   | 0.20%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mount Vernon IN                                                          | MOUNT VERNON IN ENVRNMNTL IMPT REVENUE                                           | CUSIP: 623455AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060274.00   | 0.20%             | 2055-09-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153FK0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6150756.00   | 0.59%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waco Educational Finance Corp                                                    | WACO TX EDUCTNL FIN CORP REVENUE                                                 | CUSIP: 929833CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $786007.75    | 0.08%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                                    | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023532.00   | 0.19%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE                      | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  11785000 | PA      | $12385056.85  | 1.19%             | 2052-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                               | CUSIP: 87638TJJ3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1350382.00   | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                        | CUSIP: 5444453A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4162872.00   | 0.40%             | 2045-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF TAX EXEMPT MTGE BACKED BONDS                     | CUSIP: 25477UAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968494.11    | 0.09%             | 2045-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| St Charles County Industrial Development Authority                               | SAINT CHARLES CNTY MO INDL DEV AUTH MF REVENUE                                   | CUSIP: 78764HBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483908.00    | 0.05%             | 2043-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                                             | CUSIP: 45470YGH8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2187354.00   | 0.21%             | 2054-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                                              | CUSIP: 59333PZ92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3503538.50   | 0.34%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                        | CUSIP: 544445BY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1767540.25   | 0.17%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                     | BROWARD CNTY FL PORT FACS REVENUE                                                | CUSIP: 11506KGU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $828010.40    | 0.08%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                                         | CUSIP: 01728LKW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087340.00   | 0.20%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 1675932F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $383187.00    | 0.04%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH                                                      | CUSIP: 6472012L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1539225.60   | 0.15%             | 2045-09-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Airport System                                            | SAN ANTONIO TX ARPT SYS REVENUE                                                  | CUSIP: 796242SH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1160048.72   | 0.11%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461364G3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5169925.00   | 0.50%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Hospital Finance Authority                                             | KALAMAZOO MI HOSP FIN AUTH                                                       | CUSIP: 483233PU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40056.76     | 0.00%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452152T50<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2694533.63   | 0.26%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE                                   | CUSIP: 645790RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1877596.88   | 0.18%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                                               | CUSIP: 12008ETW6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2283821.80   | 0.22%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                                      | CUSIP: 6459165H6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1789222.80   | 0.17%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3372131.75   | 0.32%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE                                  | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3387276.00   | 0.33%             | 2050-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                                           | CUSIP: 8431465A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $593965.80    | 0.06%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES                                 | CUSIP: 49151FD23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002388.00   | 0.10%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Public Facilities Corp                                               | SAN ANTONIO TX PUB FACS CORP LEASE REVENUE                                       | CUSIP: 796334BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2102158.00   | 0.20%             | 2040-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE                                   | CUSIP: 88046KQR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999224.00    | 0.10%             | 2045-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                               | CUSIP: 249182QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1683860.84   | 0.16%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Hospital District                                                  | HARRIS CNTY TX HOSP DIST CTFS OF OBLIG                                           | CUSIP: 41415UCA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2554807.50   | 0.25%             | 2046-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                             | SAN MATEO CALIF SPL TAX                                                          | CUSIP: 79901PCY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5311265.00   | 0.51%             | 2040-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority Passenger Facility Charge Revenue        | MARYLAND ST TRANSPRTN AUTH PASSENGER FAC CHARGE                                  | CUSIP: 57429NCY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1198754.38   | 0.12%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE                                | CUSIP: 62813NAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $851867.45    | 0.08%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FP25<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    565000 | PA      | $576785.90    | 0.06%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                               | CUSIP: 87638TJB0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2467315.80   | 0.24%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | INDIANAPOLIS IN WTR SYS REVENUE                                                  | CUSIP: 455412AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008147.00   | 0.10%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                                                   | CUSIP: 795576FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1652585.30   | 0.16%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 145                                               | COOK CNTY IL SCH DIST #145                                                       | CUSIP: 215030KL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $445106.36    | 0.04%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE                          | CUSIP: 87638QRX9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3520000 | PA      | $3659170.24   | 0.35%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261AJQ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    630000 | PA      | $643003.83    | 0.06%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                                       | CUSIP: 130483HW3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2420092.80   | 0.23%             | 2043-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FWR1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541950.50   | 0.15%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | LAKELAND FL ENERGY SYS REVENUE                                                   | CUSIP: 51166FCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3879919.68   | 0.37%             | 2027-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | PENNSYLVANIA ST PUBLIC SCH BLDG AUTH                                             | CUSIP: 709207DG6<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5212505.00   | 0.50%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE                           | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996896.00   | 0.19%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                                     | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3008979.00   | 0.29%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461366W6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059042.00   | 0.10%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP                     | CUSIP: 13034JDF5<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501552.50   | 0.14%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                                       | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7705170.00   | 0.74%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PWV3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    910000 | PA      | $922400.57    | 0.09%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE                         | CUSIP: 54659LBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1719399.60   | 0.17%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE                       | CUSIP: 54811BZR5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1482338.64   | 0.14%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                                                  | CUSIP: 7178238M3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508001.00    | 0.05%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No 186 Springfield                               | SANGAMON CNTY IL SCH DIST #186 SPRINGFIELD                                       | CUSIP: 800766PV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1473331.72   | 0.14%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Mortgage Bonds                                                       | City of Dallas Housing Finance Corp                                              | CUSIP: 235298CA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2001379.08   | 0.19%             | 2043-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | N E OHIO MED UNIV GEN RECPTS                                                     | CUSIP: 66433RCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $611667.14    | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                                    | CUSIP: 93974EDR4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2319113.05   | 0.22%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No 186 Springfield                               | SANGAMON CNTY IL SCH DIST #186 SPRINGFIELD                                       | CUSIP: 800766PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1457150.40   | 0.14%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Institute of Mining & Technology                                      | NEW MEXICO ST INSTITUTE OF MINING & TECHNOLOGY                                   | CUSIP: 647157KX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $626577.21    | 0.06%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                     | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                                      | CUSIP: 64988YVB0<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    970000 | PA      | $928191.06    | 0.09%             | 2038-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No 186 Springfield                               | SANGAMON CNTY IL SCH DIST #186 SPRINGFIELD                                       | CUSIP: 800766PT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1716509.73   | 0.16%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin-Mckinley School District                                                | FRANKLIN-MCKINLEY CA SCH DIST                                                    | CUSIP: 353856YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052136.00   | 0.10%             | 2027-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                     | CUSIP: 59447TYG2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1088441.20   | 0.10%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Hospital Finance Authority                                             | KALAMAZOO MI HOSP FIN AUTH                                                       | CUSIP: 483233RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1906322.54   | 0.18%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                               | CUSIP: 249182LV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989772.00   | 0.19%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE                                   | CUSIP: 88046KGT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2022249.90   | 0.19%             | 2043-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL MF TAX-EXEMPT BONDSTAX-EXEMPT BDS                                     | CUSIP: 167572AA4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2145384.31   | 0.21%             | 2043-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                                                  | CUSIP: 944514K98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $713406.15    | 0.07%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Multifamily Tax-Exempt Mortgage-Backed Securities                                | Health & Educational Facilities Board of The Metropolitan Government of Nashvill | CUSIP: 592114AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2955799.02   | 0.28%             | 2043-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP MF REVENUE                                                      | CUSIP: 917434DH2<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972786.00    | 0.09%             | 2045-02-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                                            | CUSIP: 672325XS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001950.00   | 0.10%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FP74<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    680000 | PA      | $682800.24    | 0.07%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE                                   | CUSIP: 64971XRX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1314418.59   | 0.13%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | TEXAS ST TECH CLG SYS FING SYS REVENUE                                           | CUSIP: 88276RFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153810.00   | 0.21%             | 2042-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DBS0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2740502.12   | 0.26%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                                       | CUSIP: 167486D89<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986728.00    | 0.09%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE                      | CUSIP: 499526AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $430226.23    | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                                         | CUSIP: 60416USQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1494919.50   | 0.14%             | 2045-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3584869.20   | 0.34%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772KCL1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065371.00   | 0.10%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518830.50    | 0.05%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas College                                                                   | DALLAS CNTY TX CMNTY CLG DIST                                                    | CUSIP: 234685MR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $716154.73    | 0.07%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE                          | CUSIP: 87638QPN3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958782.00    | 0.09%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No 1 Electric Revenue                       | CLARK CNTY WA PUBLIC UTILITY DIST #1 ELEC REVENUE                                | CUSIP: 181108D73<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518146.00    | 0.05%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                   | UAB MEDICINE FIN AUTH AL REVENUE                                                 | CUSIP: 902562AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5430000 | PA      | $5515267.29   | 0.53%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                                             | CUSIP: 57585BCY2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3899972.70   | 0.37%             | 2030-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE                                   | CUSIP: 69651ACA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354686.15    | 0.03%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                                            | CUSIP: 68450LDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1744622.25   | 0.17%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                                                 | CUSIP: 79467BFB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005519.00   | 0.10%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261AJR9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6215000 | PA      | $6338336.68   | 0.61%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE                               | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $10071624.50  | 0.97%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $3963586.50   | 0.38%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH                                                      | CUSIP: 6472014S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993757.00    | 0.10%             | 2045-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                                      | CUSIP: 89602RGC3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272861.75    | 0.03%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                                      | CUSIP: 45506ENG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1233850.74   | 0.12%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                                       | CUSIP: 95737TEG7<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257712.25    | 0.02%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 167593VV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2927965.76   | 0.28%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pulaski AR                                                             | PULASKI CNTY AR HOSP REVENUE                                                     | CUSIP: 745392KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516516.50    | 0.05%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PSY2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $242527.77    | 0.02%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                                                   | CUSIP: 795576FP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2329170.03   | 0.22%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE                                 | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5155380.00   | 0.50%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                                    | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1994072.00   | 0.19%             | 2026-01-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261ACQ8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1005723.12   | 0.10%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | DENVER CO CITY & CNTY MF HSG REVENUE                                             | CUSIP: 249190GK9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2080972.10   | 0.20%             | 2042-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                                    | CUSIP: 97712DQZ2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $478188.00    | 0.05%             | 2039-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                        | CUSIP: 13032UMZ8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    600000 | PA      | $611468.40    | 0.06%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp IV                                 | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV                                      | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6595164.00   | 0.63%             | 2054-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Love County Educational Facilities Authority                                     | LOVE CNTY OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE                        | CUSIP: 54713PBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1143492.07   | 0.11%             | 2037-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL SPL OBLIG                                                     | CUSIP: 59333N4E0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516698.50    | 0.05%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DBP6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1771070.00   | 0.17%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTR REVENUE                                                           | CUSIP: 167736VK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1026700.45   | 0.10%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                                                 | CUSIP: 79467BBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022394.00   | 0.10%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                                    | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2983500.00   | 0.29%             | 2046-05-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                        | CUSIP: 544445XW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154764.00   | 0.21%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                                | CUSIP: 414009KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5044130.00   | 0.48%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1504064.51   | 0.14%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp                                                   | IPS MULTI-SCH BLDG CORP IN                                                       | CUSIP: 46263RRM9<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070047.00   | 0.10%             | 2042-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3620400.69   | 0.35%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE                          | CUSIP: 64972H5W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027112.00   | 0.19%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No 1 Electric Revenue                       | CLARK CNTY WA PUBLIC UTILITY DIST #1 ELEC REVENUE                                | CUSIP: 181108D81<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514697.00    | 0.05%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE                        | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1377434.58   | 0.13%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                                               | CUSIP: 6500358A9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1852045.20   | 0.18%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                                         | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6080000 | PA      | $6277867.52   | 0.60%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County High School District No 87 Glenbard                                | DU PAGE CNTY IL HIGH SCH DIST#87 GLENBARD TWP                                    | CUSIP: 263309RY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1151296.30   | 0.11%             | 2046-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995803.00    | 0.10%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                                               | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991458.00   | 0.19%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1896701.60   | 0.18%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4196260.00   | 0.40%             | 2053-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                         | LAS VEGAS NV SPL IMPT DIST #814                                                  | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $371701.90    | 0.04%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                                     | CUSIP: 717817WL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1459609.44   | 0.14%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                                                 | CUSIP: 79467BDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3129698.10   | 0.30%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX EDU REVENUE                                           | CUSIP: 650346FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $616620.60    | 0.06%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE                           | CUSIP: 647370JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2246262.75   | 0.22%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV                         | CUSIP: 79766DMA4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5445000 | PA      | $5422621.05   | 0.52%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE                                 | CUSIP: 16772PEQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000801.00   | 0.10%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                 | PHILADELPHIA PA MUNI AUTH REVENUE                                                | CUSIP: 717904LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1804548.36   | 0.17%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772KCM9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    890000 | PA      | $942360.48    | 0.09%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772KDZ9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2798998.90   | 0.27%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                                                  | CUSIP: 71783MAY1<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009586.00   | 0.19%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE                          | CUSIP: 97689QSN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4995605.00   | 0.48%             | 2043-09-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Delano Financing Authority                                                       | DELANO CA FING AUTH REVENUE                                                      | CUSIP: 245592AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $685921.33    | 0.07%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                                     | CUSIP: 717817XX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1804840.00   | 0.17%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539820.50   | 0.15%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Racine Unified School District                                                   | RACINE WI UNIF SCH DIST                                                          | CUSIP: 750046SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $401654.88    | 0.04%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                                     | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011054.00   | 0.19%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                                               | CUSIP: 311450GF1<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2293683.96   | 0.22%             | 2040-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                    | ALASKA ST INTERNATIONAL ARPTS REVENUES                                           | CUSIP: 011842US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789869.25    | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                                                   | CUSIP: 802170AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $680016.32    | 0.07%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                               | CUSIP: 87638THC0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106104.00   | 0.20%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE                                | CUSIP: 677510CR8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    840000 | PA      | $878537.52    | 0.08%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                                        | CUSIP: 6262074B7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2414278.04   | 0.23%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                   | BEXAR CNTY TX HOSP DIST                                                          | CUSIP: 088365GS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2486970.75   | 0.24%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                                    | CUSIP: 452227PD7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4472180.56   | 0.43%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                         | CUSIP: 64972GCN2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2155000.00   | 0.21%             | 2050-06-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                                      | CUSIP: 64966QB82<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068238.00   | 0.10%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                        | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE                        | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1856053.82   | 0.18%             | 2056-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP MF HSG REVENUE                               | CUSIP: 76221XAA8<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2480747.50   | 0.24%             | 2043-06-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                                    | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519474.50    | 0.05%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE                                   | CUSIP: 60637GJG5<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3902000.00   | 0.37%             | 2045-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | ORANGE CNTY FL TOURIST DEV TAX                                                   | CUSIP: 684545ZH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042068.00   | 0.20%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                      | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4718465.73   | 0.45%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE                                   | CUSIP: 645790RV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $941285.92    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DBR2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $5096029.05   | 0.49%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV                      | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000790.00  | 0.96%             | 2038-08-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                            | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE                                   | CUSIP: 63968XBR5<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026620.00   | 0.19%             | 2045-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                     | BROWARD CNTY FL PORT FACS REVENUE                                                | CUSIP: 11506KGY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1270270.00   | 0.12%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                                           | CUSIP: 8431466A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1282172.22   | 0.12%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                                                 | CUSIP: 79467BAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075268.00   | 0.20%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                                      | CUSIP: 70879QV67<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1579126.26   | 0.15%             | 2040-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE                              | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8138104.00   | 0.78%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH HLTH FACS REVENUE                                               | CUSIP: 462466GK3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020360.00   | 0.10%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                     | DETROIT MI CITY SCH DIST                                                         | CUSIP: 251129Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1147441.90   | 0.11%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                            | PITTSBURGH PA                                                                    | CUSIP: 725209LP3<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    515000 | PA      | $531675.70    | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452152Y54<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2700535.41   | 0.26%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY MF HSG REVENUE                                       | CUSIP: 708797BB0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1210397.10   | 0.12%             | 2042-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                                                 | CUSIP: 45203MSC6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053178.00   | 0.20%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DBT8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4160000 | PA      | $4239148.16   | 0.41%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Racine Unified School District                                                   | RACINE WI UNIF SCH DIST                                                          | CUSIP: 750046SG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $373762.18    | 0.04%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081532.00   | 0.10%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV                      | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6288066.00   | 0.60%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                            | PITTSBURGH PA                                                                    | CUSIP: 725209LQ1<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    700000 | PA      | $722732.50    | 0.07%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE                               | CUSIP: 93978LGN0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048593.00   | 0.10%             | 2043-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 1675936C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1271067.50   | 0.12%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG REVENUE                                | CUSIP: 19910XAN6<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005427.93   | 0.10%             | 2044-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                                      | CUSIP: 442349AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1787682.75   | 0.17%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                                    | CUSIP: 97712JHU0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    715000 | PA      | $737123.53    | 0.07%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                                       | CUSIP: 56681NJF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1538319.20   | 0.15%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                                               | CUSIP: 85780TBB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1072698.80   | 0.10%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Moultrie Shelby & Coles Counties Community Unit School District No 300           | MOULTRIE SHELBY & COLES CNTYS IL CMNTY UNIT SCH DIST #300                        | CUSIP: 620433DE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524738.00   | 0.15%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Housing Authority/GA                                              | DOUGLAS CNTY GA HSG AUTH MF REVENUE                                              | CUSIP: 259028AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003815.00   | 0.10%             | 2044-02-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                          | HOMEWOOD AL EDUCTNL BLDG AUTH LEASE REVENUE                                      | CUSIP: 43788VAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1173067.67   | 0.11%             | 2044-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE                                  | CUSIP: 45505WBX1<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012084.00   | 0.19%             | 2045-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                         | ALABAMA ST UNIV REVENUE                                                          | CUSIP: 010632QN0<br>LEI: 549300JCR3DWTI08FS98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522994.50    | 0.05%             | 2045-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012979.00   | 0.10%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107824.00   | 0.20%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                             | CLEVELAND OH                                                                     | CUSIP: 186343W96<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15022.80     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153CZ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317580.30    | 0.03%             | 2038-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 64613CCF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3841432.50   | 0.37%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                                                   | CUSIP: 795576FQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3068010.00   | 0.29%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                                     | CUSIP: 717817UF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269025.00   | 0.12%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County School District No 1                                                | ADAMS CNTY CO SCH DIST #1 COPS                                                   | CUSIP: 00562SBH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507947.00    | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE                       | CUSIP: 647377AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $349957.80    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                | SALEM OR HOSP FAC AUTH REVENUE                                                   | CUSIP: 794458GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $432930.00    | 0.04%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461365X5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095656.00   | 0.20%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE                                   | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1463317.63   | 0.14%             | 2053-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-23

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin