# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195825
**Filing Date:** 2025-8
**Character Count:** 454335
**Document Hash:** 87c74deb846ac62e3a8210e11cde7471
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195825.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195825

**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:** 251238609

**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 Limited Term Income Fund (Series ID: S000011845)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000032357 | Thornburg Limited Term Income Fund - Class A  | THIFX           |
| C000032358 | Thornburg Limited Term Income Fund - Class C  | THICX           |
| C000032359 | Thornburg Limited Term Income Fund - Class I  | THIIX           |
| C000042668 | Thornburg Limited Term Income Fund - Class R3 | THIRX           |
| C000113848 | Thornburg Limited Term Income Fund - Class R5 | THRRX           |
| C000136849 | Thornburg Limited Term Income Fund - Class R4 | THRIX           |
| C000177478 | Thornburg Limited Term Income Fund - Class R6 | THRLX           |
| C000222325 | Thornburg Limited Term Income Fund - Class C2 | THIQX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Preferred Stock — 0.6%** |  |  |
|  | &nbsp;&nbsp;**Financial Services — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund 6.24%, 9/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;$9283300 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1162 | &nbsp;&nbsp;&nbsp;&nbsp; 27888000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37171300 |
|  | &nbsp;&nbsp;&nbsp;Total Preferred Stock (Cost $38,269,196) |  | &nbsp;&nbsp;&nbsp;&nbsp; 37171300 |
|  | **Asset Backed Securities — 14.1%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 3.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A Class B, 11.40% due 1/21/2031 | &nbsp;&nbsp;$7419290 | &nbsp;&nbsp;&nbsp;&nbsp; 7555567 |
|  | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 5.59% due 4/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 835186 | &nbsp;&nbsp;&nbsp;&nbsp; 836425 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class B, 6.63% due 2/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2979489 | &nbsp;&nbsp;&nbsp;&nbsp; 2984279 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1489491 | &nbsp;&nbsp;&nbsp;&nbsp; 1498376 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6411194 |
|  | &nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1220392 | &nbsp;&nbsp;&nbsp;&nbsp; 1231707 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class A2, 5.542% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2338525 | &nbsp;&nbsp;&nbsp;&nbsp; 2350017 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3173652 | &nbsp;&nbsp;&nbsp;&nbsp; 3194618 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4958154 | &nbsp;&nbsp;&nbsp;&nbsp; 5024296 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-N1A Class E, 5.20% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6523402 | &nbsp;&nbsp;&nbsp;&nbsp; 6520505 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class A, 6.41% due 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 464907 | &nbsp;&nbsp;&nbsp;&nbsp; 465638 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class A, 6.42% due 1/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7699958 | &nbsp;&nbsp;&nbsp;&nbsp; 7733416 |
|  | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 2.84% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 965891 | &nbsp;&nbsp;&nbsp;&nbsp; 955753 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class C, 5.28% due 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 957964 | &nbsp;&nbsp;&nbsp;&nbsp; 958607 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D Class B, 6.78% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15495680 | &nbsp;&nbsp;&nbsp;&nbsp; 15561122 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C Class A, 5.88% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4997553 | &nbsp;&nbsp;&nbsp;&nbsp; 5013842 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14959812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 5.30% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 918125 | &nbsp;&nbsp;&nbsp;&nbsp; 918903 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5A Class C, 6.51% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1519879 | &nbsp;&nbsp;&nbsp;&nbsp; 1525048 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A Class A2, 4.94% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4709342 | &nbsp;&nbsp;&nbsp;&nbsp; 4720007 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1481837 | &nbsp;&nbsp;&nbsp;&nbsp; 1491295 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A Class D, 2.48% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 19620989 | &nbsp;&nbsp;&nbsp;&nbsp; 19359106 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8705000 | &nbsp;&nbsp;&nbsp;&nbsp; 8770994 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 6.954% (SOFR30A + 2.65%) due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15673000 | &nbsp;&nbsp;&nbsp;&nbsp; 15723749 |
|  | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 4.22% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2042359 | &nbsp;&nbsp;&nbsp;&nbsp; 2033881 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1950035 | &nbsp;&nbsp;&nbsp;&nbsp; 1982538 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.97% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6179796 | &nbsp;&nbsp;&nbsp;&nbsp; 6178587 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class A, 7.59% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2123073 | &nbsp;&nbsp;&nbsp;&nbsp; 2126506 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1969655 | &nbsp;&nbsp;&nbsp;&nbsp; 1967319 |
|  | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A, 7.13% due 1/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7905621 | &nbsp;&nbsp;&nbsp;&nbsp; 7939260 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4809630 | &nbsp;&nbsp;&nbsp;&nbsp; 4845255 |
|  | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.51% due 3/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1149355 | &nbsp;&nbsp;&nbsp;&nbsp; 1151985 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.46% due 9/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14533431 | &nbsp;&nbsp;&nbsp;&nbsp; 14637192 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-B Class F, 11.91% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 510193 | &nbsp;&nbsp;&nbsp;&nbsp; 514150 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2022-7 Class B, 5.95% due 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4170779 | &nbsp;&nbsp;&nbsp;&nbsp; 4185519 |
|  | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2131934 | &nbsp;&nbsp;&nbsp;&nbsp; 2138164 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1838973 | &nbsp;&nbsp;&nbsp;&nbsp; 1841007 |
|  | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.28% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4217581 | &nbsp;&nbsp;&nbsp;&nbsp; 4233050 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11392933 | &nbsp;&nbsp;&nbsp;&nbsp; 11411943 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2022-2A Class D, 5.48% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9520000 | &nbsp;&nbsp;&nbsp;&nbsp; 9540362 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 212490994 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Credit Card — 0.6%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 | &nbsp;&nbsp;$8627000 | &nbsp;&nbsp;$8688463 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class A, 5.78% due 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10121204 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9800000 | &nbsp;&nbsp;&nbsp;&nbsp; 9883630 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.69% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004348 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33697645 |
|  | &nbsp;&nbsp;**Other Asset Backed — 7.2%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;AFG ABS I LLC, Series 2023-1 Class A2, 6.30% due 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1875929 | &nbsp;&nbsp;&nbsp;&nbsp; 1879439 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4422896 | &nbsp;&nbsp;&nbsp;&nbsp; 4440127 |
|  | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class A, 1.90% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 6042734 | &nbsp;&nbsp;&nbsp;&nbsp; 5583316 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class C, 3.97% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5022945 | &nbsp;&nbsp;&nbsp;&nbsp; 4801781 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.54% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5704312 | &nbsp;&nbsp;&nbsp;&nbsp; 5244902 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1414321 | &nbsp;&nbsp;&nbsp;&nbsp; 1425529 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1617163 | &nbsp;&nbsp;&nbsp;&nbsp; 1600530 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1897969 | &nbsp;&nbsp;&nbsp;&nbsp; 1905082 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6820000 | &nbsp;&nbsp;&nbsp;&nbsp; 6892645 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7070000 | &nbsp;&nbsp;&nbsp;&nbsp; 7091144 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10075000 | &nbsp;&nbsp;&nbsp;&nbsp; 10146333 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 13300000 | &nbsp;&nbsp;&nbsp;&nbsp; 13234889 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1814443 | &nbsp;&nbsp;&nbsp;&nbsp; 1828201 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 36000000 | &nbsp;&nbsp;&nbsp;&nbsp; 34241202 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 27894000 | &nbsp;&nbsp;&nbsp;&nbsp; 26307311 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1644481 | &nbsp;&nbsp;&nbsp;&nbsp; 1471890 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8404287 | &nbsp;&nbsp;&nbsp;&nbsp; 8297145 |
|  | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class B, 4.22% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 608646 | &nbsp;&nbsp;&nbsp;&nbsp; 606925 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 3.54% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 833735 | &nbsp;&nbsp;&nbsp;&nbsp; 830124 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class B, 4.62% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2986901 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 1.27% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 8291417 | &nbsp;&nbsp;&nbsp;&nbsp; 7753006 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A, 2.19% due 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5638569 | &nbsp;&nbsp;&nbsp;&nbsp; 5341290 |
|  | &nbsp;&nbsp;&nbsp;FREED ABS Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D, 3.35% due 3/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 626069 | &nbsp;&nbsp;&nbsp;&nbsp; 622182 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2CP Class D, 3.00% due 5/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6566310 | &nbsp;&nbsp;&nbsp;&nbsp; 6553508 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3FP Class D, 7.36% due 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6401990 | &nbsp;&nbsp;&nbsp;&nbsp; 6408146 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4FP Class D, 7.40% due 12/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1216671 | &nbsp;&nbsp;&nbsp;&nbsp; 1223438 |
|  | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3288063 | &nbsp;&nbsp;&nbsp;&nbsp; 3185116 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2215846 | &nbsp;&nbsp;&nbsp;&nbsp; 2206487 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 14518800 | &nbsp;&nbsp;&nbsp;&nbsp; 11971537 |
|  | &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 12953180 | &nbsp;&nbsp;&nbsp;&nbsp; 9894414 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 17102976 | &nbsp;&nbsp;&nbsp;&nbsp; 13516602 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 7090767 | &nbsp;&nbsp;&nbsp;&nbsp; 5867916 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.598% (SOFR90A + 2.25%) due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1519512 | &nbsp;&nbsp;&nbsp;&nbsp; 1521937 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2024-2 Class A2, 5.25% due 10/27/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 3417239 | &nbsp;&nbsp;&nbsp;&nbsp; 3421533 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 3247577 | &nbsp;&nbsp;&nbsp;&nbsp; 3266474 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.689% (SOFR30A + 2.25%) due 12/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4658176 | &nbsp;&nbsp;&nbsp;&nbsp; 4683234 |
|  | &nbsp;&nbsp;&nbsp;HERO Funding Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1A Class A, 3.84% due 9/21/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1707279 | &nbsp;&nbsp;&nbsp;&nbsp; 1604872 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A Class A1, 3.28% due 9/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 362841 | &nbsp;&nbsp;&nbsp;&nbsp; 323440 |
|  | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-AA Class A, 2.34% due 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1687230 | &nbsp;&nbsp;&nbsp;&nbsp; 1660322 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class A, 2.74% due 2/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 377874 | &nbsp;&nbsp;&nbsp;&nbsp; 368532 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1818241 | &nbsp;&nbsp;&nbsp;&nbsp; 1748631 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8341028 | &nbsp;&nbsp;&nbsp;&nbsp; 7814858 |
|  | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST1 Class A, 2.50% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 234094 | &nbsp;&nbsp;&nbsp;&nbsp; 233856 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST3 Class A, 4.00% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 733657 | &nbsp;&nbsp;&nbsp;&nbsp; 733135 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2022-2A Class C, 8.40% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 302649 | &nbsp;&nbsp;&nbsp;&nbsp; 303010 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 18733961 | &nbsp;&nbsp;&nbsp;&nbsp; 15535394 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class C, 6.14% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2182176 | &nbsp;&nbsp;&nbsp;&nbsp; 2183859 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.54% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 716675 | &nbsp;&nbsp;&nbsp;&nbsp; 718094 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | &nbsp;&nbsp;$1379503 | &nbsp;&nbsp;$1409074 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A, 4.37% due 12/21/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 806236 | &nbsp;&nbsp;&nbsp;&nbsp; 764945 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 2.10% due 4/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2681395 | &nbsp;&nbsp;&nbsp;&nbsp; 2382792 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2022-A Class C, 3.86% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2729294 |
|  | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8423316 | &nbsp;&nbsp;&nbsp;&nbsp; 8250759 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A, 5.05% due 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3703307 | &nbsp;&nbsp;&nbsp;&nbsp; 3702314 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2021-HG1 Class A, 1.22% due 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 194703 | &nbsp;&nbsp;&nbsp;&nbsp; 193366 |
|  | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 13888646 | &nbsp;&nbsp;&nbsp;&nbsp; 13979292 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class C, 8.491% due 6/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4061260 | &nbsp;&nbsp;&nbsp;&nbsp; 4087073 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-7 Class B, 7.549% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 47024 | &nbsp;&nbsp;&nbsp;&nbsp; 47046 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.66% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 921664 | &nbsp;&nbsp;&nbsp;&nbsp; 925881 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1669521 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 4435946 | &nbsp;&nbsp;&nbsp;&nbsp; 4546209 |
|  | &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class B, 7.48% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240266 | &nbsp;&nbsp;&nbsp;&nbsp; 240650 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 8.29% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 606644 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.12% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 888383 | &nbsp;&nbsp;&nbsp;&nbsp; 889517 |
|  | &nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 5.88% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3328571 | &nbsp;&nbsp;&nbsp;&nbsp; 3341349 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.96% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10579798 | &nbsp;&nbsp;&nbsp;&nbsp; 10565909 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2021-1 Class A, 1.68% due 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1045224 | &nbsp;&nbsp;&nbsp;&nbsp; 1042402 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4765469 | &nbsp;&nbsp;&nbsp;&nbsp; 4731950 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 12300000 | &nbsp;&nbsp;&nbsp;&nbsp; 12212101 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7005799 | &nbsp;&nbsp;&nbsp;&nbsp; 6847893 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, 4.82% due 6/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3505024 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 10143658 | &nbsp;&nbsp;&nbsp;&nbsp; 9595146 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 12915000 | &nbsp;&nbsp;&nbsp;&nbsp; 12746123 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 2021-1A Class A2, 1.877% due 3/26/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7322798 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sunnova Hestia I Issuer LLC, Series 2023-GRID1 Class 1A, 5.75% due 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 8768626 | &nbsp;&nbsp;&nbsp;&nbsp; 8853249 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8956067 | &nbsp;&nbsp;&nbsp;&nbsp; 8841245 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 8173357 | &nbsp;&nbsp;&nbsp;&nbsp; 8246871 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-2A Class A, 6.06% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 430632 | &nbsp;&nbsp;&nbsp;&nbsp; 430749 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, Series 2025-ST4 Class A, 5.495% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5412000 | &nbsp;&nbsp;&nbsp;&nbsp; 5412000 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3988709 | &nbsp;&nbsp;&nbsp;&nbsp; 3991791 |
|  | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST4 Class A, 2.00% due 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 166710 | &nbsp;&nbsp;&nbsp;&nbsp; 165497 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST5 Class A, 2.00% due 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 198700 | &nbsp;&nbsp;&nbsp;&nbsp; 196989 |
|  | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.22% due 6/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7312842 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.92% due 6/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3227000 | &nbsp;&nbsp;&nbsp;&nbsp; 3262295 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class B, 8.35% due 2/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 182789 | &nbsp;&nbsp;&nbsp;&nbsp; 183155 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2389852 | &nbsp;&nbsp;&nbsp;&nbsp; 2405079 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3792193 | &nbsp;&nbsp;&nbsp;&nbsp; 3799124 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7033162 | &nbsp;&nbsp;&nbsp;&nbsp; 7041699 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-4A Class B, 8.54% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1612558 | &nbsp;&nbsp;&nbsp;&nbsp; 1621905 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 441579801 |
|  | &nbsp;&nbsp;**Student Loan — 2.8%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 7919728 | &nbsp;&nbsp;&nbsp;&nbsp; 8085347 |
|  | &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A1, 5.539% (TSFR1M + 1.21%) due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5750558 | &nbsp;&nbsp;&nbsp;&nbsp; 5717880 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2, 1.60% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1329828 | &nbsp;&nbsp;&nbsp;&nbsp; 1206343 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A1, 5.334% (TSFR1M + 1.01%) due 7/26/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 10299923 | &nbsp;&nbsp;&nbsp;&nbsp; 10120299 |
|  | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 18-CGS Class A1, 3.87% due 2/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1092218 | &nbsp;&nbsp;&nbsp;&nbsp; 1057013 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 7384109 | &nbsp;&nbsp;&nbsp;&nbsp; 6760573 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AGS Class A, 1.20% due 3/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 8202903 | &nbsp;&nbsp;&nbsp;&nbsp; 6974457 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BGS Class A, 1.17% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 7472346 | &nbsp;&nbsp;&nbsp;&nbsp; 6915353 |
|  | &nbsp;&nbsp;&nbsp;MPOWER Education Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 7211522 | &nbsp;&nbsp;&nbsp;&nbsp; 7459553 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 9608670 | &nbsp;&nbsp;&nbsp;&nbsp; 9669604 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-D Class A2B, 5.476% (TSFR1M + 1.16%) due 12/15/2059 | &nbsp;&nbsp;$5135286 | &nbsp;&nbsp;$5115747 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 0.84% due 5/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 1964751 | &nbsp;&nbsp;&nbsp;&nbsp; 1788951 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BA Class A, 4.16% due 10/15/2070 | &nbsp;&nbsp;&nbsp;&nbsp; 15559276 | &nbsp;&nbsp;&nbsp;&nbsp; 15227262 |
|  | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1 Class A3, 4.93% (SOFR30A + 0.62%) due 6/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2698168 | &nbsp;&nbsp;&nbsp;&nbsp; 2645203 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BA Class A2B, 5.406% (TSFR1M + 1.09%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 654950 | &nbsp;&nbsp;&nbsp;&nbsp; 652894 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A Class A, 5.02% (SOFR30A + 0.71%) due 6/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1704573 | &nbsp;&nbsp;&nbsp;&nbsp; 1683621 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A Class A2, 5.02% (SOFR30A + 0.71%) due 9/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 12863837 | &nbsp;&nbsp;&nbsp;&nbsp; 12703191 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A Class A2, 5.02% (SOFR30A + 0.71%) due 2/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 501464 | &nbsp;&nbsp;&nbsp;&nbsp; 500148 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFL, 5.172% (TSFR1M + 0.85%) due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 7061255 | &nbsp;&nbsp;&nbsp;&nbsp; 7011534 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 5.122% (TSFR1M + 0.80%) due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 10014161 | &nbsp;&nbsp;&nbsp;&nbsp; 9929464 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.684% (TSFR1M + 1.36%) due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 976306 | &nbsp;&nbsp;&nbsp;&nbsp; 976366 |
|  | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2 Class A2, 5.62% (SOFR30A + 1.31%) due 10/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4903780 | &nbsp;&nbsp;&nbsp;&nbsp; 4910331 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 5.07% (SOFR30A + 0.76%) due 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17135665 | &nbsp;&nbsp;&nbsp;&nbsp; 16871715 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 5.176% (TSFR1M + 0.86%) due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 190669 | &nbsp;&nbsp;&nbsp;&nbsp; 190246 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class A1B, 5.026% (TSFR1M + 0.71%) due 3/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4340567 | &nbsp;&nbsp;&nbsp;&nbsp; 4293194 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-E Class A1B, 5.056% (TSFR1M + 0.74%) due 2/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 12770019 | &nbsp;&nbsp;&nbsp;&nbsp; 12634886 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;SoFi Alternative Trust, Series 2019-C Class PT, 5.445% due 1/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 10252523 | &nbsp;&nbsp;&nbsp;&nbsp; 10173772 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 5.132% (TSFR1M + 0.81%) due 11/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 2418773 | &nbsp;&nbsp;&nbsp;&nbsp; 2413840 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 173688787 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $878,833,650) |  | &nbsp;&nbsp;&nbsp;&nbsp; 861457227 |
|  | **Corporate Bonds — 34.4%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 5.016% (SOFR + 0.62%) due 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13942000 | &nbsp;&nbsp;&nbsp;&nbsp; 13952038 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.80% due 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3353000 | &nbsp;&nbsp;&nbsp;&nbsp; 3323997 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.00% due 2/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420007 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.85% due 3/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5019150 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.30% due 3/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022440 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4132964 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.05% due 3/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7926000 | &nbsp;&nbsp;&nbsp;&nbsp; 7967929 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37838525 |
|  | &nbsp;&nbsp;**Banks — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.8%** |  |  |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7526475 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp., 5.15% due 8/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5748000 | &nbsp;&nbsp;&nbsp;&nbsp; 5747483 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, 5.016% (SOFR + 0.91%) due 1/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3740000 | &nbsp;&nbsp;&nbsp;&nbsp; 3797933 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13033000 | &nbsp;&nbsp;&nbsp;&nbsp; 12564073 |
|  | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 3.244% due 10/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4023000 | &nbsp;&nbsp;&nbsp;&nbsp; 3961126 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd., 5.65% due 3/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3831768 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Bank, 5.40% due 8/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7248550 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.808% (SOFR + 1.98%) due 7/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3448000 | &nbsp;&nbsp;&nbsp;&nbsp; 3476480 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48153888 |
|  | &nbsp;&nbsp;**Capital Goods — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Systems Corp., 7.875% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2989000 | &nbsp;&nbsp;&nbsp;&nbsp; 3042892 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7849000 | &nbsp;&nbsp;&nbsp;&nbsp; 7892719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10935611 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.6%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.643% due 3/13/2027 | &nbsp;&nbsp;$4400000 | &nbsp;&nbsp;$4472600 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.271% due 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11400000 | &nbsp;&nbsp;&nbsp;&nbsp; 11561538 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.319% due 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3422000 | &nbsp;&nbsp;&nbsp;&nbsp; 3607849 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services, Inc., 4.75% due 8/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3529575 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp;&nbsp; 13474688 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36646250 |
|  | &nbsp;&nbsp;**Commercial Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9120000 | &nbsp;&nbsp;&nbsp;&nbsp; 9184022 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9184022 |
|  | &nbsp;&nbsp;**Consumer Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sodexo, Inc., Series 2023-2 Class B, 5.15% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4065200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4065200 |
|  | &nbsp;&nbsp;**Energy — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9092000 | &nbsp;&nbsp;&nbsp;&nbsp; 9036539 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4068000 | &nbsp;&nbsp;&nbsp;&nbsp; 3659084 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.625% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3741000 | &nbsp;&nbsp;&nbsp;&nbsp; 3742721 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2934000 | &nbsp;&nbsp;&nbsp;&nbsp; 2539612 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8349542 | &nbsp;&nbsp;&nbsp;&nbsp; 8052716 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.16% due 3/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 18539323 | &nbsp;&nbsp;&nbsp;&nbsp; 16428250 |
| **<sup>c,d,e,f</sup>** | &nbsp;&nbsp;&nbsp;Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 32475000 | &nbsp;&nbsp;&nbsp;&nbsp; 21110374 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12955000 | &nbsp;&nbsp;&nbsp;&nbsp; 12685277 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4160000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200185 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13090000 | &nbsp;&nbsp;&nbsp;&nbsp; 12989861 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.65% due 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2384000 | &nbsp;&nbsp;&nbsp;&nbsp; 2382260 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd., 4.25% due 10/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24040000 | &nbsp;&nbsp;&nbsp;&nbsp; 23678919 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 4.911% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014160 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;TMS Issuer SARL, 5.78% due 8/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10700000 | &nbsp;&nbsp;&nbsp;&nbsp; 11045289 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.40% due 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6985000 | &nbsp;&nbsp;&nbsp;&nbsp; 7070287 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 140635534 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., 4.90% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6341312 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 8015000 | &nbsp;&nbsp;&nbsp;&nbsp; 7829988 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.90% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2676905 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6181000 | &nbsp;&nbsp;&nbsp;&nbsp; 6233353 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP, 5.55% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 445310 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp., 5.05% due 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6146000 | &nbsp;&nbsp;&nbsp;&nbsp; 6144525 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 26585000 | &nbsp;&nbsp;&nbsp;&nbsp; 25506781 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8140000 | &nbsp;&nbsp;&nbsp;&nbsp; 7751020 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6480000 | &nbsp;&nbsp;&nbsp;&nbsp; 6486772 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7950000 | &nbsp;&nbsp;&nbsp;&nbsp; 8169965 |
|  | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6800080 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84386011 |
|  | &nbsp;&nbsp;**Financial Services — 4.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 15500000 | &nbsp;&nbsp;&nbsp;&nbsp; 15958645 |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 3.25% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9335000 | &nbsp;&nbsp;&nbsp;&nbsp; 9325572 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 3.125% due 9/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19056000 | &nbsp;&nbsp;&nbsp;&nbsp; 18547205 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12276000 | &nbsp;&nbsp;&nbsp;&nbsp; 12035268 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25494000 | &nbsp;&nbsp;&nbsp;&nbsp; 25361431 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5389597 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.625% due 9/16/2026 | &nbsp;&nbsp;$14120000 | &nbsp;&nbsp;$13679456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.375% due 1/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7458000 | &nbsp;&nbsp;&nbsp;&nbsp; 7226280 |
|  | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 4/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9457000 | &nbsp;&nbsp;&nbsp;&nbsp; 9527076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6885000 | &nbsp;&nbsp;&nbsp;&nbsp; 6969892 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.00% due 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14195000 | &nbsp;&nbsp;&nbsp;&nbsp; 13888956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3068160 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.1%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;U.S. Bank NA, 4.73% (SOFR + 0.91%) due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6786180 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Antares Holdings LP, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.75% due 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7070237 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.95% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14391000 | &nbsp;&nbsp;&nbsp;&nbsp; 14160600 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6007000 | &nbsp;&nbsp;&nbsp;&nbsp; 6075780 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;BNP Paribas SA, 2.591% (SOFR + 1.23%) due 1/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3542836 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.122% (SOFR + 0.77%) due 1/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1332000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305880 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7328000 | &nbsp;&nbsp;&nbsp;&nbsp; 7120837 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.40% due 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp;&nbsp; 2406279 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.786% (SOFR + 0.87%) due 3/4/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5912000 | &nbsp;&nbsp;&nbsp;&nbsp; 5954566 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.643% (SOFR + 1.14%) due 5/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4625000 | &nbsp;&nbsp;&nbsp;&nbsp; 4638598 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 4797629 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.937% (SOFR + 1.32%) due 4/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1814940 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.214% (SOFR + 0.82%) due 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10881000 | &nbsp;&nbsp;&nbsp;&nbsp; 10885896 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc, |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.583% (TSFR3M + 1.80%) due 6/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004170 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.286% (SOFR + 1.29%) due 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp;&nbsp; 6230784 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.887% (SOFR + 1.57%) due 8/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6591325 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.04% (TSFR3M + 0.70%) due 2/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4690000 | &nbsp;&nbsp;&nbsp;&nbsp; 4593386 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.54% (TSFR3M + 1.64%) due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3040000 | &nbsp;&nbsp;&nbsp;&nbsp; 2995525 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.017% (H15T1Y + 1.95%) due 7/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3285000 | &nbsp;&nbsp;&nbsp;&nbsp; 3325438 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley, Series . 4.994% (SOFR + 1.38%) due 4/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3788000 | &nbsp;&nbsp;&nbsp;&nbsp; 3843570 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;Societe Generale SA, 6.446% (H15T1Y + 2.55%) due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4933000 | &nbsp;&nbsp;&nbsp;&nbsp; 5127015 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 3.04% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11650000 | &nbsp;&nbsp;&nbsp;&nbsp; 11036045 |
|  | &nbsp;&nbsp;&nbsp;UBS Group AG, |  |  |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.494% (H15T1Y + 0.85%) due 8/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7121000 | &nbsp;&nbsp;&nbsp;&nbsp; 6886862 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.373% (SOFR + 3.34%) due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4301892 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3471355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 278945163 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.6%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 28038000 | &nbsp;&nbsp;&nbsp;&nbsp; 23179295 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2584771 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5758510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8757000 | &nbsp;&nbsp;&nbsp;&nbsp; 8799734 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 15293000 | &nbsp;&nbsp;&nbsp;&nbsp; 15660797 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Mars, Inc., 4.80% due 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12829000 | &nbsp;&nbsp;&nbsp;&nbsp; 12996547 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.215% due 9/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4632000 | &nbsp;&nbsp;&nbsp;&nbsp; 4567847 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.35% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 14980000 | &nbsp;&nbsp;&nbsp;&nbsp; 15323192 |
|  | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.50% due 7/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 918000 | &nbsp;&nbsp;&nbsp;&nbsp; 906800 |
| **<sup>c,d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4998600 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 16500000 | &nbsp;&nbsp;&nbsp;&nbsp; 16998300 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc., 5.25% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5386000 | &nbsp;&nbsp;&nbsp;&nbsp; 5541817 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 117316210 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.2%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Olympus Corp., 2.143% due 12/8/2026 | &nbsp;&nbsp;$14061000 | &nbsp;&nbsp;$13601486 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 4.625% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4906000 | &nbsp;&nbsp;&nbsp;&nbsp; 4775353 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20542000 | &nbsp;&nbsp;&nbsp;&nbsp; 19912799 |
|  | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.55% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4855000 | &nbsp;&nbsp;&nbsp;&nbsp; 4728721 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10406000 | &nbsp;&nbsp;&nbsp;&nbsp; 10250847 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53269206 |
|  | &nbsp;&nbsp;**Insurance — 7.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 7.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25662000 | &nbsp;&nbsp;&nbsp;&nbsp; 26339220 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12308000 | &nbsp;&nbsp;&nbsp;&nbsp; 11102801 |
|  | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.55% due 5/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7538000 | &nbsp;&nbsp;&nbsp;&nbsp; 7332816 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.00% due 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 13751000 | &nbsp;&nbsp;&nbsp;&nbsp; 12672097 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.70% due 6/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4825000 | &nbsp;&nbsp;&nbsp;&nbsp; 4867171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4176000 | &nbsp;&nbsp;&nbsp;&nbsp; 4287165 |
|  | &nbsp;&nbsp;&nbsp;CNO Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 10/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9414000 | &nbsp;&nbsp;&nbsp;&nbsp; 9084228 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6850000 | &nbsp;&nbsp;&nbsp;&nbsp; 6910554 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7139000 | &nbsp;&nbsp;&nbsp;&nbsp; 6346928 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.95% due 6/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3840812 |
|  | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.00% due 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8665000 | &nbsp;&nbsp;&nbsp;&nbsp; 8508597 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.40% due 7/7/2025 - 8/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16048000 | &nbsp;&nbsp;&nbsp;&nbsp; 15774927 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.80% due 3/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6358068 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3044910 |
|  | &nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16912000 | &nbsp;&nbsp;&nbsp;&nbsp; 16438295 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2475000 | &nbsp;&nbsp;&nbsp;&nbsp; 2273411 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.30% due 4/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11752000 | &nbsp;&nbsp;&nbsp;&nbsp; 11286621 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4320000 | &nbsp;&nbsp;&nbsp;&nbsp; 4444243 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 17531000 | &nbsp;&nbsp;&nbsp;&nbsp; 17572548 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.45% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8797000 | &nbsp;&nbsp;&nbsp;&nbsp; 7634740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.40% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3720000 | &nbsp;&nbsp;&nbsp;&nbsp; 3476861 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.40% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2261000 | &nbsp;&nbsp;&nbsp;&nbsp; 1936795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4316000 | &nbsp;&nbsp;&nbsp;&nbsp; 4137533 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6453000 | &nbsp;&nbsp;&nbsp;&nbsp; 6642396 |
|  | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.625% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1940000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907699 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.25% due 1/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6479000 | &nbsp;&nbsp;&nbsp;&nbsp; 6258908 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051176 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6533000 | &nbsp;&nbsp;&nbsp;&nbsp; 6521045 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.25% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2952000 | &nbsp;&nbsp;&nbsp;&nbsp; 3151585 |
|  | &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8153000 | &nbsp;&nbsp;&nbsp;&nbsp; 8295922 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12660000 | &nbsp;&nbsp;&nbsp;&nbsp; 12708488 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding, 4.625% due 5/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6838000 | &nbsp;&nbsp;&nbsp;&nbsp; 6887370 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lincoln National Corp., 2.33% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8485000 | &nbsp;&nbsp;&nbsp;&nbsp; 7580584 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp., 4.40% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2901000 | &nbsp;&nbsp;&nbsp;&nbsp; 2875761 |
|  | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.35% due 4/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13420000 | &nbsp;&nbsp;&nbsp;&nbsp; 13633512 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 12/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7740000 | &nbsp;&nbsp;&nbsp;&nbsp; 7951147 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.872% (SOFR + 0.48%) due 6/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22760000 | &nbsp;&nbsp;&nbsp;&nbsp; 22799147 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 17659000 | &nbsp;&nbsp;&nbsp;&nbsp; 18182943 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 5.009% (SOFR + 0.62%) due 6/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10530000 | &nbsp;&nbsp;&nbsp;&nbsp; 10562643 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II, 6.012% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7292000 | &nbsp;&nbsp;&nbsp;&nbsp; 7470581 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Protective Life Corp., 3.40% due 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6698000 | &nbsp;&nbsp;&nbsp;&nbsp; 6394112 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Protective Life Global Funding, 1.17% due 7/15/2025 | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$3994720 |
|  | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.512% due 9/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10762000 | &nbsp;&nbsp;&nbsp;&nbsp; 10374245 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17412000 | &nbsp;&nbsp;&nbsp;&nbsp; 17445431 |
|  | &nbsp;&nbsp;&nbsp;RGA Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.70% due 1/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp;&nbsp; 4240217 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.448% due 5/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6194760 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4148000 | &nbsp;&nbsp;&nbsp;&nbsp; 4282437 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 4.45% due 5/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7950000 | &nbsp;&nbsp;&nbsp;&nbsp; 7930840 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 22401000 | &nbsp;&nbsp;&nbsp;&nbsp; 20036798 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14075000 | &nbsp;&nbsp;&nbsp;&nbsp; 14217439 |
|  | &nbsp;&nbsp;&nbsp;Willis North America, Inc., 4.65% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4541000 | &nbsp;&nbsp;&nbsp;&nbsp; 4569154 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 443832401 |
|  | &nbsp;&nbsp;**Materials — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 17475000 | &nbsp;&nbsp;&nbsp;&nbsp; 17766308 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.10% due 3/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4935000 | &nbsp;&nbsp;&nbsp;&nbsp; 5019043 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6873000 | &nbsp;&nbsp;&nbsp;&nbsp; 6691690 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6162000 | &nbsp;&nbsp;&nbsp;&nbsp; 5910036 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15334000 | &nbsp;&nbsp;&nbsp;&nbsp; 14919982 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| **<sup>c,d,e,f</sup>** | &nbsp;&nbsp;&nbsp;Metalloinvest Finance DAC, 3.375% due 10/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12700000 | &nbsp;&nbsp;&nbsp;&nbsp; 6247130 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;POSCO, 5.625% due 1/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2412912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58967101 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 6.65% due 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 14750000 | &nbsp;&nbsp;&nbsp;&nbsp; 15783680 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15783680 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.507% due 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7240000 | &nbsp;&nbsp;&nbsp;&nbsp; 7240290 |
|  | &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 2275294 |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2634000 | &nbsp;&nbsp;&nbsp;&nbsp; 2637055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp;&nbsp; 5616744 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745065 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.268% due 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11858070 |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9885000 | &nbsp;&nbsp;&nbsp;&nbsp; 9421097 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40793615 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc., 4.25% due 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10634000 | &nbsp;&nbsp;&nbsp;&nbsp; 10621345 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 14210000 | &nbsp;&nbsp;&nbsp;&nbsp; 12814010 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;SK Hynix, Inc., 1.50% due 1/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10200000 | &nbsp;&nbsp;&nbsp;&nbsp; 10031802 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6434000 | &nbsp;&nbsp;&nbsp;&nbsp; 6255843 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39723000 |
|  | &nbsp;&nbsp;**Software & Services — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Block Financial LLC, 2.50% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10392000 | &nbsp;&nbsp;&nbsp;&nbsp; 9795603 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4838350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4931000 | &nbsp;&nbsp;&nbsp;&nbsp; 5030754 |
|  | &nbsp;&nbsp;&nbsp;DXC Technology Co., 2.375% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18253000 | &nbsp;&nbsp;&nbsp;&nbsp; 16977298 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL/Genpact USA, Inc., 1.75% due 4/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5335000 | &nbsp;&nbsp;&nbsp;&nbsp; 5205413 |
|  | &nbsp;&nbsp;&nbsp;Global Payments, Inc., 1.20% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3534000 | &nbsp;&nbsp;&nbsp;&nbsp; 3449926 |
|  | &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., 2.05% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7614000 | &nbsp;&nbsp;&nbsp;&nbsp; 7378499 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10647000 | &nbsp;&nbsp;&nbsp;&nbsp; 10332062 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | &nbsp;&nbsp;$7816000 | &nbsp;&nbsp;$6914112 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.257% due 1/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6258560 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.193% due 1/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13254000 | &nbsp;&nbsp;&nbsp;&nbsp; 12373006 |
|  | &nbsp;&nbsp;&nbsp;**Software — 0.7%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Infor LLC, 1.75% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12382000 | &nbsp;&nbsp;&nbsp;&nbsp; 12362684 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6850000 | &nbsp;&nbsp;&nbsp;&nbsp; 6624566 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Open Text Corp., 6.90% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17723000 | &nbsp;&nbsp;&nbsp;&nbsp; 18364573 |
|  | &nbsp;&nbsp;&nbsp;Paychex, Inc., 5.35% due 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6676000 | &nbsp;&nbsp;&nbsp;&nbsp; 6853181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 132758587 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 4.85% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9814000 | &nbsp;&nbsp;&nbsp;&nbsp; 9922837 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Avnet, Inc., 6.25% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3938000 | &nbsp;&nbsp;&nbsp;&nbsp; 4091740 |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9124000 | &nbsp;&nbsp;&nbsp;&nbsp; 8648640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11275000 | &nbsp;&nbsp;&nbsp;&nbsp; 11182432 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3823000 | &nbsp;&nbsp;&nbsp;&nbsp; 3845823 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp., 1.75% due 8/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27306000 | &nbsp;&nbsp;&nbsp;&nbsp; 26413913 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp., 1.80% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5272000 | &nbsp;&nbsp;&nbsp;&nbsp; 5154382 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 6.02% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6742000 | &nbsp;&nbsp;&nbsp;&nbsp; 6806656 |
|  | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6433000 | &nbsp;&nbsp;&nbsp;&nbsp; 6635253 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 82701676 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;NBN Co. Ltd., 1.45% due 5/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19512000 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.25% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4275000 | &nbsp;&nbsp;&nbsp;&nbsp; 4210063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2791000 | &nbsp;&nbsp;&nbsp;&nbsp; 2844475 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26566538 |
|  | &nbsp;&nbsp;**Utilities — 7.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 6.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4417729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.10% due 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8375000 | &nbsp;&nbsp;&nbsp;&nbsp; 7440434 |
|  | &nbsp;&nbsp;&nbsp;AES Corp., 1.375% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9335000 | &nbsp;&nbsp;&nbsp;&nbsp; 9157635 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 1.40% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5240000 | &nbsp;&nbsp;&nbsp;&nbsp; 5081071 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7446990 |
|  | &nbsp;&nbsp;&nbsp;Appalachian Power Co., Series AA, 2.70% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5168445 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4517000 | &nbsp;&nbsp;&nbsp;&nbsp; 4660686 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., 2.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5490000 | &nbsp;&nbsp;&nbsp;&nbsp; 4938310 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Caledonia Generating LLC, 1.95% due 2/28/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 15147167 | &nbsp;&nbsp;&nbsp;&nbsp; 13277170 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., 5.40% due 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11148000 | &nbsp;&nbsp;&nbsp;&nbsp; 11534724 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8740000 | &nbsp;&nbsp;&nbsp;&nbsp; 7709991 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 16732800 | &nbsp;&nbsp;&nbsp;&nbsp; 14960462 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3727195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4704000 | &nbsp;&nbsp;&nbsp;&nbsp; 4745677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.60% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8076000 | &nbsp;&nbsp;&nbsp;&nbsp; 7989183 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3477000 | &nbsp;&nbsp;&nbsp;&nbsp; 3528599 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3508000 | &nbsp;&nbsp;&nbsp;&nbsp; 3591561 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.85% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6458000 | &nbsp;&nbsp;&nbsp;&nbsp; 6753647 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC, 5.05% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7436186 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Electricite de France SA, |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 4/22/2029 | &nbsp;&nbsp;$9878000 | &nbsp;&nbsp;$10241807 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 13791870 |
|  | &nbsp;&nbsp;&nbsp;Enel Finance International NV, |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.625% due 7/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 9219750 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.125% due 7/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8844000 | &nbsp;&nbsp;&nbsp;&nbsp; 8250744 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.50% due 7/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3049000 | &nbsp;&nbsp;&nbsp;&nbsp; 2675132 |
|  | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC, 5.45% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3308000 | &nbsp;&nbsp;&nbsp;&nbsp; 3406214 |
|  | &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC, 3.25% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4727000 | &nbsp;&nbsp;&nbsp;&nbsp; 4613930 |
|  | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.50% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8640000 | &nbsp;&nbsp;&nbsp;&nbsp; 8293709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8774190 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 4.70% due 3/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 4993253 |
|  | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9711000 | &nbsp;&nbsp;&nbsp;&nbsp; 9874145 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp;&nbsp; 6798960 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 13850000 | &nbsp;&nbsp;&nbsp;&nbsp; 14195557 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 982401 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2585000 | &nbsp;&nbsp;&nbsp;&nbsp; 2586396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4735000 | &nbsp;&nbsp;&nbsp;&nbsp; 4685140 |
|  | &nbsp;&nbsp;&nbsp;Interstate Power & Light Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4747000 | &nbsp;&nbsp;&nbsp;&nbsp; 4653674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.60% due 6/29/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6615000 | &nbsp;&nbsp;&nbsp;&nbsp; 6799426 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.95% due 5/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1883000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750569 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12703000 | &nbsp;&nbsp;&nbsp;&nbsp; 12841463 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 5/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14353220 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co., 4.30% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5914000 | &nbsp;&nbsp;&nbsp;&nbsp; 5900043 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Liberty Utilities Co., 5.577% due 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5240000 | &nbsp;&nbsp;&nbsp;&nbsp; 5394370 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9518000 | &nbsp;&nbsp;&nbsp;&nbsp; 8364133 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9234000 | &nbsp;&nbsp;&nbsp;&nbsp; 9097429 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.749% due 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7416000 | &nbsp;&nbsp;&nbsp;&nbsp; 7426827 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.647% due 10/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2965000 | &nbsp;&nbsp;&nbsp;&nbsp; 2965000 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14345000 | &nbsp;&nbsp;&nbsp;&nbsp; 14592882 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.00% due 12/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8347000 | &nbsp;&nbsp;&nbsp;&nbsp; 8215535 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp., Series 2025-2 Class A, 4.90% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4773000 | &nbsp;&nbsp;&nbsp;&nbsp; 4837579 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5798000 | &nbsp;&nbsp;&nbsp;&nbsp; 5920164 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5930000 | &nbsp;&nbsp;&nbsp;&nbsp; 5973348 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 4.90% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4903000 | &nbsp;&nbsp;&nbsp;&nbsp; 4987332 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.379% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2734000 | &nbsp;&nbsp;&nbsp;&nbsp; 2582700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2528940 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9463000 | &nbsp;&nbsp;&nbsp;&nbsp; 9535865 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co., 5.00% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4930000 | &nbsp;&nbsp;&nbsp;&nbsp; 5015733 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co., 5.375% due 3/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4510000 | &nbsp;&nbsp;&nbsp;&nbsp; 4611475 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12511000 | &nbsp;&nbsp;&nbsp;&nbsp; 12384263 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4687000 | &nbsp;&nbsp;&nbsp;&nbsp; 4870683 |
|  | &nbsp;&nbsp;&nbsp;Snam SpA, |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2823240 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.75% due 5/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2605000 | &nbsp;&nbsp;&nbsp;&nbsp; 2659080 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.05% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3024000 | &nbsp;&nbsp;&nbsp;&nbsp; 2867962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4828000 | &nbsp;&nbsp;&nbsp;&nbsp; 4981917 |
|  | &nbsp;&nbsp;&nbsp;Spire, Inc., 5.30% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12844000 | &nbsp;&nbsp;&nbsp;&nbsp; 12888569 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 438772314 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $2,132,198,528) |  | &nbsp;&nbsp;&nbsp;&nbsp;2101274532 |
|  | **Long-Term Municipal Bonds — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series B, 5.50% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5255755 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds (Cost $5,035,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 5255755 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Other Government — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Bermuda Government International Bonds, 2.375% due 8/20/2030 | &nbsp;&nbsp;$6800000 | &nbsp;&nbsp;$6023712 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Saudi Government International Bonds, 5.125% due 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11200000 | &nbsp;&nbsp;&nbsp;&nbsp; 11376624 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $17,981,784) |  | &nbsp;&nbsp;&nbsp;&nbsp; 17400336 |
|  | **U.S. Treasury Securities — 5.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 1/15/2031 - 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;185462309 | &nbsp;&nbsp;&nbsp;&nbsp; 170517094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 30261500 | &nbsp;&nbsp;&nbsp;&nbsp; 30000258 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 48263000 | &nbsp;&nbsp;&nbsp;&nbsp; 44522617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10595000 | &nbsp;&nbsp;&nbsp;&nbsp; 10215898 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10250000 | &nbsp;&nbsp;&nbsp;&nbsp; 10350898 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 5/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5042969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 25718000 | &nbsp;&nbsp;&nbsp;&nbsp; 25762203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25625000 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $309,748,270) |  | &nbsp;&nbsp;&nbsp;&nbsp; 322036937 |
|  | **U.S. Government Agencies — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3.00%, 3/8/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 19285000 | &nbsp;&nbsp;&nbsp;&nbsp; 17662167 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 5.60%, 12/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11450000 | &nbsp;&nbsp;&nbsp;&nbsp; 11431222 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50%, 1/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5872740 |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.06%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148711 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.512%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 645944 |
|  | &nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-20D Class 1, 5.37%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 131407 | &nbsp;&nbsp;&nbsp;&nbsp; 132573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20E Class 1, 4.43%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80049 | &nbsp;&nbsp;&nbsp;&nbsp; 80001 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20K Class 1, 4.09%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 679000 | &nbsp;&nbsp;&nbsp;&nbsp; 676059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20E Class 1, 3.79%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 903556 | &nbsp;&nbsp;&nbsp;&nbsp; 893522 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20F Class 1, 3.67%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 196131 | &nbsp;&nbsp;&nbsp;&nbsp; 193382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20G Class 1, 3.74%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1065145 | &nbsp;&nbsp;&nbsp;&nbsp; 1051241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20I Class 1, 2.85%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2099537 | &nbsp;&nbsp;&nbsp;&nbsp; 2030805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20K Class 1, 2.87%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1645552 | &nbsp;&nbsp;&nbsp;&nbsp; 1588618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20D Class 1, 2.67%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1375729 | &nbsp;&nbsp;&nbsp;&nbsp; 1320946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20J Class 1, 2.18%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1109257 | &nbsp;&nbsp;&nbsp;&nbsp; 1043703 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20K Class 1, 2.09%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 838551 | &nbsp;&nbsp;&nbsp;&nbsp; 791500 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $45,911,634) |  | &nbsp;&nbsp;&nbsp;&nbsp; 45563134 |
|  | **Mortgage Backed — 38.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-F Class A1, 2.86% due 7/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 3599980 | &nbsp;&nbsp;&nbsp;&nbsp; 3493595 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 9776615 | &nbsp;&nbsp;&nbsp;&nbsp; 9461575 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 6540640 | &nbsp;&nbsp;&nbsp;&nbsp; 6219970 |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 5.00% due 1/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 3556270 | &nbsp;&nbsp;&nbsp;&nbsp; 3543900 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 4.75% due 9/26/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 11910998 | &nbsp;&nbsp;&nbsp;&nbsp; 11783899 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A1, 4.65% due 10/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 4212165 | &nbsp;&nbsp;&nbsp;&nbsp; 4165550 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 5.754% (SOFR30A + 1.45%) due 1/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 9429640 | &nbsp;&nbsp;&nbsp;&nbsp; 9429638 |
|  | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2757274 | &nbsp;&nbsp;&nbsp;&nbsp; 2668874 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A3, 4.208% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1442996 | &nbsp;&nbsp;&nbsp;&nbsp; 1397796 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1, 3.347% due 4/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1223020 | &nbsp;&nbsp;&nbsp;&nbsp; 1166939 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3021136 | &nbsp;&nbsp;&nbsp;&nbsp; 2838665 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2, 2.927% due 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6518000 | &nbsp;&nbsp;&nbsp;&nbsp; 5985289 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3, 3.328% due 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3932439 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class M1, 4.277% due 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3189000 | &nbsp;&nbsp;&nbsp;&nbsp; 2763326 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1R Class A1, 1.175% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 6141403 | &nbsp;&nbsp;&nbsp;&nbsp; 5518247 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class M1, 3.65% due 12/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 7338000 | &nbsp;&nbsp;&nbsp;&nbsp; 5513646 |
|  | &nbsp;&nbsp;&nbsp;ATLX Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 3.85% due 4/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 11512401 | &nbsp;&nbsp;&nbsp;&nbsp; 11117746 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 7378319 | &nbsp;&nbsp;&nbsp;&nbsp; 7078316 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.146% due 10/5/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4493623 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | &nbsp;&nbsp;$18721375 | &nbsp;&nbsp;$18351543 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.253% due 2/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3285000 | &nbsp;&nbsp;&nbsp;&nbsp; 3168262 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 14750000 | &nbsp;&nbsp;&nbsp;&nbsp; 15022381 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4180522 |
|  | &nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH1 Class M3, 3.75% due 4/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1476604 | &nbsp;&nbsp;&nbsp;&nbsp; 1355367 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1857073 | &nbsp;&nbsp;&nbsp;&nbsp; 1702314 |
|  | &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.007% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 11252231 | &nbsp;&nbsp;&nbsp;&nbsp; 10614403 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class M1, 4.609% due 3/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 14163000 | &nbsp;&nbsp;&nbsp;&nbsp; 12034769 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 4627770 | &nbsp;&nbsp;&nbsp;&nbsp; 4646268 |
|  | &nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 581324 | &nbsp;&nbsp;&nbsp;&nbsp; 535860 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R1 Class A1, 4.75% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 10949619 | &nbsp;&nbsp;&nbsp;&nbsp; 10859340 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-HYB2 Class B1, 6.379% due 3/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 35834 | &nbsp;&nbsp;&nbsp;&nbsp; 17926 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-A Class A, 4.00% due 1/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 362712 | &nbsp;&nbsp;&nbsp;&nbsp; 353417 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-J1 Class B4, 3.625% due 6/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1489969 | &nbsp;&nbsp;&nbsp;&nbsp; 1196118 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 30626442 | &nbsp;&nbsp;&nbsp;&nbsp; 27124123 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 6575000 | &nbsp;&nbsp;&nbsp;&nbsp; 6917432 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 0.83% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 7203078 | &nbsp;&nbsp;&nbsp;&nbsp; 5815190 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 8876154 | &nbsp;&nbsp;&nbsp;&nbsp; 7557519 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class A1, 1.841% due 10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 1840534 | &nbsp;&nbsp;&nbsp;&nbsp; 1659010 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 9589897 | &nbsp;&nbsp;&nbsp;&nbsp; 9544691 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.265% due 11/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 11046931 | &nbsp;&nbsp;&nbsp;&nbsp; 10041340 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 7895000 | &nbsp;&nbsp;&nbsp;&nbsp; 7212668 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 1919891 | &nbsp;&nbsp;&nbsp;&nbsp; 1799664 |
|  | &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1, 2.739% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 1900992 | &nbsp;&nbsp;&nbsp;&nbsp; 1827087 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.206% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 15566414 | &nbsp;&nbsp;&nbsp;&nbsp; 13517934 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.702% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7065955 | &nbsp;&nbsp;&nbsp;&nbsp; 6782072 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0322, 5.917% (H15T1Y + 2.07%) due 2/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2098336 | &nbsp;&nbsp;&nbsp;&nbsp; 2155336 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 760025, 3.649% (5-Yr. CMT + 1.310%) due 10/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 3017798 | &nbsp;&nbsp;&nbsp;&nbsp; 2913202 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841097, 3.211% (5-Yr. CMT + 1.300%) due 9/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4176558 | &nbsp;&nbsp;&nbsp;&nbsp; 4012351 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841362, 1.709% (2.15% - SOFR30A) due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5689225 | &nbsp;&nbsp;&nbsp;&nbsp; 5269316 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841377, 1.938% (2.24% - SOFR30A) due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5869147 | &nbsp;&nbsp;&nbsp;&nbsp; 5450446 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841463, 2.157% (2.18% - SOFR30A) due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 13346779 | &nbsp;&nbsp;&nbsp;&nbsp; 11968369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 24367349 | &nbsp;&nbsp;&nbsp;&nbsp; 18880152 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SE9046, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 20834355 | &nbsp;&nbsp;&nbsp;&nbsp; 18004138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool WN2382, 4.34% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11295000 | &nbsp;&nbsp;&nbsp;&nbsp; 11309806 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 3195 Class PD, 6.50% due 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 127962 | &nbsp;&nbsp;&nbsp;&nbsp; 131620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 3922 Class PQ, 2.00% due 4/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 44376 | &nbsp;&nbsp;&nbsp;&nbsp; 43379 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class TC, 1.50% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 186482 | &nbsp;&nbsp;&nbsp;&nbsp; 181565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5461 Class PA, 4.50% due 8/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 21525759 | &nbsp;&nbsp;&nbsp;&nbsp; 21088702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5462 Class P, 4.50% due 10/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 13433507 | &nbsp;&nbsp;&nbsp;&nbsp; 13163029 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 13061999 | &nbsp;&nbsp;&nbsp;&nbsp; 12809090 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.705% (SOFR30A + 1.40%) due 2/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 14003965 | &nbsp;&nbsp;&nbsp;&nbsp; 14015683 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 5552 Class PD, 5.00% due 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 24351172 | &nbsp;&nbsp;&nbsp;&nbsp; 24413938 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8741000 | &nbsp;&nbsp;&nbsp;&nbsp; 8940193 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5968000 | &nbsp;&nbsp;&nbsp;&nbsp; 6250451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15306000 | &nbsp;&nbsp;&nbsp;&nbsp; 15835142 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1 Class HA, 3.00% due 1/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 3618911 | &nbsp;&nbsp;&nbsp;&nbsp; 3370237 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 6341060 | &nbsp;&nbsp;&nbsp;&nbsp; 5959363 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class HT, 3.25% due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 6346386 | &nbsp;&nbsp;&nbsp;&nbsp; 5664053 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3815039 | &nbsp;&nbsp;&nbsp;&nbsp; 3560796 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 8253086 | &nbsp;&nbsp;&nbsp;&nbsp; 7811755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class HA, 3.00% due 8/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 9963043 | &nbsp;&nbsp;&nbsp;&nbsp; 9292704 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class MA, 3.50% due 8/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 6213070 | &nbsp;&nbsp;&nbsp;&nbsp; 5967735 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class HA, 3.00% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 8811898 | &nbsp;&nbsp;&nbsp;&nbsp; 8143081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class MA, 3.50% due 7/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 16569005 | &nbsp;&nbsp;&nbsp;&nbsp; 15885676 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class MA, 3.50% due 8/26/2058 | &nbsp;&nbsp;$17666925 | &nbsp;&nbsp;$16818975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class MA, 3.50% due 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 7958965 | &nbsp;&nbsp;&nbsp;&nbsp; 7636128 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class MA, 3.00% due 2/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 13781179 | &nbsp;&nbsp;&nbsp;&nbsp; 12840041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class MA, 2.50% due 8/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2224065 | &nbsp;&nbsp;&nbsp;&nbsp; 2068555 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 16854134 | &nbsp;&nbsp;&nbsp;&nbsp; 15313454 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MA, 2.00% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 9792774 | &nbsp;&nbsp;&nbsp;&nbsp; 8830773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MT, 2.00% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 3295616 | &nbsp;&nbsp;&nbsp;&nbsp; 2551656 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 13705414 | &nbsp;&nbsp;&nbsp;&nbsp; 11634401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 7433504 | &nbsp;&nbsp;&nbsp;&nbsp; 6036425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 6753104 | &nbsp;&nbsp;&nbsp;&nbsp; 5780325 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool D98887, 3.50% due 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 526048 | &nbsp;&nbsp;&nbsp;&nbsp; 517848 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool G16710, 3.00% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 154132 | &nbsp;&nbsp;&nbsp;&nbsp; 150732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RA6808, 3.00% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 10289290 | &nbsp;&nbsp;&nbsp;&nbsp; 8950570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RA7021, 2.50% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 20813928 | &nbsp;&nbsp;&nbsp;&nbsp; 17297349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RA7373, 3.00% due 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5113307 | &nbsp;&nbsp;&nbsp;&nbsp; 4450573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD1374, 3.00% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 13410853 | &nbsp;&nbsp;&nbsp;&nbsp; 11609198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD1852, 2.50% due 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 40613291 | &nbsp;&nbsp;&nbsp;&nbsp; 33734892 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 84546243 | &nbsp;&nbsp;&nbsp;&nbsp; 70261887 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD5171, 2.50% due 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 15043254 | &nbsp;&nbsp;&nbsp;&nbsp; 12501649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD5345, 2.50% due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 20932646 | &nbsp;&nbsp;&nbsp;&nbsp; 17524304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD6509, 6.00% due 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 16729255 | &nbsp;&nbsp;&nbsp;&nbsp; 17041294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 24287740 | &nbsp;&nbsp;&nbsp;&nbsp; 19353248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8189, 2.50% due 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 12794445 | &nbsp;&nbsp;&nbsp;&nbsp; 10650632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 11061155 | &nbsp;&nbsp;&nbsp;&nbsp; 9582566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8367, 5.50% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5967049 | &nbsp;&nbsp;&nbsp;&nbsp; 5980019 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 832472 | &nbsp;&nbsp;&nbsp;&nbsp; 736068 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 7719662 | &nbsp;&nbsp;&nbsp;&nbsp; 6666882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 451274 | &nbsp;&nbsp;&nbsp;&nbsp; 396706 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BH4523, 2.045% (5-Yr. CMT + 1.150%) due 4/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4511651 | &nbsp;&nbsp;&nbsp;&nbsp; 4318692 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 2.937% (5-Yr. CMT + 1.150%) due 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 8721776 | &nbsp;&nbsp;&nbsp;&nbsp; 8369862 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6929, 1.925% (2.13% - SOFR30A) due 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3999277 | &nbsp;&nbsp;&nbsp;&nbsp; 3750340 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM7067, 2.50% due 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3115836 | &nbsp;&nbsp;&nbsp;&nbsp; 2549425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM7629, 1.50% due 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 11770792 | &nbsp;&nbsp;&nbsp;&nbsp; 10389087 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BO9998, 2.735% (H15T1Y + 2.03%) due 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3427227 | &nbsp;&nbsp;&nbsp;&nbsp; 3372954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056 3.85% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8922000 | &nbsp;&nbsp;&nbsp;&nbsp; 8521206 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BU9934, 1.838% (2.37% - SOFR30A) due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 8242999 | &nbsp;&nbsp;&nbsp;&nbsp; 7344308 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3061, 5.26% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18830000 | &nbsp;&nbsp;&nbsp;&nbsp; 19356451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3689, 4.82% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 22990000 | &nbsp;&nbsp;&nbsp;&nbsp; 23313261 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3998, 4.88% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11823000 | &nbsp;&nbsp;&nbsp;&nbsp; 12003735 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.528% (2.20% - SOFR30A) due 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4587502 | &nbsp;&nbsp;&nbsp;&nbsp; 4262526 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2009-17 Class AH, 0.493% due 3/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 282730 | &nbsp;&nbsp;&nbsp;&nbsp; 227521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-129 Class LA, 3.50% due 12/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1048021 | &nbsp;&nbsp;&nbsp;&nbsp; 980428 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-81 Class FW, 4.72% (SOFR30A + 0.41%) due 1/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2467841 | &nbsp;&nbsp;&nbsp;&nbsp; 2427684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10205634 | &nbsp;&nbsp;&nbsp;&nbsp; 10407064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 14745662 | &nbsp;&nbsp;&nbsp;&nbsp; 14516133 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17771575 | &nbsp;&nbsp;&nbsp;&nbsp; 17289280 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AE0704, 4.00% due 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 63063 | &nbsp;&nbsp;&nbsp;&nbsp; 62764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AS9749, 4.00% due 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 7350 | &nbsp;&nbsp;&nbsp;&nbsp; 6955 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM4324, 3.50% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1529658 | &nbsp;&nbsp;&nbsp;&nbsp; 1500853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BP9550, 2.50% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6022 | &nbsp;&nbsp;&nbsp;&nbsp; 5679 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BP9589, 2.50% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 492178 | &nbsp;&nbsp;&nbsp;&nbsp; 464161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 36976875 | &nbsp;&nbsp;&nbsp;&nbsp; 30729514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 27879031 | &nbsp;&nbsp;&nbsp;&nbsp; 24130043 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB3050, 2.50% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 17947629 | &nbsp;&nbsp;&nbsp;&nbsp; 14915320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS5447, 2.50% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 38698782 | &nbsp;&nbsp;&nbsp;&nbsp; 32286408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 17471232 | &nbsp;&nbsp;&nbsp;&nbsp; 14519412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;113543899 | &nbsp;&nbsp;&nbsp;&nbsp; 98405588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6212, 1.50% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1757076 | &nbsp;&nbsp;&nbsp;&nbsp; 1655147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7577, 2.50% due 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 21131900 | &nbsp;&nbsp;&nbsp;&nbsp; 17561598 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7757, 2.50% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 18459070 | &nbsp;&nbsp;&nbsp;&nbsp; 15338323 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | &nbsp;&nbsp;$14965927 | &nbsp;&nbsp;$12420719 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA3465, 4.00% due 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2543423 | &nbsp;&nbsp;&nbsp;&nbsp; 2489939 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4390, 2.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 815965 | &nbsp;&nbsp;&nbsp;&nbsp; 778098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5138, 5.50% due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4232890 | &nbsp;&nbsp;&nbsp;&nbsp; 4241447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5139, 6.00% due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3491984 | &nbsp;&nbsp;&nbsp;&nbsp; 3555707 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1017596 | &nbsp;&nbsp;&nbsp;&nbsp; 943603 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM3 Class A1, 3.686% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2357993 | &nbsp;&nbsp;&nbsp;&nbsp; 2292244 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 6012220 | &nbsp;&nbsp;&nbsp;&nbsp; 5711530 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 13095975 | &nbsp;&nbsp;&nbsp;&nbsp; 12139957 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 10356251 | &nbsp;&nbsp;&nbsp;&nbsp; 8616841 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 22939519 | &nbsp;&nbsp;&nbsp;&nbsp; 21338639 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, Series 2025-110 Class L, 1.00% due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 14702000 | &nbsp;&nbsp;&nbsp;&nbsp; 13061962 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 14592597 | &nbsp;&nbsp;&nbsp;&nbsp; 12921798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 63342152 | &nbsp;&nbsp;&nbsp;&nbsp; 56060383 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 5.446% (TSFR1M + 1.13%) due 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 6169465 | &nbsp;&nbsp;&nbsp;&nbsp; 6165611 |
|  | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ2 Class B3, 3.639% due 7/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4857130 | &nbsp;&nbsp;&nbsp;&nbsp; 4205128 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 9009833 | &nbsp;&nbsp;&nbsp;&nbsp; 9034721 |
|  | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3242914 | &nbsp;&nbsp;&nbsp;&nbsp; 3221449 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 4580783 | &nbsp;&nbsp;&nbsp;&nbsp; 4459916 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 3732742 | &nbsp;&nbsp;&nbsp;&nbsp; 3627325 |
|  | &nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 14940379 | &nbsp;&nbsp;&nbsp;&nbsp; 15495411 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 3841752 | &nbsp;&nbsp;&nbsp;&nbsp; 3859477 |
|  | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 A Class A1, 5.082% due 7/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 4599823 | &nbsp;&nbsp;&nbsp;&nbsp; 4572592 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9721514 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 5405282 |
|  | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 13470703 | &nbsp;&nbsp;&nbsp;&nbsp; 11487774 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 17700047 | &nbsp;&nbsp;&nbsp;&nbsp; 15152644 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.493% due 2/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 29754778 | &nbsp;&nbsp;&nbsp;&nbsp; 27050254 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 3.638% due 3/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 18770327 | &nbsp;&nbsp;&nbsp;&nbsp; 17415680 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 22606671 | &nbsp;&nbsp;&nbsp;&nbsp; 22991893 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR3 Class B4, 6.487% due 9/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1772424 | &nbsp;&nbsp;&nbsp;&nbsp; 1777932 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class B2, 3.701% due 9/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2173983 | &nbsp;&nbsp;&nbsp;&nbsp; 1952988 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class B2, 3.897% due 12/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 890824 | &nbsp;&nbsp;&nbsp;&nbsp; 810335 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5 Class B3, 4.45% due 11/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 7305819 | &nbsp;&nbsp;&nbsp;&nbsp; 6824697 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HYB1 Class B3, 4.97% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 5155933 | &nbsp;&nbsp;&nbsp;&nbsp; 5126676 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV2 Class B3A, 3.71% due 2/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 8654249 | &nbsp;&nbsp;&nbsp;&nbsp; 7638844 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 30383049 | &nbsp;&nbsp;&nbsp;&nbsp; 24949365 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 11482603 | &nbsp;&nbsp;&nbsp;&nbsp; 10053188 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class A6A, 2.50% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 24756800 | &nbsp;&nbsp;&nbsp;&nbsp; 22777033 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 7292304 | &nbsp;&nbsp;&nbsp;&nbsp; 7104276 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CCM1 Class A4, 5.50% due 6/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 15061879 | &nbsp;&nbsp;&nbsp;&nbsp; 15150088 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3740000 | &nbsp;&nbsp;&nbsp;&nbsp; 3758495 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3697000 | &nbsp;&nbsp;&nbsp;&nbsp; 3496089 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.254% due 8/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 74320 | &nbsp;&nbsp;&nbsp;&nbsp; 69840 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 639521 | &nbsp;&nbsp;&nbsp;&nbsp; 628626 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A1, 1.014% due 1/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 1744062 | &nbsp;&nbsp;&nbsp;&nbsp; 1636611 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AEI1 Class A4, 2.50% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 14443594 | &nbsp;&nbsp;&nbsp;&nbsp; 12431047 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1488577 | &nbsp;&nbsp;&nbsp;&nbsp; 1394902 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 18184932 | &nbsp;&nbsp;&nbsp;&nbsp; 15804475 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 15385219 | &nbsp;&nbsp;&nbsp;&nbsp; 15097470 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 4995000 | &nbsp;&nbsp;&nbsp;&nbsp; 4278000 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A3, 4.20% due 12/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 13129000 | &nbsp;&nbsp;&nbsp;&nbsp; 11163117 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 5037677 | &nbsp;&nbsp;&nbsp;&nbsp; 4899602 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 9086367 | &nbsp;&nbsp;&nbsp;&nbsp; 8700368 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 11241199 | &nbsp;&nbsp;&nbsp;&nbsp; 11201893 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 7802621 | &nbsp;&nbsp;&nbsp;&nbsp; 7333134 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 260359 | &nbsp;&nbsp;&nbsp;&nbsp; 258677 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | &nbsp;&nbsp;$7814313 | &nbsp;&nbsp;$8204965 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 4.00% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 13982891 | &nbsp;&nbsp;&nbsp;&nbsp; 13522720 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A Class A3, 4.00% due 3/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2164262 | &nbsp;&nbsp;&nbsp;&nbsp; 2091832 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A Class A1, 4.00% due 4/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2633671 | &nbsp;&nbsp;&nbsp;&nbsp; 2542080 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1, 4.00% due 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2943081 | &nbsp;&nbsp;&nbsp;&nbsp; 2825439 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1, 5.934% (TSFR1M + 1.61%) due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 188305 | &nbsp;&nbsp;&nbsp;&nbsp; 190849 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A Class A1, 4.00% due 8/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1266862 | &nbsp;&nbsp;&nbsp;&nbsp; 1229917 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A, 4.00% due 12/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1542672 | &nbsp;&nbsp;&nbsp;&nbsp; 1504190 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A Class A1, 4.50% due 2/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2537712 | &nbsp;&nbsp;&nbsp;&nbsp; 2503741 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1590496 | &nbsp;&nbsp;&nbsp;&nbsp; 1540511 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 33891747 | &nbsp;&nbsp;&nbsp;&nbsp; 30798136 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 22750547 | &nbsp;&nbsp;&nbsp;&nbsp; 21559788 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 7658314 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200290 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 8675000 | &nbsp;&nbsp;&nbsp;&nbsp; 8767960 |
|  | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 22247102 | &nbsp;&nbsp;&nbsp;&nbsp; 18798858 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 3621132 | &nbsp;&nbsp;&nbsp;&nbsp; 3643247 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 18455652 | &nbsp;&nbsp;&nbsp;&nbsp; 16775141 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 3175550 | &nbsp;&nbsp;&nbsp;&nbsp; 3060763 |
|  | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 24444719 | &nbsp;&nbsp;&nbsp;&nbsp; 20550679 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC2 Class A1, 2.071% due 11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 14161566 | &nbsp;&nbsp;&nbsp;&nbsp; 12387885 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 10061721 | &nbsp;&nbsp;&nbsp;&nbsp; 10188295 |
|  | &nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.50% due 5/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 12654003 | &nbsp;&nbsp;&nbsp;&nbsp; 12219834 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL3 Class A1, 3.25% due 4/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 14424200 | &nbsp;&nbsp;&nbsp;&nbsp; 13799698 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4 Class A1, 3.00% due 5/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 11439228 | &nbsp;&nbsp;&nbsp;&nbsp; 10693702 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 26660280 | &nbsp;&nbsp;&nbsp;&nbsp; 26516368 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 8403497 | &nbsp;&nbsp;&nbsp;&nbsp; 8415348 |
|  | &nbsp;&nbsp;&nbsp;RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 158343 | &nbsp;&nbsp;&nbsp;&nbsp; 157901 |
|  | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class A9, 2.50% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 43523726 | &nbsp;&nbsp;&nbsp;&nbsp; 38241924 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J4 Class A5, 5.50% due 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 17719140 | &nbsp;&nbsp;&nbsp;&nbsp; 17785341 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.473% due 2/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2922428 | &nbsp;&nbsp;&nbsp;&nbsp; 2591766 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7868883 |
|  | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1C, 2.75% due 9/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12732614 | &nbsp;&nbsp;&nbsp;&nbsp; 12103092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1C, 2.75% due 11/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2040708 | &nbsp;&nbsp;&nbsp;&nbsp; 1937432 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1C, 2.00% due 9/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18228353 | &nbsp;&nbsp;&nbsp;&nbsp; 16742608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1D, 1.75% due 9/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 24507601 | &nbsp;&nbsp;&nbsp;&nbsp; 22359539 |
|  | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class B4, 3.526% due 5/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 716584 | &nbsp;&nbsp;&nbsp;&nbsp; 546652 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7 Class B4, 3.503% due 6/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 408200 | &nbsp;&nbsp;&nbsp;&nbsp; 311488 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 6.00% due 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3442520 | &nbsp;&nbsp;&nbsp;&nbsp; 3472517 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.576% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 10872000 | &nbsp;&nbsp;&nbsp;&nbsp; 10800877 |
|  | &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.703% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 25532 | &nbsp;&nbsp;&nbsp;&nbsp; 25385 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A3, 3.082% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 44369 | &nbsp;&nbsp;&nbsp;&nbsp; 44106 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1, 1.381% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 6628076 | &nbsp;&nbsp;&nbsp;&nbsp; 6050734 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A2, 1.587% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 1292963 | &nbsp;&nbsp;&nbsp;&nbsp; 1183539 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 1.895% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 441432 | &nbsp;&nbsp;&nbsp;&nbsp; 407310 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1, 1.737% due 12/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 12811828 | &nbsp;&nbsp;&nbsp;&nbsp; 10448430 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 697445 | &nbsp;&nbsp;&nbsp;&nbsp; 664664 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.90% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5879298 | &nbsp;&nbsp;&nbsp;&nbsp; 5864608 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 13752000 | &nbsp;&nbsp;&nbsp;&nbsp; 12052362 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 19355715 | &nbsp;&nbsp;&nbsp;&nbsp; 16027948 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 5.988% due 3/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 234209 | &nbsp;&nbsp;&nbsp;&nbsp; 233475 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1, 3.00% due 1/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 109020 | &nbsp;&nbsp;&nbsp;&nbsp; 107552 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 5043374 | &nbsp;&nbsp;&nbsp;&nbsp; 4972767 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A1A, 3.75% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2824541 | &nbsp;&nbsp;&nbsp;&nbsp; 2795466 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 17821582 | &nbsp;&nbsp;&nbsp;&nbsp; 16198567 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | &nbsp;&nbsp;$19366386 | &nbsp;&nbsp;$18817035 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2021-R1 Class A1, 0.82% due 10/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 2653126 | &nbsp;&nbsp;&nbsp;&nbsp; 2484342 |
|  | &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3, 3.201% due 3/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 4515150 | &nbsp;&nbsp;&nbsp;&nbsp; 4447858 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1, 1.475% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 5147940 | &nbsp;&nbsp;&nbsp;&nbsp; 4873476 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4062802 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.828% due 3/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 843459 | &nbsp;&nbsp;&nbsp;&nbsp; 779228 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $2,391,365,723) |  | &nbsp;&nbsp;&nbsp;&nbsp;2331209963 |
|  | **Short-Term Investments — 6.5%** |  |  |
| **<sup>h</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39354543 | &nbsp;&nbsp;&nbsp;&nbsp; 393545429 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $393,545,429) |  | &nbsp;&nbsp;&nbsp;&nbsp; 393545429 |
|  | **Total Investments — 100.2% (Cost $6,212,889,214)** |  | &nbsp;&nbsp;$6114914613 |
|  | **Liabilities Net of Other Assets — (0.2)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10744673) |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$6104169940 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee. |
| 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 $3,218,679,009, representing 52.73% of the Fund's net assets. |
| d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| e | Bond in default. |
| f | Non-income producing. |
| g | When-issued security. |
| h | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DAC | Designated Activity Company |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
| ISD | Independent School District |
| Mtg | Mortgage |

---

---

| | |
|:---|:---|
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| SOFRINDX | Secured Overnight Financing Rate Index |
| TSFR1M | Term SOFR 1 Month |
| TSFR3M | Term SOFR 3 Month |
| UMBS | Uniform Mortgage-Backed Securities |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Limited Term Income 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 eight classes of shares of beneficial interest: Class A, Class C, Class C2, Institutional Class ("Class I"), and Retirement Classes ("Class R3", "Class R4", "Class R5", and "Class R6").

#### NOTE 2 – SECURITY VALUATION
Valuation of the Fund's portfolio investment securities is performed 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> Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment's value in accordance with the first sentence of this paragraph will be the close of that investment's primary exchange preceding the Fund's valuation time.

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

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.

#### NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund's holding represented 5% or more of the company's voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/24** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 6/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $521539993 | &nbsp;&nbsp;$1554387388 | &nbsp;&nbsp;$(1682381952) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$393545429 | &nbsp;&nbsp;$15811833 |

---

## 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 Limited Term Income Fund

- **b. EDGAR series identifier (if any):** S000011845

- **c. LEI of Series:** 549300TTKQL3842TC885

**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:** $6139906886.98

**Total Liabilities:** $35798139.96

**Net Assets:** $6104108747.02

**Delayed Delivery Securities:** $4986700.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -15978.56000000 | **1-Year:** -212523.64000000 | **5-Year:** -457619.63000000 | **10-Year:** -330448.86000000 | **30-Year:** -82329.34000000

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

- **3-Month:** -4048.89000000 | **1-Year:** -40092.07000000 | **5-Year:** -70040.79000000 | **10-Year:** -47747.94000000 | **30-Year:** -12709.18000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000113848 | 0.43%                | -0.04%               | 1.12%                |
| Class ID C000042668 | 0.39%                | -0.08%               | 1.07%                |
| Class ID C000032358 | 0.39%                | -0.08%               | 1.07%                |
| Class ID C000136849 | 0.39%                | 0.00%                | 1.00%                |
| Class ID C000177478 | 0.43%                | 0.05%                | 1.04%                |
| Class ID C000032359 | 0.43%                | 0.04%                | 1.04%                |
| Class ID C000032357 | 0.41%                | -0.06%               | 1.09%                |
| Class ID C000222325 | 0.37%                | -0.10%               | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $911225.72               | $3462745.32                                |
| Month 2  | $3648543.08              | $-23453782.14                              |
| Month 3  | $1042852.43              | $42894046.77                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prosper Marketplace Issuance Trust                      | Prosper Marketplace Issuance Trust Series 2023-1                                | CUSIP: 74390NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240266 | PA      | $240650.40    | 0.00%             | 2029-07-16      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| EL PASO NATURAL GAS                                     | El Paso Natural Gas Co LLC                                                      | CUSIP: 283695BQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4068000 | PA      | $3659084.64   | 0.06%             | 2032-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-RPL2 LLC                                                              | CUSIP: 69381DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12654003 | PA      | $12219834.47  | 0.20%             | 2054-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                                   | Whistler Pipeline LLC                                                           | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |   6985000 | PA      | $7070286.85   | 0.12%             | 2029-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                                 | Jersey Central Power & Light Co                                                 | CUSIP: 476556DC6<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |   5914000 | PA      | $5900042.96   | 0.10%             | 2026-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                                  | Skyworks Solutions Inc                                                          | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |   6434000 | PA      | $6255842.54   | 0.10%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2018-INV1                                                             | CUSIP: 12553XAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    581324 | PA      | $535859.64    | 0.01%             | 2048-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133SKBP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  20834355 | PA      | $18004137.91  | 0.29%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes                  | Greystone CRE Notes 2021-FL3 Ltd                                                | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6169465 | PA      | $6165610.55   | 0.10%             | 2039-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                      | Prosper Marketplace Issuance Trust Series 2024-1                                | CUSIP: 74363CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    888383 | PA      | $889516.93    | 0.01%             | 2029-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                           | Citigroup Inc                                                                   | CUSIP: 172967KN0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2406279.00   | 0.04%             | 2026-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                        | SoFi Consumer Loan Program 2025-2 Trust                                         | CUSIP: 83407HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3505023.73   | 0.06%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                 | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4435946 | PA      | $4546209.04   | 0.07%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Radian Mortgage Capital Trust                           | Radian Mortgage Capital Trust 2024-J2                                           | CUSIP: 75023WAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8403497 | PA      | $8415348.22   | 0.14%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                      | RGA Global Funding                                                              | CUSIP: 76209PAB9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   4515000 | PA      | $4240217.10   | 0.07%             | 2029-01-18      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QNL83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  17947629 | PA      | $14915320.31  | 0.24%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLORADO INT GAS CO/ISS                                 | Colorado Interstate Gas Co LLC / Colorado Interstate Issuing Corp               | CUSIP: 196500AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9092000 | PA      | $9036538.80   | 0.15%             | 2026-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140GTAZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4511651 | PA      | $4318691.55   | 0.07%             | 2047-04-01      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2014-A                                            | CUSIP: 17322GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    362712 | PA      | $353417.49    | 0.01%             | 2035-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2586395.90   | 0.04%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 31396UCL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    127962 | PA      | $131620.22    | 0.00%             | 2036-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                               | Qorvo Inc                                                                       | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |  14210000 | PA      | $12814009.60  | 0.21%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2023-2                                                   | CUSIP: 57109LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    716675 | PA      | $718094.21    | 0.01%             | 2033-06-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CUB7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    196131 | PA      | $193382.04    | 0.00%             | 2031-06-01      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2021-A                                                       | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5704312 | PA      | $5244901.52   | 0.09%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CSX2<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    679000 | PA      | $676058.91    | 0.01%             | 2029-11-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2653126 | PA      | $2484342.16   | 0.04%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2021-5                                      | CUSIP: 85573QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19355715 | PA      | $16027948.22  | 0.26%             | 2066-09-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5912000 | PA      | $5954566.40   | 0.10%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAA0<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014160.00   | 0.03%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2025-CCM1                                              | CUSIP: 46593MAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15061879 | PA      | $15150087.81  | 0.25%             | 2055-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                   | Westlake Automobile Receivables Trust 2022-2                                    | CUSIP: 96042VAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9520000 | PA      | $9540361.66   | 0.16%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | Reach ABS Trust 2025-1                                                          | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10579798 | PA      | $10565909.13  | 0.17%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2019-HYB1                                              | CUSIP: 46651FAT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5155933 | PA      | $5126675.78   | 0.08%             | 2049-10-25      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140K6DC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3427227 | PA      | $3372953.52   | 0.06%             | 2048-03-01      | Floating      | 2.74%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                       | Entergy Texas Inc                                                               | CUSIP: 29365TAL8<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |   8640000 | PA      | $8293708.80   | 0.14%             | 2026-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-4                                      | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2943081 | PA      | $2825439.13   | 0.05%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-2                   | CUSIP: 35563PX46<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6753104 | PA      | $5780324.59   | 0.09%             | 2064-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  48263000 | PA      | $44522617.50  | 0.73%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  1 | On Loan: No      |
| CPT MORTGAGE TRUST                                      | Century Plaza Towers 2019-CPT                                                   | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4600000 | PA      | $4180521.95   | 0.07%             | 2039-11-13      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                          | ACM Auto Trust 2024-1                                                           | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7419290 | PA      | $7555567.27   | 0.12%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2021-2                                                 | CUSIP: 35042PAA8<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |   5638569 | PA      | $5341289.80   | 0.09%             | 2042-01-15      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6179796 | PA      | $6178587.29   | 0.10%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM4                                          | CUSIP: 45276JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17700047 | PA      | $15152643.70  | 0.25%             | 2057-01-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XMBR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  38698782 | PA      | $32286407.64  | 0.53%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |   7950000 | PA      | $8169964.58   | 0.13%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   6885000 | PA      | $6969892.05   | 0.11%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                | Brex Commercial Charge Card Master Trust                                        | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8627000 | PA      | $8688463.23   | 0.14%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                            | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11392933 | PA      | $11411943.15  | 0.19%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1                   | CUSIP: 35563PDU0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3815039 | PA      | $3560796.29   | 0.06%             | 2057-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                                         | FREED ABS Trust 2022-1FP                                                        | CUSIP: 35633KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    626069 | PA      | $622182.37    | 0.01%             | 2029-03-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                     | Quanta Services Inc                                                             | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3529575.00   | 0.06%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2020-2                                            | CUSIP: 81882JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    441432 | PA      | $407310.30    | 0.01%             | 2065-05-25      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Trust 2020-1                | Bunker Hill Loan Depositary Trust 2020-1                                        | CUSIP: 12062RAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3285000 | PA      | $3168262.10   | 0.05%             | 2055-02-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                        | Enstar Group Ltd                                                                | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |   7139000 | PA      | $6346927.95   | 0.10%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                          | PSEG Power LLC                                                                  | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5798000 | PA      | $5920163.86   | 0.10%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KNYS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  20813928 | PA      | $17297348.62  | 0.28%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                                 | Laboratory Corp of America Holdings                                             | CUSIP: 50540RBA9<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |  10406000 | PA      | $10250846.54  | 0.17%             | 2032-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CALAMOS STRATEGIC TOTAL RETURN                          | CALAMOS STRATEGIC TOTAL RETURN                                                  | CUSIP: 000000000<br>LEI: 54930048NQ2YBS3TXW78 | Long             | EP               | CORP              | US        |    370000 | NS      | $9283300.00   | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| ATLX Trust                                              | ATLX 2024-RPL1 Trust                                                            | CUSIP: 049915AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11512401 | PA      | $11117746.39  | 0.18%             | 2064-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2022440.00   | 0.03%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                                | First American Financial Corp                                                   | CUSIP: 31847RAG7<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |   4316000 | PA      | $4137533.40   | 0.07%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2019-1                                                  | CUSIP: 61946CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    806236 | PA      | $764945.40    | 0.01%             | 2043-12-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2757274 | PA      | $2668874.41   | 0.04%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31419AYA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63063 | PA      | $62763.98     | 0.00%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2023-3                                                   | CUSIP: 816943BF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3442520 | PA      | $3472517.09   | 0.06%             | 2053-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                      | Seasoned Loans Structured Transaction Trust Series 2020-2                       | CUSIP: 35564CGQ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  18228353 | PA      | $16742607.72  | 0.27%             | 2030-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   4275000 | PA      | $4210062.75   | 0.07%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                                          | AMCR ABS TRUST 2024-A                                                           | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4422896 | PA      | $4440126.76   | 0.07%             | 2031-08-18      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                          | Becle SAB de CV                                                                 | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |  28038000 | PA      | $23179294.98  | 0.38%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                               | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22                     | CUSIP: 61690FAM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260359 | PA      | $258676.58    | 0.00%             | 2048-04-15      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30261500 | PA      | $30000258.22  | 0.49%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| NBN CO LTD                                              | NBN Co Ltd                                                                      | CUSIP: 62878U2A9<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |  20000000 | PA      | $19512000.00  | 0.32%             | 2026-05-05      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                      | Realty Income Corp                                                              | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |   6146000 | PA      | $6144524.96   | 0.10%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                              | SKY Trust 2025-LINE                                                             | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5879298 | PA      | $5864608.41   | 0.10%             | 2042-04-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust                      | Lobel Automobile Receivables Trust 2023-2                                       | CUSIP: 53949FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2123073 | PA      | $2126506.21   | 0.03%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                | Willis North America Inc                                                        | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |   4541000 | PA      | $4569154.20   | 0.07%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2017-B                                         | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |    190669 | PA      | $190246.02    | 0.00%             | 2035-10-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Trust 2023-BRK2                                                             | CUSIP: 05610WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4250000 | PA      | $4493623.13   | 0.07%             | 2038-10-05      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1857073 | PA      | $1702313.84   | 0.03%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   4704000 | PA      | $4745677.44   | 0.08%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                               | CUSIP: 115236AG6<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   4176000 | PA      | $4287165.12   | 0.07%             | 2034-06-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HAMP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5968000 | PA      | $6250450.76   | 0.10%             | 2031-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                                      | CNO Global Funding                                                              | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   9414000 | PA      | $9084227.58   | 0.15%             | 2026-10-07      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                 | Entergy Mississippi LLC                                                         | CUSIP: 29364NAU2<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |   4727000 | PA      | $4613930.16   | 0.08%             | 2027-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              |  | US        |   6480000 | PA      | $6486771.60   | 0.11%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                                | Horace Mann Educators Corp                                                      | CUSIP: 440327AK0<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |   6533000 | PA      | $6521044.61   | 0.11%             | 2025-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                                | Brookfield Asset Management Ltd                                                 | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |   5250000 | PA      | $5389597.50   | 0.09%             | 2035-04-24      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                                  | Reliance Standard Life Global Funding II                                        | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17412000 | PA      | $17445431.04  | 0.29%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                      | Southwest Gas Corp                                                              | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |   3024000 | PA      | $2867961.60   | 0.05%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                                | Main Street Capital Corp                                                        | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3068160.00   | 0.05%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3788000 | PA      | $3843569.96   | 0.06%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8423316 | PA      | $8250758.88   | 0.14%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2014-J1                                           | CUSIP: 17322NAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1489969 | PA      | $1196117.90   | 0.02%             | 2044-06-25      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25718000 | PA      | $25762202.81  | 0.42%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                 | Public Service Co of Oklahoma                                                   | CUSIP: 744533BS8<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |   5930000 | PA      | $5973348.30   | 0.10%             | 2036-01-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2022-1                                        | CUSIP: 43789KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4599823 | PA      | $4572592.15   | 0.07%             | 2067-07-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| GEN LUX SARL/GEN USA INC                                | Genpact Luxembourg SARL/Genpact USA Inc                                         | CUSIP: 37190AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   5335000 | PA      | $5205412.85   | 0.09%             | 2026-04-10      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4                          | CUSIP: 35563PDD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6346386 | PA      | $5664052.78   | 0.09%             | 2057-06-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                                    | Hercules Capital Inc                                                            | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |  14120000 | PA      | $13679456.00  | 0.22%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3                   | CUSIP: 35563PSC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9792774 | PA      | $8830772.66   | 0.14%             | 2060-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GABELLI DVD & INC TR                                    | Gabelli Dividend & Income Trust/The                                             | CUSIP: 36242H872<br>LEI: 549300082N1MHBT8NI60 | Long             | EP               | CORP              | US        |      1162 | NS      | $27888000.00  | 0.46%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   6500000 | PA      | $6591325.00   | 0.11%             | 2027-08-14      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| AVNET INC                                               | Avnet Inc                                                                       | CUSIP: 053807AW3<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |   3938000 | PA      | $4091739.52   | 0.07%             | 2028-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                      | RGA Global Funding                                                              | CUSIP: 76209PAE3<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6194760.00   | 0.10%             | 2029-05-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                                | Federal Farm Credit Banks Funding Corp                                          | CUSIP: 3133ENQQ6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |  19285000 | PA      | $17662167.25  | 0.29%             | 2032-03-08      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                 | Freddie Mac Whole Loan Securities Trust                                         | CUSIP: 3137G1BK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7719662 | PA      | $6666881.92   | 0.11%             | 2046-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-E                                         | CUSIP: 78450MAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12770018 | PA      | $12634886.15  | 0.21%             | 2051-02-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                                | Evergy Missouri West Inc                                                        | CUSIP: 30037EAB9<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |   6650000 | PA      | $6798960.00   | 0.11%             | 2034-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                                   | One Bryant Park Trust 2019-OBP                                                  | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18455652 | PA      | $16775141.23  | 0.27%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UDF3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   8076000 | PA      | $7989183.00   | 0.13%             | 2027-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10250000 | PA      | $10350898.44  | 0.17%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CUG6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   2099536 | PA      | $2030805.01   | 0.03%             | 2031-09-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                 | Freddie Mac Whole Loan Securities Trust 2017-SC02                               | CUSIP: 3137G1BV8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    451274 | PA      | $396706.18    | 0.01%             | 2047-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2020-ST5                                      | CUSIP: 91679XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198700 | PA      | $196989.21    | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2042359 | PA      | $2033881.08   | 0.03%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J2                                           | CUSIP: 17329MCL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30626442 | PA      | $27124122.98  | 0.44%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                            | Hudson Yards 2019-55HY Mortgage Trust                                           | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5870000 | PA      | $5405281.79   | 0.09%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAF4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   6800000 | PA      | $6358068.00   | 0.10%             | 2028-03-08      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPTP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  18459070 | PA      | $15338323.34  | 0.25%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                            | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1149355 | PA      | $1151985.01   | 0.02%             | 2028-03-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                            | Illumina Inc                                                                    | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |   2634000 | PA      | $2637055.44   | 0.04%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TMS ISSUER SARL                                         | TMS Issuer Sarl                                                                 | CUSIP: 87266GAA8<br>LEI: 21380092DY1X4BHPMA32 | Long             | DBT              | CORP              | LU        |  10700000 | PA      | $11045289.00  | 0.18%             | 2032-08-23      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1476604 | PA      | $1355367.25   | 0.02%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                              | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |  16912000 | PA      | $16438294.88  | 0.27%             | 2026-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM4                                          | CUSIP: 45276NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22606671 | PA      | $22991892.71  | 0.38%             | 2067-06-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| BLOCK FINANCIAL LLC                                     | Block Financial LLC                                                             | CUSIP: 093662AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10392000 | PA      | $9795603.12   | 0.16%             | 2028-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31342WA27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3017798 | PA      | $2913202.14   | 0.05%             | 2047-10-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2023-5                                                     | CUSIP: 69546PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13888646 | PA      | $13979291.77  | 0.23%             | 2031-04-15      | Fixed         | 9.10%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LLC                         | Stack Infrastructure Issuer LLC                                                 | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7322798.25   | 0.12%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                          | Crockett Partners Equipment Co IIA LLC                                          | CUSIP: 22689LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6820000 | PA      | $6892645.11   | 0.11%             | 2031-01-20      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                   | TRK 2022-INV2 Trust                                                             | CUSIP: 87265XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19366386 | PA      | $18817035.14  | 0.31%             | 2057-06-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3044910.00   | 0.05%             | 2030-03-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                | CUSIP: 36321PAD2<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |  18539322 | PA      | $16428249.85  | 0.27%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |  14980000 | PA      | $15323191.80  | 0.25%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                             | CUSIP: 03027XCN8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   6250000 | PA      | $6341312.50   | 0.10%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                 | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   6162000 | PA      | $5910035.82   | 0.10%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                           | AEP Texas Inc                                                                   | CUSIP: 00108WAR1<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |   4350000 | PA      | $4417729.50   | 0.07%             | 2033-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL                                  | Mutual of Omaha Cos Global Funding                                              | CUSIP: 62829D2B5<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |   7740000 | PA      | $7951147.20   | 0.13%             | 2028-12-12      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                | Florida Gas Transmission Co LLC                                                 | CUSIP: 340711BA7<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |   2934000 | PA      | $2539611.72   | 0.04%             | 2031-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-RPL1                        | CUSIP: 61776YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13982891 | PA      | $13522720.11  | 0.22%             | 2064-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | Reach ABS Trust 2024-2                                                          | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3328571 | PA      | $3341348.54   | 0.05%             | 2031-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                             | CHNGE Mortgage Trust 2022-1                                                     | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11252230 | PA      | $10614402.54  | 0.17%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| POSCO                                                   | POSCO                                                                           | CUSIP: 73730EAC7<br>LEI: 9884000N94NH7G6LQ816 | Long             | DBT              | CORP              | KR        |   2400000 | PA      | $2412912.00   | 0.04%             | 2026-01-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   7816000 | PA      | $6914111.76   | 0.11%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| WB Commercial Mortgage Trust                            | WB Commercial Mortgage Trust 2024-HQ                                            | CUSIP: 92943PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4050000 | PA      | $4062801.93   | 0.07%             | 2040-03-15      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                             | Paychex Inc                                                                     | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |   6676000 | PA      | $6853181.04   | 0.11%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                                            | Bio-Rad Laboratories Inc                                                        | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |   2320000 | PA      | $2275293.60   | 0.04%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                  | Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A4                      | CUSIP: 59020ULT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74320 | PA      | $69839.93     | 0.00%             | 2034-08-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                            | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    639521 | PA      | $628626.21    | 0.01%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2021-1 LLC                                               | CUSIP: 81758VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7005799 | PA      | $6847892.94   | 0.11%             | 2032-02-02      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                        | CUSIP: 38381JLK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  22939519 | PA      | $21338639.07  | 0.35%             | 2065-01-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT ASSET TRUST                                  | Towd Point Asset Trust 2021-SL1                                                 | CUSIP: 89179XAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2418773 | PA      | $2413840.17   | 0.04%             | 2061-11-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   2734000 | PA      | $2582700.44   | 0.04%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                              | Sodexo Inc                                                                      | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4065200.00   | 0.07%             | 2030-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CVB6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1109257 | PA      | $1043703.05   | 0.02%             | 2032-10-01      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2022-A                                               | CUSIP: 12659WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    965891 | PA      | $955752.62    | 0.02%             | 2029-04-16      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3491984 | PA      | $3555707.00   | 0.06%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM3                                          | CUSIP: 452762AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13470703 | PA      | $11487774.08  | 0.19%             | 2056-11-25      | Variable      | 1.60%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2022-A                                                 | CUSIP: 009695AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9776615 | PA      | $9461574.92   | 0.16%             | 2061-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE CORP                                    | Protective Life Corp                                                            | CUSIP: 743674BE2<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | DBT              | CORP              | US        |   6698000 | PA      | $6394111.74   | 0.10%             | 2030-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2025-R1                                               | CUSIP: 89183DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17821582 | PA      | $16198567.20  | 0.27%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAB9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    918000 | PA      | $906800.40    | 0.01%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-3                                | CUSIP: 382371AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12953180 | PA      | $9894413.68   | 0.16%             | 2048-05-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-RPL1 Trust                                                             | CUSIP: 55287AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9086367 | PA      | $8700368.46   | 0.14%             | 2066-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust            | Arivo Acceptance Auto Loan Receivables Trust 2024-1                             | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1489492 | PA      | $1498376.17   | 0.02%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132E0T85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  84546243 | PA      | $70261887.37  | 1.15%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140NYNQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11823000 | PA      | $12003735.48  | 0.20%             | 2030-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   8844000 | PA      | $8250744.48   | 0.14%             | 2028-07-12      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2024-2                                   | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3417239 | PA      | $3421533.00   | 0.06%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                   | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   6458000 | PA      | $6753647.24   | 0.11%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15566414 | PA      | $13517933.84  | 0.22%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2                   | CUSIP: 35563PFB0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8253086 | PA      | $7811754.75   | 0.13%             | 2057-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SA GLOBAL SUKUK LTD                                     | SA Global Sukuk Ltd                                                             | CUSIP: 78397PAE1<br>LEI: 5493007DFAVKU7UOGR47 | Long             | DBT              | CORP              | KY        |  24040000 | PA      | $23678919.20  | 0.39%             | 2029-10-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                            | Hilton Grand Vacations Trust 2019-A                                             | CUSIP: 43284HAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1687230 | PA      | $1660322.03   | 0.03%             | 2033-07-25      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Mercury General Corp                                    | Mercury General Corp                                                            | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |   2901000 | PA      | $2875761.30   | 0.05%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   9500000 | PA      | $9219750.00   | 0.15%             | 2026-07-12      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                 | American National Group Inc                                                     | CUSIP: 02772AAA7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |  25662000 | PA      | $26339220.18  | 0.43%             | 2032-06-13      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                            | Pawneee Equipment Receivables Series 2021-1 LLC                                 | CUSIP: 704100AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1690000 | PA      | $1669521.29   | 0.03%             | 2027-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                                | Horace Mann Educators Corp                                                      | CUSIP: 440327AL8<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |   2952000 | PA      | $3151584.72   | 0.05%             | 2028-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                                              | ATLX 2024-RPL2 Trust                                                            | CUSIP: 049919AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7378319 | PA      | $7078316.03   | 0.12%             | 2063-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| American Tower Trust I                                  | American Tower Trust #1                                                         | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |   8015000 | PA      | $7829988.15   | 0.13%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $3932439.35   | 0.06%             | 2055-03-25      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust                        | LEX 2024-BBG Mortgage Trust                                                     | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3740000 | PA      | $3758494.82   | 0.06%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                       | FREED ABS Trust 2022-4FP                                                        | CUSIP: 35634JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1216671 | PA      | $1223437.83   | 0.02%             | 2029-12-18      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                  | MPOWER Education Trust 2024-A                                                   | CUSIP: 62476DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7211522 | PA      | $7459552.99   | 0.12%             | 2041-07-22      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1332000 | PA      | $1305879.48   | 0.02%             | 2027-01-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24756800 | PA      | $22777033.45  | 0.37%             | 2052-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |  12829000 | PA      | $12996546.74  | 0.21%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                                | FirstEnergy Pennsylvania Electric Co                                            | CUSIP: 708696CA5<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |    980000 | PA      | $982401.00    | 0.02%             | 2026-03-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                                   | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |  12511000 | PA      | $12384263.57  | 0.20%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-AEINV1 Trust                                                           | CUSIP: 55284FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14443594 | PA      | $12431046.79  | 0.20%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                                | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CP5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   7926000 | PA      | $7967928.54   | 0.13%             | 2028-03-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-6                                      | CUSIP: 64830BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1266862 | PA      | $1229917.16   | 0.02%             | 2057-08-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                               | Auxilior Term Funding 2023-1 LLC                                                | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1414321 | PA      | $1425529.22   | 0.02%             | 2028-12-15      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                  | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   8347000 | PA      | $8215534.75   | 0.13%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK                                          | Synchrony Bank                                                                  | CUSIP: 87166FAD5<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |   7250000 | PA      | $7248550.00   | 0.12%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4                   | CUSIP: 35563PML0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  13781179 | PA      | $12840040.97  | 0.21%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3448000 | PA      | $3476480.48   | 0.06%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| SoFi Alternative Trust                                  | Sofi Alternative Trust 2019-C                                                   | CUSIP: 83406JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10252523 | PA      | $10173772.34  | 0.17%             | 2045-01-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15495680 | PA      | $15561122.10  | 0.25%             | 2028-03-15      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1814940.00   | 0.03%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2023-CCM1                                   | CUSIP: 362918AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9009833 | PA      | $9034720.64   | 0.15%             | 2053-08-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| AutoNation Finance Trust 2025-1                         | AutoNation Finance Trust 2025-1                                                 | CUSIP: 05330QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6400000 | PA      | $6411193.73   | 0.11%             | 2028-04-10      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2024-RRTL2                                    | CUSIP: 43789GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9700000 | PA      | $9721513.63   | 0.16%             | 2039-09-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                             | CUSIP: 83368RBR2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4933000 | PA      | $5127014.89   | 0.08%             | 2029-01-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AL0<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   2640000 | PA      | $2584771.20   | 0.04%             | 2027-12-01      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6007000 | PA      | $6075780.15   | 0.10%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-A LLC                                            | CUSIP: 19424KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5750558 | PA      | $5717879.43   | 0.09%             | 2051-07-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   3650000 | PA      | $3542836.00   | 0.06%             | 2028-01-20      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| TRANS-ALLEGHENY INTERSTA                                | Trans-Allegheny Interstate Line Co                                              | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4930000 | PA      | $5015732.70   | 0.08%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2024-NQM1 Trust                                                           | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |   3841752 | PA      | $3859477.37   | 0.06%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2022-GRN1 Issuer Trust                           | CUSIP: 38150YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2215846 | PA      | $2206487.36   | 0.04%             | 2052-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                                 | Brighthouse Financial Global Funding                                            | CUSIP: 10921U2C1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |   7538000 | PA      | $7332815.64   | 0.12%             | 2026-05-24      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                     | Rate Mortgage Trust 2022-J1                                                     | CUSIP: 75410RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  43523726 | PA      | $38241924.05  | 0.63%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAA5<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |  11615000 | PA      | $11615000.00  | 0.19%             | 2025-07-07      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                    | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   8757000 | PA      | $8799734.16   | 0.14%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                          | TD SYNNEX Corp                                                                  | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |  27306000 | PA      | $26413912.98  | 0.43%             | 2026-08-09      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                                | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |  16732800 | PA      | $14960461.82  | 0.25%             | 2036-09-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2020-2                                            | CUSIP: 81882JAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1292963 | PA      | $1183538.69   | 0.02%             | 2065-05-25      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                        | CUSIP: 38381NXJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14702000 | PA      | $13061962.50  | 0.21%             | 2051-06-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-5                                | CUSIP: 38237HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7090767 | PA      | $5867915.89   | 0.10%             | 2048-10-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140JBZ90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3115836 | PA      | $2549424.61   | 0.04%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM1                                          | CUSIP: 452766AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  29754778 | PA      | $27050254.15  | 0.44%             | 2067-02-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                                     | DataBank Issuer                                                                 | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13300000 | PA      | $13234889.45  | 0.22%             | 2054-01-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                       | ITC Holdings Corp                                                               | CUSIP: 465685AT2<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14353220.00  | 0.24%             | 2034-05-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                              | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8705000 | PA      | $8770993.82   | 0.14%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                 | Sammons Financial Group Inc                                                     | CUSIP: 79588TAC4<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |   7950000 | PA      | $7930840.50   | 0.13%             | 2027-05-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2018-6                                                 | CUSIP: 46650JAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    890824 | PA      | $810334.71    | 0.01%             | 2048-12-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                    | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   4906000 | PA      | $4775353.22   | 0.08%             | 2029-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                                | Stewart Information Services Corp                                               | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |  22401000 | PA      | $20036798.46  | 0.33%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FNB CORP                                                | FNB Corp/PA                                                                     | CUSIP: 302520AC5<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   5748000 | PA      | $5747482.68   | 0.09%             | 2025-08-25      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                  | Federal Home Loan Banks                                                         | CUSIP: 3130B44G3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  11450000 | PA      | $11431222.00  | 0.19%             | 2034-12-27      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                                  | Motorola Solutions Inc                                                          | CUSIP: 620076CA5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |   9814000 | PA      | $9922837.26   | 0.16%             | 2030-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                               | Spire Inc                                                                       | CUSIP: 84857LAC5<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |  12844000 | PA      | $12888568.68  | 0.21%             | 2026-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1                   | CUSIP: 35563PJF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  16569005 | PA      | $15885676.05  | 0.26%             | 2058-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PEACHTREE FUND TRUST II                                 | Peachtree Corners Funding Trust II                                              | CUSIP: 70470BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7292000 | PA      | $7470581.08   | 0.12%             | 2035-05-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QMRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  27879031 | PA      | $24130043.27  | 0.40%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2024-R1                                                               | CUSIP: 17179VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10949619 | PA      | $10859339.70  | 0.18%             | 2064-06-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                | CUSIP: 36321PAA8<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |   8349542 | PA      | $8052716.12   | 0.13%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5019150.00   | 0.08%             | 2027-03-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2023-C                                                 | CUSIP: 009926AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6540640 | PA      | $6219969.52   | 0.10%             | 2063-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2022-2                                      | CUSIP: 30166QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15000000 | PA      | $14959811.85  | 0.25%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |   4735000 | PA      | $4685140.45   | 0.08%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CUD3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1065145 | PA      | $1051240.81   | 0.02%             | 2031-07-01      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust                   | Harvest Commercial Capital Loan Trust 2024-1                                    | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14940379 | PA      | $15495410.71  | 0.25%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust                                    | CHNGE Mortgage Trust 2023-1                                                     | CUSIP: 12547QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4627770 | PA      | $4646267.90   | 0.08%             | 2058-03-25      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-NQM4 Trust                                                            | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10356251 | PA      | $8616841.50   | 0.14%             | 2066-08-25      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140J8YW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1529658 | PA      | $1500853.17   | 0.02%             | 2033-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140KHTG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6022 | PA      | $5679.23      | 0.00%             | 2035-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2023-2                                            | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1950035 | PA      | $1982537.62   | 0.03%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140JCPP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11770792 | PA      | $10389086.89  | 0.17%             | 2036-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                          | Upgrade Master Pass-Thru Trust Series 2025-ST4                                  | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5412000 | PA      | $5412000.00   | 0.09%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2023-PJ2                                    | CUSIP: 362938AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3242914 | PA      | $3221449.06   | 0.05%             | 2053-05-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Gold Pool                                                           | CUSIP: 3128E52U2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    526048 | PA      | $517847.56    | 0.01%             | 2032-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3                   | CUSIP: 35563PLH0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7958965 | PA      | $7636127.88   | 0.13%             | 2058-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                      | Seasoned Loans Structured Transaction Trust Series 2019-2                       | CUSIP: 35564CCZ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12732614 | PA      | $12103092.28  | 0.20%             | 2029-09-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                   | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   3477000 | PA      | $3528598.68   | 0.06%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DPBV9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  40613291 | PA      | $33734891.55  | 0.55%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                             | Ameren Corp                                                                     | CUSIP: 023608AR3<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7446990.00   | 0.12%             | 2035-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3                   | CUSIP: 35563PSB6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3295616 | PA      | $2551655.93   | 0.04%             | 2060-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GAP3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   3049000 | PA      | $2675131.62   | 0.04%             | 2031-07-12      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2020-1                                                  | CUSIP: 61946NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2681395 | PA      | $2382791.58   | 0.04%             | 2046-04-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| MA'ADEN SUKUK LTD                                       | Ma'aden Sukuk Ltd                                                               | CUSIP: 55407NAA0<br>LEI: 254900QDNU6I6VA8UL14 | Long             | DBT              | CORP              | KY        |  17475000 | PA      | $17766308.25  | 0.29%             | 2030-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                                    | Hercules Capital Inc                                                            | CUSIP: 427096AJ1<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   7458000 | PA      | $7226279.94   | 0.12%             | 2027-01-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2025-2                                             | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7300000 | PA      | $7312841.87   | 0.12%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                       | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   7240000 | PA      | $7240289.60   | 0.12%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| RENTOKIL TERMINIX LLC                                   | Rentokil Terminix Funding LLC                                                   | CUSIP: 760130AA2<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |   9120000 | PA      | $9184022.40   | 0.15%             | 2030-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MBP4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |  11650000 | PA      | $11036045.00  | 0.18%             | 2029-07-16      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| LINCOLN FIN GLBL FUNDING                                | Lincoln Financial Global Funding                                                | CUSIP: 53359KAB7<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |   6838000 | PA      | $6887370.36   | 0.11%             | 2028-05-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2020-NP1                                         | CUSIP: 14687PAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6523402 | PA      | $6520504.77   | 0.11%             | 2027-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                       | Flowers Foods Inc                                                               | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |  15293000 | PA      | $15660796.65  | 0.26%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                           | Commonbond Student Loan Trust 2020-1                                            | CUSIP: 20268BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7384109 | PA      | $6760573.24   | 0.11%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     44369 | PA      | $44105.78     | 0.00%             | 2059-09-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603LAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3173652 | PA      | $3194618.37   | 0.05%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2019-NQM3 Trust                                                            | CUSIP: 36167VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2357993 | PA      | $2292244.23   | 0.04%             | 2059-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM3                                                                  | CUSIP: 12660LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8876154 | PA      | $7557519.30   | 0.12%             | 2066-04-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2791000 | PA      | $2844475.56   | 0.05%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CSN4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     80049 | PA      | $80000.77     | 0.00%             | 2029-05-01      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11275000 | PA      | $11182432.25  | 0.18%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                       | Thornburg Capital Management Fund                                               | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |  39199320 | NS      | $391993196.31 | 6.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                | Microchip Technology Inc                                                        | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |  10634000 | PA      | $10621345.54  | 0.17%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust                           | CUSIP: 38149XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3288063 | PA      | $3185116.10   | 0.05%             | 2051-06-25      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                                | Element Fleet Management Corp                                                   | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   4400000 | PA      | $4472600.00   | 0.07%             | 2027-03-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWJL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5967049 | PA      | $5980019.13   | 0.10%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM11 Trust                                                            | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |   3621132 | PA      | $3643246.61   | 0.06%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| EverBright Solar Trust                                  | EverBright Solar Trust 2024-A                                                   | CUSIP: 29977FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8404287 | PA      | $8297145.00   | 0.14%             | 2054-06-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                                | CUSIP: 745310AP7<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   9463000 | PA      | $9535865.10   | 0.16%             | 2035-03-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 3128Q2LB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2098336 | PA      | $2155336.10   | 0.04%             | 2048-02-01      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                                | CUSIP: 745310AK8<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   2616000 | PA      | $2528939.52   | 0.04%             | 2030-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2022-5                                      | CUSIP: 30167FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1519879 | PA      | $1525048.47   | 0.02%             | 2027-12-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real Estate Trust               | FARM 2024-1 Mortgage Trust                                                      | CUSIP: 30335JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7065955 | PA      | $6782072.26   | 0.11%             | 2053-10-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                                | Evergy Missouri West Inc                                                        | CUSIP: 30037FAA8<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |   9711000 | PA      | $9874144.80   | 0.16%             | 2027-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                            | Illumina Inc                                                                    | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |   5600000 | PA      | $5616744.00   | 0.09%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |  14391000 | PA      | $14160600.09  | 0.23%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   8291417 | PA      | $7753006.09   | 0.13%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2022-B                                | CUSIP: 63942PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15559276 | PA      | $15227262.09  | 0.25%             | 2070-10-15      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2021-GRN1 Issuer Trust                                                     | CUSIP: 12529KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1617163 | PA      | $1600530.14   | 0.03%             | 2041-03-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3                   | CUSIP: 35563PGB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9963043 | PA      | $9292704.05   | 0.15%             | 2057-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5022945 | PA      | $4801781.07   | 0.08%             | 2046-07-17      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2023-6                                                     | CUSIP: 69547UAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4061260 | PA      | $4087073.09   | 0.07%             | 2031-06-16      | Fixed         | 8.49%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2023-3                                             | CUSIP: 91684MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2389852 | PA      | $2405078.73   | 0.04%             | 2033-10-20      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                                | Sumitomo Mitsui Trust Bank Ltd                                                  | CUSIP: 86563VBG3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   3800000 | PA      | $3831768.00   | 0.06%             | 2026-03-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133N3X25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24367349 | PA      | $18880151.74  | 0.31%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                                 | Brighthouse Financial Global Funding                                            | CUSIP: 10921U2E7<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |  10733000 | PA      | $9890888.82   | 0.16%             | 2028-06-28      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XMY42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  17471232 | PA      | $14519411.81  | 0.24%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2015-2                                                | CUSIP: 64033QAB5<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |  12863837 | PA      | $12703191.23  | 0.21%             | 2042-09-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AADA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1048021 | PA      | $980428.29    | 0.02%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2021-LTV2                                            | CUSIP: 46654VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30383049 | PA      | $24949364.63  | 0.41%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CUK7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1645552 | PA      | $1588617.93   | 0.03%             | 2031-11-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                  | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   3285000 | PA      | $3325438.35   | 0.05%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                 | GA Global Funding Trust                                                         | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1907699.00   | 0.03%             | 2026-01-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| FIDELIS INSUR HLD LTD                                   | Fidelis Insurance Holdings Ltd                                                  | CUSIP: 31575FAA4<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |  17531000 | PA      | $17572548.47  | 0.29%             | 2030-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPS Servicer Advance Receivables Trust                  | SPS Servicer Advance Receivables Trust                                          | CUSIP: 78472JAE3<br>LEI: 549300W6RZ3B25O0SH56 | Long             | ABS-O            | CORP              | US        |  12915000 | PA      | $12746123.46  | 0.21%             | 2055-11-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                            | SK Hynix Inc                                                                    | CUSIP: 78392BAB3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |  10200000 | PA      | $10031802.00  | 0.16%             | 2026-01-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140MHSH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  36976875 | PA      | $30729514.44  | 0.50%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XM3W4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1757076 | PA      | $1655147.34   | 0.03%             | 2032-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                     | Global Payments Inc                                                             | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   3534000 | PA      | $3449926.14   | 0.06%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-3                                      | CUSIP: 64828MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2633671 | PA      | $2542080.18   | 0.04%             | 2057-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust 2021-1                                     | CUSIP: 24380VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1919891 | PA      | $1799664.13   | 0.03%             | 2065-05-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-LTV1                                              | CUSIP: 465976AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11482603 | PA      | $10053187.70  | 0.16%             | 2052-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-CHM1 Trust                                                             | CUSIP: 552758AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15385219 | PA      | $15097470.17  | 0.25%             | 2056-09-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                         | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |  12308000 | PA      | $11102800.64  | 0.18%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                   | Theorem Funding Trust 2022-2                                                    | CUSIP: 88339FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430632 | PA      | $430749.46    | 0.01%             | 2028-12-15      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                             | Exelon Corp                                                                     | CUSIP: 30161NBR1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |  13850000 | PA      | $14195557.50  | 0.23%             | 2031-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                  | Arizona Public Service Co                                                       | CUSIP: 040555DH4<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |   4517000 | PA      | $4660685.77   | 0.08%             | 2034-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2018-3                                                 | CUSIP: 46649TAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2173983 | PA      | $1952988.45   | 0.03%             | 2048-09-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2024-RPL1 Trust                                                            | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3175550 | PA      | $3060762.54   | 0.05%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust 2020-1                                         | CUSIP: 92838WAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4515150 | PA      | $4447857.58   | 0.07%             | 2065-03-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM2                                          | CUSIP: 45276PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18770327 | PA      | $17415680.02  | 0.29%             | 2067-03-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                        | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |  13500000 | PA      | $13791870.00  | 0.23%             | 2035-01-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2023-N4                                          | CUSIP: 14688LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7699958 | PA      | $7733416.21   | 0.13%             | 2028-01-10      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DSW81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15043254 | PA      | $12501648.80  | 0.20%             | 2054-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                               | Nelnet Student Loan Trust 2021-C                                                | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7061255 | PA      | $7011534.40   | 0.11%             | 2062-04-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                           | DailyPay Securitization Trust 2025-1                                            | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10075000 | PA      | $10146333.02  | 0.17%             | 2028-06-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2384000 | PA      | $2382259.68   | 0.04%             | 2025-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | Csmc 2022-Nqm1 Trust                                                            | CUSIP: 126416AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11046931 | PA      | $10041339.62  | 0.16%             | 2066-11-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                 | Fidelity National Financial Inc                                                 | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |   8797000 | PA      | $7634740.36   | 0.13%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PAF3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3040000 | PA      | $2995524.80   | 0.05%             | 2028-05-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                   | Onemain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1969655 | PA      | $1967318.96   | 0.03%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                           | Commonbond Student Loan Trust 2021-B-GS                                         | CUSIP: 20268AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7472346 | PA      | $6915352.48   | 0.11%             | 2051-09-25      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1223020 | PA      | $1166939.03   | 0.02%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                            | Highmark Inc                                                                    | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |  20542000 | PA      | $19912798.54  | 0.33%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EV80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4232890 | PA      | $4241447.34   | 0.07%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                                     | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |  15334000 | PA      | $14919982.00  | 0.24%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2025-LIFE                                                              | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14750000 | PA      | $15022380.88  | 0.25%             | 2047-06-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                         | CVS Health Corp                                                                 | CUSIP: 12665JWN5<br>LEI: 549300EJG376EN5NQE29 | Long             | STIV             | CORP              | US        |  12000000 | PA      | $11858070.00  | 0.19%             | 2025-09-22      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2024-C                                               | CUSIP: 223920AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4997554 | PA      | $5013842.50   | 0.08%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC2 Trust                                                           | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14161566 | PA      | $12387885.33  | 0.20%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM8                                                                  | CUSIP: 12659FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1840534 | PA      | $1659009.54   | 0.03%             | 2066-10-25      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| DC Office Trust                                         | DC Office Trust 2019-MTC                                                        | CUSIP: 23312BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7895000 | PA      | $7212667.68   | 0.12%             | 2045-09-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2013-1                                                | CUSIP: 64033CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1704573 | PA      | $1683621.22   | 0.03%             | 2041-06-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2018-1                                                | CUSIP: 89176EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109020 | PA      | $107551.60    | 0.00%             | 2058-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                                   | Liberty Utilities Finance GP 1                                                  | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9518000 | PA      | $8364132.86   | 0.14%             | 2030-09-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-RPL1                                   | CUSIP: 64832AAA5<br>LEI: 213800YID3SS4UZHT817 | Long             | ABS-MBS          | CORP              | US        |  22750547 | PA      | $21559788.19  | 0.35%             | 2064-01-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 36179WFH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14592597 | PA      | $12921798.32  | 0.21%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                | Duke Energy Progress LLC                                                        | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7436186.00   | 0.12%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust                                                    | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3792193 | PA      | $3799124.08   | 0.06%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                 | Loanpal Solar Loan 2021-1 Ltd                                                   | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18733961 | PA      | $15535394.06  | 0.25%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2022-1                                                    | CUSIP: 042855AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7338000 | PA      | $5513646.11   | 0.09%             | 2056-12-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A                              | HIN Timeshare Trust 2020-A                                                      | CUSIP: 40439HAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1818241 | PA      | $1748631.07   | 0.03%             | 2039-10-09      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust 2022-7                                   | CUSIP: 80287FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4170779 | PA      | $4185518.65   | 0.07%             | 2028-01-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPXH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14965927 | PA      | $12420719.02  | 0.20%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-D                                                | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10014161 | PA      | $9929463.55   | 0.16%             | 2062-04-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HFQ73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13433507 | PA      | $13163029.16  | 0.22%             | 2054-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                                | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |   8740000 | PA      | $7709991.00   | 0.13%             | 2031-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140JBVX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3999277 | PA      | $3750339.67   | 0.06%             | 2051-07-01      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2013-6                                                   | CUSIP: 81745BAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    716584 | PA      | $546651.67    | 0.01%             | 2043-05-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Gold Pool                                                           | CUSIP: 3128MFVB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    154132 | PA      | $150731.70    | 0.00%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                                | Fortitude Group Holdings LLC                                                    | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |   6453000 | PA      | $6642395.55   | 0.11%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-3                                 | CUSIP: 76089RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7905621 | PA      | $7939260.12   | 0.13%             | 2032-01-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Shellpoint Asset Funding Trust                          | Shellpoint Asset Funding Trust 2013-1                                           | CUSIP: 822804AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    697445 | PA      | $664664.22    | 0.01%             | 2043-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14750000 | PA      | $15783680.00  | 0.26%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5042968.75   | 0.08%             | 2032-05-31      | Fixed         | 4.13%                 | No            |                  1 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2022-2                                                   | CUSIP: 57107LAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2182176 | PA      | $2183858.68   | 0.04%             | 2032-08-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| HERO Funding Trust                                      | HERO Funding Trust 2015-1                                                       | CUSIP: 42770LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1707279 | PA      | $1604872.04   | 0.03%             | 2040-09-21      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137AVH34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    186482 | PA      | $181564.79    | 0.00%             | 2027-10-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-RTL1                                   | CUSIP: 64831PAA3<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |   7600000 | PA      | $7658314.04   | 0.13%             | 2039-03-25      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2018-2                                      | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |   2537712 | PA      | $2503741.12   | 0.04%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia I Issuer, LLC                            | Sunnova Hestia I Issuer LLC                                                     | CUSIP: 86746BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8768626 | PA      | $8853248.93   | 0.15%             | 2050-12-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                 | Freddie Mac Whole Loan Securities Trust 2016-SC01                               | CUSIP: 3137G1AW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    832472 | PA      | $736067.74    | 0.01%             | 2046-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                            | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14533431 | PA      | $14637192.41  | 0.24%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                        | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |   2800000 | PA      | $2823240.00   | 0.05%             | 2030-05-28      | 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        |       767 | NS      | $766.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                  | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |  17723000 | PA      | $18364572.60  | 0.30%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP                                 | Digital Realty Trust LP                                                         | CUSIP: 25389JAV8<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |    434000 | PA      | $445310.04    | 0.01%             | 2028-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2020-1                                                 | CUSIP: 35041KAB8<br>LEI: 549300QVJKB4ZVR88F06 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2986900.65   | 0.05%             | 2040-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust            | American Credit Acceptance Receivables Trust 2023-4                             | CUSIP: 02530CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2979489 | PA      | $2984278.98   | 0.05%             | 2028-02-14      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority        | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE                      | CUSIP: 135521DG4<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   5035000 | PA      | $5255754.54   | 0.09%             | 2031-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                                      | CNO Global Funding                                                              | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   6850000 | PA      | $6910554.00   | 0.11%             | 2027-12-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                                                | ECAF I Ltd                                                                      | CUSIP: 26827EAC9<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |   1644481 | PA      | $1471889.79   | 0.02%             | 2040-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EQUITABLE AMERICA GLOBAL                                | Equitable America Global Funding                                                | CUSIP: 29446Q2B8<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3840812.00   | 0.06%             | 2030-06-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1488577 | PA      | $1394901.70   | 0.02%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF VII AL Funding Trust I                                                      | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4958154 | PA      | $5024295.72   | 0.08%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                                   | Lincoln National Corp                                                           | CUSIP: 534187BM0<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   8485000 | PA      | $7580583.85   | 0.12%             | 2030-08-15      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                    | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5758510.00   | 0.09%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ClickLease Equipment Receivables 2024-1 Trust           | ClickLease Equipment Receivables 2024-1 Trust                                   | CUSIP: 18682FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1897969 | PA      | $1905081.75   | 0.03%             | 2030-02-15      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPM30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  21131900 | PA      | $17561598.13  | 0.29%             | 2054-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140GTA26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8721776 | PA      | $8369862.20   | 0.14%             | 2046-06-01      | Floating      | 2.94%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                          | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9429640 | PA      | $9429637.74   | 0.15%             | 2037-01-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| METALLOINVEST FINANCE                                   | Metalloinvest Finance DAC                                                       | CUSIP: 59126LAB4<br>LEI: 635400ZS3HCCUYTNHA25 | Long             | DBT              | CORP              | IE        |  12700000 | PA      | $6247130.00   | 0.10%             | 2028-10-22      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                | Interstate Power and Light Co                                                   | CUSIP: 461070AX2<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |   6615000 | PA      | $6799426.20   | 0.11%             | 2035-06-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Diamond Infrastructure Funding LLC                      | Diamond Infrastructure Funding LLC                                              | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  36000000 | PA      | $34241202.00  | 0.56%             | 2049-04-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1814443 | PA      | $1828201.18   | 0.03%             | 2034-05-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HLKD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24351172 | PA      | $24413938.02  | 0.40%             | 2054-09-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Selection Trust 2021-HG1                                         | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    194703 | PA      | $193366.00    | 0.00%             | 2029-01-16      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1542672 | PA      | $1504189.81   | 0.02%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDWEST CONNECTOR CAPIT                                 | Midwest Connector Capital Co LLC                                                | CUSIP: 59833CAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13090000 | PA      | $12989861.50  | 0.21%             | 2029-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                            | Veros Auto Receivables Trust 2024-1                                             | CUSIP: 92512WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4217581 | PA      | $4233049.74   | 0.07%             | 2027-11-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                              | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7700000 | PA      | $7868883.02   | 0.13%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $4998600.00   | 0.08%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                        | CUSIP: 268317AY0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   9878000 | PA      | $10241806.74  | 0.17%             | 2029-04-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10595000 | PA      | $10215897.66  | 0.17%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2024-RPL4                                   | CUSIP: 362948AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3732742 | PA      | $3627325.08   | 0.06%             | 2061-09-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                           | Lineage OP LP                                                                   | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              |  | US        |   3450000 | PA      | $3471355.50   | 0.06%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                   | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |   4687000 | PA      | $4870683.53   | 0.08%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-1                   | CUSIP: 35563PR43<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7433504 | PA      | $6036424.96   | 0.10%             | 2063-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-RPL4 LLC                                                              | CUSIP: 74448NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11439228 | PA      | $10693701.73  | 0.18%             | 2055-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DS5E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  20932646 | PA      | $17524304.39  | 0.29%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-NQM4                                       | CUSIP: 10568NAA0<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |  18721375 | PA      | $18351542.53  | 0.30%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2164262 | PA      | $2091832.27   | 0.03%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                | Saudi Government International Bond                                             | CUSIP: 80413TBJ7<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |  11200000 | PA      | $11376624.00  | 0.19%             | 2028-01-13      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                   | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   3508000 | PA      | $3591560.56   | 0.06%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                       | ITC Holdings Corp                                                               | CUSIP: 465685AQ8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |   1883000 | PA      | $1750568.61   | 0.03%             | 2030-05-14      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2024-BPR2                                        | CUSIP: 61776EAA1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   7814313 | PA      | $8204964.94   | 0.13%             | 2029-05-05      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation                 | Structured Asset Securities Corp Mortgage Pass-Through Ctfs Ser 2003-9A         | CUSIP: 86359ARF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    234209 | PA      | $233474.86    | 0.00%             | 2033-03-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2021-1R                                                   | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6141403 | PA      | $5518246.96   | 0.09%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                                | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   6181000 | PA      | $6233353.07   | 0.10%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-D                                         | CUSIP: 78449MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4340566 | PA      | $4293193.86   | 0.07%             | 2053-03-17      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWC27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12794445 | PA      | $10650632.00  | 0.17%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2021-2                                            | CUSIP: 78432YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12811828 | PA      | $10448429.72  | 0.17%             | 2061-12-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC                                    | Entergy Arkansas LLC                                                            | CUSIP: 29366MAF5<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |   3308000 | PA      | $3406214.52   | 0.06%             | 2034-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                    | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   4940000 | PA      | $4797629.20   | 0.08%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC               | Retained Vantage Data Centers Issuer LLC                                        | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |  12300000 | PA      | $12212100.63  | 0.20%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2020-2                                            | CUSIP: 81882JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6628076 | PA      | $6050734.06   | 0.10%             | 2065-05-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2013-7                                                   | CUSIP: 81745CAH6<br>LEI: 549300DFASAA48I36408 | Long             | ABS-MBS          | CORP              | US        |    408200 | PA      | $311488.10    | 0.01%             | 2043-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2022-3                                                   | CUSIP: 68378NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3703307 | PA      | $3702313.56   | 0.06%             | 2031-06-09      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-INV2 Trust                                                             | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18184932 | PA      | $15804474.70  | 0.26%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                       | Ares Capital Corp                                                               | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   9335000 | PA      | $9325571.65   | 0.15%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                  | CenterPoint Energy Inc                                                          | CUSIP: 15189TBG1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |  11148000 | PA      | $11534724.12  | 0.19%             | 2029-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                                 | Fannie Mae Grantor Trust 2017-T1                                                | CUSIP: 3136AV6R5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  17771575 | PA      | $17289279.65  | 0.28%             | 2027-06-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia II Issuer, LLC                           | Sunnova Hestia II Issuer LLC                                                    | CUSIP: 86746FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8956067 | PA      | $8841245.03   | 0.14%             | 2051-07-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1379503 | PA      | $1409073.61   | 0.02%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                     | Rate Mortgage Trust 2024-J4                                                     | CUSIP: 75408TAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17719140 | PA      | $17785341.52  | 0.29%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25532 | PA      | $25384.72     | 0.00%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                | Public Service Enterprise Group Inc                                             | CUSIP: 744573BA3<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |   4903000 | PA      | $4987331.60   | 0.08%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-2                   | CUSIP: 35563PQP7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  16854134 | PA      | $15313453.69  | 0.25%             | 2059-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INFOR INC                                               | Infor LLC                                                                       | CUSIP: 45674CAA1<br>LEI: 549300Q3IIYBYI4RHD64 | Long             | DBT              | CORP              | US        |  12382000 | PA      | $12362684.08  | 0.20%             | 2025-07-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  63342152 | PA      | $56060383.36  | 0.92%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11910998 | PA      | $11783898.65  | 0.19%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                                | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |  25494000 | PA      | $25361431.20  | 0.42%             | 2025-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2824541 | PA      | $2795466.16   | 0.05%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6518000 | PA      | $5985289.47   | 0.10%             | 2055-03-25      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL                                  | Mutual of Omaha Cos Global Funding                                              | CUSIP: 62829D2D1<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |  13420000 | PA      | $13633512.20  | 0.22%             | 2027-04-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WIPRO IT SERVICE                                        | Wipro IT Services LLC                                                           | CUSIP: 97654MAA4<br>LEI: 549300S6XZZ65F0EJS98 | Long             | DBT              | CORP              | US        |  10647000 | PA      | $10332061.74  | 0.17%             | 2026-06-23      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2019-1                                                 | CUSIP: 35041JAB1<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |    608646 | PA      | $606925.37    | 0.01%             | 2034-11-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2021-A                                | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1964751 | PA      | $1788951.15   | 0.03%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5037677 | PA      | $4899602.36   | 0.08%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                              | NetApp Inc                                                                      | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |   6433000 | PA      | $6635253.52   | 0.11%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2338525 | PA      | $2350016.66   | 0.04%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6042734 | PA      | $5583316.42   | 0.09%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2014-1                                               | CUSIP: 63938EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2698168 | PA      | $2645202.87   | 0.04%             | 2031-06-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                | Interstate Power and Light Co                                                   | CUSIP: 461070AV6<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |   4747000 | PA      | $4653673.98   | 0.08%             | 2034-09-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BRTQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10205634 | PA      | $10407063.72  | 0.17%             | 2035-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                               | Upgrade Receivables Trust 2024-1                                                | CUSIP: 91533NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3988709 | PA      | $3991790.65   | 0.07%             | 2031-02-18      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                            | AES Corp/The                                                                    | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   9335000 | PA      | $9157635.00   | 0.15%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                          | Manhattan West 2020-1MW Mortgage Trust                                          | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3697000 | PA      | $3496088.53   | 0.06%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2019-B                                               | CUSIP: 63941LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    654950 | PA      | $652894.22    | 0.01%             | 2059-12-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                      | CUSIP: 80282KAZ9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   4023000 | PA      | $3961126.26   | 0.06%             | 2026-10-05      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1481837 | PA      | $1491295.38   | 0.02%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2022-NQM3                                   | CUSIP: 64831QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  33891747 | PA      | $30798135.75  | 0.50%             | 2062-04-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9124000 | PA      | $8648639.60   | 0.14%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                                       | Vornado Realty LP                                                               | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |   7000000 | PA      | $6800080.00   | 0.11%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1                   | CUSIP: 35563PNP0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2224065 | PA      | $2068554.78   | 0.03%             | 2059-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NLG GLOBAL FUNDING                                      | NLG Global Funding                                                              | CUSIP: 62915W2A0<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |  17659000 | PA      | $18182942.53  | 0.30%             | 2030-01-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2019-INV2                                              | CUSIP: 46651DBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8654249 | PA      | $7638844.44   | 0.13%             | 2050-02-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| UL SOLUTIONS INC                                        | UL Solutions Inc                                                                | CUSIP: 903731AA5<br>LEI: 549300F7CUV5ESKV9P71 | Long             | DBT              | CORP              | US        |  12800000 | PA      | $13474688.00  | 0.22%             | 2028-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2014-IVR3                                              | CUSIP: 46643BBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1772424 | PA      | $1777932.11   | 0.03%             | 2044-09-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-CM1 Trust                                                             | CUSIP: 36168AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6012220 | PA      | $5711529.89   | 0.09%             | 2065-04-25      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   6100000 | PA      | $6230784.00   | 0.10%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC1 Trust                                                           | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24444719 | PA      | $20550679.01  | 0.34%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner Trust                    | Kinetic Advantage Master Owner Trust                                            | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15673000 | PA      | $15723749.17  | 0.26%             | 2027-11-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2011-2                                                   | CUSIP: 78446JAB2<br>LEI: 549300GQO6PBOYVGSS10 | Long             | ABS-O            | CORP              | US        |   4903780 | PA      | $4910330.98   | 0.08%             | 2034-10-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2017-1                                                  | CUSIP: 33850BAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1017596 | PA      | $943603.42    | 0.02%             | 2047-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |  26585000 | PA      | $25506781.52  | 0.42%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 122456036 | PA      | $113420120.21 | 1.86%             | 2031-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418D2Y7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    815965 | PA      | $778098.40    | 0.01%             | 2031-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   4632000 | PA      | $4567846.80   | 0.07%             | 2026-09-06      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                            | Vontier Corp                                                                    | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   5272000 | PA      | $5154381.68   | 0.08%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-3                   | CUSIP: 35563PBY4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6341060 | PA      | $5959362.78   | 0.10%             | 2056-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                  | American Honda Finance Corp                                                     | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  13942000 | PA      | $13952038.24  | 0.23%             | 2026-12-11      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2019-D                                | CUSIP: 63941CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5135286 | PA      | $5115746.57   | 0.08%             | 2059-12-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| WESTERN-SOUTHERN GLOBAL                                 | Western-Southern Global Funding                                                 | CUSIP: 95954A2A0<br>LEI: 635400PFYEGVSGK4VB37 | Long             | DBT              | CORP              | US        |  14075000 | PA      | $14217439.00  | 0.23%             | 2030-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                    | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   7614000 | PA      | $7378498.98   | 0.12%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                                | Jackson National Life Global Funding                                            | CUSIP: 46849LUX7<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |  12660000 | PA      | $12708487.80  | 0.21%             | 2026-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                                | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |  12276000 | PA      | $12035267.64  | 0.20%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3727195.00   | 0.06%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-INV3 Trust                                                             | CUSIP: 55284PAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13129000 | PA      | $11163117.11  | 0.18%             | 2066-12-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   7121000 | PA      | $6886861.52   | 0.11%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM4 Trust                                                             | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22247102 | PA      | $18798858.23  | 0.31%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAG3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   6400000 | PA      | $6258560.00   | 0.10%             | 2027-01-19      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                         | LendingPoint Pass-Through Trust Series 2022-ST3                                 | CUSIP: 52607TAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    733657 | PA      | $733134.80    | 0.01%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280BT5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3004170.00   | 0.05%             | 2029-06-19      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2023-N3                                          | CUSIP: 14686RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    464907 | PA      | $465638.05    | 0.01%             | 2027-09-10      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   6000000 | PA      | $5872740.00   | 0.10%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HAD29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8741000 | PA      | $8940193.05   | 0.15%             | 2031-10-25      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN CORP                                       | NorthWestern Corp                                                               | CUSIP: 66807TAA0<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | DBT              | CORP              | US        |  14345000 | PA      | $14592881.60  | 0.24%             | 2030-03-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-HOME1 Trust                                                          | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10061721 | PA      | $10188295.17  | 0.17%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418CZ72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2543423 | PA      | $2489939.34   | 0.04%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CUS0<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1375729 | PA      | $1320945.57   | 0.02%             | 2032-04-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                      | Seasoned Loans Structured Transaction Trust Series 2020-2                       | CUSIP: 35564CGN1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  24507601 | PA      | $22359539.43  | 0.37%             | 2030-09-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                                | Element Fleet Management Corp                                                   | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |  11400000 | PA      | $11561538.00  | 0.19%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137AFJJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44376 | PA      | $43378.70     | 0.00%             | 2041-04-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DNQ30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13410853 | PA      | $11609198.26  | 0.19%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4                   | CUSIP: 35563PHA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8811898 | PA      | $8143080.70   | 0.13%             | 2058-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   7849000 | PA      | $7892718.93   | 0.13%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BTAJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14745662 | PA      | $14516133.15  | 0.24%             | 2054-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                       | FREED ABS Trust 2022-2CP                                                        | CUSIP: 35633LAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6566310 | PA      | $6553508.10   | 0.11%             | 2029-05-18      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   9457000 | PA      | $9527076.37   | 0.16%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4690000 | PA      | $4593386.00   | 0.08%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-2                             | CHNGE Mortgage Trust 2022-2                                                     | CUSIP: 12546YAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14163000 | PA      | $12034769.19  | 0.20%             | 2067-03-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                           | SFO Commercial Mortgage Trust 2021-555                                          | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10872000 | PA      | $10800876.79  | 0.18%             | 2038-05-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                                | New York Life Global Funding                                                    | CUSIP: 64952WEE9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  22760000 | PA      | $22799147.20  | 0.37%             | 2026-06-09      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                                 | New York State Electric & Gas Corp                                              | CUSIP: 649840CQ6<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |   9234000 | PA      | $9097429.14   | 0.15%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                      | RGA Global Funding                                                              | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   4148000 | PA      | $4282436.68   | 0.07%             | 2031-01-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYH1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  10881000 | PA      | $10885896.45  | 0.18%             | 2027-09-10      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13346779 | PA      | $11968369.49  | 0.20%             | 2052-07-01      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| Entergy Texas Inc                                       | Entergy Texas Inc                                                               | CUSIP: 29365TAF1<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8774190.00   | 0.14%             | 2027-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                         | Goodgreen 2021-1 Trust                                                          | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14518800 | PA      | $11971537.11  | 0.20%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QQP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5689225 | PA      | $5269315.72   | 0.09%             | 2052-02-01      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                                  | Alliant Energy Finance LLC                                                      | CUSIP: 01882YAC0<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |   5240000 | PA      | $5081070.80   | 0.08%             | 2026-03-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-4                                 | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4809630 | PA      | $4845254.66   | 0.08%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| DXC TECHNOLOGY CO                                       | DXC Technology Co                                                               | CUSIP: 23355LAM8<br>LEI: 549300DOVZ3EDJB7O259 | Long             | DBT              | CORP              | US        |  18253000 | PA      | $16977297.83  | 0.28%             | 2028-09-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140NYC33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  22990000 | PA      | $23313260.78  | 0.38%             | 2030-04-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2019-3                                                    | CUSIP: 04285AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3021136 | PA      | $2838664.74   | 0.05%             | 2048-10-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Ascent Education Funding Trust                          | Ascent Education Funding Trust 2024-A                                           | CUSIP: 04362VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7919728 | PA      | $8085347.02   | 0.13%             | 2050-10-25      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7203078 | PA      | $5815189.72   | 0.10%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603KAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220392 | PA      | $1231706.63   | 0.02%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, INC.               | RAMP Series 2003-SL1 Trust                                                      | CUSIP: 760985E64<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    158343 | PA      | $157900.77    | 0.00%             | 2031-04-25      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                              | CUSIP: 30321L2D3<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |  11752000 | PA      | $11286620.80  | 0.18%             | 2027-04-11      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Diamond Issuer LLC                                      | Diamond Issuer LLC                                                              | CUSIP: 25267TAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  27894000 | PA      | $26307311.18  | 0.43%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | LL ABS Trust 2022-2                                                             | CUSIP: 75526GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302649 | PA      | $303010.20    | 0.00%             | 2030-05-15      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1744062 | PA      | $1636610.79   | 0.03%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                               | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   4825000 | PA      | $4867170.50   | 0.08%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2015-3                                                | CUSIP: 64033TAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    501464 | PA      | $500148.26    | 0.01%             | 2051-02-27      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                  | Morgan Stanley Bank NA                                                          | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   3740000 | PA      | $3797932.60   | 0.06%             | 2029-01-12      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                        | SLG Office Trust 2021-OVA                                                       | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13752000 | PA      | $12052362.40  | 0.20%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DAV2<br>LEI: N/A                  | Long             | DBT              |  | US        |   8140000 | PA      | $7751019.52   | 0.13%             | 2027-04-15      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Trust 2024-1                                          | CUSIP: 39571MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3247577 | PA      | $3266473.90   | 0.05%             | 2059-06-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2020-1                                                 | CUSIP: 35041KAA0<br>LEI: 549300QVJKB4ZVR88F06 | Long             | ABS-O            | CORP              | US        |    833735 | PA      | $830124.25    | 0.01%             | 2040-07-16      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4625000 | PA      | $4638597.50   | 0.08%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2024-RPL2                                   | CUSIP: 36269MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4580783 | PA      | $4459916.10   | 0.07%             | 2061-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4132964.00   | 0.07%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2023-1                                             | CUSIP: 91679AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    182789 | PA      | $183154.66    | 0.00%             | 2033-02-20      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                                   | Pinnacle West Capital Corp                                                      | CUSIP: 723484AM3<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |   4773000 | PA      | $4837578.69   | 0.08%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWD67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11061155 | PA      | $9582565.98   | 0.16%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GAZPROM PJSC (GAZ FN)                                   | Gazprom PJSC via Gaz Finance PLC                                                | CUSIP: 000000000<br>LEI: 213800UNP9N6BPNYMQ45 | Long             | DBT              | CORP              | GB        |  32475000 | PA      | $21110373.75  | 0.35%             | 2031-07-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-C LLC                                            | CUSIP: 19424WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10299923 | PA      | $10120298.85  | 0.17%             | 2055-07-26      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                                  | Reliance Standard Life Global Funding II                                        | CUSIP: 75951AAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10762000 | PA      | $10374245.14  | 0.17%             | 2026-09-28      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                           | Commonbond Student Loan Trust 2018-C-GS                                         | CUSIP: 20267XAA1<br>LEI: 549300O1CSZVJJTIR319 | Long             | ABS-O            | CORP              | US        |   1092218 | PA      | $1057013.43   | 0.02%             | 2046-02-25      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2013-6                                                   | CUSIP: 78448CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17135665 | PA      | $16871714.82  | 0.28%             | 2028-06-26      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-RPL3 LLC                                                              | CUSIP: 69392NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14424200 | PA      | $13799698.09  | 0.23%             | 2055-04-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                 | Fidelity National Financial Inc                                                 | CUSIP: 31620RAJ4<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |   3720000 | PA      | $3476860.80   | 0.06%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                      | Southwest Gas Corp                                                              | CUSIP: 845011AF2<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |   4828000 | PA      | $4981916.64   | 0.08%             | 2027-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                  | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   7416000 | PA      | $7426827.36   | 0.12%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                             | Viatris Inc                                                                     | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |   9885000 | PA      | $9421096.95   | 0.15%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2023-2                                                 | CUSIP: 03465GAA4<br>LEI: 254900IWOX9Q54UE4072 | Long             | ABS-MBS          | CORP              | US        |   4212165 | PA      | $4165549.93   | 0.07%             | 2067-10-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                         | LendingPoint Pass-Through Trust Series 2022-ST1                                 | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234094 | PA      | $233856.46    | 0.00%             | 2028-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                              | GLS Auto Receivables Issuer Trust 2021-4                                        | CUSIP: 36263DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19620989 | PA      | $19359105.98  | 0.32%             | 2027-10-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                                | First American Financial Corp                                                   | CUSIP: 31847RAH5<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |   2261000 | PA      | $1936795.21   | 0.03%             | 2031-08-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust 2020-2                                         | CUSIP: 92838TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5147940 | PA      | $4873475.55   | 0.08%             | 2065-04-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust              | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9800000 | PA      | $9883629.97   | 0.16%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3741000 | PA      | $3742720.86   | 0.06%             | 2027-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAB3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   4433000 | PA      | $4159927.20   | 0.07%             | 2027-08-27      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                            | Hilton Grand Vacations Trust 2020-A                                             | CUSIP: 43285HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    377874 | PA      | $368531.96    | 0.01%             | 2039-02-25      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2025-1                                             | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7033162 | PA      | $7041699.18   | 0.12%             | 2035-04-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HBC77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15306000 | PA      | $15835141.74  | 0.26%             | 2031-10-25      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust 2024-3                                       | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1838973 | PA      | $1841007.01   | 0.03%             | 2028-06-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                   | Evergy Kansas Central Inc                                                       | CUSIP: 30036FAE1<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |   4940000 | PA      | $4993253.20   | 0.08%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                       | FREED ABS Trust 2022-3FP                                                        | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6401990 | PA      | $6408145.86   | 0.10%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2021-1                                       | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045224 | PA      | $1042401.71   | 0.02%             | 2031-03-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XMZX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        | 113543899 | PA      | $98405588.16  | 1.61%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2023-7                                                     | CUSIP: 69548RAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47024 | PA      | $47046.48     | 0.00%             | 2031-07-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-1                   | CUSIP: 35563PAP4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3618911 | PA      | $3370236.52   | 0.06%             | 2056-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                 | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   6742000 | PA      | $6806655.78   | 0.11%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140NXMK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  18830000 | PA      | $19356451.02  | 0.32%             | 2030-02-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                      | Prosper Marketplace Issuance Trust Series 2023-1                                | CUSIP: 74390NAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $606644.36    | 0.01%             | 2029-07-16      | Fixed         | 8.29%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                                | Jackson National Life Global Funding                                            | CUSIP: 46849LUY5<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   8153000 | PA      | $8295922.09   | 0.14%             | 2028-04-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $25625000.00  | 0.42%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ABG1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1420007.25   | 0.02%             | 2027-02-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                              | CUSIP: 30321L2J0<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   4320000 | PA      | $4444243.20   | 0.07%             | 2030-01-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                                        | SpringCastle America Funding LLC                                                | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10143658 | PA      | $9595146.18   | 0.16%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |  16500000 | PA      | $16998300.00  | 0.28%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                                  | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |   4160000 | PA      | $4200185.60   | 0.07%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                        | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2729293.88   | 0.04%             | 2028-10-16      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                                 | InStar Leasing III LLC                                                          | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8341028 | PA      | $7814858.26   | 0.13%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                  | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAM3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |  19056000 | PA      | $18547204.80  | 0.30%             | 2026-09-23      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                      | Seasoned Loans Structured Transaction Trust Series 2019-3                       | CUSIP: 35564CEE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2040708 | PA      | $1937431.58   | 0.03%             | 2029-11-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                                 | Wisconsin Power and Light Co                                                    | CUSIP: 976826BS5<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $4611475.00   | 0.08%             | 2034-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2022-3                                      | CUSIP: 30166YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    918125 | PA      | $918903.13    | 0.02%             | 2027-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                       | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1519512 | PA      | $1521937.23   | 0.02%             | 2027-03-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CUA9<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    903556 | PA      | $893521.76    | 0.01%             | 2031-05-01      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAH1<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |  13254000 | PA      | $12373006.62  | 0.20%             | 2032-01-19      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                 | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   4931000 | PA      | $5030754.13   | 0.08%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                                  | Harvest SBA Loan Trust 2024-1                                                   | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   4658176 | PA      | $4683234.30   | 0.08%             | 2051-12-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| CALEDONIA GENERA                                        | Caledonia Generating LLC                                                        | CUSIP: 129268AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15147167 | PA      | $13277170.21  | 0.22%             | 2034-02-28      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWBH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24287740 | PA      | $19353247.96  | 0.32%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5004348.40   | 0.08%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-CM2 Trust                                                             | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13095975 | PA      | $12139957.19  | 0.20%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132XGUG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11295000 | PA      | $11309806.50  | 0.19%             | 2028-06-01      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN POWER CO                                    | Appalachian Power Co                                                            | CUSIP: 037735CZ8<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5168445.00   | 0.08%             | 2031-04-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                 | GA Global Funding Trust                                                         | CUSIP: 36143L2G9<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   6479000 | PA      | $6258908.37   | 0.10%             | 2027-01-06      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                 | Santander Bank Auto Credit-Linked Notes Series 2022-B                           | CUSIP: 80290CBB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    510193 | PA      | $514150.37    | 0.01%             | 2032-08-16      | Fixed         | 11.91%                | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                                   | US Bank NA/Cincinnati OH                                                        | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6786180.00   | 0.11%             | 2028-05-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KNR54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10289290 | PA      | $8950570.26   | 0.15%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                  | NYC Commercial Mortgage Trust 2021-909                                          | CUSIP: 67076XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4900000 | PA      | $4200290.00   | 0.07%             | 2043-04-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                                | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   2750000 | PA      | $2676905.00   | 0.04%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2019-5                                                 | CUSIP: 46591FBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7305819 | PA      | $6824697.28   | 0.11%             | 2049-11-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                                | Main Street Capital Corp                                                        | CUSIP: 56035LAE4<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |  14195000 | PA      | $13888955.80  | 0.23%             | 2026-07-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KPFN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5113307 | PA      | $4450573.33   | 0.07%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2020-2                                                 | CUSIP: 03464XAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3556270 | PA      | $3543900.21   | 0.06%             | 2065-01-26      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HFW92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  21525759 | PA      | $21088702.16  | 0.35%             | 2054-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                                  | Molex Electronic Technologies LLC                                               | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |   3823000 | PA      | $3845823.31   | 0.06%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                              | CUSIP: 30321L2C5<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2273411.25   | 0.04%             | 2028-09-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                                   | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12955000 | PA      | $12685276.90  | 0.21%             | 2027-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust 2024-2                                       | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2131934 | PA      | $2138163.66   | 0.04%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| OLYMPUS CORP                                            | Olympus Corp                                                                    | CUSIP: 68163WAA7<br>LEI: 5299000Y52IFDI1I2A21 | Long             | DBT              | CORP              | JP        |  14061000 | PA      | $13601486.52  | 0.22%             | 2026-12-08      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QQ60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5869147 | PA      | $5450445.94   | 0.09%             | 2052-04-01      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2022-INV1 Trust                                                            | CUSIP: 69377EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  26660280 | PA      | $26516367.89  | 0.43%             | 2067-04-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                 | Reliance Industries Ltd                                                         | CUSIP: 759470AT4<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    650000 | PA      | $645944.00    | 0.01%             | 2026-01-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QGE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4176558 | PA      | $4012350.72   | 0.07%             | 2048-09-01      | Floating      | 3.21%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                | FHF Issuer Trust 2024-3                                                         | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4709342 | PA      | $4720006.88   | 0.08%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                        | CUSIP: 83304JAB3<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |   2605000 | PA      | $2659079.80   | 0.04%             | 2035-05-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2019-F                                                 | CUSIP: 00969PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3599980 | PA      | $3493594.81   | 0.06%             | 2059-07-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                | MSCI Inc                                                                        | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   6850000 | PA      | $6624566.50   | 0.11%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2022-DSC1                                            | CUSIP: 46656AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7292304 | PA      | $7104276.17   | 0.12%             | 2063-01-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3189000 | PA      | $2763325.87   | 0.05%             | 2055-03-25      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                 | Bayer US Finance II LLC                                                         | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1745065.00   | 0.03%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2024-277P Mortgage Trust                                                   | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6575000 | PA      | $6917431.72   | 0.11%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1442996 | PA      | $1397795.96   | 0.02%             | 2049-01-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                            | WinWater Mortgage Loan Trust 2015-3                                             | CUSIP: 97651JBE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    843459 | PA      | $779228.48    | 0.01%             | 2045-03-20      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-A LLC                                            | CUSIP: 19424KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1329828 | PA      | $1206342.60   | 0.02%             | 2051-07-25      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-4                                | CUSIP: 38237GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17102976 | PA      | $13516601.74  | 0.22%             | 2048-07-20      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AFB37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2467841 | PA      | $2427684.48   | 0.04%             | 2043-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QMN83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4587502 | PA      | $4262526.11   | 0.07%             | 2051-11-01      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                                | CUSIP: 66981PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10121203.60  | 0.17%             | 2032-12-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2021-A                                          | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4765469 | PA      | $4731949.48   | 0.08%             | 2031-12-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                                 | Laboratory Corp of America Holdings                                             | CUSIP: 50540RAX0<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |   4855000 | PA      | $4728721.45   | 0.08%             | 2026-06-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                 | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4838350.00   | 0.08%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  63006273 | PA      | $57096973.88  | 0.94%             | 2032-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| New York Mortgage Trust                                 | NYMT Loan Trust Series 2024-BPL2                                                | CUSIP: 67120TAA8<br>LEI: 254900HCG7N4R7AWFZ60 | Long             | ABS-MBS          | CORP              | US        |   8675000 | PA      | $8767960.43   | 0.14%             | 2039-05-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                            | DNB Bank ASA                                                                    | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   7500000 | PA      | $7526475.00   | 0.12%             | 2026-10-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN SYSTEMS                                | Northrop Grumman Systems Corp                                                   | CUSIP: 666807AQ5<br>LEI: 549300KYOZYCZII5OX23 | Long             | DBT              | CORP              | US        |   2989000 | PA      | $3042891.67   | 0.05%             | 2026-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust            | American Credit Acceptance Receivables Trust 2023-1                             | CUSIP: 02530UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    835186 | PA      | $836424.93    | 0.01%             | 2029-04-12      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                                      | Pacific Life Global Funding II                                                  | CUSIP: 6944PL2G3<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  10530000 | PA      | $10562643.00  | 0.17%             | 2026-06-04      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CVD2<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    838551 | PA      | $791500.54    | 0.01%             | 2032-11-01      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900992 | PA      | $1827087.10   | 0.03%             | 2059-11-25      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Corp Trust 2020-PJ2                               | CUSIP: 36262DAT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4857130 | PA      | $4205128.05   | 0.07%             | 2050-07-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2022-C                                               | CUSIP: 12664DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    957964 | PA      | $958606.91    | 0.02%             | 2030-04-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHH87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13061999 | PA      | $12809089.81  | 0.21%             | 2054-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AFG ABS LLC                                             | AFG ABS I LLC                                                                   | CUSIP: 00111LAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1875929 | PA      | $1879438.98   | 0.03%             | 2030-09-16      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Tesla Sustainable Energy Trust                          | Tesla Sustainable Energy Trust 2024-1                                           | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8173357 | PA      | $8246871.11   | 0.14%             | 2050-06-21      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs       | United States Small Business Administration                                     | CUSIP: 83162CRS4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    131407 | PA      | $132572.68    | 0.00%             | 2028-04-01      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                       | ITC Holdings Corp                                                               | CUSIP: 465685AR6<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |  12703000 | PA      | $12841462.70  | 0.21%             | 2027-09-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-2                   | CUSIP: 35563PKG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  17666925 | PA      | $16818974.55  | 0.28%             | 2058-08-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                        | Black Hills Corp                                                                | CUSIP: 092113AT6<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |   5490000 | PA      | $4938309.90   | 0.08%             | 2030-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140KHUP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    492178 | PA      | $464161.49    | 0.01%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                              | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389BJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2922428 | PA      | $2591765.86   | 0.04%             | 2050-02-25      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2004-HYB2                                         | CUSIP: 17307GEF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35834 | PA      | $17926.12     | 0.00%             | 2034-03-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAE7<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   8665000 | PA      | $8508596.75   | 0.14%             | 2026-01-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DUGS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16729255 | PA      | $17041293.55  | 0.28%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-ATH2                                                                  | CUSIP: 12665WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9589897 | PA      | $9544690.59   | 0.16%             | 2067-05-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAD3<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   7360000 | PA      | $7070236.80   | 0.12%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES CO                                    | Liberty Utilities Co                                                            | CUSIP: 531542AA6<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |   5240000 | PA      | $5394370.40   | 0.09%             | 2029-01-31      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5043374 | PA      | $4972767.34   | 0.08%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                 | Reliance Industries Ltd                                                         | CUSIP: 759470AU1<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    150000 | PA      | $148711.50    | 0.00%             | 2026-01-15      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Upstart Structured Pass-Through Trust                   | Upstart Structured Pass-Through Trust Series 2022-4A                            | CUSIP: 91680YBE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1612558 | PA      | $1621904.85   | 0.03%             | 2030-11-15      | Fixed         | 8.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HJSZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14003965 | PA      | $14015683.43  | 0.23%             | 2055-02-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Securities 2024-RS1 Ltd                                               | CUSIP: 599920AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7802621 | PA      | $7333134.48   | 0.12%             | 2069-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                                  | Protective Life Global Funding                                                  | CUSIP: 74368CAX2<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3994720.00   | 0.07%             | 2025-07-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140MCBC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8242999 | PA      | $7344307.58   | 0.12%             | 2052-02-01      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                             | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   6873000 | PA      | $6691690.26   | 0.11%             | 2026-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                       | Japan Tobacco Inc                                                               | CUSIP: 471105AD8<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |   5386000 | PA      | $5541816.98   | 0.09%             | 2030-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Mortgage Loan Trust 2023-NQM1                                         | CUSIP: 59980DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11241199 | PA      | $11201892.55  | 0.18%             | 2067-10-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2018-RPL1                                   | CUSIP: 64829VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1590496 | PA      | $1540511.19   | 0.03%             | 2057-12-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| HERO Funding Trust                                      | HERO Funding Trust 2017-2                                                       | CUSIP: 42771LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    362841 | PA      | $323439.94    | 0.01%             | 2048-09-20      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-5                                      | CUSIP: 64828NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    188305 | PA      | $190849.41    | 0.00%             | 2057-06-25      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-INV1 Trust                                                             | CUSIP: 55284TAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4995000 | PA      | $4277999.62   | 0.07%             | 2066-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 31397NGR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    282730 | PA      | $227521.29    | 0.00%             | 2039-03-25      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3                   | CUSIP: 35563PGG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6213070 | PA      | $5967735.33   | 0.10%             | 2057-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138WKZP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7350 | PA      | $6954.52      | 0.00%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                           | AEP Texas Inc                                                                   | CUSIP: 00108WAM2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |   8375000 | PA      | $7440433.75   | 0.12%             | 2030-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ABN6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3353000 | PA      | $3323996.55   | 0.05%             | 2025-10-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7328000 | PA      | $7120837.44   | 0.12%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                                  | Crossroads Asset Trust 2025-A                                                   | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7070000 | PA      | $7091143.82   | 0.12%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1                   | CUSIP: 35563P7E3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  13705414 | PA      | $11634400.92  | 0.19%             | 2061-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 225401AY4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4300000 | PA      | $4301892.00   | 0.07%             | 2026-07-15      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2024-1                                                     | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    921664 | PA      | $925880.54    | 0.02%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                           | Commonbond Student Loan Trust 2021-A-GS                                         | CUSIP: 20268WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8202902 | PA      | $6974457.11   | 0.11%             | 2052-03-25      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Activity Co                  | Prodigy Finance CM2021-1 DAC                                                    | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    976306 | PA      | $976365.97    | 0.02%             | 2051-07-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                                | Element Fleet Management Corp                                                   | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   3422000 | PA      | $3607848.82   | 0.06%             | 2028-12-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140LGWS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8922000 | PA      | $8521206.45   | 0.14%             | 2032-08-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                         | Bermuda Government International Bond                                           | CUSIP: 085209AG9<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |   6800000 | PA      | $6023712.00   | 0.10%             | 2030-08-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| NBK SPC LTD                                             | NBK SPC Ltd                                                                     | CUSIP: 62877PAB0<br>LEI: 549300P1ANDK86KWB419 | Long             | DBT              | CORP              | AE        |  13033000 | PA      | $12564072.66  | 0.21%             | 2027-09-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| ABU DHABI DEVELOPMENT HO                                | Abu Dhabi Developmental Holding Co PJSC                                         | CUSIP: 00402D2A2<br>LEI: 254900G082ZFKTCR2Q75 | Long             | DBT              | CORP              | AE        |  15500000 | PA      | $15958645.00  | 0.26%             | 2029-05-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                  | Global Atlantic Fin Co                                                          | CUSIP: 37959GAA5<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $5051176.00   | 0.08%             | 2029-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                  | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9608670 | PA      | $9669603.73   | 0.16%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                                | Amcor Flexibles North America Inc                                               | CUSIP: 02344AAD0<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   4935000 | PA      | $5019043.05   | 0.08%             | 2030-03-17      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST4                                      | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    166710 | PA      | $165496.60    | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin