# EDGAR Filing Document

**Accession Number:** 0002038383
**File Stem:** 0001752724-25-173953
**Filing Date:** 2025-7
**Character Count:** 200832
**Document Hash:** c49d3c25279854d9363cfe581fdb2fb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-173953.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001752724-25-173953

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg ETF Trust
- **CENTRAL INDEX KEY:** 0002038383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24005
- **FILM NUMBER:** 251140196

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** 617-235-4739

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

## Series and Classes Contracts Data

### Thornburg Multi Sector Bond ETF (Series ID: S000089220)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255735 | Thornburg Multi Sector Bond ETF | TMB             |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Asset Backed Securities — 11.5%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 5.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2024-1A Class B, 11.40% due 1/21/2031 | &nbsp;&nbsp;$98413 | &nbsp;&nbsp;$100290 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P3 Class A3, 4.61% due 11/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 221295 | &nbsp;&nbsp;&nbsp;&nbsp; 221131 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151393 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-2A Class C, 5.79% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201389 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 168857 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121024 |
|  | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust, Series 2022-1 Class A3, 1.26% due 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 73415 | &nbsp;&nbsp;&nbsp;&nbsp; 73224 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC, Series 2022-1A Class A, 1.99% due 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 49167 | &nbsp;&nbsp;&nbsp;&nbsp; 49077 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2022-1A Class A, 5.21% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 158528 | &nbsp;&nbsp;&nbsp;&nbsp; 158608 |
|  | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 173256 | &nbsp;&nbsp;&nbsp;&nbsp; 175209 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 6.19% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 221757 | &nbsp;&nbsp;&nbsp;&nbsp; 223506 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201258 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200054 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2022-2A Class D, 5.48% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250446 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2295466 |
|  | &nbsp;&nbsp;**Other Asset Backed — 4.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2023-X1 Class D, 9.55% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100388 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2024-1A Class A2, 5.84% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 112003 | &nbsp;&nbsp;&nbsp;&nbsp; 112603 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 147219 | &nbsp;&nbsp;&nbsp;&nbsp; 119341 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 268309 | &nbsp;&nbsp;&nbsp;&nbsp; 247303 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 237094 | &nbsp;&nbsp;&nbsp;&nbsp; 190580 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2018-1A Class A, 4.01% due 6/22/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 221137 | &nbsp;&nbsp;&nbsp;&nbsp; 208701 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100751 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-7 Class B, 7.549% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35264 | &nbsp;&nbsp;&nbsp;&nbsp; 35289 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, Series 2023-1A Class B, 7.48% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 54741 | &nbsp;&nbsp;&nbsp;&nbsp; 54833 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 74246 | &nbsp;&nbsp;&nbsp;&nbsp; 73606 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2023-1 Class B, 8.35% due 2/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 157683 | &nbsp;&nbsp;&nbsp;&nbsp; 158159 |
|  | &nbsp;&nbsp;&nbsp;Verizon Master Trust, Series 2022-6 Class A, 3.67% due 1/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 403481 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1805035 |
|  | &nbsp;&nbsp;**Student Loan — 1.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 198383 | &nbsp;&nbsp;&nbsp;&nbsp; 186405 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2020-HA Class A, 1.31% due 1/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 38157 | &nbsp;&nbsp;&nbsp;&nbsp; 35846 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-1 Class A3, 5.387% (SOFR30A + 1.06%) due 9/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110726 | &nbsp;&nbsp;&nbsp;&nbsp; 107509 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-A Class A2B, 5.343% (TSFR1M + 1.01%) due 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 56886 | &nbsp;&nbsp;&nbsp;&nbsp; 56870 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 5.193% (TSFR1M + 0.86%) due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 271818 | &nbsp;&nbsp;&nbsp;&nbsp; 271268 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 657898 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $4,756,165) |  | &nbsp;&nbsp;&nbsp;&nbsp; 4758399 |
|  | **Corporate Bonds — 43.9%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.971% (SOFR + 0.62%) due 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 143829 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 3.05% due 2/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47927 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71035 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50271 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 313062 |
|  | &nbsp;&nbsp;**Banks — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.7%** |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 105895 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 1.23%) due 5/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50444 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 142721 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 299060 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Capital Goods — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | &nbsp;&nbsp;$70000 | &nbsp;&nbsp;$68171 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66073 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.7%** |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 61181 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50887 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;John Deere Capital Corp., 4.947% (SOFR + 0.60%) due 6/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71043 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 88500 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52085 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 81691 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 539631 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 66159 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 114593 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47561 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 144055 |
|  | &nbsp;&nbsp;&nbsp;Equifax, Inc., 5.10% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 156893 |
|  | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68719 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52230 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 93424 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 72119 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64154 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., 5.75% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52014 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 931921 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50458 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50458 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 45627 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105464 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 151091 |
|  | &nbsp;&nbsp;**Consumer Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69563 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 112556 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 182119 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 135874 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65993 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83420 |
|  | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 102717 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11810 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 399814 |
|  | &nbsp;&nbsp;**Energy — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 152950 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 70527 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | &nbsp;&nbsp;$120000 | &nbsp;&nbsp;$116377 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127439 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199652 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48609 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50452 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP, 4.95% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48661 |
|  | &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150577 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149928 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 138650 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sunoco LP, 7.00% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 114667 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.40% due 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1524100 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30166 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51894 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 77753 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., 5.00% due 1/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50294 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP, 4.45% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49813 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, 5.70% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 159408 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 7.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67147 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp., 4.70% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 536834 |
|  | &nbsp;&nbsp;**Financial Services — 4.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 3.25% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49889 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52061 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49598 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 90161 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GTP Acquisition Partners I LLC, Series 2015-2 Class A, 3.482% due 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 174559 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 149480 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61431 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99221 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., 6.50% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 158942 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 158757 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;FirstCash, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64567 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.875% due 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 74841 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50304 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48353 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.643% (SOFR + 1.14%) due 5/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 198676 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.786% (SOFR + 0.87%) due 3/4/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60077 |
|  | &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; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 56248 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.167% (SOFR + 0.82%) due 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49933 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.113% (SOFR + 0.77%) due 9/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71170 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99882 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 159700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1977850 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.9%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 158464 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 5.00% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 163000 | &nbsp;&nbsp;&nbsp;&nbsp; 163008 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 42798 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25% due 4/15/2027 | &nbsp;&nbsp;$114000 | &nbsp;&nbsp;$113146 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 171377 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54306 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 60630 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 2.45% due 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 93269 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 5.35% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151482 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1028413 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hologic, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 115684 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 87918 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66160 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 4.625% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96301 |
|  | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 20387 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120120 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48436 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198574 |
|  | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, 4.55% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 180828 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65709 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., 4.625% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48995 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1049112 |
|  | &nbsp;&nbsp;**Household & Personal Products — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 80055 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 3.75% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 111753 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 64856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44923 |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 365495 |
|  | &nbsp;&nbsp;**Insurance — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American National Global Funding, |  |  |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49918 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 1/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 89266 |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50583 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 2.00% due 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 54875 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 160653 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CNO Global Funding, 4.95% due 9/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49929 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65796 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98948 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 43638 |
|  | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46607 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 78471 |
|  | &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 7.40% due 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52011 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., 4.625% due 4/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 153732 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 2.45% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42854 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91185 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48384 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 160138 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51125 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 158239 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 143538 |
|  | &nbsp;&nbsp;&nbsp;Willis North America, Inc., 5.35% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50318 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1740208 |
|  | &nbsp;&nbsp;**Materials — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.3%** |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 5.25% due 6/1/2027 | &nbsp;&nbsp;$65000 | &nbsp;&nbsp;$64824 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 59506 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 2.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 147462 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50928 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 62967 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 80571 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 79668 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57165 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 133770 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 67687 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 171320 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 53389 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1029257 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 64081 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;News Corp., 3.875% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47434 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.00% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 114842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 226357 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 155841 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47348 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 203189 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70338 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70338 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 49757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.75% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53456 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44005 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48410 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 195628 |
|  | &nbsp;&nbsp;**Software & Services — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 98621 |
|  | &nbsp;&nbsp;&nbsp;Global Payments, Inc., 5.30% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 157295 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 140670 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 201361 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC, 7.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55303 |
|  | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 82551 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.9%** |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50607 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144613 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 67854 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95613 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp., |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2028 | &nbsp;&nbsp;$70000 | &nbsp;&nbsp;$67046 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51526 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.105% (SOFR + 0.76%) due 8/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 2/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35521 |
|  | &nbsp;&nbsp;&nbsp;Paychex, Inc., 5.60% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 89488 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29949 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66698 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1505932 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electrical Equipment — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 88111 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 4.25% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 145614 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Flex Ltd., 6.00% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 144722 |
|  | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc., 5.35% due 7/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 88811 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 114355 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 114815 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;HP, Inc., 2.20% due 6/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 109861 |
|  | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 145894 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 952183 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.125% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 150331 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 150331 |
|  | &nbsp;&nbsp;**Transportation — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.65% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51359 |
|  | &nbsp;&nbsp;**Utilities — 6.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 6.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 5.95% due 3/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51839 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 82180 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 5.699% due 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50054 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 157190 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., 2.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 48924 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 88880 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101755 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Electricite de France SA, 5.75% due 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 103143 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (LIBOR 3 Month + 5.44%) due 6/15/2076 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125876 |
|  | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC, 5.45% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 189459 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 5.25% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 87498 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy, 5.45% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51095 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 157041 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50323 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Monongahela Power Co., 3.55% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 51911 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.749% due 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50114 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 156483 |
|  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 154337 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp; 104984 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co., 5.20% due 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 73768 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., 4.10% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 148510 |
|  | &nbsp;&nbsp;&nbsp;Southern Co., |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 7/1/2026 | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$49389 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89107 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co., 2.95% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46681 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 5.45% due 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 156281 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 68373 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 51280 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50360 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49900 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Corp., 5.80% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2768427 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $18,218,367) |  | &nbsp;&nbsp;&nbsp;&nbsp;18242169 |
|  | **Other Government — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 193324 |
|  | &nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 81757 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 92596 |
|  | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 72514 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 3.25% due 1/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 236735 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $641,185) |  | &nbsp;&nbsp;&nbsp;&nbsp; 676926 |
|  | **U.S. Treasury Securities — 16.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, 1.50%, 2/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 215154 | &nbsp;&nbsp;&nbsp;&nbsp; 167778 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 712463 | &nbsp;&nbsp;&nbsp;&nbsp; 720785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 254871 | &nbsp;&nbsp;&nbsp;&nbsp; 250580 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 8/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 641539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1699912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 2/15/2035 - 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;2692000 | &nbsp;&nbsp;&nbsp;&nbsp; 2609799 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.264%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 152036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 184371 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $6,699,090) |  | &nbsp;&nbsp;&nbsp;&nbsp; 6627284 |
|  | **Mortgage Backed — 25.1%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 305928 | &nbsp;&nbsp;&nbsp;&nbsp; 285625 |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5 Class M1, 2.97% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 197933 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.881% due 12/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 164944 | &nbsp;&nbsp;&nbsp;&nbsp; 151082 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 23952 | &nbsp;&nbsp;&nbsp;&nbsp; 23006 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 5.757% due 1/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 172693 | &nbsp;&nbsp;&nbsp;&nbsp; 172172 |
| **<sup>a,b,e</sup>** | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100730 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156070 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, Series 2022-NQM5 Class A1, 5.169% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 286851 | &nbsp;&nbsp;&nbsp;&nbsp; 285755 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841733, 2.093% (2.19% - SOFR30A) due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 85617 | &nbsp;&nbsp;&nbsp;&nbsp; 79436 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 181969 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2024-1 Class MT, 3.00% due 11/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 93465 | &nbsp;&nbsp;&nbsp;&nbsp; 75860 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0014, 6.00% due 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 673704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2278, 3.00% due 8/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 744378 | &nbsp;&nbsp;&nbsp;&nbsp; 634423 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2601, 2.50% due 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 544628 | &nbsp;&nbsp;&nbsp;&nbsp; 444989 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8218, 2.00% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 150880 | &nbsp;&nbsp;&nbsp;&nbsp; 117393 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM7605, 1.984% (2.28% - SOFR30A) due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 119898 | &nbsp;&nbsp;&nbsp;&nbsp; 111249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS3483, 2.26% due 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 107912 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB4555, 4.50% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 141919 | &nbsp;&nbsp;&nbsp;&nbsp; 134327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FA1110, 4.50% due 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 541880 | &nbsp;&nbsp;&nbsp;&nbsp; 513004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS4713, 2.50% due 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 763070 | &nbsp;&nbsp;&nbsp;&nbsp; 623468 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6122, 3.00% due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 763687 | &nbsp;&nbsp;&nbsp;&nbsp; 650342 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9660, 5.50% due 10/1/2054 | &nbsp;&nbsp;$317723 | &nbsp;&nbsp;$315121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9716, 2.00% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 369463 | &nbsp;&nbsp;&nbsp;&nbsp; 312352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5611, 4.00% due 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 142595 | &nbsp;&nbsp;&nbsp;&nbsp; 130707 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., UMBS Collateral, Pool MA7706, 3.00% due 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 250182 | &nbsp;&nbsp;&nbsp;&nbsp; 218217 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2019-PJ2 Class B4, 4.372% due 11/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 92769 | &nbsp;&nbsp;&nbsp;&nbsp; 84216 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 396266 | &nbsp;&nbsp;&nbsp;&nbsp; 383232 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.182% due 1/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 111451 | &nbsp;&nbsp;&nbsp;&nbsp; 111479 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 77413 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class A, 6.022% (TSFR1M + 1.69%) due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99737 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2022-INV3 Class A1, 6.00% due 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 233814 | &nbsp;&nbsp;&nbsp;&nbsp; 233292 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A1, 4.00% due 2/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 195911 | &nbsp;&nbsp;&nbsp;&nbsp; 189286 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 90906 | &nbsp;&nbsp;&nbsp;&nbsp; 71878 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2021-SP1 Class A1, 4.67% due 8/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 194814 | &nbsp;&nbsp;&nbsp;&nbsp; 193855 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp; 257173 |
|  | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 159540 | &nbsp;&nbsp;&nbsp;&nbsp; 133794 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 180724 | &nbsp;&nbsp;&nbsp;&nbsp; 182738 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 5.993% due 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 103311 | &nbsp;&nbsp;&nbsp;&nbsp; 103684 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100751 |
|  | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2D, 2.00% due 7/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 56536 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.594% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79204 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.917% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 99825 | &nbsp;&nbsp;&nbsp;&nbsp; 100492 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 129482 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 178753 | &nbsp;&nbsp;&nbsp;&nbsp; 174786 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2A, 3.10% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90296 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1A, 1.636% due 4/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 211899 | &nbsp;&nbsp;&nbsp;&nbsp; 191072 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 94901 | &nbsp;&nbsp;&nbsp;&nbsp; 84423 |
|  | &nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A15, 2.50% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 279788 | &nbsp;&nbsp;&nbsp;&nbsp; 219951 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV5 Class A14, 3.00% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 168954 | &nbsp;&nbsp;&nbsp;&nbsp; 139033 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, CMBS, Series 2017-C40 Class A2, 2.495% due 10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 95741 | &nbsp;&nbsp;&nbsp;&nbsp; 90950 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B3, 3.783% due 1/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 142305 | &nbsp;&nbsp;&nbsp;&nbsp; 133645 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $10,455,560) |  | &nbsp;&nbsp;&nbsp;&nbsp;10409244 |
|  | **Short-Term Investments — 2.4%** |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 98579 | &nbsp;&nbsp;&nbsp;&nbsp; 985789 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $985,789) |  | &nbsp;&nbsp;&nbsp;&nbsp; 985789 |
|  | **Total Investments — 100.5% (Cost $41,756,156)** |  | &nbsp;&nbsp;$41699811 |
|  | **Liabilities Net of Other Assets — (0.5)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190621) |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$41509190 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | 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 May 31, 2025, the aggregate value of these securities in the Fund's portfolio was $17,345,311, representing 41.79% of the Fund's net assets. |
| 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 May 31, 2025. |
| c | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| e | When-issued security. |
| f | Investment in Affiliates. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

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

---

| | |
|:---|:---|
| AUD | Denominated in Australian Dollar |
| BRL | Denominated in Brazilian Real |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DOP | Denominated in Dominican Peso |
| GBP | Denominated in Pound Sterling |

---

---

| | |
|:---|:---|
| LIBOR | London Interbank Offered Rates |
| Mtg | Mortgage |
| NZD | Dominated in New Zealand Dollar |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| TSFR1M | Term SOFR 1 Month |
| UMBS | Uniform Mortgage Backed Securities |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Multi Sector Bond ETF (the "Fund") is a series of Thornburg ETF Trust (the "Trust"). The Trust was organized as a Massachusetts Business Trust on September 9, 2024 and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. The Fund is non-diversified within the meaning of the 1940 Act. The shares of the Fund are bought and sold through exchange trading at market prices (not net asset value ("NAV")), and are not individually redeemable with the Fund. Shares may trade at a premium or discount to their NAV in the secondary market. The Fund commenced operations on February 4, 2025. The Fund is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

#### 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.

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

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

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

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

If the market quotation for an investment is expressed in a foreign currency, that market quotation will be converted to U.S. dollars using a foreign exchange quotation from a third-party service at the time of valuation. Foreign investments held by the Fund may be traded on days and at times when the Fund is not open for business. Consequently, the value of Fund's investments may be significantly affected on days when shareholders cannot purchase or sell Fund's shares.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 8/31/24** | &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> 5/31/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $- | &nbsp;&nbsp;$17248670 | &nbsp;&nbsp;$(16262881) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$985789 | &nbsp;&nbsp;$18685 |

---

## 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 ETF Trust

- **b. Investment Company Act file number:** 811-24005

- **c. CIK number of Registrant:** 0002038383

- **d. LEI of Registrant:** 254900IY5G5O8L5LH268

- **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

  - **Telephone number:** 617-235-4739

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

- **a. Name of Series:** Thornburg Multi Sector Bond ETF

- **b. EDGAR series identifier (if any):** S000089220

- **c. LEI of Series:** 254900SERZKX0FH34T15

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $41894232.77

**Total Liabilities:** $385231.57

**Net Assets:** $41509001.20

**Delayed Delivery Securities:** $366549.23

**Cash Not Reported:** $4.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -73.29000000 | **1-Year:** -1030.94000000 | **5-Year:** -2915.79000000 | **10-Year:** -2141.25000000 | **30-Year:** -253.98000000

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

- **3-Month:** -52.82000000 | **1-Year:** -657.30000000 | **5-Year:** -965.13000000 | **10-Year:** -217.71000000 | **30-Year:** -34.66000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255735 | 0.11%                | 0.49%                | -0.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9759.92                 | $-148147.90                                |
| Month 2  | $114.68                  | $25862.28                                  |
| Month 3  | $3190.56                 | $-168949.12                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Universal

- **Index Identifier:** LC07TRUU Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2017-6                                          | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178754 | PA      | $174785.45    | 0.42%             | 2057-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                | Prosper Marketplace Issuance Trust Series 2023-1                          | CUSIP: 74390NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54741 | PA      | $54833.56     | 0.13%             | 2029-07-16      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| NEW YORK MORTGAGE TRUST                           | NYMT Loan Trust 2021-SP1                                                  | CUSIP: 62955RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    194814 | PA      | $193854.57    | 0.47%             | 2061-08-25      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                             | Whistler Pipeline LLC                                                     | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155610.70    | 0.37%             | 2029-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140XLGX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    763071 | PA      | $623467.97    | 1.50%             | 2053-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                                     | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    712463 | PA      | $720784.75    | 1.74%             | 2027-10-15      | Fixed         | 1.63%                 | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                            | Skyworks Solutions Inc                                                    | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48409.50     | 0.12%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                        | Nasdaq Inc                                                                | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    155000 | PA      | $158757.20    | 0.38%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Ball Corp                                         | Ball Corp                                                                 | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     63000 | PA      | $62967.24     | 0.15%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                     | Parkland Corp                                                             | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149928.00    | 0.36%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                         | Qorvo Inc                                                                 | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44005.00     | 0.11%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                           | Southern Co Gas Capital Corp                                              | CUSIP: 8426EPAF5<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49900.00     | 0.12%             | 2032-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                          | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc     | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $83420.00     | 0.20%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                            | Champ Acquisition Corp                                                    | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105464.00    | 0.25%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                             | SS&C Technologies Inc                                                     | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29949.00     | 0.07%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                             | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60076.80     | 0.14%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                           | Reinsurance Group of America Inc                                          | CUSIP: 759351AR0<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    155000 | PA      | $160138.25    | 0.39%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                              | Verisk Analytics Inc                                                      | CUSIP: 92345YAH9<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52014.00     | 0.13%             | 2033-04-01      | Fixed         | 5.75%                 | 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        |    250000 | PA      | $250445.58    | 0.60%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140XRYN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    369463 | PA      | $312352.27    | 0.75%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                            | Constellation Software Inc/Canada                                         | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $50606.50     | 0.12%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| COGENT COMM GROUP LLC                             | Cogent Communications Group LLC                                           | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55303.05     | 0.13%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                    | ACM Auto Trust 2024-1                                                     | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98413 | PA      | $100289.86    | 0.24%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $135873.52    | 0.33%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                            | Edgewell Personal Care Co                                                 | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63908.00     | 0.15%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-1 LLC                                                           | CUSIP: 69382GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103311 | PA      | $103684.04    | 0.25%             | 2030-04-25      | Variable      | 5.99%                 | 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        |    200000 | PA      | $200053.56    | 0.48%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                  | Enstar Group Ltd                                                          | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $43637.50     | 0.11%             | 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        |    104000 | PA      | $104983.84    | 0.25%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                               | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71215.84     | 0.17%             | 2028-08-03      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                            | Extra Space Storage LP                                                    | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    155000 | PA      | $159408.20    | 0.38%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                           | Laboratory Corp of America Holdings                                       | CUSIP: 50540RBA9<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |    185000 | PA      | $180828.25    | 0.44%             | 2032-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                             | Arroyo Mortgage Trust 2019-1                                              | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23952 | PA      | $23006.20     | 0.06%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                               | Prestige Brands Inc                                                       | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    123000 | PA      | $111752.88    | 0.27%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                                     | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    254871 | PA      | $250580.06    | 0.60%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| SKY1 Trust                                        | SKY Trust 2025-LINE                                                       | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99825 | PA      | $100491.87    | 0.24%             | 2042-04-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA                          | Nufarm Australia Ltd / Nufarm Americas Inc                                | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     65000 | PA      | $59505.55     | 0.14%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                          | F&G Annuities & Life Inc                                                  | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52011.00     | 0.13%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                          | Korn Ferry                                                                | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64153.70     | 0.15%             | 2027-12-15      | Fixed         | 4.63%                 | 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        |    271818 | PA      | $271268.19    | 0.65%             | 2035-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                        | Australia Government Bonds                                                | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    325000 | PA      | $193324.04    | 0.47%             | 2033-11-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 31418FGV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142595 | PA      | $130706.82    | 0.31%             | 2055-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                               | NOVA Chemicals Corp                                                       | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $64824.50     | 0.16%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                          | Brookfield Asset Management Ltd                                           | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     89000 | PA      | $90160.56     | 0.22%             | 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        |     51000 | PA      | $51124.95     | 0.12%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                          | CUSIP: 3132DPQ76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    744378 | PA      | $634423.10    | 1.53%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                          | Main Street Capital Corp                                                  | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |    156000 | PA      | $158942.16    | 0.38%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Education Funding Trust                           | Education Funding Trust Trust                                             | CUSIP: 28141PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198383 | PA      | $186404.59    | 0.45%             | 2041-07-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140XMYU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    763687 | PA      | $650342.13    | 1.57%             | 2053-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                               | Global Payments Inc                                                       | CUSIP: 37940XAN2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    156000 | PA      | $157294.80    | 0.38%             | 2029-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                        | US Bancorp                                                                | CUSIP: 91159HJS0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    141000 | PA      | $142721.61    | 0.34%             | 2030-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5          | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99737.33     | 0.24%             | 2040-03-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                          | LKQ Corp                                                                  | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52085.50     | 0.13%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HP INC                                            | HP Inc                                                                    | CUSIP: 40434LAA3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109861.40    | 0.26%             | 2025-06-17      | Fixed         | 2.20%                 | 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        |    286000 | PA      | $257173.29    | 0.62%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                            | Delek Logistics Partners LP / Delek Logistics Finance Corp                | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     68000 | PA      | $70526.88     | 0.17%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2019-55HY Mortgage Trust                                     | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85000 | PA      | $77412.84     | 0.19%             | 2041-12-10      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                      | Illumina Inc                                                              | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    156000 | PA      | $155840.88    | 0.38%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                           | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    136000 | PA      | $133769.60    | 0.32%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                              | Prologis Targeted US Logistics Fund LP                                    | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              |  | US        |    156000 | PA      | $159700.32    | 0.38%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                          | Equitable Financial Life Global Funding                                   | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     78000 | PA      | $78471.12     | 0.19%             | 2030-03-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                          | CUSIP: 3132DP3J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    544628 | PA      | $444989.28    | 1.07%             | 2053-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                | Seasoned Loans Structured Transaction Trust Series 2020-1                 | CUSIP: 35564CEZ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     65000 | PA      | $56535.56     | 0.14%             | 2030-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                  | BAT Capital Corp                                                          | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151482.00    | 0.36%             | 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        |     30000 | PA      | $30165.90     | 0.07%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DOM REP CB NOTES                                  | Dominican Republic Central Bank Notes                                     | CUSIP: 000000000<br>LEI: 549300DTVR57NON7XL66 | Long             | DBT              | NUSS              | DO        |   5500000 | PA      | $92595.92     | 0.22%             | 2025-10-03      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| SUNOCO LP                                         | Sunoco LP                                                                 | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    111000 | PA      | $114667.44    | 0.28%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term Auto Receivables Tr | GM Financial Consumer Automobile Receivables Trust 2022-1                 | CUSIP: 380146AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73416 | PA      | $73223.87     | 0.18%             | 2026-11-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                          | Willis North America Inc                                                  | CUSIP: 970648AM3<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50318.00     | 0.12%             | 2033-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                     | FirstCash Inc                                                             | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64567.10     | 0.16%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2020-5                                           | CUSIP: 03464WAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $197932.86    | 0.48%             | 2065-05-25      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                 | Eversource Energy                                                         | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51095.50     | 0.12%             | 2028-03-01      | Fixed         | 5.45%                 | 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        |     94901 | PA      | $84422.91     | 0.20%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                         | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60629.73     | 0.15%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                           | PPL Capital Funding Inc                                                   | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    156000 | PA      | $154337.04    | 0.37%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                            | Fairfax Financial Holdings Ltd                                            | CUSIP: 303901BF8<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    156000 | PA      | $153731.76    | 0.37%             | 2030-04-29      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Monongahela Power Co                              | Monongahela Power Co                                                      | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $51910.85     | 0.13%             | 2027-05-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                          | Blue Owl Technology Finance Corp                                          | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49598.00     | 0.12%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                       | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     50000 | PA      | $51894.00     | 0.13%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                               | NuStar Logistics LP                                                       | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150577.50    | 0.36%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                       | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2292000 | PA      | $2202110.63   | 5.31%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2017-1                                | CUSIP: 64829JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195911 | PA      | $189285.55    | 0.46%             | 2057-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2020-1                                          | CUSIP: 89178WBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $90295.98     | 0.22%             | 2060-01-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                          | CUSIP: 3132DWDX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    150880 | PA      | $117393.24    | 0.28%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                         | IQVIA Inc                                                                 | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198574.00    | 0.48%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                       | Hertz Vehicle Financing III LLC                                           | CUSIP: 42806MAJ8<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |     49167 | PA      | $49077.26     | 0.12%             | 2026-06-25      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| American Tower Trust I                            | American Tower Trust #1                                                   | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     80000 | PA      | $77752.68     | 0.19%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                   | Fair Isaac Corp                                                           | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144613.50    | 0.35%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                          | Brazil Notas do Tesouro Nacional Serie F                                  | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    495000 | PA      | $81757.46     | 0.20%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Bonds                                     | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    215154 | PA      | $167778.10    | 0.40%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                             | Scotts Miracle-Gro Co/The                                                 | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44922.60     | 0.11%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                            | Blue Owl Credit Income Corp                                               | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52060.50     | 0.13%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                             | Brooklyn Union Gas Co/The                                                 | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51279.80     | 0.12%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                          | New York Life Global Funding                                              | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48384.00     | 0.12%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                              | American National Global Funding                                          | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49918.00     | 0.12%             | 2030-06-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                          | Graphic Packaging International LLC                                       | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     86000 | PA      | $79667.82     | 0.19%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                               | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     56000 | PA      | $56248.08     | 0.14%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                          | Flex Ltd                                                                  | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    141000 | PA      | $144722.40    | 0.35%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                     | Lendbuzz Securitization Trust 2024-1                                      | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221757 | PA      | $223506.32    | 0.54%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                      | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50304.00     | 0.12%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2020-2                                          | CUSIP: 89176UAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    211900 | PA      | $191071.79    | 0.46%             | 2060-04-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                              | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42797.47     | 0.10%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                 | ITC Holdings Corp                                                         | CUSIP: 465685AT2<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50322.50     | 0.12%             | 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        |    120000 | PA      | $121024.36    | 0.29%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                  | Insight Enterprises Inc                                                   | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |    138000 | PA      | $140670.30    | 0.34%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                     | UWM Mortgage Trust 2021-INV1                                              | CUSIP: 90354XAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    279788 | PA      | $219951.36    | 0.53%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                      | Centene Corp                                                              | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96301.00     | 0.23%             | 2029-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                         | Esab Corp                                                                 | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50887.50     | 0.12%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                          | Stewart Information Services Corp                                         | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |    162000 | PA      | $143538.48    | 0.35%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2023-X1                                 | CUSIP: 00834KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100387.82    | 0.24%             | 2028-11-15      | Fixed         | 9.55%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                          | United Wholesale Mortgage LLC                                             | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99882.00     | 0.24%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                       | Equifax Inc                                                               | CUSIP: 294429AW5<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |    155000 | PA      | $156892.55    | 0.38%             | 2028-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                      | US Foods Inc                                                              | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102717.30    | 0.25%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                          | Amcor Flexibles North America Inc                                         | CUSIP: 02344AAE8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    149000 | PA      | $147462.32    | 0.36%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                          | Medline Borrower LP/Medline Co-Issuer Inc                                 | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $66160.25     | 0.16%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                     | Lendbuzz Securitization Trust 2023-2                                      | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    173256 | PA      | $175208.83    | 0.42%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                   | Xcel Energy Inc                                                           | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    156000 | PA      | $156280.80    | 0.38%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140QQBZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    141919 | PA      | $134326.90    | 0.32%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                           | Public Service Electric and Gas Co                                        | CUSIP: 74456QCN4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     73000 | PA      | $73767.96     | 0.18%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                      | VT Topco Inc                                                              | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     88000 | PA      | $93424.32     | 0.23%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                     | DTE Energy Co                                                             | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50428.50     | 0.12%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                       | Ameren Corp                                                               | CUSIP: 023608AR3<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     83000 | PA      | $82179.96     | 0.20%             | 2035-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                         | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     65000 | PA      | $67147.60     | 0.16%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2021-INV1                             | CUSIP: 64829WBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90906 | PA      | $71878.03     | 0.17%             | 2051-06-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                              | Hercules Capital Inc                                                      | CUSIP: 427096AJ1<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |    155000 | PA      | $149480.45    | 0.36%             | 2027-01-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                                           | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89107.20     | 0.21%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                         | Ball Corp                                                                 | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     79000 | PA      | $80571.31     | 0.19%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                 | Flowers Foods Inc                                                         | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171377.00    | 0.41%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                      | US Foods Inc                                                              | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11809.92     | 0.03%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                          | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    149000 | PA      | $150330.57    | 0.36%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                             | Scotts Miracle-Gro Co/The                                                 | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     72000 | PA      | $64856.16     | 0.16%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                             | Micron Technology Inc                                                     | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49757.05     | 0.12%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                               | CDW LLC / CDW Finance Corp                                                | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    148000 | PA      | $145614.24    | 0.35%             | 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        |     97975 | NS      | $979746.28    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                       | CUSIP: 46647PCQ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71169.69     | 0.17%             | 2027-09-22      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                  | Puget Energy Inc                                                          | CUSIP: 745310AK8<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    156000 | PA      | $148510.44    | 0.36%             | 2030-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                            | Cushman & Wakefield US Borrower LLC                                       | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70338.10     | 0.17%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2022-1                                           | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164944 | PA      | $151081.51    | 0.36%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                          | CUSIP: 3142J6AQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    667000 | PA      | $673704.22    | 1.62%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                             | Micron Technology Inc                                                     | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53456.50     | 0.13%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                           | Brighthouse Financial Global Funding                                      | CUSIP: 10921U2E7<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54875.40     | 0.13%             | 2028-06-28      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                        | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199652.00    | 0.48%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust               | GS Mortgage-Backed Securities Corp Trust 2019-PJ2                         | CUSIP: 36257LAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92769 | PA      | $84216.35     | 0.20%             | 2049-11-25      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                       | Paychex Inc                                                               | CUSIP: 704326AC1<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     88000 | PA      | $89488.08     | 0.22%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                           | American Electric Power Co Inc                                            | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50054.00     | 0.12%             | 2025-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                       | Exelon Corp                                                               | CUSIP: 30161NBR1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    155000 | PA      | $157041.35    | 0.38%             | 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        |    155000 | PA      | $157190.15    | 0.38%             | 2034-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                           | CD&R Smokey Buyer Inc / Radio Systems Corp                                | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $45626.90     | 0.11%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                           | Zebra Technologies Corp                                                   | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    113000 | PA      | $114814.78    | 0.28%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                          | Electricite de France SA                                                  | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    102000 | PA      | $103143.42    | 0.25%             | 2035-01-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust LP                           | Digital Realty Trust LP                                                   | CUSIP: 25389JAT3<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |     50000 | PA      | $49813.00     | 0.12%             | 2028-07-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                                | CNO Global Funding                                                        | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49929.00     | 0.12%             | 2029-09-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                           | Fidelity National Financial Inc                                           | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42854.00     | 0.10%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                      | Highmark Inc                                                              | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48436.00     | 0.12%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                               | Silgan Holdings Inc                                                       | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    177000 | PA      | $171320.07    | 0.41%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                  | Altria Group Inc                                                          | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    110000 | PA      | $93269.00     | 0.22%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust 2023-2                                                | CUSIP: 23346CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201388.65    | 0.49%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LIFE                                                        | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100729.84    | 0.24%             | 2047-06-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                     | FirstCash Inc                                                             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     73000 | PA      | $74841.06     | 0.18%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                            | Bank of New York Mellon Corp/The                                          | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105894.80    | 0.26%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                               | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35520.80     | 0.09%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                       | Hologic Inc                                                               | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    121000 | PA      | $115684.47    | 0.28%             | 2029-02-15      | Fixed         | 3.25%                 | 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        |    237094 | PA      | $190579.88    | 0.46%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Hologic Inc                                       | Hologic Inc                                                               | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     89000 | PA      | $87917.76     | 0.21%             | 2028-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                           | John Deere Capital Corp                                                   | CUSIP: 24422EXS3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71042.60     | 0.17%             | 2027-06-11      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                            | APA Infrastructure Ltd                                                    | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     71000 | PA      | $68373.00     | 0.16%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                          | RenaissanceRe Holdings Ltd                                                | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |    156000 | PA      | $158238.60    | 0.38%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                          | Fortitude Group Holdings LLC                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91185.30     | 0.22%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                             | Universal Health Services Inc                                             | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48995.00     | 0.12%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                   | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71035.50     | 0.17%             | 2030-03-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                            | Alliant Energy Finance LLC                                                | CUSIP: 01882YAE6<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51839.50     | 0.12%             | 2029-03-30      | Fixed         | 5.95%                 | 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        |    200000 | PA      | $201258.44    | 0.48%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| AMCOR GROUP FINANCE                               | Amcor Group Finance PLC                                                   | CUSIP: 02344BAA4<br>LEI: 2549008XHB8M1L64J275 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50927.50     | 0.12%             | 2029-05-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                    | Open Text Corp                                                            | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51525.50     | 0.12%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                                           | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49389.00     | 0.12%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2017-C40                            | CUSIP: 95000YAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95741 | PA      | $90950.40     | 0.22%             | 2050-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                     | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65709.15     | 0.16%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                            | WESCO Distribution Inc                                                    | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    112000 | PA      | $114355.36    | 0.28%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2020-B                                           | CUSIP: 00969YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305928 | PA      | $285624.84    | 0.69%             | 2059-05-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                              | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19933.00     | 0.05%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                           | Piedmont Natural Gas Co Inc                                               | CUSIP: 720186AQ8<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50360.50     | 0.12%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                        | U.K. Gilts                                                                | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    190000 | PA      | $236735.21    | 0.57%             | 2033-01-31      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                          | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    206000 | PA      | $201360.88    | 0.49%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust 2020-H                          | CUSIP: 63935BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38157 | PA      | $35846.01     | 0.09%             | 2069-01-15      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                        | ROCK Trust 2024-CNTR                                                      | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100751.36    | 0.24%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                              | American National Global Funding                                          | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     88000 | PA      | $89266.32     | 0.22%             | 2030-01-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                            | Energizer Holdings Inc                                                    | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     83000 | PA      | $80055.16     | 0.19%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2022-1                                  | CUSIP: 36263XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $168857.04    | 0.41%             | 2028-01-18      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                           | MPLX LP                                                                   | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48660.50     | 0.12%             | 2032-09-01      | Fixed         | 4.95%                 | 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        |     93465 | PA      | $75860.10     | 0.18%             | 2063-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                     | DTE Energy Co                                                             | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101755.00    | 0.25%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2022-NQM5 Trust                                                      | CUSIP: 12663DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    286851 | PA      | $285755.38    | 0.69%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                              | Verizon Master Trust                                                      | CUSIP: 92348KAZ6<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    404000 | PA      | $403480.61    | 0.97%             | 2029-01-22      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140XRWW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    317723 | PA      | $315121.39    | 0.76%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC                              | Entergy Arkansas LLC                                                      | CUSIP: 29366MAF5<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    187000 | PA      | $189459.05    | 0.46%             | 2034-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                       | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $407687.50    | 0.98%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                | Realty Income Corp                                                        | CUSIP: 756109BS2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     50000 | PA      | $50359.00     | 0.12%             | 2028-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                      | VeriSign Inc                                                              | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     82000 | PA      | $82551.04     | 0.20%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                 | Ares Capital Corp                                                         | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49888.50     | 0.12%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                            | Santander Holdings USA Inc                                                | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50444.00     | 0.12%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GTP ACQUISITION PARTNERS                          | GTP Acquisition Partners I LLC                                            | CUSIP: 36246MAU3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $174559.00    | 0.42%             | 2025-06-16      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2023-N3                                    | CUSIP: 14686RAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151393.32    | 0.36%             | 2028-05-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                        | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    250182 | PA      | $218217.21    | 0.53%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137HA4L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    180000 | PA      | $181969.36    | 0.44%             | 2031-01-25      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                           | Corebridge Global Funding                                                 | CUSIP: 00138CAU2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65796.25     | 0.16%             | 2026-07-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                          | Constellation Brands Inc                                                  | CUSIP: 21036PBN7<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    163000 | PA      | $163008.15    | 0.39%             | 2026-02-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                        | LAD Auto Receivables Trust 2022-1                                         | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    158528 | PA      | $158607.88    | 0.38%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                        | NetApp Inc                                                                | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |    144000 | PA      | $145893.60    | 0.35%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                           | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67686.96     | 0.16%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                          | CUSIP: 22822VBA8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     50000 | PA      | $50294.00     | 0.12%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                             | Aon North America Inc                                                     | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50582.50     | 0.12%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                           | Kinder Morgan Energy Partners LP                                          | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50452.50     | 0.12%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                          | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    156000 | PA      | $152950.20    | 0.37%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                       | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $641539.07    | 1.55%             | 2028-08-31      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| UL SOLUTIONS INC                                  | UL Solutions Inc                                                          | CUSIP: 903731AA5<br>LEI: 549300F7CUV5ESKV9P71 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52230.50     | 0.13%             | 2028-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                  | NetCredit Combined Receivables A LLC                                      | CUSIP: 64112RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100750.70    | 0.24%             | 2031-10-20      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients Inc                           | Darling Ingredients Inc                                                   | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113146.14    | 0.27%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                       | PRKCM 2021-AFC1 Trust                                                     | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    159540 | PA      | $133793.48    | 0.32%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                   | BRAVO Residential Funding Trust 2023-NQM1                                 | CUSIP: 10568MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    172693 | PA      | $172172.32    | 0.41%             | 2063-01-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                          | Charles River Laboratories International Inc                              | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120120.00    | 0.29%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912833Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $152036.46    | 0.37%             | 2036-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| AMERICAN HONDA FINANCE                            | American Honda Finance Corp                                               | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    144000 | PA      | $143828.64    | 0.35%             | 2026-12-11      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                            | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    165000 | PA      | $158464.35    | 0.38%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                                       | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20050.60     | 0.05%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65993.20     | 0.16%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    160000 | PA      | $138649.60    | 0.33%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN CORP                                 | NorthWestern Corp                                                         | CUSIP: 66807TAA0<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | DBT              | CORP              | US        |    155000 | PA      | $156483.35    | 0.38%             | 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        |    180724 | PA      | $182737.76    | 0.44%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                         | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54306.45     | 0.13%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                          | Element Fleet Management Corp                                             | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    142000 | PA      | $144054.74    | 0.35%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                             | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66073.15     | 0.16%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140LD2R9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    160000 | PA      | $107911.91    | 0.26%             | 2041-10-01      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                | Regal Rexnord Corp                                                        | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     88000 | PA      | $88499.84     | 0.21%             | 2026-02-15      | Fixed         | 6.05%                 | 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        |     80000 | PA      | $79203.98     | 0.19%             | 2038-05-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                      | WinWater Mortgage Loan Trust 2016-1                                       | CUSIP: 97655JCD2<br>LEI: 5493007FSEV8PHXVE122 | Long             | ABS-MBS          | CORP              | US        |    142305 | PA      | $133644.92    | 0.32%             | 2046-01-20      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $64081.50     | 0.15%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2017-A                                   | CUSIP: 78448WAC9<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |     56886 | PA      | $56870.04     | 0.14%             | 2034-09-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                           | CNO Financial Group Inc                                                   | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |    156000 | PA      | $160653.48    | 0.39%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                    | Open Text Corp                                                            | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $67046.00     | 0.16%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2022-P3                                    | CUSIP: 14686MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221295 | PA      | $221131.34    | 0.53%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                               | CUSIP: 38141GYH1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49933.00     | 0.12%             | 2027-09-10      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                   | Goodgreen 2021-1 Trust                                                    | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147219 | PA      | $119341.13    | 0.29%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                           | Energean Israel Finance Ltd                                               | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    125000 | PA      | $127438.75    | 0.31%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                          | Jefferson Capital Holdings LLC                                            | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61431.00     | 0.15%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                 | GEO Group Inc/The                                                         | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68718.65     | 0.17%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                                   | Fair Isaac Corp                                                           | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67854.48     | 0.16%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                             | SS&C Technologies Inc                                                     | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66697.80     | 0.16%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                  | SLG Office Trust 2021-OVA                                                 | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $129482.05    | 0.31%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust 2018-1                                            | CUSIP: 61946FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221137 | PA      | $208700.71    | 0.50%             | 2043-06-22      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                             | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    199000 | PA      | $198675.63    | 0.48%             | 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        |    396266 | PA      | $383231.79    | 0.92%             | 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        |     50000 | PA      | $50271.00     | 0.12%             | 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        |    157683 | PA      | $158159.16    | 0.38%             | 2033-02-20      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                          | Matthews International Corp                                               | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57164.80     | 0.14%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Student Loan Trust 2012-1                                             | CUSIP: 78446WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110726 | PA      | $107508.64    | 0.26%             | 2028-09-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                            | DaVinciRe Holdings Ltd                                                    | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    100000 | PA      | $98948.00     | 0.24%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                | Southwest Gas Corp                                                        | CUSIP: 845011AF2<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51212.00     | 0.12%             | 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        |     50000 | PA      | $50113.50     | 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        |     50000 | PA      | $47348.00     | 0.11%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                          | Windsor Holdings III LLC                                                  | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |     77000 | PA      | $81690.84     | 0.20%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                       | HOMES 2023-NQM1 Trust                                                     | CUSIP: 43761JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    111451 | PA      | $111479.15    | 0.27%             | 2068-01-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                  | Ryder System Inc                                                          | CUSIP: 78355HKV0<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51358.50     | 0.12%             | 2028-03-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                         | News Corp                                                                 | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47433.50     | 0.11%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                          | Equitable Financial Life Global Funding                                   | CUSIP: 29449WAB3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46606.50     | 0.11%             | 2027-08-27      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                         | Emera Inc                                                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $125876.25    | 0.30%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                      | New Zealand Government Bonds                                              | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |    129000 | PA      | $72513.65     | 0.17%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| ACCO BRANDS CORP                                  | ACCO Brands Corp                                                          | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66159.00     | 0.16%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                             | Keysight Technologies Inc                                                 | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     87000 | PA      | $88810.47     | 0.21%             | 2030-07-30      | Fixed         | 5.35%                 | 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        |     35263 | PA      | $35288.98     | 0.09%             | 2031-07-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                          | ATS Corp                                                                  | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $61181.25     | 0.15%             | 2028-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                  | Genuine Parts Co                                                          | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50457.50     | 0.12%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2022-INV3 Trust                                                       | CUSIP: 55285KAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233814 | PA      | $233292.13    | 0.56%             | 2057-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                         | Auxilior Term Funding 2024-1 LLC                                          | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    112003 | PA      | $112603.41    | 0.27%             | 2027-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                       | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200484.38    | 0.48%             | 2027-01-31      | Fixed         | 4.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                       | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1716000 | PA      | $1699912.50   | 4.10%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| NOVELIS CORP                                      | Novelis Corp                                                              | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53389.20     | 0.13%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                       | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    116000 | PA      | $114842.32    | 0.28%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                     | CoreCivic Inc                                                             | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47560.50     | 0.11%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                 | Clean Harbors Inc                                                         | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    117000 | PA      | $114593.31    | 0.28%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                 | Union Electric Co                                                         | CUSIP: 906548CR1<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46680.50     | 0.11%             | 2030-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP VI                            | Crown Americas LLC / Crown Americas Capital Corp VI                       | CUSIP: 228187AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                            | Molex Electronic Technologies LLC                                         | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |     88000 | PA      | $88110.88     | 0.21%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                             | Gray Oak Pipeline LLC                                                     | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48608.50     | 0.12%             | 2027-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                     | UWM Mortgage Trust 2021-INV5                                              | CUSIP: 90355DAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168954 | PA      | $139033.03    | 0.33%             | 2052-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                          | Charles River Laboratories International Inc                              | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20386.52     | 0.05%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140JCNX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119898 | PA      | $111248.55    | 0.27%             | 2052-07-01      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                              | BWX Technologies Inc                                                      | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68170.20     | 0.16%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                          | MSCI Inc                                                                  | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95613.00     | 0.23%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM 2024-277P Mortgage Trust                                             | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $156070.35    | 0.38%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                       | Gartner Inc                                                               | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     76000 | PA      | $72119.44     | 0.17%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                           | CUSIP: 3140W1GU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    541880 | PA      | $513003.91    | 1.24%             | 2054-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                              | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    120000 | PA      | $116377.20    | 0.28%             | 2032-02-01      | Fixed         | 7.75%                 | 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        |     74246 | PA      | $73605.95     | 0.18%             | 2031-12-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                           | Booz Allen Hamilton Inc                                                   | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    103000 | PA      | $98621.47     | 0.24%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON FINL SER                          | Harley-Davidson Financial Services Inc                                    | CUSIP: 41283LBA2<br>LEI: RLUFFFFW4GRYU77BTS24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47927.00     | 0.12%             | 2027-02-14      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                  | Black Hills Corp                                                          | CUSIP: 092113AT6<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48923.60     | 0.12%             | 2030-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                  | LPL Holdings Inc                                                          | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99221.00     | 0.24%             | 2027-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                 | Service Corp International/US                                             | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69562.50     | 0.17%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                          | Papa John's International Inc                                             | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112556.40    | 0.27%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Non Gold Pool                                                 | CUSIP: 31288Q4S6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     85617 | PA      | $79435.46     | 0.19%             | 2052-06-01      | Floating      | 2.09%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                             | Evergy Kansas Central Inc                                                 | CUSIP: 30036FAD3<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |     88000 | PA      | $87497.52     | 0.21%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912833Y46<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    325000 | PA      | $184370.74    | 0.44%             | 2037-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                             | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48353.50     | 0.12%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                                       | CUSIP: 25746UDW6<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     88000 | PA      | $88880.00     | 0.21%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-25

**Name of Applicant:** Thornburg ETF Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin