# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-26-015725
**Filing Date:** 2026-2
**Character Count:** 110410
**Document Hash:** 88b50241dcb68d12314d1dd9a4840437
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015725.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015725

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 26659399

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

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

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

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

## Series and Classes Contracts Data

### Thornburg High Income Bond Managed Account Fund (Series ID: S000091427)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259092 | Class SMA    | THIBX           |

## Nport-Ex

Schedule of Investments

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Asset Backed Securities — 17.4%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 2.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | &nbsp;&nbsp;$19126 | &nbsp;&nbsp;$19464 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2021-C Class D, 1.69% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6847 | &nbsp;&nbsp;&nbsp;&nbsp; 6840 |
|  | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 7.69% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp;&nbsp; 1209 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.79% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;17261 | &nbsp;&nbsp;&nbsp;&nbsp; 17331 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 6.40% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25238 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2025-5A Class A2, 4.575% due 6/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39990 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 110072 |
|  | &nbsp;&nbsp;**Other Asset Backed — 7.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X2 Class A, 5.22% due 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7410 | &nbsp;&nbsp;&nbsp;&nbsp; 7414 |
|  | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.42% due 11/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;19850 | &nbsp;&nbsp;&nbsp;&nbsp; 19725 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 6.92% due 12/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;32697 | &nbsp;&nbsp;&nbsp;&nbsp; 34127 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A Class A, 1.27% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;34341 | &nbsp;&nbsp;&nbsp;&nbsp; 32470 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-1FP Class D, 3.35% due 3/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;16511 | &nbsp;&nbsp;&nbsp;&nbsp; 16503 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;49885 | &nbsp;&nbsp;&nbsp;&nbsp; 41152 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS Class A, 2.70% due 1/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;33003 | &nbsp;&nbsp;&nbsp;&nbsp; 29436 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2020-2A Class B, 2.21% due 8/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;36228 | &nbsp;&nbsp;&nbsp;&nbsp; 29226 |
|  | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A, 7.78% due 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;23204 | &nbsp;&nbsp;&nbsp;&nbsp; 23231 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 7.43% due 10/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15080 | &nbsp;&nbsp;&nbsp;&nbsp; 15094 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;17767 | &nbsp;&nbsp;&nbsp;&nbsp; 17861 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2022-2A Class A, 4.89% due 10/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;19923 | &nbsp;&nbsp;&nbsp;&nbsp; 19939 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-B Class A, 1.47% due 5/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp;29841 | &nbsp;&nbsp;&nbsp;&nbsp; 29320 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1 Class A, 6.66% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;19253 | &nbsp;&nbsp;&nbsp;&nbsp; 19266 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2024-1A Class A2, 4.992% due 9/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24733 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2022-3A Class B, 6.32% due 7/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;33929 | &nbsp;&nbsp;&nbsp;&nbsp; 34599 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 394096 |
|  | &nbsp;&nbsp;**Student Loan — 8.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;College Avenue Student Loans LLC, Series 2017-A Class A2, 3.75% due 11/26/2046 | &nbsp;&nbsp;&nbsp;&nbsp;42052 | &nbsp;&nbsp;&nbsp;&nbsp; 40576 |
|  | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-B Class A1, 2.73% due 10/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;39565 | &nbsp;&nbsp;&nbsp;&nbsp; 38948 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AGS Class A1, 2.55% due 5/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;26598 | &nbsp;&nbsp;&nbsp;&nbsp; 25825 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;18481 | &nbsp;&nbsp;&nbsp;&nbsp; 17048 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;43584 | &nbsp;&nbsp;&nbsp;&nbsp; 42867 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2005-1 Class B, 4.226% (TSFR1M + 0.49%) due 3/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp;16620 | &nbsp;&nbsp;&nbsp;&nbsp; 15526 |
|  | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GA Class A, 2.40% due 10/15/2068 | &nbsp;&nbsp;&nbsp;&nbsp;21848 | &nbsp;&nbsp;&nbsp;&nbsp; 21248 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-FA Class A, 1.22% due 7/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp;13145 | &nbsp;&nbsp;&nbsp;&nbsp; 12410 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A, 1.31% due 1/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp;21388 | &nbsp;&nbsp;&nbsp;&nbsp; 20395 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 4.845% (TSFR1M + 1.09%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;26972 | &nbsp;&nbsp;&nbsp;&nbsp; 26926 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-CA Class AFL, 4.588% (TSFR1M + 0.85%) due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;45283 | &nbsp;&nbsp;&nbsp;&nbsp; 44918 |
|  | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9 Class B, 4.875% (SOFR90A + 0.56%) due 1/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;72139 | &nbsp;&nbsp;&nbsp;&nbsp; 68412 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-7 Class B, 4.775% (SOFR90A + 0.46%) due 1/27/2042 | &nbsp;&nbsp;&nbsp;&nbsp;36004 | &nbsp;&nbsp;&nbsp;&nbsp; 33628 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2019-C Class A2FX, 2.37% due 11/16/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20225 | &nbsp;&nbsp;&nbsp;&nbsp; 19644 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Wachovia Student Loan Trust, Series 2005-1 Class B, 4.875% (SOFR90A + 0.56%) due 10/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20704 | &nbsp;&nbsp;&nbsp;&nbsp; 19199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 447570 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $941,410) |  | &nbsp;&nbsp;&nbsp;&nbsp; 951738 |
|  | **Corporate Bonds — 61.1%** |  |  |
|  | &nbsp;&nbsp;**Capital Goods — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54086 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56058 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 3.3%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34108 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc., 6.125% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36248 |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | &nbsp;&nbsp;$55000 | &nbsp;&nbsp;$56611 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53489 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 19030 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 309630 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 16681 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55041 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18779 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 1.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33783 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55005 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 179289 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 14559 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp; 38869 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Levi Strauss & Co., 3.50% due 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 51254 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 7.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10031 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 114713 |
|  | &nbsp;&nbsp;**Consumer Services — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Aramark Services, Inc., 5.00% due 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54993 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33408 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88401 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55166 |
| **<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;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18931 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54681 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 128778 |
|  | &nbsp;&nbsp;**Energy — 6.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35613 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36585 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15380 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32471 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45845 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34588 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14514 |
|  | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35518 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625% due 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18654 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35034 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36494 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36330 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 377026 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54319 |
|  | &nbsp;&nbsp;**Financial Services — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34790 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18889 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.00% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34414 |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 5.625% due 1/1/2030 | &nbsp;&nbsp;$55000 | &nbsp;&nbsp;$55206 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58474 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 201773 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.6%** |  |  |
| **<sup>a,c</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;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34465 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34987 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25422 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., 6.25% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56556 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 188749 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hologic, Inc., 4.625% due 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54991 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Medline Borrower LP, 3.875% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34221 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 3.75% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33822 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Select Medical Corp., 6.25% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29319 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 188195 |
|  | &nbsp;&nbsp;**Household & Personal Products — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17795 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 5.125% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34993 |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55035 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 107823 |
|  | &nbsp;&nbsp;**Insurance — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 2.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36537 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Constellation Global Funding, 4.85% due 10/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14895 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34457 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 6.875% due 4/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 38317 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 124206 |
|  | &nbsp;&nbsp;**Materials — 6.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 1.3%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 9.00% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37376 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32120 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 4.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56270 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33430 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36114 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;OI European Group BV, 4.75% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14509 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S., 7.25% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57260 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34704 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 31834 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 333617 |
|  | &nbsp;&nbsp;**Media & Entertainment — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 50543 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875% due 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15084 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 4.00% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34200 |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99827 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | &nbsp;&nbsp;$55000 | &nbsp;&nbsp;$54689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54689 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 1.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35186 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36896 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72082 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 29698 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18515 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48213 |
|  | &nbsp;&nbsp;**Software & Services — 6.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 2.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56519 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54921 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17668 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17960 |
|  | &nbsp;&nbsp;&nbsp;**Software — 3.9%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35659 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54277 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 3.875% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33643 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53947 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., 5.50% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35031 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 359625 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 4.375% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 58613 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56860 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36221 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 151694 |
|  | &nbsp;&nbsp;**Utilities — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 2.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hawaiian Electric Co., Inc., 6.00% due 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57725 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36514 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 38247 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.6%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35208 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 167694 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $3,310,852) |  | &nbsp;&nbsp;&nbsp;&nbsp;3350343 |
|  | **Convertible Bonds — 1.4%** |  |  |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49532 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49532 |
|  | &nbsp;&nbsp;**Financial Services — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Repay Holdings Corp., Zero Coupon due 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24705 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24705 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $74,354) |  | &nbsp;&nbsp;&nbsp;&nbsp; 74237 |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Other Government — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | &nbsp;&nbsp;$15000 | &nbsp;&nbsp;$13398 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 16324 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $28,044) |  | &nbsp;&nbsp;&nbsp;&nbsp; 29722 |
|  | **U.S. Government Agencies — 0.2%** |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12048 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $12,047) |  | &nbsp;&nbsp;&nbsp;&nbsp; 12048 |
|  | **Mortgage Backed — 13.6%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-F Class A1, 2.86% due 7/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;37193 | &nbsp;&nbsp;&nbsp;&nbsp; 36411 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-5 Class M1, 2.97% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 56465 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A2, 1.789% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;43741 | &nbsp;&nbsp;&nbsp;&nbsp; 42837 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2013-A Class A, 3.00% due 5/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;26553 | &nbsp;&nbsp;&nbsp;&nbsp; 25404 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-6 Class B1, 4.261% due 12/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;49421 | &nbsp;&nbsp;&nbsp;&nbsp; 46879 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HYB1 Class B4, 5.017% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;46647 | &nbsp;&nbsp;&nbsp;&nbsp; 46498 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV1 Class B3, 4.925% due 9/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;49663 | &nbsp;&nbsp;&nbsp;&nbsp; 48629 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO, Series 2021-GS4 Class A1, 5.65% due 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;56143 | &nbsp;&nbsp;&nbsp;&nbsp; 57808 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2020-EXP3 Class 1A8, 3.00% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;51258 | &nbsp;&nbsp;&nbsp;&nbsp; 45283 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Oceanview Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A1A, 1.733% due 5/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp;18146 | &nbsp;&nbsp;&nbsp;&nbsp; 17019 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.859% due 1/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;27087 | &nbsp;&nbsp;&nbsp;&nbsp; 25827 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2013-4 Class B1, 3.435% due 4/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45978 | &nbsp;&nbsp;&nbsp;&nbsp; 44783 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;79191 | &nbsp;&nbsp;&nbsp;&nbsp; 79138 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;VOLT C LLC, Whole Loan Securities Trust CMO, Series 2021-NPL9 Class A1, 5.992% due 5/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;44546 | &nbsp;&nbsp;&nbsp;&nbsp; 44541 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;VOLT CVI LLC, Whole Loan Securities Trust CMO, Series 2021-NP12 Class A1, 6.734% due 12/26/2051 | &nbsp;&nbsp;&nbsp;&nbsp;39877 | &nbsp;&nbsp;&nbsp;&nbsp; 39926 |
|  | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1 Class A2, 3.50% due 6/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp;47752 | &nbsp;&nbsp;&nbsp;&nbsp; 45611 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-1 Class B4, 3.781% due 1/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;47831 | &nbsp;&nbsp;&nbsp;&nbsp; 42893 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $737,060) |  | &nbsp;&nbsp;&nbsp;&nbsp; 745952 |
|  | **Short-Term Investments — 4.6%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp;25258 | &nbsp;&nbsp;&nbsp;&nbsp; 252575 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $252,575) |  | &nbsp;&nbsp;&nbsp;&nbsp; 252575 |
|  | **Total Investments — 98.8% (Cost $5,356,342)** |  | &nbsp;&nbsp;$5416615 |
|  | **Other Assets Less Liabilities — 1.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65839 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$5482454 |

---

---

| | |
|:---|:---|
| **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 December 31, 2025, the aggregate value of these securities in the Fund's portfolio was $4,789,936, representing 87.37% 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 December 31, 2025. |
| c | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| d | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| e | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| ACB | Agricultural Credit Bank |
| CMO | Collateralized Mortgage Obligation |
| GBP | Denominated in Pound Sterling |

---

SOFR90A Secured Overnight Financing Rate 90-Day Average <br> TSFR1M Term SOFR 1 Month <br> TSFR3M Term SOFR 3 Month

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg High Income Bond Managed Account Fund (the "Fund") is a diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers one class of shares of beneficial interest: Class SMA.

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

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

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

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

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

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

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *December 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Opening<br> Market Value** | &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> 12/31/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $123832 | &nbsp;&nbsp;$604139 | &nbsp;&nbsp;$(475396) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$252575 | &nbsp;&nbsp;$2260 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Thornburg High Income Bond Managed Account Fund

- **b. EDGAR series identifier (if any):** S000091427

- **c. LEI of Series:** 254900ZWVRXZRTELMS47

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $5532604.39

**Total Liabilities:** $77280.00

**Net Assets:** $5455324.39

**Cash Not Reported:** $333.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -8.47000000 | **1-Year:** -102.01000000 | **5-Year:** -276.82000000 | **10-Year:** -210.12000000 | **30-Year:** -18.54000000

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

- **3-Month:** -28.60000000 | **1-Year:** -205.21000000 | **5-Year:** -297.82000000 | **10-Year:** -69.92000000 | **30-Year:** -10.49000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259092 | 0.53%                | 0.60%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1055.83                 | $-2414.75                                  |
| Month 2  | $317.90                  | $8586.23                                   |
| Month 3  | $5.70                    | $-2009.74                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCO BRANDS CORP                                 | ACCO Brands Corp                                                          | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16680.78     | 0.31%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                           | APA Infrastructure Ltd                                                    | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     35000 | PA      | $35208.25     | 0.65%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                         | ATS Corp                                                                  | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $34108.20     | 0.63%             | 2028-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-X2                                 | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7410 | PA      | $7413.80      | 0.14%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                                       | Airbnb Inc                                                                | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49532.00     | 0.91%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                         | Ajax Mortgage Loan Trust 2019-F                                           | CUSIP: 00969PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37194 | PA      | $36410.87     | 0.67%             | 2059-07-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 013092AB7<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55166.10     | 1.01%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                          | American National Group Inc                                               | CUSIP: 02772AAA7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36537.20     | 0.67%             | 2032-06-13      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2020-5                                           | CUSIP: 03464WAD4<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     60000 | PA      | $56464.83     | 1.04%             | 2065-05-25      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                             | Aramark Services Inc                                                      | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54992.30     | 1.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                 | Arches Buyer Inc                                                          | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17667.72     | 0.32%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                              | Avantor Funding Inc                                                       | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54688.70     | 1.00%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                              | Axon Enterprise Inc                                                       | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36248.45     | 0.66%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                             | BWX Technologies Inc                                                      | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54085.90     | 0.99%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust    | BHG Securitization Trust 2021-A                                           | CUSIP: 08861YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19850 | PA      | $19725.44     | 0.36%             | 2033-11-17      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust    | BHG Securitization Trust 2023-B                                           | CUSIP: 08862GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32697 | PA      | $34127.37     | 0.63%             | 2036-12-17      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                 | BOF VII AL Funding Trust I                                                | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19126 | PA      | $19464.59     | 0.36%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                  | BRAVO Residential Funding Trust 2020-NQM1                                 | CUSIP: 105699AB8<br>LEI: 2549000KHGUZMZ31N203 | Long             | ABS-MBS          | CORP              | US        |     43741 | PA      | $42837.42     | 0.79%             | 2060-05-25      | Variable      | 1.79%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                              | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29697.50     | 0.54%             | 2036-11-15      | Fixed         | 3.19%                 | 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        |     55000 | PA      | $50542.80     | 0.93%             | 2031-02-01      | Fixed         | 4.25%                 | 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        |     18000 | PA      | $14559.30     | 0.27%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                   | CPS Auto Receivables Trust 2021-C                                         | CUSIP: 12598CAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6847 | PA      | $6840.10      | 0.13%             | 2027-06-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                           | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     35000 | PA      | $34465.20     | 0.63%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                           | Champ Acquisition Corp                                                    | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $38869.20     | 0.71%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                              | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33821.90     | 0.62%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                | Citigroup Mortgage Loan Trust 2013-A                                      | CUSIP: 17320XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26553 | PA      | $25403.87     | 0.47%             | 2042-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                | Clean Harbors Inc                                                         | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55040.70     | 1.01%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COBANK ACB                                       | CoBank ACB                                                                | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |     12000 | PA      | $12048.24     | 0.22%             | 2026-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                           | Cogent Communications Group LLC / Cogent Finance Inc                      | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17960.22     | 0.33%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                        | College Avenue Student Loans LLC                                          | CUSIP: 194204AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42052 | PA      | $40575.91     | 0.74%             | 2046-11-26      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35612.85     | 0.65%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                    | Commonbond Student Loan Trust 2016-B                                      | CUSIP: 20267UAA7<br>LEI: 5493005PJR3MYTKJFJ48 | Long             | ABS-O            | CORP              | US        |     39565 | PA      | $38948.20     | 0.71%             | 2040-10-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                    | Commonbond Student Loan Trust 2017-A-GS                                   | CUSIP: 20267VAA5<br>LEI: 549300LRCNJYVPZRKK63 | Long             | ABS-O            | CORP              | US        |     26598 | PA      | $25824.90     | 0.47%             | 2041-05-25      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                    | Commonbond Student Loan Trust 2020-1                                      | CUSIP: 20268BAA8<br>LEI: 5493005PJR3MYTKJFJ48 | Long             | ABS-O            | CORP              | US        |     18482 | PA      | $17048.33     | 0.31%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                           | Constellation Software Inc/Canada                                         | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $35659.40     | 0.65%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION GLO FNDG                           | Constellation Global Funding                                              | CUSIP: 21038N2A8<br>LEI: 254900OP9HLIALC2HZ12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14894.70     | 0.27%             | 2030-10-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                               | Crown Americas LLC                                                        | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56269.95     | 1.03%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                           | Cushman & Wakefield US Borrower LLC                                       | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35185.85     | 0.64%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust 2022-3                                                | CUSIP: 23345RAE6<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |      1207 | PA      | $1208.70      | 0.02%             | 2028-07-17      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust 2023-3                                                | CUSIP: 23345WAC9<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25237.65     | 0.46%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust 2023-2                                                | CUSIP: 23346CAE8<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |     17262 | PA      | $17331.18     | 0.32%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                          | Darling Ingredients Inc                                                   | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34986.70     | 0.64%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                          | Darling Ingredients Inc                                                   | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25422.50     | 0.47%             | 2030-06-15      | Fixed         | 6.00%                 | 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        |     35000 | PA      | $36585.15     | 0.67%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                  | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15083.40     | 0.28%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                     | Ecopetrol SA                                                              | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     15000 | PA      | $15380.25     | 0.28%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                           | Edgewell Personal Care Co                                                 | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55034.65     | 1.01%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Education Funding Trust                          | Education Funding Trust Trust                                             | CUSIP: 28141PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43584 | PA      | $42867.04     | 0.79%             | 2041-07-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| EL PASO NATURAL GAS                              | El Paso Natural Gas Co LLC                                                | CUSIP: 283695BQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $32470.55     | 0.60%             | 2032-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings Inc                                                    | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17794.80     | 0.33%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                        | Esab Corp                                                                 | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56610.95     | 1.04%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                       | EZCORP Inc                                                                | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58474.35     | 1.07%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                           | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54277.30     | 0.99%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                             | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55206.25     | 1.01%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                         | Foundation Finance Trust 2021-1                                           | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     34341 | PA      | $32470.40     | 0.60%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                                  | FREED ABS Trust 2022-1FP                                                  | CUSIP: 35633KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16511 | PA      | $16502.67     | 0.30%             | 2029-03-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                      | Gartner Inc                                                               | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33783.05     | 0.62%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                          | Global Partners LP / GLP Finance Corp                                     | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45845.55     | 0.84%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                           | Global Atlantic Fin Co                                                    | CUSIP: 37959GAA5<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34457.15     | 0.63%             | 2029-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                  | Goodgreen 2021-1 Trust                                                    | CUSIP: 38217UAA0<br>LEI: 549300X0P2BXCQULUH20 | Long             | ABS-O            | CORP              | US        |     49885 | PA      | $41151.83     | 0.75%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust | GoodLeap Sustainable Home Solutions Trust 2022-1                          | CUSIP: 38237JAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33003 | PA      | $29435.78     | 0.54%             | 2049-01-20      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                         | Graphic Packaging International LLC                                       | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33429.55     | 0.61%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                            | Gray Oak Pipeline LLC                                                     | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34587.70     | 0.63%             | 2027-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PAR                         | Greystar Real Estate Partners LLC                                         | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36896.30     | 0.68%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO                                 | Hawaiian Electric Co Inc                                                  | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57725.04     | 1.06%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                      | Hologic Inc                                                               | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54990.65     | 1.01%             | 2028-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                 | Insight Enterprises Inc                                                   | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56518.55     | 1.04%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain Inc                                                         | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     55000 | PA      | $54319.10     | 1.00%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                | ITC Holdings Corp                                                         | CUSIP: 465685AT2<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36513.75     | 0.67%             | 2034-05-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2019-INV1                                        | CUSIP: 46591DAZ2<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     49663 | PA      | $48629.16     | 0.89%             | 2049-09-25      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2019-6                                           | CUSIP: 46651BAY6<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     49421 | PA      | $46879.11     | 0.86%             | 2049-12-25      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2019-HYB1                                        | CUSIP: 46651FAU5<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     46647 | PA      | $46498.42     | 0.85%             | 2049-10-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                         | Jefferson Capital Holdings LLC                                            | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18888.84     | 0.35%             | 2030-05-15      | Fixed         | 8.25%                 | 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        |     18000 | PA      | $18930.78     | 0.35%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY POWER CO                                | Kentucky Power Co                                                         | CUSIP: 491386AP3<br>LEI: JHOZYZ5WPEXWR477VH72 | Long             | DBT              | CORP              | US        |     35000 | PA      | $38247.30     | 0.70%             | 2033-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                         | Korn Ferry                                                                | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55004.95     | 1.01%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                          | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34413.40     | 0.63%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                      | Legacy Mortgage Asset Trust 2021-GS4                                      | CUSIP: 52475WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56143 | PA      | $57807.42     | 1.06%             | 2060-11-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                                | Levi Strauss & Co                                                         | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51253.40     | 0.94%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                         | MSCI Inc                                                                  | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33643.05     | 0.62%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                         | Matthews International Corp                                               | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36114.40     | 0.66%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2020-2                                            | CUSIP: 61946PAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36228 | PA      | $29226.50     | 0.54%             | 2046-08-20      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                           | Mueller Water Products Inc                                                | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53488.60     | 0.98%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                              | Medline Borrower LP                                                       | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34221.60     | 0.63%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                 | NMEF Funding 2023-A LLC                                                   | CUSIP: 62890QAB1<br>LEI: 549300LKWL3P0UPHKL72 | Long             | ABS-O            | CORP              | US        |     17767 | PA      | $17860.81     | 0.33%             | 2030-06-17      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust           | National Collegiate Student Loan Trust 2005-1                             | CUSIP: 63543PBK1<br>LEI: 635400YFCYTJSI5XDJ17 | Long             | ABS-O            | CORP              | US        |     16620 | PA      | $15525.97     | 0.28%             | 2035-03-26      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2020-H                          | CUSIP: 63935BAA1<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     21388 | PA      | $20395.17     | 0.37%             | 2069-01-15      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2019-G                          | CUSIP: 63941JAA6<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     21848 | PA      | $21248.21     | 0.39%             | 2068-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Student Loan Trust 2019-B                                         | CUSIP: 63941LAC7<br>LEI: 549300761SV59SBM0Z40 | Long             | ABS-O            | CORP              | US        |     26972 | PA      | $26926.27     | 0.49%             | 2059-12-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2020-F                          | CUSIP: 63941XAA5<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     13145 | PA      | $12409.65     | 0.23%             | 2069-07-15      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                        | Nelnet Student Loan Trust 2021-C                                          | CUSIP: 64035GAA7<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     45283 | PA      | $44917.80     | 0.82%             | 2062-04-20      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| NetCredit Combined Receivables 2023 LLC          | NetCredit Combined Receivables 2023 LLC                                   | CUSIP: 64110XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23204 | PA      | $23231.64     | 0.43%             | 2027-12-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                 | NetCredit Combined Receivables 2024 LLC                                   | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15080 | PA      | $15093.75     | 0.28%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                              | NOVA Chemicals Corp                                                       | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $37376.15     | 0.69%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                     | Novelis Corp                                                              | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31834.25     | 0.58%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA                         | Nufarm Australia Ltd / Nufarm Americas Inc                                | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     35000 | PA      | $32119.85     | 0.59%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2020-EXP3 Trust                                                       | CUSIP: 67448WAP3<br>LEI: 25490010LUJWFEUCIH44 | Long             | ABS-MBS          | CORP              | US        |     51258 | PA      | $45282.53     | 0.83%             | 2060-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Oceanview Mortgage Trust                         | Oceanview Mortgage Loan Trust 2020-1                                      | CUSIP: 676477AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18146 | PA      | $17018.53     | 0.31%             | 2050-05-28      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                             | OI European Group BV                                                      | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |     15000 | PA      | $14509.05     | 0.27%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2022-2                                   | CUSIP: 68268VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19923 | PA      | $19938.65     | 0.37%             | 2034-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                            | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $53947.30     | 0.99%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                              | Oportun Issuance Trust 2021-B                                             | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29841 | PA      | $29319.84     | 0.54%             | 2031-05-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp                                          | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34790.35     | 0.64%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                   | Pagaya AI Debt Trust 2024-1                                               | CUSIP: 69548AAA9<br>LEI: 254900ULYEY0HX0PKA54 | Long             | ABS-O            | CORP              | US        |     19253 | PA      | $19266.18     | 0.35%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                         | Papa John's International Inc                                             | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33408.20     | 0.61%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                              | Petroleos Mexicanos                                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     15000 | PA      | $14514.30     | 0.27%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                         | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56555.95     | 1.04%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                              | Prestige Brands Inc                                                       | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34993.70     | 0.64%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                        | Qorvo Inc                                                                 | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18515.40     | 0.34%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| REPAY HOLDINGS                                   | Repay Holdings Corp                                                       | CUSIP: 76029LAA8<br>LEI: 2549006EJ42T73ZKUI98 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24705.00     | 0.45%             | 2026-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I       | Research-Driven Pagaya Motor Trust 2025-5                                 | CUSIP: 76089KAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $39990.01     | 0.73%             | 2034-06-26      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                  | Residential Mortgage Loan Trust 2021-1R                                   | CUSIP: 76090NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27087 | PA      | $25826.83     | 0.47%             | 2065-01-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC        | Retained Vantage Data Centers Issuer LLC                                  | CUSIP: 76134KAH7<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $24732.88     | 0.45%             | 2049-09-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2005-9                                             | CUSIP: 78442GRC2<br>LEI: SCSW2GRYW6ZPGKE5DL61 | Long             | ABS-O            | CORP              | US        |     72139 | PA      | $68411.51     | 1.25%             | 2041-01-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2006-7                                             | CUSIP: 78443GAJ4<br>LEI: 5493001BOLT10TUVAD70 | Long             | ABS-O            | CORP              | US        |     36004 | PA      | $33627.86     | 0.62%             | 2042-01-27      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                            | SS&C Technologies Inc                                                     | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35030.45     | 0.64%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                          | Sammons Financial Group Inc                                               | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $38316.60     | 0.70%             | 2034-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                         | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54921.35     | 1.01%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                         | Sealed Air Corp/Sealed Air Corp US                                        | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57259.95     | 1.05%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                              | Select Medical Corp                                                       | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29318.70     | 0.54%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                 | Sensata Technologies Inc                                                  | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58612.80     | 1.07%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2013-4                                             | CUSIP: 81744YAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45978 | PA      | $44783.14     | 0.82%             | 2043-04-25      | Variable      | 3.43%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                | Sierra Timeshare 2022-3 Receivables Funding LLC                           | CUSIP: 826934AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33929 | PA      | $34598.92     | 0.63%             | 2039-07-20      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                              | Silgan Holdings Inc                                                       | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34704.25     | 0.64%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                       | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34200.25     | 0.63%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                         | South Bow USA Infrastructure Holdings LLC                                 | CUSIP: 83007CAD4<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35518.00     | 0.65%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC             | Sofi Professional Loan Program 2019-C LLC                                 | CUSIP: 83401CAB0<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     20225 | PA      | $19643.77     | 0.36%             | 2048-11-16      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Acquisition Company, LLC    | Spruce Hill Mortgage Loan Trust 2020-SH2                                  | CUSIP: 85214RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     79191 | PA      | $79138.07     | 1.45%             | 2055-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                         | Summit Midstream Holdings LLC                                             | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18654.30     | 0.34%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                 | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36493.80     | 0.67%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                 | CUSIP: 86765KAH2<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35033.95     | 0.64%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                     | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35842.10     | 0.66%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                | Thornburg Capital Management Fund                                         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     25182 | NS      | $251824.29    | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                             | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56058.20     | 1.03%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                         | Turning Point Brands Inc                                                  | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37318.75     | 0.68%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                              | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54681.55     | 1.00%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                 | Under Armour Inc                                                          | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10030.80     | 0.18%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee            | VOLT C LLC                                                                | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44546 | PA      | $44541.08     | 0.82%             | 2051-05-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                     | VT Topco Inc                                                              | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18779.22     | 0.34%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee            | VOLT CVI LLC                                                              | CUSIP: 92873KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39877 | PA      | $39926.19     | 0.73%             | 2051-12-26      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| WACHOVIA STUDENT LOAN TRUST                      | Wachovia Student Loan Trust 2005-1                                        | CUSIP: 92977HAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20704 | PA      | $19199.15     | 0.35%             | 2040-10-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                    | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56860.10     | 1.04%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                            | Whistler Pipeline LLC                                                     | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36330.00     | 0.67%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                         | Windsor Holdings III LLC                                                  | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |     18000 | PA      | $19029.96     | 0.35%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                     | WinWater Mortgage Loan Trust 2014-1                                       | CUSIP: 97652PAB7<br>LEI: 5493002CYMIHYUBDIR84 | Long             | ABS-MBS          | CORP              | US        |     47752 | PA      | $45610.82     | 0.84%             | 2044-06-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                     | WinWater Mortgage Loan Trust 2016-1                                       | CUSIP: 97655JCE0<br>LEI: 5493007FSEV8PHXVE122 | Long             | ABS-MBS          | CORP              | US        |     47831 | PA      | $42893.17     | 0.79%             | 2046-01-20      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                          | Zebra Technologies Corp                                                   | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36220.80     | 0.66%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Panama Bonos del Tesoro                          | Panama Bonos del Tesoro                                                   | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     15000 | PA      | $13398.30     | 0.25%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                                                | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     12000 | PA      | $16323.90     | 0.30%             | 2029-07-22      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-20

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin