# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-23-037749
**Filing Date:** 2023-2
**Character Count:** 174521
**Document Hash:** 2a5602dafa8c2cf97f80ef7eba2d14f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037749.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037749

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153
- **IRS NUMBER:** 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:** 23663209

**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 Strategic Municipal Income Fund (Series ID: S000025152)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000075018 | Thornburg Strategic Municipal Income Fund Class A | TSSAX           |
| C000075019 | Thornburg Strategic Municipal Income Fund Class C | TSSCX           |
| C000075020 | Thornburg Strategic Municipal Income Fund Class I | TSSIX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 95.6%** |  |  |
|  | &nbsp;&nbsp;**Alabama — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | &nbsp;&nbsp;$2025000 | &nbsp;&nbsp;$1950626 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058679 |
|  | &nbsp;&nbsp;**Arizona — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2579255 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 5.00% due 9/1/2052 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042971 |
|  | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series B, 5.00% due 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012794 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (Highland Prep Obligated Group; Insured: State Intercept) IDA, Series A, 4.00% due 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 664084 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Pima County (La Posada at Park Centre, Inc. Obligated Group) IDA, Series A, 5.75% due 11/15/2023 - 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 602831 |
|  | &nbsp;&nbsp;&nbsp;Pima County (TMC HealthCare Obligated Group) IDA, 4.00% due 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 919491 |
|  | &nbsp;&nbsp;&nbsp;Pima County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514376 |
|  | &nbsp;&nbsp;&nbsp;Yavapai County (Waste Management, Inc.) AMT IDA, 1.30% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 652653 |
|  | &nbsp;&nbsp;**Arkansas — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;University of Arkansas Board of Trustees (Fayetteville Campus), Series A, 5.00% due 11/1/2036 (pre-refunded 11/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037353 |
|  | &nbsp;&nbsp;**California — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Benicia (Benicia High School; Insured: AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 736918 |
|  | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510718 |
|  | &nbsp;&nbsp;&nbsp;California (Community Program Developmental Disabilities; Insured: California Mtg Insurance) HFFA, 6.25% due 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172787 |
|  | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority (University of Redlands), Series A, 5.00% due 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502707 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995223 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, Series A2, 3.875% due 11/1/2042 (put 1/17/2023) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California School Finance Authority, Series A, 5.00% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020472 |
|  | &nbsp;&nbsp;&nbsp;Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 924238 |
|  | &nbsp;&nbsp;&nbsp;City of Long Beach CA Airport System Revenue (Insured: AGM) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 784796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 527516 |
|  | &nbsp;&nbsp;&nbsp;County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 625906 |
|  | &nbsp;&nbsp;&nbsp;Daly City Housing (Franciscan Country Club Mobile Home Park Acquisition) DFA, Series A, 5.25% due 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 330401 |
|  | &nbsp;&nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series A, 6.50% due 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1494464 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Northern California Energy Authority (Commodity Supply Revenue; Guaranty: Goldman Sachs Group, Inc.), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001050 |
|  | &nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 (pre-refunded 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061322 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Redevelopment Financing Authority (Redevelopment Project; Insured: Natl-Re), Series D, Zero Coupon due 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007269 |
|  | &nbsp;&nbsp;&nbsp;Union Elementary School District (Santa Clara County District Schools; Insured: Natl-Re) GO, Series D, Zero Coupon due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 793334 |
|  | &nbsp;&nbsp;**Colorado — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City & County of Denver Airport System Revenue AMT, Series A, 5.00% due 11/15/2036 - 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp; 1649628 |
|  | &nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, 5.50% due 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047770 |
|  | &nbsp;&nbsp;&nbsp;Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 - 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp; 3092037 |
|  | &nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033219 |
|  | &nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy (Natural Gas Purchase; Guaranty: Merrill Lynch & Co), 6.50% due 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 304830 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District (Denver Transit Partners), Series A, 5.00% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1296054 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District (FasTracks Transportation System) COP, Series A, 5.00% due 6/1/2044 (pre-refunded 6/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 569244 |
|  | &nbsp;&nbsp;&nbsp;Village Metropolitan District GO, 5.00% due 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961960 |
|  | &nbsp;&nbsp;&nbsp;Wild Plum Metropolitan District GO, Series A, 5.00% due 12/1/2049 (pre-refunded 12/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 618848 |
|  | &nbsp;&nbsp;**Connecticut — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2178126 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490801 |
|  | &nbsp;&nbsp;&nbsp;University of Connecticut (Insured: AGM), Series A, 5.00% due 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190338 |
|  | &nbsp;&nbsp;**Delaware — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Delaware State (Beebe Medical Center, Inc.) HFA, 4.00% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024189 |
|  | &nbsp;&nbsp;**District of Columbia — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority (Dulles Toll Road; Insured: AGC), Series B, Zero Coupon due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258156 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 4.00% due 10/1/2040 - 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2533561 |
|  | &nbsp;&nbsp;**Florida — 3.1%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 447435 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;City of Pompano (John Knox Village Obligated Group), Series A, 4.00% due 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1225394 |
|  | &nbsp;&nbsp;&nbsp;County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037285 |
|  | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 947867 |
|  | &nbsp;&nbsp;&nbsp;Lee County (Cypress Cove at Healthpark Florida Obligated Group) IDA, Series B-1, 3.75% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 943003 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Expressway Authority (Toll System Five-Year Work Program), Series A, 5.00% due 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 636709 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board (District School Facilities and Infrastructure) COP, Series A, 5.00% due 8/1/2027 | &nbsp;&nbsp;$1100000 | &nbsp;&nbsp;$1101495 |
|  | &nbsp;&nbsp;&nbsp;Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068952 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248665 |
|  | &nbsp;&nbsp;&nbsp;Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1563438 |
|  | &nbsp;&nbsp;**Georgia — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Development Authority of Burke County (Georgia Power Co.), 2.20% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041125 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 12/1/2027 - 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1665742 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/1/2052 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1465904 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), Series A, 4.00% due 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997798 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2690400 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Merrill Lynch & Co), Series A, 5.50% due 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352919 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), Series A, 4.00% due 7/1/2052 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244354 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263690 |
|  | &nbsp;&nbsp;**Guam — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Guam Waterworks Authority (Water and Wastewater System), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501776 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502208 |
|  | &nbsp;&nbsp;&nbsp;Territory of Guam, Series F, 5.00% due 1/1/2030 - 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031691 |
|  | &nbsp;&nbsp;**Hawaii — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148926 |
|  | &nbsp;&nbsp;**Illinois — 15.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chicago Midway International Airport AMT, Series A, 5.00% due 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036712 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 |
|  | &nbsp;&nbsp;&nbsp;Chicago Park District GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2027 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1549080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2035 (pre-refunded 1/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1339909 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport), Series C, 5.00% due 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 531617 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Midway Airport) AMT, Series A, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505402 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1551565 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Water System Improvements), 5.00% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200321 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558143 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 526831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp; 3501125 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Advocate Health Care Network), 5.00% due 8/1/2029 (pre-refunded 8/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;2195000 | &nbsp;&nbsp;&nbsp;&nbsp; 2256614 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Plymouth Place Obligated Group), Series A, 6.625% due 5/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021131 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397456 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 739443 |
|  | &nbsp;&nbsp;&nbsp;Illinois State University (Insured: AGM), Series A, 5.00% due 4/1/2023 - 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1724444 |
|  | &nbsp;&nbsp;&nbsp;Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049626 |
|  | &nbsp;&nbsp;&nbsp;Kane, Cook, & DuPage Counties School District No. 46 GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 2296255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018272 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468278 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago (Various Capital Improvement Projects) GO, Series C, 5.25% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 47959 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation Authority (Insured: AGM), Series A, 5.75% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291109 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073634 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600153 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 390452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 5/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1662059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50% due 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3095127 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 - 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4775981 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (Insured: BAM-TCRS), Series B, 4.75% due 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1759147 |
|  | &nbsp;&nbsp;&nbsp;Will County School District No. 114 Manhattan (Insured: Natl-Re) ETM GO, Series C, Zero Coupon due 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 111796 |
|  | &nbsp;&nbsp;&nbsp;Will County School District No. 114 Manhattan (Insured: Natl-Re) GO, Series C, Zero Coupon due 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 441388 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Indiana — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$977460 |
|  | &nbsp;&nbsp;**Iowa — 2.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1596301 |
|  | &nbsp;&nbsp;&nbsp;Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center), 5.00% due 10/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 755117 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp; 4787979 |
|  | &nbsp;&nbsp;**Kansas — 1.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1660453 |
|  | &nbsp;&nbsp;&nbsp;Kansas Independent College Finance Authority (Ottawa University), Series C, 5.75% due 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1806034 |
|  | &nbsp;&nbsp;&nbsp;Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2065455 |
|  | &nbsp;&nbsp;**Kentucky — 4.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;City of Henderson (Guaranty: Pratt Paper, LLC) AMT, Series B, 4.45% due 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 938296 |
|  | &nbsp;&nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1522163 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Higher Education Student Loan Corp. AMT, Series A-1, 5.00% due 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 534830 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 4/1/2048 (put 4/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3993524 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 2/1/2050 (put 2/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5439824 |
|  | &nbsp;&nbsp;**Louisiana — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 (pre-refunded 12/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 416244 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Energy and Power Authority (Louisiana Energy & Power Authority Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2038 (pre-refunded 6/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017914 |
|  | &nbsp;&nbsp;&nbsp;New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue; Insured: AGM), 5.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 759352 |
|  | &nbsp;&nbsp;**Massachusetts — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Massachusetts (Jordan Hospital and Milton Hospital) DFA, Series H-1, 5.00% due 7/1/2032 - 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 576520 |
|  | &nbsp;&nbsp;**Michigan — 5.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1295223 |
|  | &nbsp;&nbsp;&nbsp;City of Detroit GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/1/2023 - 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 905024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 305268 |
|  | &nbsp;&nbsp;&nbsp;County of Genesee (Water Supply System; Insured: BAM) GO, 5.375% due 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008363 |
|  | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098262 |
|  | &nbsp;&nbsp;&nbsp;Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 867973 |
|  | &nbsp;&nbsp;&nbsp;Gerald R Ford International Airport Authority AMT, 5.00% due 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990264 |
|  | &nbsp;&nbsp;&nbsp;Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), 5.25% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140050 |
|  | &nbsp;&nbsp;&nbsp;Livonia Public School District (School Building & Site; Insured: AGM) GO, Series I, 5.00% due 5/1/2036 (pre-refunded 5/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 226449 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 4.00% due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 937990 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001524 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Trinity Health Corp. Obligated Group), 5.00% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 179489 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1673814 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Graphic Packaging International LLC) (Green Bond) AMT, 4.00% due 10/1/2061 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975784 |
|  | &nbsp;&nbsp;&nbsp;Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), Series B, 5.00% due 12/1/2031 - 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2714335 |
|  | &nbsp;&nbsp;**Minnesota — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.55% due 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 928043 |
|  | &nbsp;&nbsp;**Nebraska — 1.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs & Co.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036702 |
|  | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1575929 |
|  | &nbsp;&nbsp;&nbsp;Douglas County Health Facilities (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832180 |
|  | &nbsp;&nbsp;**Nevada — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016468 |
|  | &nbsp;&nbsp;&nbsp;City of Las Vegas Special Improvement District No. 814 (Summerlin Vlg 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 904048 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;State of Nevada Department of Business & Industry (Republic Services, Inc.) AMT, 3.75% due 12/1/2026 (put 6/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291655 |
|  | &nbsp;&nbsp;**New Hampshire — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A4, 2.15% due 8/1/2038 (put 7/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212656 |
|  | &nbsp;&nbsp;**New Jersey — 5.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Camden County Improvement Authority (KIPP Cooper Norcross Obligated Group), 6.00% due 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031984 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, 5.00% due 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 533793 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) EDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2035 - 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1315500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series NN, 5.00% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002933 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093625 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2110252 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3169629 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | &nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$1561044 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2299536 |
|  | &nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, Series A, 5.25% due 11/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1518072 |
|  | &nbsp;&nbsp;**New Mexico — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Project), Series A, 5.00% due 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 833300 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences), 5.00% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403568 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.85% due 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 721755 |
|  | &nbsp;&nbsp;**New York — 4.3%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (Kipp NYC Public Charter Schools), 5.25% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014895 |
|  | &nbsp;&nbsp;&nbsp;City of New York (City Budget Financial Management) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.00% due 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3036612 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series J, 5.00% due 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552911 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078543 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00% due 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1360085 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 976027 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 2.625% due 4/1/2034 (put 7/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 991770 |
|  | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (Insured: SONYMA) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 248, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 755133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 205569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 827431 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) (Green Bond), Series A2, 2.00% due 5/15/2045 (put 5/15/2024) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989807 |
|  | &nbsp;&nbsp;**North Carolina — 1.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), Series B, 1.95% due 1/15/2048 (put 11/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 929928 |
|  | &nbsp;&nbsp;&nbsp;Greater Asheville Regional Airport Authority (Insured: AGM) AMT, Series A, 5.25% due 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086710 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Plantation Village Obligated Group), 4.00% due 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 869927 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 (pre-refunded 6/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1575619 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, 5.00% due 1/1/2029 - 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075384 |
|  | &nbsp;&nbsp;**Ohio — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.25% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495208 |
|  | &nbsp;&nbsp;&nbsp;Northeast Ohio Medical University (Insured: BAM), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 813856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% due 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 513551 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series B, 1.375% due 2/1/2026 (put 11/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 941050 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156505 |
|  | &nbsp;&nbsp;**Oregon — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Gilliam (Guaranty: Waste Management, Inc.) AMT, 3.00% due 7/1/2038 (put 5/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996848 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B-2, 5.00% due 7/1/2046 (put 2/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213017 |
|  | &nbsp;&nbsp;&nbsp;Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 409937 |
|  | &nbsp;&nbsp;&nbsp;Yamhill County Hospital Authority (Friendsview Manor Obligated Group), Series B-3, 1.75% due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 312234 |
|  | &nbsp;&nbsp;**Pennsylvania — 6.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Philadelphia Airport Revenue; Insured: AGM) AMT, 4.00% due 7/1/2040 - 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2657939 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia IDA, 5.00% due 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021770 |
|  | &nbsp;&nbsp;&nbsp;Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2024 - 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1532385 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, 5.00% due 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088268 |
|  | &nbsp;&nbsp;&nbsp;County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051615 |
|  | &nbsp;&nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia (Temple University Health System Obligated Group; Insured: AGM), 4.00% due 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 959338 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.75% due 6/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051897 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2033 - 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2524041 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania EDFA (UPMC Obligated Group), Series A, 4.00% due 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 963814 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 792621 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia (Thomas Jefferson University) IDA, Series A, 5.00% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1559243 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408991 |
|  | &nbsp;&nbsp;&nbsp;School District of Philadelphia (State Aid Witholding) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 923170 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104664 |
|  | &nbsp;&nbsp;**Rhode Island — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Pawtucket Housing Authority, 5.50% due 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252956 |
|  | &nbsp;&nbsp;**South Carolina — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series A, 4.00% due 10/1/2048 (put 2/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999159 |
|  | &nbsp;&nbsp;**Tennessee — 0.5%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Shelby County Health, Educational and Housing Facility (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1042331 |
|  | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (The Gas Project; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.25% due 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507375 |
|  | &nbsp;&nbsp;**Texas — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2116230 |
|  | &nbsp;&nbsp;&nbsp;City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020940 |
|  | &nbsp;&nbsp;&nbsp;City of Houston (Combined Utility System), Series D, 5.00% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2600137 |
|  | &nbsp;&nbsp;&nbsp;City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2662572 |
|  | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue AMT, Series A, 4.00% due 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412739 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Denton (Insured: PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64093 |
|  | &nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp. (Fort County Bend), 4.00% due 3/1/2040 - 3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1863928 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), Series A, 5.00% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545169 |
|  | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Abilene Christian University), Series A, 4.00% due 4/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 824526 |
|  | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.; Insured: PSF-GTD), Series A, 5.00% due 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514059 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 871850 |
|  | &nbsp;&nbsp;&nbsp;Texas State Technical College (Insured: AGM), 5.75% due 8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 620303 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3072801 |
|  | &nbsp;&nbsp;&nbsp;Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 827318 |
|  | &nbsp;&nbsp;**U. S. Virgin Islands — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization Corp., Series A, 5.00% due 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509565 |
|  | &nbsp;&nbsp;**Utah — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 732158 |
|  | &nbsp;&nbsp;&nbsp;Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2033 (pre-refunded 6/15/2025) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054082 |
|  | &nbsp;&nbsp;**Virginia — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Henrico County (Westminster-Canterbury Corp. Obligated Group) EDA, Series A, 5.00% due 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019003 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Roanoke (Carilion Clinic Obligated Group) EDA, 5.00% due 7/1/2053 (put 7/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117974 |
|  | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065407 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) AMT, 3.50% due 11/1/2052 (put 11/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997282 |
|  | &nbsp;&nbsp;**Washington — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Washington Higher Education Facilities Authority (Seattle Pacific University), 5.00% due 10/1/2038 - 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;2390000 | &nbsp;&nbsp;&nbsp;&nbsp; 2459184 |
|  | &nbsp;&nbsp;**Wisconsin — 3.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Public Finance Authority (Duke Energy Progress, LLC) AMT, Series B, 4.00% due 10/1/2046 (put 10/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035485 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (National Senior Community Obligated Group), 4.00% due 1/1/2042 - 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062016 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Public Finance Authority (St. John's College), 3.00% due 10/1/2045 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1461168 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (Texas Biomedical Research Institute), 4.00% due 6/1/2039 - 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 689237 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), 4.00% due 10/1/2025 - 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929734 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), Series B-4, 5.00% due 8/15/2054 (put 1/29/2025) | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1296170 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (HOPE Christian Schools Obligated Group), 4.00% due 12/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 507585 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing (Collateralized: FNMA) EDA, Series C, 2.75% due 9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 281902 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds — 95.6% (Cost $288,118,300) |  | &nbsp;&nbsp;&nbsp;&nbsp;282204424 |
|  | **Short-Term Municipal Bonds — 4.1%** |  |  |
|  | &nbsp;&nbsp;**Florida — 2.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series B, 3.65% due 10/1/2042 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Manatee (Florida Power & Light Co.), 3.75% due 9/1/2024 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust (LOC JP Morgan Chase Bank N.A.), Series 5032, 3.70% due 12/15/2034 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 |
|  | &nbsp;&nbsp;**Missouri — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Missouri Development Finance Board (Nelson Gallery Foundation; SPA U.S. Bank N.A.), Series A, 3.62% due 12/1/2037 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp;**New Hampshire — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street B&T Co.), Series A2, 3.65% due 7/1/2035 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 |
|  | &nbsp;&nbsp;**Utah — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Murray (Intermountain Healthcare Obligated Group; SPA JP Morgan Chase Bank N.A.), Series A, 3.60% due 5/15/2037 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  | &nbsp;&nbsp;**Virginia — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Virginia College Building Authority (University of Richmond; SPA U.S. Bank N.A.), 3.63% due 11/1/2036 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Municipal Bonds — 4.1% (Cost $12,120,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 12120000 |
|  | **Total Investments — 99.7% (Cost $300,238,300)** |  | &nbsp;&nbsp;$294324424 |
|  | **Other Assets Less Liabilities — 0.3%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764373 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$295088797 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | 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, 2022. |
| b | 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, 2022, the aggregate value of these securities in the Fund's portfolio was $10,395,912, representing 3.52% of the Fund's net assets. |
| c | Segregated as collateral for a when-issued security. |
| d | When-issued security. |

---

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

---

| | |
|:---|:---|
| ACA | Insured by American Capital Access |
| AGC | Insured by Assured Guaranty Corp. |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| ETM | Escrowed to Maturity |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |

---

---

| | |
|:---|:---|
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority/Agency |
| IDB | Industrial Development Board |
| ISD | Independent School District |
| LOC | Letter of Credit |
| Mtg | Mortgage |
| Natl-Re | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| Q-SBLF | Insured by Qualified School Bond Loan Fund |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| TCRS | Transferable Custodial Receipts |
| USD | Unified School District |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *December 31, 2022 (Unaudited)* |

---

------

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

#### NOTE 2 – SECURITY VALUATION
Valuation of the Fund's portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust 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 in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees of the Trust (the "Valuation Policy and Procedures").

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Thornburg Strategic Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000025152

- **c. LEI of Series:** 549300ZJJU8WI1A6T503

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $301260810.99

**Total Liabilities:** $2582345.54

**Net Assets:** $298678465.45

**Delayed Delivery Securities:** $1031660.00

**Cash Not Reported:** $84910.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -648.49000000 | **1-Year:** -12136.63000000 | **5-Year:** -36369.20000000 | **10-Year:** -51443.00000000 | **30-Year:** -12825.03000000

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

- **3-Month:** -107.53000000 | **1-Year:** -1232.57000000 | **5-Year:** -4073.22000000 | **10-Year:** -14129.24000000 | **30-Year:** -6343.39000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075018 | -0.94%               | 3.71%                | 0.33%                |
| Class ID C000075020 | -0.92%               | 3.72%                | 0.34%                |
| Class ID C000075019 | -0.98%               | 3.67%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3301341.42             | $-194038.65                                |
| Month 2  | $-725481.17              | $10842591.59                               |
| Month 3  | $-147797.40              | $336188.21                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Public Authority for Colorado Energy                                      | PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    260000 | PA      | $304830.24    | 0.10%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                     | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051897.00   | 0.35%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                               | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179UQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502707.50    | 0.17%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                          | WASHINGTON ST HGR EDU FACS AUTH                              | CUSIP: 9397812Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1199472.35   | 0.40%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | CUSIP: 46640KZG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3100000.00   | 1.04%             | 2034-12-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                      | CHARLOTTE CNTY FL INDL DEV AUTH UTILITY SYS REVENUE          | CUSIP: 16080TAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $447435.49    | 0.15%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                 | ILLINOIS ST UNIV                                             | CUSIP: 452272A80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100363.90    | 0.03%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                        | CHICAGO IL                                                   | CUSIP: 167486ZV4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526831.00    | 0.18%             | 2031-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                   | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 6262074G6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1263690.40   | 0.42%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                    | M-S-R CA ENERGY AUTH GAS REVENUE                             | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1494464.39   | 0.50%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                   | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $638017.80    | 0.21%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1343354.46   | 0.45%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                    | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012794.00   | 0.34%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                 | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042971.00   | 0.35%             | 2052-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                         | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $513550.95    | 0.17%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board               | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE            | CUSIP: 821697S83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042331.00   | 0.35%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                                    | WAYNE MI ST UNIV REVENUES                                    | CUSIP: 946303UW2<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1295222.50   | 0.43%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                               | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065407.00   | 0.36%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PSX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    255000 | PA      | $228623.06    | 0.08%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                    | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DSF9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575619.50   | 0.53%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                      | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562QD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036712.00   | 0.35%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                          | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088268.00   | 0.36%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                      | LUZERNE CNTY PA                                              | CUSIP: 550697VF0<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051615.00   | 0.35%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                       | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TQA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020472.00   | 0.34%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                        | DETROIT MI                                                   | CUSIP: 2510933B4<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501088.00    | 0.17%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                    | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAK0<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999159.00    | 0.33%             | 2048-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                        | SELMA AL INDL DEV BRD REVENUE                                | CUSIP: 81647PAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $1950625.80   | 0.65%             | 2033-11-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                    | NEW YORK ST ENERGY RESEARCH & DEV AUTH POLL CONTROL REVENUE  | CUSIP: 649845HH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991770.00    | 0.33%             | 2034-04-01      | Floating      | 2.63%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 3                                    | DOUGLAS CNTY NE HOSP AUTH #3                                 | CUSIP: 259234CH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $837227.20    | 0.28%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                         | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XCF8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559242.50   | 0.52%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                         | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1184303.28   | 0.40%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PCE3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1461168.00   | 0.49%             | 2045-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                  | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE               | CUSIP: 249189DG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033219.00   | 0.35%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livonia Public Schools                                                    | LIVONIA MI PUBLIC SCHS SCH DIST                              | CUSIP: 539243SR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226449.23    | 0.08%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue    | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT UTILITY SYS REVENUE  | CUSIP: 982674JT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032739.00   | 0.35%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Texas Cultural Education Facilities Finance Corp                  | GREATER TEXAS CULTURAL EDU FACS FIN CORP LEASE REVENUE       | CUSIP: 39237RAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933640.00    | 0.31%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gerald R Ford International Airport Authority                             | GERALD R FORD INTERNATIONAL ARPT AUTH MI REVENUE             | CUSIP: 373695AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1990264.23   | 0.67%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JDT7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    750000 | PA      | $507585.00    | 0.17%             | 2056-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HY48<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2397455.94   | 0.80%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union Elementary School District                                          | UNION CA ELEM SCH DIST                                       | CUSIP: 906573EP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $793333.86    | 0.27%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                               | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PN4<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526677.00    | 0.18%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                  | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2116230.00   | 0.71%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                | PIMA CNTY AZ INDL DEV AUTH                                   | CUSIP: 721901KV7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919491.00    | 0.31%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                     | CHICAGO IL PARK DIST                                         | CUSIP: 167615Q89<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1339908.73   | 0.45%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                             | TEXAS ST TECH CLG SYS FING SYS REVENUE                       | CUSIP: 88276RFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $620302.65    | 0.21%             | 2047-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                             | HENRICO CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE          | CUSIP: 42605QHN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019003.00   | 0.34%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Higher Education Student Loan Corp                               | KENTUCKY ST HGR EDU STUDENT LOAN CORP                        | CUSIP: 49130NEK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534830.00    | 0.18%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                          | PHILADELPHIA PA MUNI AUTH REVENUE                            | CUSIP: 717904LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1408991.28   | 0.47%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                     | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TYA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $732158.00    | 0.25%             | 2039-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                     | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PNH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1634372.25   | 0.55%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCX8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    775000 | PA      | $767691.75    | 0.26%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                              | LONG BEACH CA ARPT REVENUE                                   | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $784796.25    | 0.26%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Independent College Finance Authority                              | KANSAS INDEP CLG FIN AUTH                                    | CUSIP: 485435ER8<br>LEI: 5493006W4J5J9MZ52C15 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1806033.60   | 0.60%             | 2023-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                  | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XDG3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    355000 | PA      | $368933.40    | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                      | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AD0<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938296.00    | 0.31%             | 2042-01-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                          | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.67%             | 2042-11-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Greater Texas Cultural Education Facilities Finance Corp                  | GREATER TEXAS CULTURAL EDU FACS FIN CORP LEASE REVENUE       | CUSIP: 39237RAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930288.00    | 0.31%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The     | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717825QB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959338.00    | 0.32%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                  | LAS VEGAS NV SPL IMPT DIST #814                              | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $519317.69    | 0.17%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                             | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CG0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575928.50   | 0.53%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue       | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1258156.50   | 0.42%             | 2027-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                         | YAMHILL CNTY OR HOSP AUTH                                    | CUSIP: 98464UBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $312233.90    | 0.10%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                 | ILLINOIS ST UNIV                                             | CUSIP: 452272C54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $857352.00    | 0.29%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                          | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UNC8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510718.00    | 0.17%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp                         | MATCHING FUND SPL PURPOSE SECURITIZTN CORP                   | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509565.00    | 0.17%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                           | GAINESVILLE FL UTILITIES SYS REVENUE                         | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.27%             | 2042-10-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                            | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514QR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $674922.30    | 0.23%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ACJ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1078543.46   | 0.36%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                  | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1468278.00   | 0.49%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                      | IOWA ST HGR EDU LOAN AUTH REVENUE                            | CUSIP: 46247DAG2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755116.50    | 0.25%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                      | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501776.00    | 0.17%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                             | VOLUSIA CNTY FL EDUCTNL FAC AUTH                             | CUSIP: 928836KT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563438.00   | 0.52%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                  | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XDH1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207586.40    | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCY6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    925000 | PA      | $898050.13    | 0.30%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                | PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE             | CUSIP: 72178AAB8<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    415000 | PA      | $417247.23    | 0.14%             | 2024-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                    | UNIV OF ARKANSAS AR UNIV REVENUES                            | CUSIP: 914072WT6<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037353.00   | 0.35%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                   | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $214619.25    | 0.07%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                     | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PNJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $889669.20    | 0.30%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                                                | NEW ORLEANS LA AVIATION BRD GULF OPPORTUNITY ZONE CFC REVENU | CUSIP: 64763XAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $759351.60    | 0.25%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                    | MIAMI-DADE CNTY FL EXPRESSWAY AUTH TOLL SYS REVENUE          | CUSIP: 59334KJB5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    625000 | PA      | $636709.38    | 0.21%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                        | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727WP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551565.50   | 0.52%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                       | SANTA FE NM RETMNT FAC REVENUE                               | CUSIP: 802170AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1403568.16   | 0.47%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                 | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1412739.00   | 0.47%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Daly City Housing Development Finance Agency                              | DALY CITY CA HSG DEV FIN AGY MOBILE HOME PARK REVENUE        | CUSIP: 235669EP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330401.28    | 0.11%             | 2023-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Financing Authority             | SAN FRANCISCO CITY & CNTY CA REDEV FING AUTH                 | CUSIP: 79771PPR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1007268.53   | 0.34%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7N8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    750000 | PA      | $784959.00    | 0.26%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | NEW YORK NY                                                  | CUSIP: 64966LDW8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3036612.00   | 1.02%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                              | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654GA7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1673814.00   | 0.56%             | 2039-12-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                     | MIAMI-DADE CNTY FL SCH BRD COPS                              | CUSIP: 59333MF83<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101494.90   | 0.37%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                         | DALLAS TX                                                    | CUSIP: 235219LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2020939.67   | 0.68%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Metropolitan District/The                                         | VILLAGE MET DIST CO                                          | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961960.00    | 0.32%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                      | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593Y71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290000.00    | 0.10%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                      | GENESEE CNTY MI                                              | CUSIP: 371608SE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008363.00   | 0.34%             | 2038-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                         | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $465325.16    | 0.16%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                            | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325XV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061322.00   | 0.36%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                              | LONG BEACH CA ARPT REVENUE                                   | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527516.00    | 0.18%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                  | PEFA INC IA GAS PROJ REVENUE                                 | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4787979.45   | 1.60%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                         | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBX6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537871.00    | 0.18%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAC1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989807.00    | 0.33%             | 2045-05-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EYY8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529124.50    | 0.18%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                         | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058679.00   | 0.35%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                           | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KLC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522162.50   | 0.51%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                               | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PM6<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1005707.63   | 0.34%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | ILLINOIS ST                                                  | CUSIP: 452153DA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040264.00   | 0.35%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                | PIMA CNTY AZ INDL DEV AUTH                                   | CUSIP: 721901JW7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1514376.00   | 0.51%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai/The             | YAVAPAI CNTY AZ INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 98521UAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $652653.00    | 0.22%             | 2027-06-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | ILLINOIS ST                                                  | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1662059.20   | 0.56%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                 | UNIV OF CONNECTICUT CT                                       | CUSIP: 914233R86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2190338.20   | 0.73%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Water System Revenue                               | NEW ORLEANS LA WTR REVENUE                                   | CUSIP: 647753KT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $416244.40    | 0.14%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3169629.00   | 1.06%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue               | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647KL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1620192.00   | 0.54%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PXF7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1220106.25   | 0.41%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kane Cook & DuPage Counties School District No U-46 Elgin                 | KANE COOK & DU PAGE CNTYS IL SCH DIST #46 ELGIN              | CUSIP: 483836TP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018272.00   | 0.34%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                          | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE                 | CUSIP: 759151BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1296053.87   | 0.43%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $288632.94    | 0.10%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                        | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 4424355R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2600137.50   | 0.87%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Energy & Power Authority                                        | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE              | CUSIP: 546462DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017914.00   | 0.68%             | 2038-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                     | CHICAGO IL PARK DIST                                         | CUSIP: 167615WS8<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    825000 | PA      | $855509.33    | 0.29%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                      | KANSAS ST DEV FIN AUTH HOSP REVENUE                          | CUSIP: 48542AFE6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1660453.50   | 0.56%             | 2054-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                         | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBY4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537512.50    | 0.18%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                            | CARSON CITY NV HOSP REVENUE                                  | CUSIP: 145810DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016468.00   | 0.34%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                          | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224ZB8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $792621.00    | 0.27%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PSW6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    245000 | PA      | $221375.14    | 0.07%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                         | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515776.50    | 0.17%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                    | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WQ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941050.00    | 0.32%             | 2026-02-01      | Floating      | 1.38%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                          | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NGF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $664083.40    | 0.22%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                       | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | CUSIP: 927781CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.74%             | 2036-11-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447T3V3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937990.00    | 0.31%             | 2042-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                               | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE            | CUSIP: 677510CS6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1156505.16   | 0.39%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                     | NEW MEXICO ST MTGE FIN AUTH                                  | CUSIP: 647201JF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $721754.40    | 0.24%             | 2039-07-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533792.50    | 0.18%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                      | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502207.50    | 0.17%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of El Dorado CA                                                    | EL DORADO CNTY CA SPL TAX                                    | CUSIP: 283113EF1<br>LEI: 254900YWTZGSOPTH2R20 | Long             | DBT              | MUN               | US        |    625000 | PA      | $625905.63    | 0.21%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                    | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSR8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $869927.40    | 0.29%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI POLL CONTROL REVENUE                      | CUSIP: 74447HAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035485.00   | 0.35%             | 2046-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                         | PHILADELPHIA PA AUTH FOR INDLDEV CITY SVC AGREEMENT REVENUE  | CUSIP: 71783DBJ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021770.00   | 0.34%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                     | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JDC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963814.00    | 0.32%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                 | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342QC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1041125.05   | 0.35%             | 2032-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                          | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE  | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995223.00    | 0.33%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                    | ROANOKE VA ECON DEV AUTH HOSPREVENUE                         | CUSIP: 770082CB9<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117974.00   | 0.37%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                         | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | CUSIP: 64988YSA6<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    845000 | PA      | $827430.76    | 0.28%             | 2033-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364V0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561044.00   | 0.52%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                | CHICAGO IL MET WTR RECLAMATION DIST GREATER CHICAGO          | CUSIP: 167560MW8<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     40000 | PA      | $47959.12     | 0.02%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kane Cook & DuPage Counties School District No U-46 Elgin                 | KANE COOK & DU PAGE CNTYS IL SCH DIST #46 ELGIN              | CUSIP: 483836SX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2296255.23   | 0.77%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                  | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009RS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545169.50   | 0.52%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wild Plum Metropolitan District                                           | WILD PLUM MET DIST CO                                        | CUSIP: 96809GAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $618847.60    | 0.21%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                               | VIRGINIA ST SMALL BUSINESS FING AUTH ENVIRONMENTAL FACS REVE | CUSIP: 92810RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997282.00    | 0.33%             | 2052-11-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue               | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913369.00    | 0.31%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                             | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248664.50    | 0.08%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE      | CUSIP: 97689QLW4<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    305000 | PA      | $281902.05    | 0.09%             | 2039-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                       | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PF2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139444.00   | 0.72%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                      | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531617.00    | 0.18%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | ILLINOIS ST                                                  | CUSIP: 452152VM0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600153.00    | 0.20%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act               | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 644614J83<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    720000 | PA      | $720000.00    | 0.24%             | 2035-07-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                              | WILL CNTY IL SCH DIST #114 MANHATTAN                         | CUSIP: 968838JC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $111796.10    | 0.04%             | 2023-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                       | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883VF6<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104663.70    | 0.04%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EZA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $210317.80    | 0.07%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                        | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730NS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1495207.46   | 0.50%             | 2030-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                     | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KR9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049626.00   | 0.35%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                     | CHICAGO IL WTR REVENUE                                       | CUSIP: 167736ZK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200320.80    | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                        | HOUSTON TX                                                   | CUSIP: 442331L44<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2662572.50   | 0.89%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DN77<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296170.00   | 0.43%             | 2054-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447PGV7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001524.00   | 0.34%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                          | WASHINGTON ST HGR EDU FACS AUTH                              | CUSIP: 9397812R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1259711.60   | 0.42%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                         | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | CUSIP: 64988YRY5<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    770000 | PA      | $755132.84    | 0.25%             | 2032-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                      | CONNECTICUT ST                                               | CUSIP: 20772KBC2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2178126.00   | 0.73%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waco Educational Finance Corp                                             | WACO TX EDUCTNL FIN CORP REVENUE                             | CUSIP: 929833CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $827317.75    | 0.28%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Detroit Downtown Development Authority                                    | DETROIT MI DOWNTOWN DEV AUTH TAX INCREMENT REVENUE           | CUSIP: 251135GA1<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |    850000 | PA      | $867973.25    | 0.29%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                              | WILL CNTY IL SCH DIST #114 MANHATTAN                         | CUSIP: 968838JG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $441388.22    | 0.15%             | 2023-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                      | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FPN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2081176.63   | 0.70%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                        | OREGON ST HLTH & SCIENCE UNIV REVENUE                        | CUSIP: 685869HJ1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2213017.40   | 0.74%             | 2046-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                            | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1182923.28   | 0.40%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364G3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110252.00   | 0.71%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pawtucket Housing Authority                                               | PAWTUCKET RI HSG AUTH CAPITALFUNDS HSG REVENUE               | CUSIP: 704179BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252955.75    | 0.08%             | 2024-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                | PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE             | CUSIP: 72178AAA0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185584.23    | 0.06%             | 2023-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 6459165H6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093625.00   | 0.37%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3095127.00   | 1.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                    | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE              | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1596300.75   | 0.53%             | 2050-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                 | ILLINOIS ST UNIV                                             | CUSIP: 452272B48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $483202.35    | 0.16%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                       | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507PM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2579255.00   | 0.86%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                            | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514QT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $856490.25    | 0.29%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                 | ILLINOIS ST UNIV                                             | CUSIP: 452272B22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103825.70    | 0.03%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | NATIONAL FIN AUTH NH SOL WST DISP REVENUE                    | CUSIP: 63608RAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1212656.25   | 0.41%             | 2038-08-01      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                        | DETROIT MI                                                   | CUSIP: 2510934T4<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305267.70    | 0.10%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                          | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033LLD7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1172786.94   | 0.39%             | 2026-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                         | REGL TRANSPRTN AUTH IL                                       | CUSIP: 759911ZV5<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1291108.50   | 0.43%             | 2034-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                   | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975784.00    | 0.33%             | 2061-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                        | CHICAGO IL                                                   | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3501125.37   | 1.17%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                 | ILLINOIS ST UNIV                                             | CUSIP: 452272C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $179700.02    | 0.06%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                          | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UKP2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947867.00    | 0.32%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                  | POMPANO BEACH FL REVENUE                                     | CUSIP: 732203BG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1225393.50   | 0.41%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                        | MISSOURI ST DEV FIN BRD CULTURAL FACS REVENUE                | CUSIP: 606037BE8<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2037-12-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | NEW YORK NY                                                  | CUSIP: 64966LMF5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552911.00   | 0.52%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                            | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EEM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943003.00    | 0.32%             | 2027-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                          | REGL TRANSPRTN DIST CO COPS                                  | CUSIP: 75913THW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $569244.28    | 0.19%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                   | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014895.00   | 0.34%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                | DELAWARE ST HLTH FACS AUTH REVENUE                           | CUSIP: 246388TG7<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1024188.84   | 0.34%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL                                                      | MANATEE CNTY FL POLL CONTROL REVENUE                         | CUSIP: 561845AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3800000.00   | 1.27%             | 2024-09-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XRX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1360084.80   | 0.46%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                      | NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | CUSIP: 650346FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514059.00    | 0.17%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7K4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530540.50    | 0.18%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBS0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2690400.24   | 0.90%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                        | DETROIT MI                                                   | CUSIP: 2510933C2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403935.60    | 0.14%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                   | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794C59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148926.00   | 0.72%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                        | CHICAGO IL                                                   | CUSIP: 167486D89<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011635.00   | 0.34%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                      | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010860.00   | 0.34%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                         | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | CUSIP: 64988YRZ2<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    210000 | PA      | $205569.63    | 0.07%             | 2032-10-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Calipatria Unified School District                                        | CALIPATRIA CA UNIF SCH DIST                                  | CUSIP: 130861BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $924237.60    | 0.31%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                       | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PJ4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2636537.50   | 0.88%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    700000 | PA      | $738902.50    | 0.25%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                   | CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                         | CUSIP: 13281PAC1<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031984.00   | 0.35%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                         | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY     | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1291655.30   | 0.43%             | 2026-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                        | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002JW7<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |     65000 | PA      | $64092.60     | 0.02%             | 2044-08-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                       | SANTA FE NM RETMNT FAC REVENUE                               | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $833300.10    | 0.28%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS REVENUE                   | CUSIP: 56036YDE2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352919.35    | 0.12%             | 2023-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1465903.50   | 0.49%             | 2052-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | ILLINOIS ST                                                  | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $390451.50    | 0.13%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                      | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562NX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505401.50   | 0.50%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FSP1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021131.00   | 0.34%             | 2052-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918T94<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002933.00   | 0.34%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                      | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593X49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027024.00   | 0.34%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PSY2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $239239.17    | 0.08%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                              | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853TK3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929928.00    | 0.31%             | 2048-01-15      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                          | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3993524.00   | 1.34%             | 2048-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 3                                    | DOUGLAS CNTY NE HOSP AUTH #3                                 | CUSIP: 259234CG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $994953.05    | 0.33%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                      | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                 | CUSIP: 664840AD7<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001050.00   | 0.67%             | 2049-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $297745.80    | 0.10%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PXG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841910.00    | 0.28%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1244353.75   | 0.42%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976027.00    | 0.33%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TPK3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    165000 | PA      | $179488.82    | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                      | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047770.00   | 0.35%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                     | CHICAGO IL PARK DIST                                         | CUSIP: 167615R88<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    685000 | PA      | $693571.41    | 0.23%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                          | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416ST26<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $928043.13    | 0.31%             | 2039-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                  | LAS VEGAS NV SPL IMPT DIST #814                              | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $384729.66    | 0.13%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue    | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT UTILITY SYS REVENUE  | CUSIP: 982674JS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032716.00   | 0.35%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benicia Unified School District                                           | BENICIA CA UNIF SCH DIST                                     | CUSIP: 082023LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $736917.99    | 0.25%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                             | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3072801.00   | 1.03%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                             | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WWH5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    750000 | PA      | $871850.25    | 0.29%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                         | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515915.00    | 0.17%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDQ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997798.00    | 0.33%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                      | CONNECTICUT ST                                               | CUSIP: 20772KDZ9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1490800.95   | 0.50%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                          | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5439824.50   | 1.82%             | 2050-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                   | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1805302.00   | 0.60%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560634.50   | 0.52%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                              | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086710.00   | 0.36%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Gilliam OR                                                      | GILLIAM CNTY OR SOL WST DISP REVENUE                         | CUSIP: 37580TAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996848.00   | 0.67%             | 2038-07-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                             | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036702.00   | 0.35%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                   | ORANGE CNTY FL TOURIST DEV TAX                               | CUSIP: 684545ZH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068952.00   | 0.36%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                    | UTAH ST TRANSIT AUTH SALES TAX REVENUE                       | CUSIP: 917567BU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054082.00   | 0.35%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Hospital Finance Authority                                      | KALAMAZOO MI HOSP FIN AUTH                                   | CUSIP: 483233PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140049.84    | 0.05%             | 2041-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                             | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073634.00   | 0.36%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                 | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE          | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977460.00    | 0.33%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                              | DETROIT MI CITY SCH DIST                                     | CUSIP: 251129Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098262.00   | 0.37%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                     | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736P92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558143.00   | 0.52%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                     | S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518072.00   | 0.51%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HE32<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2256613.65   | 0.76%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                      | NEWARK HGR EDU FIN CORP TX REVENUE                           | CUSIP: 650348AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824526.00    | 0.28%             | 2057-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                       | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227RF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1759147.25   | 0.59%             | 2043-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Murray UT                                                         | MURRAY CITY UT HOSP REVENUE                                  | CUSIP: 626853CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.33%             | 2037-05-15      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                         | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443BR6<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507375.50    | 0.17%             | 2024-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                       | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883YR7<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923170.00    | 0.31%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                               | BROWARD CNTY FL ARPT SYS REVENUE                             | CUSIP: 114894XS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037285.00   | 0.35%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                         | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $813856.18    | 0.27%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                         | SALEM OR HOSP FAC AUTH REVENUE                               | CUSIP: 794458GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $409936.50    | 0.14%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin