# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195817
**Filing Date:** 2025-8
**Character Count:** 94701
**Document Hash:** ebc733ac819ca6aa3465d4cf736a1b52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195817.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195817

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238597

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

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

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

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

## Series and Classes Contracts Data

### Thornburg Limited Term U.S. Government Fund (Series ID: S000011842)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000032347 | Thornburg Limited Term U.S. Government Fund - Class A  | LTUSX           |
| C000032349 | Thornburg Limited Term U.S. Government Fund - Class C  | LTUCX           |
| C000032350 | Thornburg Limited Term U.S. Government Fund - Class I  | LTUIX           |
| C000042666 | Thornburg Limited Term U.S. Government Fund - Class R3 | LTURX           |
| C000113847 | Thornburg Limited Term U.S. Government Fund - Class R5 | LTGRX           |
| C000136848 | Thornburg Limited Term U.S. Government Fund - Class R4 | LTUGX           |
| C000222323 | Thornburg Limited Term U.S. Government Fund - Class C2 | LTUQX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **U.S. Treasury Securities — 19.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.125% due 1/15/2030 - 1/15/2032 | &nbsp;&nbsp;$8630021 | &nbsp;&nbsp;$7855574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.625% due 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100764 | &nbsp;&nbsp;&nbsp;&nbsp; 101480 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.875% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1801117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 12/31/2029 - 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;3113000 | &nbsp;&nbsp;&nbsp;&nbsp; 3082720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2754727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1614000 | &nbsp;&nbsp;&nbsp;&nbsp; 1639471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 873242 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 6.215% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1890000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273061 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $20,089,794) |  | &nbsp;&nbsp;&nbsp;&nbsp; 20400931 |
|  | **U.S. Government Agencies — 7.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3.00% due 3/8/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 654833 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 5.60% due 12/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399344 |
|  | &nbsp;&nbsp;&nbsp;HNA Group LLC (Guaranty: Export-Import Bank of the United States), 2.291% due 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 568393 | &nbsp;&nbsp;&nbsp;&nbsp; 549582 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 2.46% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122291 |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.06% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 346994 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.512% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 527500 | &nbsp;&nbsp;&nbsp;&nbsp; 524208 |
|  | &nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-20H Class 1, 5.11% due 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3387 | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20D Class 1, 5.32% due 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25118 | &nbsp;&nbsp;&nbsp;&nbsp; 25253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20F Class 1, 5.71% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17478 | &nbsp;&nbsp;&nbsp;&nbsp; 17660 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20I Class 1, 5.56% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 69474 | &nbsp;&nbsp;&nbsp;&nbsp; 70042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-20K Class 1, 5.51% due 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 51808 | &nbsp;&nbsp;&nbsp;&nbsp; 52307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-20G Class 1, 5.87% due 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 134237 | &nbsp;&nbsp;&nbsp;&nbsp; 136500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20G Class 1, 3.74% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 266286 | &nbsp;&nbsp;&nbsp;&nbsp; 262810 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-20K Class 1, 2.87% due 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 422749 | &nbsp;&nbsp;&nbsp;&nbsp; 408123 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-20H Class 1, 2.88% due 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 308836 | &nbsp;&nbsp;&nbsp;&nbsp; 296359 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20B Class 1, 2.46% due 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 307821 | &nbsp;&nbsp;&nbsp;&nbsp; 290436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20G Class 1, 2.88% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 626894 | &nbsp;&nbsp;&nbsp;&nbsp; 595037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-20I Class 1, 2.82% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 640474 | &nbsp;&nbsp;&nbsp;&nbsp; 608867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-20I Class 1, 2.59% due 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1456194 | &nbsp;&nbsp;&nbsp;&nbsp; 1357246 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-20K Class 1, 2.79% due 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 703063 | &nbsp;&nbsp;&nbsp;&nbsp; 658226 |
|  | &nbsp;&nbsp;&nbsp;Thirax 1 LLC (Guaranty: Export-Import Bank of the United States), 0.968% due 1/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 993051 | &nbsp;&nbsp;&nbsp;&nbsp; 875871 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $8,665,788) |  | &nbsp;&nbsp;&nbsp;&nbsp; 8255377 |
|  | **Mortgage Backed — 66.8%** |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Mtg Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A, 2.18% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;3824987 | &nbsp;&nbsp;&nbsp;&nbsp; 3081087 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0049, 6.792% (H15T1Y + 2.15%) due 2/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 916148 | &nbsp;&nbsp;&nbsp;&nbsp; 932959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1926577 | &nbsp;&nbsp;&nbsp;&nbsp; 1492738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RE6119, 2.50% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1676686 | &nbsp;&nbsp;&nbsp;&nbsp; 1369638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SE9046, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1938789 | &nbsp;&nbsp;&nbsp;&nbsp; 1675417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool T61943, 3.50% due 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 83748 | &nbsp;&nbsp;&nbsp;&nbsp; 76566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool T65457, 3.00% due 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 365356 | &nbsp;&nbsp;&nbsp;&nbsp; 319147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool WN2382, 4.34% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 565741 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 3922 Class PQ, 2.00% due 4/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 29584 | &nbsp;&nbsp;&nbsp;&nbsp; 28919 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 4105 Class FG, 4.818% (SOFR30A + 0.51%) due 9/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 409448 | &nbsp;&nbsp;&nbsp;&nbsp; 401284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class TC, 1.50% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 143612 | &nbsp;&nbsp;&nbsp;&nbsp; 139826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4120 Class UE, 2.00% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 196577 | &nbsp;&nbsp;&nbsp;&nbsp; 192172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 556344 | &nbsp;&nbsp;&nbsp;&nbsp; 545572 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K095 Class A2, 2.785% due 6/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 550080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KHG1 Class A3, 3.341% due 12/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 294692 | &nbsp;&nbsp;&nbsp;&nbsp; 289726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KIR1 Class A2, 2.849% due 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 196000 | &nbsp;&nbsp;&nbsp;&nbsp; 193511 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 220922 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 156052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 392102 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | &nbsp;&nbsp;$759845 | &nbsp;&nbsp;$714107 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class HT, 3.25% due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;2367527 | &nbsp;&nbsp;&nbsp;&nbsp; 2112982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class MT, 3.50% due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 536204 | &nbsp;&nbsp;&nbsp;&nbsp; 477998 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 959758 | &nbsp;&nbsp;&nbsp;&nbsp; 895798 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 515818 | &nbsp;&nbsp;&nbsp;&nbsp; 488235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class HA, 3.00% due 8/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 691878 | &nbsp;&nbsp;&nbsp;&nbsp; 645327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class HA, 3.00% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 895993 | &nbsp;&nbsp;&nbsp;&nbsp; 827988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4 Class MA, 3.50% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 583035 | &nbsp;&nbsp;&nbsp;&nbsp; 560028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class MA, 3.50% due 8/26/2058 | &nbsp;&nbsp;&nbsp;&nbsp;1474850 | &nbsp;&nbsp;&nbsp;&nbsp; 1404062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class MA, 3.50% due 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 563826 | &nbsp;&nbsp;&nbsp;&nbsp; 540955 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class MA, 3.00% due 2/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 893242 | &nbsp;&nbsp;&nbsp;&nbsp; 832242 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class MA, 2.50% due 8/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;1294130 | &nbsp;&nbsp;&nbsp;&nbsp; 1203642 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;1275657 | &nbsp;&nbsp;&nbsp;&nbsp; 1159046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MA, 2.00% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 425588 | &nbsp;&nbsp;&nbsp;&nbsp; 383780 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MT, 2.00% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 569191 | &nbsp;&nbsp;&nbsp;&nbsp; 440700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 933889 | &nbsp;&nbsp;&nbsp;&nbsp; 792770 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool D98887, 3.50% due 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 157147 | &nbsp;&nbsp;&nbsp;&nbsp; 154697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool E09025, 2.50% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17331 | &nbsp;&nbsp;&nbsp;&nbsp; 16978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool J37586, 3.50% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 106893 | &nbsp;&nbsp;&nbsp;&nbsp; 104986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RA6808, 3.00% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1861978 | &nbsp;&nbsp;&nbsp;&nbsp; 1619720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RD5043, 2.00% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1314000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257503 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SB8010, 2.50% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 411922 | &nbsp;&nbsp;&nbsp;&nbsp; 387618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SB8030, 2.00% due 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 657612 | &nbsp;&nbsp;&nbsp;&nbsp; 605746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SB8502, 2.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 395872 | &nbsp;&nbsp;&nbsp;&nbsp; 365712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool ZS4730, 3.50% due 8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 673252 | &nbsp;&nbsp;&nbsp;&nbsp; 617370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool ZS7299, 3.00% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 310722 | &nbsp;&nbsp;&nbsp;&nbsp; 303327 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 184051 | &nbsp;&nbsp;&nbsp;&nbsp; 160894 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 1A, 3.00% due 7/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 712403 | &nbsp;&nbsp;&nbsp;&nbsp; 612534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 217167 | &nbsp;&nbsp;&nbsp;&nbsp; 192018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 141014 | &nbsp;&nbsp;&nbsp;&nbsp; 123925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1278267 | &nbsp;&nbsp;&nbsp;&nbsp; 1103941 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class 2A, 3.50% due 12/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 439273 | &nbsp;&nbsp;&nbsp;&nbsp; 386882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 272389 | &nbsp;&nbsp;&nbsp;&nbsp; 232975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 118367 | &nbsp;&nbsp;&nbsp;&nbsp; 104054 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 895572, 7.82% (RFUCCT1Y + 1.82%) due 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 45970 | &nbsp;&nbsp;&nbsp;&nbsp; 46649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BF0130, 3.50% due 8/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 291600 | &nbsp;&nbsp;&nbsp;&nbsp; 263536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BF0144, 3.50% due 10/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 416235 | &nbsp;&nbsp;&nbsp;&nbsp; 381004 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 2.937% (5-Yr. CMT + 1.150%) due 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1246998 | &nbsp;&nbsp;&nbsp;&nbsp; 1196683 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6885, 1.605% (2.20% - SOFR30A) due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 434402 | &nbsp;&nbsp;&nbsp;&nbsp; 402575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6983, 3.00% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1005135 | &nbsp;&nbsp;&nbsp;&nbsp; 855624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056 3.85% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 276973 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.528% (2.20% - SOFR30A) due 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 455352 | &nbsp;&nbsp;&nbsp;&nbsp; 423095 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMBS, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-SB5 Class A10, 3.15% due 9/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 276741 | &nbsp;&nbsp;&nbsp;&nbsp; 275125 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-SB47 Class A5H, 5.126% (SOFR30A + 0.81%) due 1/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 297100 | &nbsp;&nbsp;&nbsp;&nbsp; 295787 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2009-17 Class AH, 0.493% due 3/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 169638 | &nbsp;&nbsp;&nbsp;&nbsp; 136513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-70 Class CA, 3.00% due 8/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200733 | &nbsp;&nbsp;&nbsp;&nbsp; 198412 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-81 Class FW, 4.72% (SOFR30A + 0.41%) due 1/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 679197 | &nbsp;&nbsp;&nbsp;&nbsp; 668145 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-92 Class FA, 4.97% (SOFR30A + 0.66%) due 9/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 494916 | &nbsp;&nbsp;&nbsp;&nbsp; 489132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 486989 | &nbsp;&nbsp;&nbsp;&nbsp; 496601 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 476007 | &nbsp;&nbsp;&nbsp;&nbsp; 468598 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 987310 | &nbsp;&nbsp;&nbsp;&nbsp; 960516 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AE0704, 4.00% due 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24246 | &nbsp;&nbsp;&nbsp;&nbsp; 24131 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AJ1752, 3.50% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80612 | &nbsp;&nbsp;&nbsp;&nbsp; 79950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AL6582, 3.50% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 229529 | &nbsp;&nbsp;&nbsp;&nbsp; 226286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AL7801, 2.50% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 822526 | &nbsp;&nbsp;&nbsp;&nbsp; 796019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AL9445, 3.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6788 | &nbsp;&nbsp;&nbsp;&nbsp; 6621 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AS9749, 4.00% due 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 255981 | &nbsp;&nbsp;&nbsp;&nbsp; 242203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AU2669, 2.50% due 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 226658 | &nbsp;&nbsp;&nbsp;&nbsp; 221109 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM4153, 3.00% due 6/1/2033 | &nbsp;&nbsp;$790333 | &nbsp;&nbsp;$764940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM4864, 3.50% due 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 490419 | &nbsp;&nbsp;&nbsp;&nbsp; 483097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA0942, 2.50% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 512425 | &nbsp;&nbsp;&nbsp;&nbsp; 489235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA4102, 3.50% due 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 278763 | &nbsp;&nbsp;&nbsp;&nbsp; 275551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA5271, 2.50% due 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 735729 | &nbsp;&nbsp;&nbsp;&nbsp; 694479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA5282, 3.00% due 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1554879 | &nbsp;&nbsp;&nbsp;&nbsp; 1495904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CA7535, 1.50% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1388335 | &nbsp;&nbsp;&nbsp;&nbsp; 1318834 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM1523, 2.50% due 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 244721 | &nbsp;&nbsp;&nbsp;&nbsp; 239144 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM2831, 2.50% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 832148 | &nbsp;&nbsp;&nbsp;&nbsp; 803237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM3494, 2.50% due 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 329080 | &nbsp;&nbsp;&nbsp;&nbsp; 281823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM4936, 2.00% due 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1041988 | &nbsp;&nbsp;&nbsp;&nbsp; 961161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM5458, 1.50% due 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1062153 | &nbsp;&nbsp;&nbsp;&nbsp; 945757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS0916, 3.00% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;2402655 | &nbsp;&nbsp;&nbsp;&nbsp; 2079628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;6386844 | &nbsp;&nbsp;&nbsp;&nbsp; 5535314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6212, 1.50% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 277618 | &nbsp;&nbsp;&nbsp;&nbsp; 261513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA2353, 3.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 481928 | &nbsp;&nbsp;&nbsp;&nbsp; 458573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA3465, 4.00% due 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 283611 | &nbsp;&nbsp;&nbsp;&nbsp; 277647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA3681, 3.00% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 217433 | &nbsp;&nbsp;&nbsp;&nbsp; 209105 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA3896, 2.50% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 71486 | &nbsp;&nbsp;&nbsp;&nbsp; 67099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4148, 2.00% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 293160 | &nbsp;&nbsp;&nbsp;&nbsp; 280814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4390, 2.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2205310 | &nbsp;&nbsp;&nbsp;&nbsp; 2102969 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 894205, 4.625% (H15T1Y + 1.50%) due 8/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 74328 | &nbsp;&nbsp;&nbsp;&nbsp; 74804 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA0100, 4.875% (H15T1Y + 1.50%) due 5/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 113373 | &nbsp;&nbsp;&nbsp;&nbsp; 115794 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-147 Class B, 2.20% due 10/16/2063 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 881994 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-104 Class AD, 4.00% due 1/16/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 416904 | &nbsp;&nbsp;&nbsp;&nbsp; 387809 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H04 Class HA, 2.25% due 7/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 140616 | &nbsp;&nbsp;&nbsp;&nbsp; 133256 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-186 Class VA, 3.00% due 2/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1327117 | &nbsp;&nbsp;&nbsp;&nbsp; 1311671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-110 Class L, 1.00% due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 368706 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., UMBS Collateral, Pool MA0907, 2.00% due 4/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205097 | &nbsp;&nbsp;&nbsp;&nbsp; 199369 |
|  | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1C, 2.00% due 9/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1564125 | &nbsp;&nbsp;&nbsp;&nbsp; 1436637 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1D, 1.75% due 9/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1564125 | &nbsp;&nbsp;&nbsp;&nbsp; 1427031 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $74,807,244) |  | &nbsp;&nbsp;&nbsp;&nbsp; 70248181 |
|  | **Corporate Bonds — 2.6%** |  |  |
|  | &nbsp;&nbsp;**Utilities — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 2.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Caledonia Generating LLC, 1.95% due 2/28/2034 | &nbsp;&nbsp;&nbsp;&nbsp;3164009 | &nbsp;&nbsp;&nbsp;&nbsp; 2773396 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2773396 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $3,085,958) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2773396 |
|  | **Short-Term Investments — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.20%, | &nbsp;&nbsp;&nbsp;&nbsp; 61949 | &nbsp;&nbsp;&nbsp;&nbsp; 61949 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $61,949) |  | &nbsp;&nbsp;&nbsp;&nbsp; 61949 |
|  | **Total Investments — 96.8% (Cost $106,710,733)** |  | &nbsp;&nbsp;$101739834 |
|  | **Other Assets Less Liabilities — 3.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394542 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$105134376 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| 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 June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $5,854,483, representing 5.57% of the Fund's net assets. |
| c | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025. |
| d | Rate represents the money market fund annualized seven-day yield at June 30, 2025. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

---

| | |
|:---|:---|
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
| Mtg | Mortgage |

---

---

| | |
|:---|:---|
| REMIC | Real Estate Mortgage Investment Conduit |
| RFUCCT1Y | Refinitiv USD Interbank Offered Rate Consumer Cash Fallbacks Term 1 Year |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| UMBS | Uniform Mortgage-Backed Securities |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Limited Term U.S. Government Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Limited Term U.S. Government Fund (the "Fund") is a diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently has seven classes of shares of beneficial interest: Class A, Class C, Class C2, Institutional Class ("Class I"), and Retirement Classes ("Class R3", "Class R4", and "Class R5").

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

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

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

<u>Valuation of Securities:</u> Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Thornburg Limited Term U.S. Government Fund

- **b. EDGAR series identifier (if any):** S000011842

- **c. LEI of Series:** 5493006JWY6PYF1WBP22

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $105471141.65

**Total Liabilities:** $499579.98

**Net Assets:** $104971561.67

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -15.43000000 | **1-Year:** -271.63000000 | **5-Year:** -1042.36000000 | **10-Year:** -376.11000000 | **30-Year:** 0.00000000

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

- **3-Month:** -166.49000000 | **1-Year:** -2146.56000000 | **5-Year:** -2741.63000000 | **10-Year:** -1935.93000000 | **30-Year:** -330.36000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000042666 | 0.58%                | -0.52%               | 1.06%                |
| Class ID C000032349 | 0.56%                | -0.53%               | 1.12%                |
| Class ID C000032350 | 0.52%                | -0.49%               | 1.17%                |
| Class ID C000113847 | 0.61%                | -0.49%               | 1.17%                |
| Class ID C000136848 | 0.58%                | -0.52%               | 1.06%                |
| Class ID C000222323 | 0.56%                | -0.53%               | 1.12%                |
| Class ID C000032347 | 0.58%                | -0.60%               | 1.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $61515.63                | $318984.13                                 |
| Month 2  | $173855.05               | $-1058178.85                               |
| Month 3  | $-197537.65              | $1140227.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Petroleos Mexicanos                                   | Petroleos Mexicanos                                           | CUSIP: 71654QBY7<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    125000 | PA      | $122291.25    | 0.12%             | 2025-12-15      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3133SKBP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1938789 | PA      | $1675416.53   | 1.60%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac REMICS                                            | CUSIP: 3137AUCS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    409448 | PA      | $401284.26    | 0.38%             | 2042-09-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31410R6H7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45970 | PA      | $46648.73     | 0.04%             | 2036-06-01      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140FXES7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    416235 | PA      | $381004.14    | 0.36%             | 2056-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140X6ED9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    832148 | PA      | $803237.44    | 0.77%             | 2032-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pass-Through Certifica     | FRESB 2015-SB5 Mortgage Trust                                 | CUSIP: 30287QAJ2<br>LEI: 549300GW0MQ79W9WE323 | Long             | ABS-MBS          | USGSE             | US        |    276741 | PA      | $275125.03    | 0.26%             | 2035-09-25      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140JBXM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1005135 | PA      | $855623.77    | 0.82%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1 | CUSIP: 35563PDU0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    959758 | PA      | $895797.81    | 0.85%             | 2057-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31419AYA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24246 | PA      | $24130.92     | 0.02%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                    | Seasoned Loans Structured Transaction Trust Series 2020-2     | CUSIP: 35564CGQ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1564125 | PA      | $1436637.07   | 1.37%             | 2030-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140X63C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    329080 | PA      | $281822.68    | 0.27%             | 2048-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.      | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137HAMP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    149000 | PA      | $156051.80    | 0.15%             | 2031-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Gold Pool                                         | CUSIP: 31294UA29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17331 | PA      | $16978.02     | 0.02%             | 2028-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                           | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2750000 | PA      | $2754726.56   | 2.62%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4        | CUSIP: 35563PDD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2367527 | PA      | $2112981.83   | 2.01%             | 2057-06-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3 | CUSIP: 35563PSC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    425588 | PA      | $383779.80    | 0.37%             | 2060-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31418DTE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    293160 | PA      | $280814.25    | 0.27%             | 2030-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                              | Federal Farm Credit Banks Funding Corp                        | CUSIP: 3133ENQQ6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    715000 | PA      | $654832.75    | 0.62%             | 2032-03-08      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust                       | CUSIP: 3137G1BK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1278267 | PA      | $1103941.10   | 1.05%             | 2046-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140QC2Q8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1554879 | PA      | $1495904.10   | 1.43%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust 2017-SC02             | CUSIP: 3137G1BV8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    118367 | PA      | $104054.08    | 0.10%             | 2047-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CRX3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    134236 | PA      | $136499.43    | 0.13%             | 2028-07-01      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                           | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    850000 | PA      | $873242.19    | 0.83%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CYW7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1456194 | PA      | $1357246.22   | 1.29%             | 2037-09-01      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                      | CUSIP: 38376RQX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    140616 | PA      | $133256.51    | 0.13%             | 2065-07-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                      | CUSIP: 38381JLK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    416904 | PA      | $387809.35    | 0.37%             | 2065-01-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140J8TK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    790333 | PA      | $764939.57    | 0.73%             | 2033-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund | State Street Institutional Treasury Money Market Fund         | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |     61949 | NS      | $61949.14     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2 | CUSIP: 35563PFB0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    515818 | PA      | $488234.68    | 0.47%             | 2057-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140XGAS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2402655 | PA      | $2079628.27   | 1.98%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CXD0<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    626894 | PA      | $595037.35    | 0.57%             | 2035-07-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140X9B46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1062153 | PA      | $945757.49    | 0.90%             | 2035-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CWV1<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    307821 | PA      | $290435.97    | 0.28%             | 2035-02-01      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140J9MN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490419 | PA      | $483097.02    | 0.46%             | 2033-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CRB1<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     17478 | PA      | $17660.32     | 0.02%             | 2027-06-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3132D54P4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    657612 | PA      | $605745.92    | 0.58%             | 2034-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3138AS5N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80612 | PA      | $79949.64     | 0.08%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.      | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137FNAE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    577000 | PA      | $550080.39    | 0.52%             | 2029-06-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4 | CUSIP: 35563PML0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    893243 | PA      | $832241.59    | 0.79%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                      | CUSIP: 38381HMU2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1250000 | PA      | $881993.94    | 0.84%             | 2063-10-16      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3132D53T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    411922 | PA      | $387617.97    | 0.37%             | 2034-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                      | CUSIP: 38381NXJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    415000 | PA      | $368705.92    | 0.35%             | 2051-06-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                | Federal Home Loan Banks                                       | CUSIP: 3130B44G3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    400000 | PA      | $399344.00    | 0.38%             | 2034-12-27      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CUD3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    266286 | PA      | $262810.23    | 0.25%             | 2031-07-01      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust 2017-SC02             | CUSIP: 3137G1BS5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    272389 | PA      | $232975.18    | 0.22%             | 2047-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.      | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137BP4K2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    196000 | PA      | $193511.01    | 0.18%             | 2026-03-25      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Gold Pool                                         | CUSIP: 3128E52U2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    157147 | PA      | $154697.03    | 0.15%             | 2032-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 | CUSIP: 35563PLH0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    563826 | PA      | $540955.51    | 0.52%             | 2058-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3 | CUSIP: 35563PSB6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    569191 | PA      | $440700.50    | 0.42%             | 2060-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust 2016-SC02             | CUSIP: 3137G1BD8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    141014 | PA      | $123925.45    | 0.12%             | 2046-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CXG3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    640474 | PA      | $608866.58    | 0.58%             | 2035-09-01      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3 | CUSIP: 35563PGB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    691878 | PA      | $645326.67    | 0.61%             | 2057-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140X4VR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    244721 | PA      | $239143.62    | 0.23%             | 2029-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140QBRY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    278763 | PA      | $275550.58    | 0.26%             | 2029-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3133N3X25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1926577 | PA      | $1492738.12   | 1.42%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CUK7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    422749 | PA      | $408122.78    | 0.39%             | 2031-11-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140XM3W4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    277618 | PA      | $261513.28    | 0.25%             | 2032-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140QC2D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    735729 | PA      | $694478.90    | 0.66%             | 2035-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust                       | CUSIP: 3137G1BL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    439273 | PA      | $386881.65    | 0.37%             | 2046-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31418BTK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    481928 | PA      | $458572.79    | 0.44%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    935040 | PA      | $882297.90    | 0.84%             | 2030-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4 | CUSIP: 35563PHF9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    583035 | PA      | $560027.87    | 0.53%             | 2058-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac REMICS                                            | CUSIP: 3137AVHH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    196577 | PA      | $192171.57    | 0.18%             | 2027-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac REMICS                                            | CUSIP: 3137AVH34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    143612 | PA      | $139825.63    | 0.13%             | 2027-10-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust 2016-SC01             | CUSIP: 3137G1AW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    217167 | PA      | $192017.67    | 0.18%             | 2046-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                      | CUSIP: 38380T5N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1327117 | PA      | $1311671.31   | 1.25%             | 2031-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                           | TRISTATE INSURED CASH SWEEP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   3114354 | NS      | $3114353.55   | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31418DKJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71486 | PA      | $67099.36     | 0.06%             | 2035-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.      | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137F32C7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    294692 | PA      | $289726.29    | 0.28%             | 2027-12-25      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                           | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1583000 | PA      | $1546145.78   | 1.47%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140GTA26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1246998 | PA      | $1196682.78   | 1.14%             | 2046-06-01      | Floating      | 2.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Ginnie Mae II Pool                                            | CUSIP: 3620E0FB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     74328 | PA      | $74803.98     | 0.07%             | 2039-08-20      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3138X16F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226658 | PA      | $221109.06    | 0.21%             | 2028-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3138EPJ47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    229529 | PA      | $226286.24    | 0.22%             | 2030-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140FXEC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    291600 | PA      | $263536.43    | 0.25%             | 2056-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140Q8BL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    512425 | PA      | $489234.84    | 0.47%             | 2032-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31418DCT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    217433 | PA      | $209105.28    | 0.20%             | 2034-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                               | Fannie Mae Grantor Trust 2017-T1                              | CUSIP: 3136AV6R5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    987310 | PA      | $960515.54    | 0.92%             | 2027-06-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3132A5HF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    673252 | PA      | $617370.32    | 0.59%             | 2047-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-2 | CUSIP: 35563PQP7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1275657 | PA      | $1159045.80   | 1.10%             | 2059-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae REMICS                                             | CUSIP: 3136A0LQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200733 | PA      | $198412.49    | 0.19%             | 2026-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3132A8DC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    310722 | PA      | $303326.90    | 0.29%             | 2030-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CRK1<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     51808 | PA      | $52306.88     | 0.05%             | 2027-11-01      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae REMICS                                             | CUSIP: 3136BRTQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    486989 | PA      | $496600.68    | 0.47%             | 2035-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3133LPS81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1314000 | PA      | $1257503.31   | 1.20%             | 2030-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| THIRAX 1 LLC                                          | Thirax 1 LLC                                                  | CUSIP: 88410XAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    993051 | PA      | $875870.78    | 0.83%             | 2033-01-14      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1 | CUSIP: 35563PNP0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1294130 | PA      | $1203642.32   | 1.15%             | 2059-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HNA 2015 LLC                                          | HNA 2015 LLC                                                  | CUSIP: 40426UAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    568393 | PA      | $549582.10    | 0.52%             | 2027-06-30      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real Estate Trust             | FARM 21-1 Mortgage Trust                                      | CUSIP: 30768WAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3824987 | PA      | $3081086.74   | 2.94%             | 2051-01-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Gold Pool                                         | CUSIP: 31323AB27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    365356 | PA      | $319147.45    | 0.30%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31418D2Y7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2205310 | PA      | $2102968.66   | 2.00%             | 2031-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-3 | CUSIP: 35563PBY4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    759845 | PA      | $714106.65    | 0.68%             | 2056-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CYZ0<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    703063 | PA      | $658225.54    | 0.63%             | 2037-11-01      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Ginnie Mae II Pool                                            | CUSIP: 36179MDD9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    113373 | PA      | $115793.80    | 0.11%             | 2042-05-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CWL3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    308835 | PA      | $296359.40    | 0.28%             | 2034-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CPS6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      3387 | PA      | $3388.07      | 0.00%             | 2025-08-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.      | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137HAD29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    216000 | PA      | $220922.29    | 0.21%             | 2031-10-25      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pass-Through Certifica     | FRESB 2018-SB47 Mortgage Trust                                | CUSIP: 30296KAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    297100 | PA      | $295786.79    | 0.28%             | 2038-01-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 31418CZ72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    283611 | PA      | $277647.12    | 0.26%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3138ERP79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6788 | PA      | $6621.52      | 0.01%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                    | Seasoned Loans Structured Transaction Trust Series 2020-2     | CUSIP: 35564CGN1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1564125 | PA      | $1427031.16   | 1.36%             | 2030-09-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac REMICS                                            | CUSIP: 3137AFJJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29584 | PA      | $28919.14     | 0.03%             | 2041-04-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3138EQU34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    822526 | PA      | $796019.19    | 0.76%             | 2030-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4 | CUSIP: 35563PHA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    895993 | PA      | $827987.86    | 0.79%             | 2058-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                           | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1614000 | PA      | $1639470.94   | 1.56%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae REMICS                                             | CUSIP: 3136BTAJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    476007 | PA      | $468597.78    | 0.45%             | 2054-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Non Gold Pool                                     | CUSIP: 3128Q2BS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    916148 | PA      | $932959.19    | 0.89%             | 2046-02-01      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CQY2<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     25118 | PA      | $25252.85     | 0.02%             | 2027-04-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140QFLR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1388335 | PA      | $1318833.86   | 1.26%             | 2030-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust 2016-SC01             | CUSIP: 3137G1AV9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    712403 | PA      | $612533.98    | 0.58%             | 2046-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100764 | PA      | $101480.37    | 0.10%             | 2030-04-15      | Fixed         | 1.63%                 | No            |                  1 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.      | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137HBC77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    379000 | PA      | $392102.36    | 0.37%             | 2031-10-25      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140XMZX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6386844 | PA      | $5535314.33   | 5.27%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury STRIPS Coupon                                   | CUSIP: 9128334Y3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1890000 | PA      | $1273060.57   | 1.21%             | 2034-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140JBUK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    434402 | PA      | $402574.84    | 0.38%             | 2051-12-01      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                           | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1530000 | PA      | $1536574.23   | 1.46%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| CALEDONIA GENERA                                      | Caledonia Generating LLC                                      | CUSIP: 129268AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3164009 | PA      | $2773395.81   | 2.64%             | 2034-02-28      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3132XGUG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    565000 | PA      | $565740.65    | 0.54%             | 2028-06-01      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust               | Freddie Mac Whole Loan Securities Trust 2015-SC02             | CUSIP: 3137G1AL1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    184051 | PA      | $160893.66    | 0.15%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3133KNR54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1861978 | PA      | $1619719.56   | 1.54%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Gold Pool                                         | CUSIP: 3128S3EQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83748 | PA      | $76565.94     | 0.07%             | 2045-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3133N3YQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1676686 | PA      | $1369638.00   | 1.30%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                           | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2050000 | PA      | $1801117.19   | 1.72%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                               | Reliance Industries Ltd                                       | CUSIP: 759470AT4<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    527500 | PA      | $524208.40    | 0.50%             | 2026-01-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs     | United States Small Business Administration                   | CUSIP: 83162CRG0<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     69474 | PA      | $70042.35     | 0.07%             | 2027-09-01      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140X8PW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1041988 | PA      | $961160.58    | 0.92%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae REMICS                                             | CUSIP: 3136AFB37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    679197 | PA      | $668145.20    | 0.64%             | 2043-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140QMN83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    455352 | PA      | $423095.18    | 0.40%             | 2051-11-01      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7694981 | PA      | $6973275.97   | 6.64%             | 2032-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac REMICS                                            | CUSIP: 3137HHH87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    556344 | PA      | $545572.34    | 0.52%             | 2054-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-2 | CUSIP: 35563PKG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1474850 | PA      | $1404062.28   | 1.34%             | 2058-08-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae REMICS                                             | CUSIP: 3136AGFY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    494916 | PA      | $489132.17    | 0.47%             | 2043-09-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                               | Reliance Industries Ltd                                       | CUSIP: 759470AU1<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    350000 | PA      | $346993.50    | 0.33%             | 2026-01-15      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4        | CUSIP: 35563PCM9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    536204 | PA      | $477998.24    | 0.46%             | 2057-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Pool                                              | CUSIP: 3132D6NT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    395872 | PA      | $365712.28    | 0.35%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae REMICS                                             | CUSIP: 31397NGR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    169638 | PA      | $136512.78    | 0.13%             | 2039-03-25      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3138WKZP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255981 | PA      | $242202.53    | 0.23%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                | U.S. Treasury Notes                                           | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1030000 | PA      | $1019539.06   | 0.97%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| Freddie Mac                                           | Freddie Mac Gold Pool                                         | CUSIP: 31307UNB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    106893 | PA      | $104986.33    | 0.10%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                    | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1 | CUSIP: 35563P7E3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    933889 | PA      | $792770.10    | 0.76%             | 2061-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Fannie Mae Pool                                               | CUSIP: 3140LGWS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    290000 | PA      | $276972.64    | 0.26%             | 2032-08-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Ginnie Mae II Pool                                            | CUSIP: 36179NAG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    205097 | PA      | $199368.70    | 0.19%             | 2028-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Senior Manager - Fund Administration