# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195821
**Filing Date:** 2025-8
**Character Count:** 200757
**Document Hash:** adec7301db3187e82d9ceeca6dfe53fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195821.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195821

**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:** 251238601

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

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

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

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

## Series and Classes Contracts Data

### Thornburg Strategic Municipal Income Fund (Series ID: S000025152)

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

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **Long-Term Municipal Bonds — 94.7%** |  |  |
|  | &nbsp;&nbsp;**Alabama — 4.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.05% due 10/1/2045 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1008605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.875% due 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1479966 |
|  | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (TBG Southtown Senior LP) (FNMA) (Green Bond), Series 2023-04FN Class PT, 5.23% due 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1554314 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: BP plc), Series D, 5.00% due 3/1/2055 (put 11/1/2034) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125362 |
|  | &nbsp;&nbsp;&nbsp;Homewood Educational Building Authority (CHF - Horizons II LLC), Series C, 5.00% due 10/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 472446 |
|  | &nbsp;&nbsp;&nbsp;Jacksonville Public Educational Building Authority (Jacksonville State University) (BAM), Series A, 5.00% due 8/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2451997 |
|  | &nbsp;&nbsp;&nbsp;Mobile County (AM/NS Calvert LLC; Guaranty: Arcelormittal SA) IDA AMT, Series A, 5.00% due 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192440 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054059 |
|  | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Deutsche Bank AG), Series A, 5.00% due 11/1/2034 - 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3328235 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068271 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 1/1/2054 (put 6/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053368 |
|  | &nbsp;&nbsp;**Arizona — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arizona (FHLMC, FNMA, GNMA) IDA, Series A, 5.15% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 372864 |
|  | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 12/1/2037 (put 6/15/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 853358 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, 5.00% due 9/1/2052 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp; 3177628 |
|  | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992854 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Coconino County Pollution Control Corp. (Nevada Power Co.) AMT, Series A, 4.125% due 9/1/2032 (put 3/31/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071400 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Maricopa County (Banner Health Obligated Group) IDA, Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080489 |
|  | &nbsp;&nbsp;&nbsp;Maricopa County (Legacy Traditional School Obligated Group) IDA, 5.25% due 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 810716 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), Series A, 0.875% due 6/1/2043 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2896386 |
|  | &nbsp;&nbsp;&nbsp;Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 943204 |
|  | &nbsp;&nbsp;**California — 7.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Benicia (Benicia High School) (AG) USD GO, Series C, Zero Coupon due 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 798462 |
|  | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 357335 |
|  | &nbsp;&nbsp;&nbsp;California (Community Program Developmental Disabilities) (California Mtg Insurance) HFFA, Series A, 6.25% due 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 426124 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4394137 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 993804 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Biola University), 5.00% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 446784 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM) (Green Bond), 4.00% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 482165 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1436407 |
|  | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Guaranty: Waste Management, Inc.) AMT, Series A1, 3.375% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999982 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 943886 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264307 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;California School Finance Authority, Series A, 5.00% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985470 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 183870 |
|  | &nbsp;&nbsp;&nbsp;Calipatria (Educational Facilities) (BAM) USD GO, Series B, Zero Coupon due 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 323960 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Central Valley Energy Authority (Guaranty: Pacific Life Insurance Co.), 5.00% due 12/1/2055 (put 8/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071760 |
|  | &nbsp;&nbsp;&nbsp;City of Long Beach Airport System Revenue (AG) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 756663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507982 |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999185 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Rialto (Community Facilities District No. 2020-1), 5.125% due 9/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 988473 |
|  | &nbsp;&nbsp;&nbsp;County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 625974 |
|  | &nbsp;&nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series A, 6.50% due 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485009 |
|  | &nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 550019 |
|  | &nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 (pre-refunded 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001935 |
|  | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority AMT, Series B, 5.00% due 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 964768 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), Series A, 5.50% due 1/1/2056 (put 7/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1642525 |
|  | &nbsp;&nbsp;&nbsp;Union Elementary School District (Santa Clara County District Schools) (NPFG) GO, Series D, Zero Coupon due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 857432 |
|  | &nbsp;&nbsp;**Colorado — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City & County of Denver (4340 South Monaco LLC) (FNMA), Series A, 4.70% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967894 |
|  | &nbsp;&nbsp;&nbsp;City & County of Denver Airport System Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/15/2036 - 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2094039 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/1/2043 | &nbsp;&nbsp;$150000 | &nbsp;&nbsp;$151826 |
|  | &nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00% due 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1580167 |
|  | &nbsp;&nbsp;&nbsp;Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 - 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp; 3044014 |
|  | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Roosevelt Charter Academy) (BAM), 5.00% due 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 561218 |
|  | &nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy (Natural Gas Purchase; Guaranty: Merrill Lynch & Co.), 6.50% due 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 304081 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294398 |
|  | &nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2 (AG) GO, Series A, 5.00% due 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 716540 |
|  | &nbsp;&nbsp;&nbsp;Village Metropolitan District GO, 5.00% due 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001308 |
|  | &nbsp;&nbsp;**Connecticut — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut GO, Series A, 5.00% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2091954 |
|  | &nbsp;&nbsp;&nbsp;Waterbury Housing Authority (Laurel Estates Preservation LLC) (HUD, FHLMC), Series 2025A, 4.50% due 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 977773 |
|  | &nbsp;&nbsp;**Delaware — 0.8%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Delaware State (Academia Antonia Alonso, Inc.) EDA, Series A, 6.00% due 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004776 |
|  | &nbsp;&nbsp;&nbsp;Delaware State (ACTS Retirement-Life Communities, Inc. Obligated Group) EDA, Series B, 5.25% due 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996885 |
|  | &nbsp;&nbsp;&nbsp;Delaware State (Beebe Medical Center, Inc.) HFA, 4.00% due 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018527 |
|  | &nbsp;&nbsp;**District of Columbia — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency (BCP II LLC) (FNMA) (Green Bond), Series A, 4.875% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 968494 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority (Dulles Toll Road) (AG), Series B, Zero Coupon due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400549 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue AMT, 5.00% due 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497511 |
|  | &nbsp;&nbsp;**Florida — 5.6%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299272 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3050244 |
|  | &nbsp;&nbsp;&nbsp;City of Pompano Beach (John Knox Village of Florida, Inc. Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 852204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 462068 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series A, 5.625% due 1/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145748 |
|  | &nbsp;&nbsp;&nbsp;County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008472 |
|  | &nbsp;&nbsp;&nbsp;County of Broward Airport System Revenue AMT, Series A, 5.00% due 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985621 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, Series B, 5.00% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001011 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Transit System, 5.00% due 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017546 |
|  | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 905163 |
|  | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (SP Palms LLC) (FHLMC), Series F-1, 4.90% due 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 874672 |
|  | &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2186560 |
|  | &nbsp;&nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, Series B-1, 4.75% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1509067 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (RGC Phase I LLC) (FNMA, HUD), Series A, 4.88% due 3/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 973142 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County School Board (District School Facilities & Infrastructure) COP, Series A, 5.00% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101430 |
|  | &nbsp;&nbsp;&nbsp;Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2268032 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242021 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Lifespace Communities, Inc. Obligated Group) HFA, Series C, 7.625% due 5/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 566897 |
|  | &nbsp;&nbsp;**Georgia — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Atlanta (Airport Passenger Facility) (Green Bond) AMT, Series E, 5.00% due 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101989 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 5/1/2052 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1507045 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2054 (put 12/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050518 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 5/1/2055 (put 12/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1580961 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3820731 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 7/1/2052 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259054 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3171411 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (AG), Series A, 5.00% due 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1491639 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (BAM), Series A, 5.00% due 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992838 |
|  | &nbsp;&nbsp;**Illinois — 9.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 523773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035840 |
|  | &nbsp;&nbsp;&nbsp;Chicago Board of Education GO, Series A, 6.00% due 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042430 |
|  | &nbsp;&nbsp;&nbsp;Chicago Midway International Airport AMT, Series A, 5.00% due 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489049 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Chicago O'Hare International Airport) AMT, Series A, 5.00% due 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005658 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Midway International Airport) AMT, Series A, 5.00% due 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008826 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$512288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp; 3421096 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Plymouth Place Obligated Group), Series A, 6.625% due 5/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036757 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 2359434 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Washington & Jane Smith Community-Orland Park), 4.00% due 10/15/2025 - 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007292 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000278 |
|  | &nbsp;&nbsp;&nbsp;Illinois State University (AG), Series A, 5.00% due 4/1/2033 - 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003490 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463022 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037634 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois (BAM) GO, 4.00% due 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169764 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 395831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 5/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50% due 3/1/2042 - 3/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.25% due 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 297350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3112737 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2032 - 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4663878 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (BAM), Series B, 4.75% due 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2005000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014620 |
|  | &nbsp;&nbsp;**Indiana — 2.0%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;City of Whiting (BP Products North America, Inc.; Guaranty: BP plc) AMT, 4.40% due 11/1/2045 (put 6/10/2031) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000897 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Baptist Healthcare System Obligated Group), Series A, 5.00% due 8/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 594321 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), Series B, 5.50% due 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 490077 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1322442 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Reid Hospital & Health Care Services, Inc. Obligated Group) (AG), 5.00% due 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003533 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Retirement Living, Inc. Obligated Group), Series A, 5.375% due 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218919 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, Series B, 4.00% due 5/1/2043 (put 8/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530840 |
|  | &nbsp;&nbsp;**Iowa — 2.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (pre-refunded 12/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2342866 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group), Series 2024 A&B, 5.125% due 5/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2800068 |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Pella Regional Health Center Obligated Group), 5.25% due 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 974561 |
|  | &nbsp;&nbsp;&nbsp;Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center), 5.00% due 10/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 719764 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674420 |
|  | &nbsp;&nbsp;**Kansas — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002227 |
|  | &nbsp;&nbsp;**Kentucky — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501021 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2052 (put 8/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5535893 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/1/2054 (put 2/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5345580 |
|  | &nbsp;&nbsp;**Louisiana — 1.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Auth (Christwood Obligated Group), 5.25% due 11/15/2053 - 11/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 720067 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy), 6.15% due 6/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508989 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (CHRISTUS Health Obligated Group), Series A, 5.00% due 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463516 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series 2025-A, 5.25% due 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015622 |
|  | &nbsp;&nbsp;**Maryland — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) (AG), 5.00% due 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992312 |
|  | &nbsp;&nbsp;**Massachusetts — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Massachusetts (GingerCare Living, Inc. Obligated Group) DFA, Series A, 5.875% due 12/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389261 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Housing Finance Agency (HUD) (Green Bond), Series C1, 5.20% due 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506963 |
|  | &nbsp;&nbsp;**Michigan — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Detroit (Green Bond) GO, Series A, 5.00% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 319135 |
|  | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site) (AG, Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043129 |
|  | &nbsp;&nbsp;&nbsp;Gerald R Ford International Airport Authority AMT, 5.00% due 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1232546 |
|  | &nbsp;&nbsp;&nbsp;Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), Series A, 5.25% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140155 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001078 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Trinity Health Corp. Obligated Group), Series 2017-MI, 5.00% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 170502 |
|  | &nbsp;&nbsp;&nbsp;Michigan HDA, Series B, 2.95% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2430063 |
|  | &nbsp;&nbsp;&nbsp;Michigan HDA (Green Bond), Series A, 4.90% due 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400242 |
|  | &nbsp;&nbsp;&nbsp;Michigan State HDA (Green Bond), Series A, 5.00% due 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 753034 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Hospital Finance Authority (Ascension Health Credit Group), Series F-4, 5.00% due 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2253067 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 493055 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), Series B, 5.00% due 12/1/2031 - 12/1/2034 | &nbsp;&nbsp;$2615000 | &nbsp;&nbsp;$2619365 |
|  | &nbsp;&nbsp;**Minnesota — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 993161 | &nbsp;&nbsp;&nbsp;&nbsp; 1034485 |
|  | &nbsp;&nbsp;**Missouri — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 877498 |
|  | &nbsp;&nbsp;&nbsp;Missouri Housing Development Commission (FHLMC, FNMA, GNMA), Series C, 5.00% due 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979236 |
|  | &nbsp;&nbsp;**Nebraska — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1587051 |
|  | &nbsp;&nbsp;&nbsp;Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757969 |
|  | &nbsp;&nbsp;**Nevada — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061618 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 770828 |
|  | &nbsp;&nbsp;**New Hampshire — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 397191 |
|  | &nbsp;&nbsp;**New Jersey — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Camden County Improvement Authority (Kipp Cooper Norcross Obligated Group) (Green Bond), 6.00% due 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027725 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 529764 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) (NPFG) EDA, Series N1, 5.50% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052484 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041768 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25% due 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 281725 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1611831 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067970 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State of New Jersey), Series AA, 5.00% due 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995941 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3051741 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537485 |
|  | &nbsp;&nbsp;**New Mexico — 1.8%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 758482 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1465102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/15/2039 - 5/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1838173 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2033 - 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1397129 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C, 5.10% due 9/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004112 |
|  | &nbsp;&nbsp;**New York — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (Kipp NYC Public Charter Schools) (Green Bond), 5.25% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989576 |
|  | &nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021596 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058082 |
|  | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD) (Green Bond), Series A, 4.45% due 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1448917 |
|  | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc.) AMT, 6.00% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086299 |
|  | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Laguardia Gateway Partners LLC) AMT, Series A-P3, 5.00% due 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 982794 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, Series 238 5.00% due 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 519951 |
|  | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (SONYMA) (Green Bond) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 248, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 754970 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 204747 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 821147 |
|  | &nbsp;&nbsp;**North Carolina — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Greater Asheville Regional Airport Authority (AG) AMT, Series A, 5.25% due 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041276 |
|  | &nbsp;&nbsp;&nbsp;Housing Authority of the City of Raleigh North Carolina (919 at Cross Link LP) (FNMA), Series A, 4.50% due 2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2656336 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573503 |
|  | &nbsp;&nbsp;**North Dakota — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Horace GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 940222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1335466 |
|  | &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency (Green Bond), Series A, 5.05% due 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001526 |
|  | &nbsp;&nbsp;**Ohio — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.25% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1451792 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2548248 |
|  | &nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority, Series A, 5.125% due 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005428 |
|  | &nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), Series A, 5.50% due 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507975 |
|  | &nbsp;&nbsp;&nbsp;Northeast Ohio Medical University (BAM), 5.00% due 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 778346 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152293 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Oklahoma — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cleveland County Home Loan Authority (GNMA), Series A, 4.45% due 7/1/2044 | &nbsp;&nbsp;$800000 | &nbsp;&nbsp;$764608 |
|  | &nbsp;&nbsp;**Oregon — 0.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070833 |
|  | &nbsp;&nbsp;**Pennsylvania — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), Series 15, 5.00% due 8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 991973 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 971476 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Water & Wastewater Revenue, Series B, 5.00% due 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003803 |
|  | &nbsp;&nbsp;&nbsp;County of Luzerne (AG) GO, Series A, 5.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005886 |
|  | &nbsp;&nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), Series A, 5.00% due 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2788303 |
|  | &nbsp;&nbsp;&nbsp;General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group), Series A, 5.00% due 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570247 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County (ACTS Retirement-Life Communities, Inc. Obligated Group) IDA, Series C, 5.00% due 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 966800 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506507 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2030 - 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2314373 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.75% due 6/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030894 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2033 - 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2605588 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1441608 |
|  | &nbsp;&nbsp;&nbsp;School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102431 |
|  | &nbsp;&nbsp;**South Carolina — 2.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series B-1, 5.25% due 2/1/2054 (put 3/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434182 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5300855 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Enerra SC-1 LLC) AMT, 3.70% due 12/15/2027 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508382 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497814 |
|  | &nbsp;&nbsp;**Tennessee — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Board of The Metropolitan Government of Nashville, Series 2024-11FN Class PT, 4.80% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970533 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Shelby House II LP) (FNMA), Series 2024-18FN Class PT, 4.60% due 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3370674 |
|  | &nbsp;&nbsp;&nbsp;Tennessee (Green Bond) HDA, Series 2A, 4.45% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 943474 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576375 |
|  | &nbsp;&nbsp;**Texas — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005546 |
|  | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue, Series A, 5.00% due 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009048 |
|  | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2079106 |
|  | &nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp. (International Leadership of Texas, Inc.) (PSF-GTD), 5.25% due 2/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024525 |
|  | &nbsp;&nbsp;&nbsp;Dallas College GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 360582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2037 (pre-refunded 8/15/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140366 |
|  | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1365884 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Mission Economic Development Corp. (Republic Services, Inc.) AMT, 4.10% due 1/1/2026 (put 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744813 |
|  | &nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living Obligated Group), Series A, 6.50% due 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001229 |
|  | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500187 |
|  | &nbsp;&nbsp;&nbsp;San Antonio Housing Trust Public Facility Corp. (Brooks Family Apartments LP) (FNMA), Series A, 4.55% due 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3388791 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cumberland Rest, Inc. Obligated Group), 5.00% due 10/1/2044 - 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;3375000 | &nbsp;&nbsp;&nbsp;&nbsp; 3289625 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Housing Finance Corp. (4450 Marine Creek Parkway TX Owner LP) (FNMA), Series A, 4.60% due 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3951928 |
|  | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506338 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2198388 |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 869184 |
|  | &nbsp;&nbsp;&nbsp;Texas State Technical College (AG), Series A, 5.75% due 8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 584528 |
|  | &nbsp;&nbsp;**U. S. Virgin Islands — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization Corp., Series A, 5.00% due 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500961 |
|  | &nbsp;&nbsp;**Utah — 1.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1984834 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Tech Ridge Public Infrastructure District Tech Ridge Assessment Area, 6.25% due 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003537 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 811030 |
|  | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 - 4/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1184432 |
|  | &nbsp;&nbsp;**Virginia — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Henrico County (Bon Secours Mercy Health, Inc.) EDA, Series A, 5.00% due 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 653358 |
|  | &nbsp;&nbsp;&nbsp;Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group), Series A, 7.00% due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092255 |
|  | &nbsp;&nbsp;&nbsp;Virginia HDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.70% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1182022 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000804 |
|  | &nbsp;&nbsp;**Washington — 0.8%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A2, 5.00% due 8/1/2044 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$989758 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 981178 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 932950 |
|  | &nbsp;&nbsp;**West Virginia — 1.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;West Virginia (Kentucky Power Co.) EDA AMT, Series 2014-A, 4.70% due 4/1/2036 (put 6/17/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1745000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763216 |
|  | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group), 5.00% due 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2941140 |
|  | &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, 5.00% due 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013818 |
|  | &nbsp;&nbsp;**Wisconsin — 2.4%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Public Finance Authority (Duke Energy Progress LLC) AMT, Series B, 4.00% due 10/1/2046 (put 10/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019113 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (Kahala Senior Living Community Obligated Group), 5.00% due 11/15/2033 - 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1140704 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2026 - 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2297319 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 227947 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2035 - 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2741096 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Housing Revenue (HUD), Series D, 4.85% due 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464307 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds — 94.7% (Cost $341,450,754) |  | &nbsp;&nbsp;&nbsp;&nbsp;345135772 |
|  | **SHORT-TERM INVESTMENTS — 5.2%** |  |  |
|  | **Municipal Bonds — 5.2%** |  |  |
|  | &nbsp;&nbsp;**New York — 3.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (LOC Barclays Bank plc), Series E 1, 3.90% due 11/15/2050 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;5260000 | &nbsp;&nbsp;&nbsp;&nbsp; 5260000 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), Series B4, 4.00% due 8/1/2042 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 |
|  | &nbsp;&nbsp;**Texas — 2.0%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 4.00% due 4/1/2040 (put 7/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp;7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7250000 |
|  | &nbsp;&nbsp;&nbsp;Total Municipal Bonds — 5.2% (Cost $19,010,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 19010000 |
|  | **Mutual Fund — 0.0%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 4.20% | &nbsp;&nbsp;&nbsp;&nbsp; 70703 | &nbsp;&nbsp;&nbsp;&nbsp; 70703 |
|  | &nbsp;&nbsp;&nbsp;Total Mutual Fund — 0.0% (Cost $70,703) |  | &nbsp;&nbsp;&nbsp;&nbsp; 70703 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments — 5.2% (Cost $19,080,703) |  | &nbsp;&nbsp;&nbsp;&nbsp; 19080703 |
|  | **Total Investments — 99.9% (Cost $360,531,457)** |  | &nbsp;&nbsp;$364216475 |
|  | **Other Assets Less Liabilities — 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466310 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$364682785 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | When-issued security. |
| b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025. |
| c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $17,288,446, representing 4.74% of the Fund's net assets. |
| d | Rate represents the money market fund annualized seven-day yield at June 30, 2025. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| FHA | Insured by Federal Housing Administration |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| HDA | Housing Development Authority |

---

---

| | |
|:---|:---|
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| LOC | Letter of Credit |
| Mtg | Mortgage |
| NPFG | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| Q-SBLF | Insured by Qualified School Bond Loan Fund |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| USD | Unified School District |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Strategic Municipal Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

#### NOTE 2 – SECURITY VALUATION
Valuation of the Fund's portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (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> Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $368823633.12

**Total Liabilities:** $4995730.05

**Net Assets:** $363827903.07

**Delayed Delivery Securities:** $3477890.00

**Cash Not Reported:** $0.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -687.50000000 | **1-Year:** -14394.81000000 | **5-Year:** -55991.29000000 | **10-Year:** -99072.61000000 | **30-Year:** -33309.70000000

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

- **3-Month:** -65.29000000 | **1-Year:** -950.55000000 | **5-Year:** -5021.86000000 | **10-Year:** -11107.58000000 | **30-Year:** -5691.50000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075018 | -0.55%               | 0.10%                | 0.46%                |
| Class ID C000075020 | -0.53%               | 0.12%                | 0.48%                |
| Class ID C000075019 | -0.66%               | 0.06%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1433209.38             | $-1921796.68                               |
| Month 2  | $-688945.77              | $-41497.53                                 |
| Month 3  | $-405065.64              | $1016763.11                                |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Public Authority for Colorado Energy                                             | PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE                     | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    260000 | PA      | $304080.92    | 0.08%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV                      | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030894.00   | 0.28%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                                               | CUSIP: 85780TBC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716540.25    | 0.20%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                                       | CUSIP: 052398GD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009048.00   | 0.28%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Coon Rapids MN                                                           | COON RAPIDS MN MF TAX EXEMPT MTGE BACKED BONDS                                   | CUSIP: 21659AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    993161 | PA      | $1034485.06   | 0.28%             | 2039-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                  | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE                                 | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071760.00   | 0.29%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                                      | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493055.50    | 0.14%             | 2049-10-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                                       | CUSIP: 167486ZV4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512288.00    | 0.14%             | 2031-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PJ55<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    340000 | PA      | $369842.48    | 0.10%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                                                   | CUSIP: 802170AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496994.00    | 0.14%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                | ALABAMA ST HSG FIN AUTH MF TAX EXEMPT MTGE BACKED BONDS                          | CUSIP: 01030UAC9<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554314.34   | 0.43%             | 2041-10-01      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                           | M-S-R CA ENERGY AUTH GAS REVENUE                                                 | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1485008.61   | 0.41%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1580166.40   | 0.43%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE                       | CUSIP: 647377AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1086054.75   | 0.30%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                     | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX                                 | CUSIP: 167510BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523772.50    | 0.14%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                                          | CUSIP: 71883MPY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992854.00    | 0.27%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                                                   | CUSIP: 802170AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1341178.95   | 0.37%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                               | JACKSONVILLE PUBLIC EDUCTNL BLDG AUTH                                            | CUSIP: 469480BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2451997.50   | 0.67%             | 2056-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE                     | CUSIP: 54628C3B6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    530000 | PA      | $489169.86    | 0.13%             | 2059-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                                       | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3177628.13   | 0.87%             | 2052-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                                             | CUSIP: 57585BCX4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389261.00   | 0.38%             | 2060-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Cleveland County Home Loan Authority                                             | CLEVELAND CNTY OK HOME LOAN AUTH SF MTGE REVENUE                                 | CUSIP: 186047JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $764608.00    | 0.21%             | 2044-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE                                  | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5345580.00   | 1.47%             | 2054-04-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                                        | CUSIP: 59465HVU7<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2253066.75   | 0.62%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                                     | CUSIP: 717817UL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971476.00    | 0.27%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE                                 | CUSIP: 57421CKB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992312.00    | 0.27%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                                                   | CUSIP: 167562QD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008826.00   | 0.28%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                               | SAN JOSE CA ARPT REVENUE                                                         | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550018.70    | 0.15%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                | VENICE FL                                                                        | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1145748.00   | 0.31%             | 2060-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | PHILADELPHIA PA WTR & WSTWTR REVENUE                                             | CUSIP: 717893N56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003803.00   | 0.28%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                             | LUZERNE CNTY PA                                                                  | CUSIP: 550697VF0<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005886.00   | 0.28%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                                      | CUSIP: 13058TQA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985470.00    | 0.27%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE                         | CUSIP: 130536QR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999982.00   | 0.55%             | 2025-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HOSP REVENUE                                                 | CUSIP: 45471AUC4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003533.00   | 0.28%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV                      | CUSIP: 708692BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1441608.00   | 0.40%             | 2033-12-01      | Floating      | 0.95%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                                          | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2548248.00   | 0.70%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 3                                           | DOUGLAS CNTY NE HOSP AUTH #3                                                     | CUSIP: 259234CH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $803488.00    | 0.22%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                               | CUSIP: 249182QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1161798.20   | 0.32%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE                                   | CUSIP: 60637GJJ9<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979236.00    | 0.27%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE                                  | CUSIP: 13049YFN6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $482165.00    | 0.13%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | BLACK DESERT PUB INFRASTRUCTURE DIST UT SPL ASSMNT                               | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984834.00   | 0.55%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV WTR FAC REVENUE                                                   | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $770828.48    | 0.21%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue           | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT UTILITY SYS REVENUE                      | CUSIP: 982674JT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001092.00   | 0.28%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN                      | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1506338.16   | 0.41%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gerald R Ford International Airport Authority                                    | GERALD R FORD INTERNATIONAL ARPT AUTH MI REVENUE                                 | CUSIP: 373695AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1232546.40   | 0.34%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp                                           | MARICOPA CNTY AZ POLL CONTROLCORP POLL CONTROL REVENUE                           | CUSIP: 566854EK7<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2896386.00   | 0.80%             | 2043-06-01      | Floating      | 0.88%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                                                  | CUSIP: 71783MAZ8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991973.00    | 0.27%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45203HY48<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2359434.47   | 0.65%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH EXEMPT FACS REVENUE                             | CUSIP: 61361TAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506506.50    | 0.14%             | 2034-10-01      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Union Elementary School District                                                 | UNION CA ELEM SCH DIST                                                           | CUSIP: 906573EP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $857432.30    | 0.24%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                                       | CUSIP: 052398HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079106.00   | 0.57%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                                       | CUSIP: 56681NJH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $810716.40    | 0.22%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | TEXAS ST TECH CLG SYS FING SYS REVENUE                                           | CUSIP: 88276RFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $584528.31    | 0.16%             | 2047-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH                                                   | CUSIP: 56682HDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080489.00   | 0.30%             | 2053-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                                          | CUSIP: 71883MNV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1740935.99   | 0.48%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                                               | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |    750000 | PA      | $758481.75    | 0.21%             | 2040-06-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                                       | CUSIP: 91754TYA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203820.60    | 0.06%             | 2039-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                                       | CUSIP: 70869PNH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1739951.50   | 0.48%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                                   | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982794.00    | 0.27%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                                            | CUSIP: 74444VBS8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $415786.49    | 0.11%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | LONG BEACH CA ARPT REVENUE                                                       | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756663.00    | 0.21%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE                              | CUSIP: 646127FN5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1611831.06   | 0.44%             | 2065-12-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY                                                     | CUSIP: 57586VBA0<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506962.50    | 0.14%             | 2053-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                | ALABAMA ST HSG FIN AUTH SF MTGE REVENUE                                          | CUSIP: 01030RNT5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1479965.63   | 0.41%             | 2055-10-01      | Fixed         | 4.88%                 | 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        |     70703 | NS      | $70703.21     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia Beach Development Authority                                             | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE                                 | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092255.00   | 0.30%             | 2053-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                                       | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515395.50    | 0.14%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                                    | CUSIP: 154871CG0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1587051.00   | 0.44%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                                         | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2800068.00   | 0.77%             | 2059-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp                                           | DUTCHESS CNTY NY LOCAL DEV CORP MF                                               | CUSIP: 26704AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021596.00   | 0.28%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE                            | CUSIP: 592643AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1400548.50   | 0.38%             | 2027-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                                            | CUSIP: 74444VBT6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    505000 | PA      | $443199.62    | 0.12%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                        | ILLINOIS ST UNIV                                                                 | CUSIP: 452272C54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $831030.40    | 0.23%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399GC4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463515.50   | 0.40%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp                                | MATCHING FUND SPL PURPOSE SECURITIZTN CORP                                       | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500960.50    | 0.14%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                                                  | CUSIP: 944514QR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $651084.85    | 0.18%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                                       | CUSIP: 91754TYC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980611.00    | 0.27%             | 2049-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261ACJ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1058082.36   | 0.29%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                                            | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463022.00   | 0.40%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | IOWA ST HGR EDU LOAN AUTH REVENUE                                                | CUSIP: 46247DAG2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |    750000 | PA      | $719763.75    | 0.20%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                                          | CUSIP: 34074HHH8<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    875000 | PA      | $874671.88    | 0.24%             | 2042-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                                                   | CUSIP: 802170AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1465102.55   | 0.40%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                | ALABAMA ST HSG FIN AUTH SF MTGE REVENUE                                          | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008605.00   | 0.28%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH FAC REVENUE                                             | CUSIP: 45471CAZ1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    620000 | PA      | $594320.84    | 0.16%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                                         | CUSIP: 594654GA7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2430063.00   | 0.67%             | 2039-12-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1434181.95   | 0.39%             | 2054-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                            | MIAMI-DADE CNTY FL SCH BRD COPS                                                  | CUSIP: 59333MF83<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101430.00   | 0.30%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Metropolitan District/The                                                | VILLAGE MET DIST CO                                                              | CUSIP: 92708CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001308.00   | 0.28%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS                                 | CUSIP: 95648VBP3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1763216.06   | 0.48%             | 2036-04-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | HORACE ND                                                                        | CUSIP: 440365JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1335465.60   | 0.37%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261AM53<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5260000 | PA      | $5260000.00   | 1.45%             | 2050-11-15      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                                      | CUSIP: 65889BCF9<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001526.00   | 0.28%             | 2053-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                               | CUSIP: 249182QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $454299.21    | 0.12%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                                          | CUSIP: 187145VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024525.00   | 0.28%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                                            | CUSIP: 672325XV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001935.00   | 0.28%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                     | LONG BEACH CA ARPT REVENUE                                                       | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507982.00    | 0.14%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                         | PEFA INC IA GAS PROJ REVENUE                                                     | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1674420.00   | 0.46%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PWZ4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    560000 | PA      | $577119.20    | 0.16%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050518.00   | 0.29%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3171411.00   | 0.87%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE                         | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264307.50   | 0.35%             | 2038-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp                                   | SAN ANTONIO TX HSG TRUST PUBLIC FAC CORP MF TAX EXEMPT BDS                       | CUSIP: 79626WAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3388791.32   | 0.93%             | 2043-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PJ48<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    385000 | PA      | $419885.24    | 0.12%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Port Arthur Navigation District                                          | PORT OF PORT ARTHUR TX NAV DIST                                                  | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7250000.00   | 1.99%             | 2040-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE                                  | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068271.00   | 0.29%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                                         | CUSIP: 84136HAT0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2295690.54   | 0.63%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                                    | CUSIP: 49126KLC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501021.50   | 0.41%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tech Ridge Public Infrastructure District                                        | TECH RIDGE PUB INFRASTRUCTURE DIST UT SPL ASSMNT & TAX INCR                      | CUSIP: 878296AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003537.00   | 0.28%             | 2054-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153DA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048127.00   | 0.29%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                                            | CUSIP: 455054BL9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530840.00   | 0.42%             | 2043-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai/The                    | YAVAPAI CNTY AZ INDL DEV AUTH SOL WST DISP REVENUE                               | CUSIP: 98521UAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943204.00    | 0.26%             | 2027-06-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1656382.40   | 0.46%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                                              | CUSIP: 13048TV83<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    430000 | PA      | $446784.19    | 0.12%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3051741.00   | 0.84%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA HSG DEV AUTH                                                            | CUSIP: 92812XLT7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000804.00   | 0.28%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | POMPANO BEACH FL REVENUE                                                         | CUSIP: 732203BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $852204.00    | 0.23%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE                                   | CUSIP: 593344BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973142.00    | 0.27%             | 2046-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                                       | CUSIP: 70869PNK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $865636.80    | 0.24%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE                                     | CUSIP: 759151BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1294397.82   | 0.36%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                               | CUSIP: 249182LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151825.95    | 0.04%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                                         | CUSIP: 19645UUL6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    575000 | PA      | $561218.40    | 0.15%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH                                                 | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966800.00    | 0.27%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH HOSP REVENUE                                  | CUSIP: 13081KAL4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183870.05    | 0.05%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                   | CARSON CITY NV HOSP REVENUE                                                      | CUSIP: 145810DT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1061617.56   | 0.29%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                               | WHITING IN ENVRNMNTL FACS REVENUE                                                | CUSIP: 96634RAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000897.00   | 0.28%             | 2045-11-01      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                                               | CUSIP: 249182LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477941.50    | 0.13%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE                                   | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2186560.20   | 0.60%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PSW6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    245000 | PA      | $227946.78    | 0.06%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PWU5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    870000 | PA      | $877665.57    | 0.24%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                               | CUSIP: 87638TJK0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957147.00    | 0.26%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399UX2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508989.50   | 0.41%             | 2055-06-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125362.00   | 0.58%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                                     | CUSIP: 04780TEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101989.00    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399CP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2920638.00   | 0.80%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                                      | CUSIP: 45506ENJ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490077.50    | 0.13%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE                                | CUSIP: 677510CS6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1152292.90   | 0.32%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                     | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX                                 | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035840.00   | 0.28%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Waterbury Housing Authority                                                      | WATERBURY CT HSG AUTH MF HSG REVENUE                                             | CUSIP: 941260AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977773.00    | 0.27%             | 2042-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                                    | CUSIP: 592647PD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497511.00    | 0.14%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                                                  | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529764.50    | 0.15%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of El Dorado CA                                                           | EL DORADO CNTY CA SPL TAX                                                        | CUSIP: 283113EF1<br>LEI: 254900YWTZGSOPTH2R20 | Long             | DBT              | MUN               | US        |    625000 | PA      | $625973.75    | 0.17%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI POLL CONTROL REVENUE                                          | CUSIP: 74447HAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019113.00   | 0.28%             | 2046-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE                      | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943886.00    | 0.26%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                     | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                                      | CUSIP: 64988YSA6<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    845000 | PA      | $821147.34    | 0.23%             | 2033-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                                            | CUSIP: 167505ZG4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042430.00   | 0.29%             | 2049-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461364V0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537485.00   | 0.42%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                                          | CUSIP: 71883MLE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1740980.50   | 0.48%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH                                                      | CUSIP: 6472014U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004112.00   | 0.28%             | 2055-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                                                      | TRISTATE INSURED CASH SWEEP                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      1643 | NS      | $1643.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE                                   | CUSIP: 64971XHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500000.00   | 1.79%             | 2042-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                                            | CUSIP: 74444VBR0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    570000 | PA      | $553083.54    | 0.15%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE                                   | CUSIP: 69651ACD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242020.75    | 0.07%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                                            | CUSIP: 74444VBU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1329026.10   | 0.37%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE                                  | CUSIP: 59334PKT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017546.00   | 0.28%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA JOBS-ECON DEV AUTH ENVRNMNTL IMPT REVENUE                         | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1497813.59   | 0.41%             | 2033-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                                    | CUSIP: 452227PF2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084698.00   | 0.57%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH CHRT SCH REVENUE                                       | CUSIP: 246372BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004776.00   | 0.28%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH RETMNT CMNTYS REVENUE                                  | CUSIP: 246371AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996885.00    | 0.27%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE                                  | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5535893.00   | 1.52%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE                               | CUSIP: 93978LGP5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    900000 | PA      | $932949.90    | 0.26%             | 2053-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                                         | CUSIP: 717883VF6<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102431.10    | 0.03%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas College                                                                   | DALLAS CNTY TX CMNTY CLG DIST                                                    | CUSIP: 234685MQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140365.96    | 0.04%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                                            | CUSIP: 009730NS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1451792.38   | 0.40%             | 2030-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                                    | CUSIP: 452252KR9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000278.00   | 0.27%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coconino County Pollution Control Corp                                           | COCONINO CNTY AZ POLL CONTROLCORP                                                | CUSIP: 191855BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1071399.59   | 0.29%             | 2032-09-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                                        | CUSIP: 14054CFK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3050244.00   | 0.84%             | 2048-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE                                             | CUSIP: 92812U3B2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1182021.86   | 0.32%             | 2043-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                        | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                                    | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054059.00   | 0.29%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 167593L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489048.50    | 0.13%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                     | CUSIP: 59447PGV7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001078.00   | 0.28%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                     | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                                      | CUSIP: 64988YRY5<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    770000 | PA      | $754969.60    | 0.21%             | 2032-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST COMMODITY SPLY REV                     | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053368.00   | 0.29%             | 2054-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE                       | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $869183.65    | 0.24%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE                                   | CUSIP: 88046KEQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943474.00    | 0.26%             | 2043-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                                                   | CUSIP: 20772KBC2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091954.00   | 0.57%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | POMPANO BEACH FL REVENUE                                                         | CUSIP: 732203BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462068.00    | 0.13%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                                    | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1365884.10   | 0.38%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                    | HENRICO CNTY VA ECON DEV AUTH HLTH FACS REVENUE                                  | CUSIP: 42605XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $653357.90    | 0.18%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE                      | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576375.50   | 0.43%             | 2052-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE                               | CUSIP: 87638TJJ3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2332478.00   | 0.64%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF TAX EXEMPT MTGE BACKED BONDS                     | CUSIP: 25477UAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968494.11    | 0.27%             | 2045-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FPN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2048217.28   | 0.56%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                                         | CUSIP: 594654C86<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    750000 | PA      | $753033.75    | 0.21%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                               | OREGON ST HLTH & SCIENCE UNIV REVENUE                                            | CUSIP: 685869HJ1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2070832.80   | 0.57%             | 2046-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GA                                                             | CUSIP: 62620HHN5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491639.00   | 0.41%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                                              | CUSIP: 59333PZ92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001011.00   | 0.28%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                                                  | CUSIP: 944514QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1141902.66   | 0.31%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                       | N ESTRN PA HOSP & EDU AUTH                                                       | CUSIP: 664551DJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $935371.80    | 0.26%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                          | CUSIP: 6461364G3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067970.00   | 0.57%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                                      | CUSIP: 6459165H6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052484.00   | 0.29%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3112737.00   | 0.86%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD                     | CUSIP: 592113CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3370673.67   | 0.93%             | 2044-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE                                  | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2342865.90   | 0.64%             | 2050-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                                     | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $397190.80    | 0.11%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE                        | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1573502.70   | 0.43%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                                                  | CUSIP: 944514QT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $826376.93    | 0.23%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | AZ INDL DEV AUTH SF MTGE REVENUE                                                 | CUSIP: 04052JDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $372863.80    | 0.10%             | 2053-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                                       | CUSIP: 2510934T4<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $319134.90    | 0.09%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                        | CUSIP: 13033LLD7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    425000 | PA      | $426124.13    | 0.12%             | 2026-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                        | CUSIP: 5444453C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999185.00    | 0.27%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                                       | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3421095.48   | 0.94%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois State University                                                        | ILLINOIS ST UNIV                                                                 | CUSIP: 452272C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $172460.48    | 0.05%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FPN9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    485000 | PA      | $483081.34    | 0.13%             | 2027-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE                        | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508382.00   | 0.41%             | 2027-12-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                                               | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989576.00    | 0.27%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                                 | WEST VIRGINIA ST PARKWAYS AUTH TURNPIKE TOLL REVENUE                             | CUSIP: 956510BY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013818.00   | 0.28%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Tax-Exempt Mortgage-Backed Securities                                | Health & Educational Facilities Board of The Metropolitan Government of Nashvill | CUSIP: 592114AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1970532.68   | 0.54%             | 2043-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                       | DELAWARE ST HLTH FACS AUTH REVENUE                                               | CUSIP: 246388TG7<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1018527.48   | 0.28%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE                       | CUSIP: 646080YC9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    300000 | PA      | $281724.60    | 0.08%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                                            | CUSIP: 68450LJA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254240.00    | 0.07%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX EDU REVENUE                                           | CUSIP: 650346FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500187.00    | 0.14%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                                 | CUSIP: 79739GMD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964768.00    | 0.27%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE                                        | CUSIP: 696507VT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $566897.00    | 0.16%             | 2058-05-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FPL3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    175000 | PA      | $174851.95    | 0.05%             | 2025-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995797.00    | 0.27%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE                     | CUSIP: 54628C3A8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    245000 | PA      | $230897.31    | 0.06%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                     | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                                      | CUSIP: 64988YRZ2<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    210000 | PA      | $204747.06    | 0.06%             | 2032-10-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452152H61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1169763.84   | 0.32%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Calipatria Unified School District                                               | CALIPATRIA CA UNIF SCH DIST                                                      | CUSIP: 130861BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $323960.33    | 0.09%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                                         | CUSIP: 594654TK1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400242.20   | 0.38%             | 2048-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                          | HOMEWOOD AL EDUCTNL BLDG AUTH REVENUE                                            | CUSIP: 437887HZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472446.00    | 0.13%             | 2056-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                                    | CUSIP: 452227PJ4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2579180.00   | 0.71%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas College                                                                   | DALLAS CNTY TX CMNTY CLG DIST                                                    | CUSIP: 234685MR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360581.40    | 0.10%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153KF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    295000 | PA      | $297350.27    | 0.08%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                          | CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                                             | CUSIP: 13281PAC1<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027725.00   | 0.28%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                                            | CUSIP: 68450LDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2013792.54   | 0.55%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS REVENUE                                   | CUSIP: 14043FAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299271.60    | 0.08%             | 2059-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507045.50   | 0.41%             | 2052-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE                               | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5300855.00   | 1.46%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $395830.88    | 0.11%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                                             | CUSIP: 60635H4B2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    900000 | PA      | $877498.20    | 0.24%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FSP1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036757.00   | 0.28%             | 2052-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE                           | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981178.00    | 0.27%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                                     | CUSIP: 167593X49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005658.00   | 0.28%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                                    | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1744813.00   | 0.48%             | 2026-01-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 3                                           | DOUGLAS CNTY NE HOSP AUTH #3                                                     | CUSIP: 259234CG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $954481.15    | 0.26%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | DENVER CO CITY & CNTY MF HSG REVENUE                                             | CUSIP: 249190GK9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967894.00    | 0.27%             | 2042-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp IV                                 | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV                                      | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2198388.00   | 0.60%             | 2054-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | SOUTHCENTRL PA GEN AUTH REVENUE                                                  | CUSIP: 84129NME6<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1570246.94   | 0.43%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | BROWARD CNTY FL ARPT SYS REVENUE                                                 | CUSIP: 114894YU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985621.00    | 0.27%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Housing Finance Corp                                              | TARRANT CNTY TX HSG FIN CORP MF TAX-EXEMPT BONDS                                 | CUSIP: 876390AA3<br>LEI: 54930055IA4O4ZTEN156 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3951928.34   | 1.09%             | 2043-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259053.75   | 0.35%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | HAMILTON CNTY OH HLTH CARE REVENUE                                               | CUSIP: 40727RCK2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507975.50    | 0.14%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580961.00   | 0.43%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                                     | CUSIP: 59447TPK3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    165000 | PA      | $170501.60    | 0.05%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                                         | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032544.00   | 0.28%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                                               | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033307.00   | 0.28%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                                     | CUSIP: 34061UKQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905163.00    | 0.25%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                                                | CUSIP: 93978HWK7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989758.00    | 0.27%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PJ63<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    325000 | PA      | $350976.60    | 0.10%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                                               | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2788303.25   | 0.77%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue           | WYANDOTTE CNTY/KANSAS CITY KS UNIF GOVT UTILITY SYS REVENUE                      | CUSIP: 982674JS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001135.00   | 0.28%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benicia Unified School District                                                  | BENICIA CA UNIF SCH DIST                                                         | CUSIP: 082023LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $798461.66    | 0.22%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | HORACE ND                                                                        | CUSIP: 440365JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940222.00    | 0.26%             | 2044-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP REVENUE                                            | CUSIP: 64966WHH3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1448917.50   | 0.40%             | 2043-08-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                                       | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $853358.35    | 0.23%             | 2037-12-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                                      | CUSIP: 45506EPA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1218918.75   | 0.34%             | 2055-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                                     | CUSIP: 45204FPM1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    350000 | PA      | $349358.80    | 0.10%             | 2026-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH HLTH FACS REVENUE                                               | CUSIP: 462466GM9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974561.00    | 0.27%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                        | CUSIP: 13032UMX3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    350000 | PA      | $357334.95    | 0.10%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                     | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE                                 | CUSIP: 39160CAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041276.00   | 0.29%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                        | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE                        | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1642525.50   | 0.45%             | 2056-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                                             | CUSIP: 050197BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005546.00   | 0.28%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                        | RALEIGH NC HSG AUTH MF REVENUE                                                   | CUSIP: 751115BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2656336.55   | 0.73%             | 2043-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                      | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993804.00    | 0.27%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE                      | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4394136.60   | 1.21%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                                                  | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015622.00   | 0.28%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                | CUSIP: 56035DBR2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3820731.00   | 1.05%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE                                | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1192440.00   | 0.33%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Hospital Finance Authority                                             | KALAMAZOO MI HOSP FIN AUTH                                                       | CUSIP: 483233PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140154.98    | 0.04%             | 2041-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                                                 | CUSIP: 79467BAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037634.00   | 0.29%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE                              | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1322441.90   | 0.36%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                     | DETROIT MI CITY SCH DIST                                                         | CUSIP: 251129Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043129.00   | 0.29%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GA                                                             | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992838.00    | 0.27%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                                   | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086299.00   | 0.30%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                                           | CUSIP: 64613CFG8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995941.00    | 0.27%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA MUNI FIN AUTH MF                                                      | CUSIP: 130489AA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1436407.00   | 0.39%             | 2046-09-01      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                                      | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025112.00   | 0.28%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG REVENUE                                | CUSIP: 19910XAN6<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005427.93   | 0.28%             | 2044-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                                    | CUSIP: 452227RF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2014619.99   | 0.55%             | 2043-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                            | CUSIP: 73358XHX3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519950.50    | 0.14%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rialto CA                                                                | RIALTO CA SPL TAX                                                                | CUSIP: 762485EV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988473.00    | 0.27%             | 2055-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                                       | CUSIP: 74442PWT8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    840000 | PA      | $842534.28    | 0.23%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue               | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE                                     | CUSIP: 9769044L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464307.50   | 0.40%             | 2048-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                                       | CUSIP: 91754TH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $811030.50    | 0.22%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | BROWARD CNTY FL ARPT SYS REVENUE                                                 | CUSIP: 114894XS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008472.00   | 0.28%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE                       | CUSIP: 647377AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $311073.60    | 0.09%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | N E OHIO MED UNIV GEN RECPTS                                                     | CUSIP: 66433RCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $778345.68    | 0.21%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE                       | CUSIP: 646080XT3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041768.00   | 0.29%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                       | N ESTRN PA HOSP & EDU AUTH                                                       | CUSIP: 664551DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1379001.19   | 0.38%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                                    | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509067.50   | 0.41%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE                     | CUSIP: 64542UHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001229.00   | 0.28%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin