# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-26-015715
**Filing Date:** 2026-2
**Character Count:** 120530
**Document Hash:** e6afe0c69db40158033ee945b29e0530
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015715.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015715

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 26659387

**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 Investment Grade Bond Managed Account Fund (Series ID: S000091428)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259093 | Class SMA    | TIGMX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Asset Backed Securities — 24.9%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 15.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class D, 8.00% due 2/15/2029 | &nbsp;&nbsp;$14689 | &nbsp;&nbsp;$14829 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 5.59% due 4/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class C, 5.96% due 8/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class A2, 3.21% due 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;18009 | &nbsp;&nbsp;&nbsp;&nbsp; 17887 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P2 Class A3, 5.42% due 4/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5909 | &nbsp;&nbsp;&nbsp;&nbsp; 5928 |
|  | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 1.31% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4935 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class B, 6.07% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4889 | &nbsp;&nbsp;&nbsp;&nbsp; 4895 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing LLC, Series 2023-1 Class A2, 5.51% due 1/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4260 | &nbsp;&nbsp;&nbsp;&nbsp; 4266 |
|  | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 5.69% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4528 | &nbsp;&nbsp;&nbsp;&nbsp; 4563 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6462 | &nbsp;&nbsp;&nbsp;&nbsp; 6479 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A1, 4.839% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9325 | &nbsp;&nbsp;&nbsp;&nbsp; 9334 |
|  | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class C, 3.13% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8001 | &nbsp;&nbsp;&nbsp;&nbsp; 7987 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.79% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9977 |
|  | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class C, 1.96% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7084 | &nbsp;&nbsp;&nbsp;&nbsp; 7035 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.76% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4559 | &nbsp;&nbsp;&nbsp;&nbsp; 4564 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D, 1.42% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;16464 | &nbsp;&nbsp;&nbsp;&nbsp; 16600 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-2A Class A2, 6.37% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;12291 | &nbsp;&nbsp;&nbsp;&nbsp; 12345 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Huntington Auto Trust, Series 2024-1A Class A3, 5.23% due 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;21682 | &nbsp;&nbsp;&nbsp;&nbsp; 21898 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2024-3A Class A2, 4.64% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3392 | &nbsp;&nbsp;&nbsp;&nbsp; 3395 |
|  | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 8.31% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4426 | &nbsp;&nbsp;&nbsp;&nbsp; 4431 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.06% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3761 | &nbsp;&nbsp;&nbsp;&nbsp; 3769 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A Class A, 5.87% due 5/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp;12841 | &nbsp;&nbsp;&nbsp;&nbsp; 12852 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XII LLC, Series 2021-1A Class A4, 1.00% due 4/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIV LLC, Series 2022-1A Class A4, 2.82% due 4/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XVII LLC, Series 2024-2A Class A2, 4.63% due 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10116 | &nbsp;&nbsp;&nbsp;&nbsp; 10129 |
|  | &nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 2.08% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7995 | &nbsp;&nbsp;&nbsp;&nbsp; 7914 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 6.33% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11155 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.64% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7348 | &nbsp;&nbsp;&nbsp;&nbsp; 7366 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2, 4.87% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;13729 | &nbsp;&nbsp;&nbsp;&nbsp; 13758 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-6A Class A2, 4.705% due 8/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8004 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust, Series 2025-SF1 Class B, 5.12% due 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4644 | &nbsp;&nbsp;&nbsp;&nbsp; 4647 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2024-1A Class A3, 5.11% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21132 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Toyota Lease Owner Trust, Series 2023-B Class A3, 5.66% due 11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2023-1 Class C, 8.32% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21425 |
|  | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 5.48% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;17038 | &nbsp;&nbsp;&nbsp;&nbsp; 17094 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class B, 5.92% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7990 | &nbsp;&nbsp;&nbsp;&nbsp; 8012 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 5.55% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15071 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 337625 |
|  | &nbsp;&nbsp;**Other Asset Backed — 6.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ACHV ABS Trust, Series 2024-1PL Class A, 5.90% due 4/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15124 | &nbsp;&nbsp;&nbsp;&nbsp; 15203 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2021-A Class A, 1.42% due 11/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6749 | &nbsp;&nbsp;&nbsp;&nbsp; 6707 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DLLMT LLC, Series 2023-1A Class A4, 5.35% due 3/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15153 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DLLST LLC, Series 2024-1A Class A3, 5.05% due 8/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;24437 | &nbsp;&nbsp;&nbsp;&nbsp; 24545 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC, Series 2023-1 Class A3, 5.15% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;17811 | &nbsp;&nbsp;&nbsp;&nbsp; 17909 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC, Series 2023-A Class A3, 5.54% due 12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15213 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loans LLC, Series 2017-1A Class A, 4.45% due 6/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp; 12172 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4736 | &nbsp;&nbsp;&nbsp;&nbsp; 4728 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3987 | &nbsp;&nbsp;&nbsp;&nbsp; 3981 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | &nbsp;&nbsp;$7925 | &nbsp;&nbsp;$7954 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-2A Class A, 4.25% due 6/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;21671 | &nbsp;&nbsp;&nbsp;&nbsp; 21617 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 145182 |
|  | &nbsp;&nbsp;**Student Loan — 3.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ELFI Graduate Loan Program LLC, Series 2019-A Class A, 2.54% due 3/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15144 | &nbsp;&nbsp;&nbsp;&nbsp; 14571 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-A Class A2A, 3.42% due 1/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 9436 | &nbsp;&nbsp;&nbsp;&nbsp; 9406 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2018-EA Class A2, 4.00% due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 7123 | &nbsp;&nbsp;&nbsp;&nbsp; 7117 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C Class B, 3.50% due 9/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7488 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 4.615% (TSFR1M + 0.86%) due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5957 | &nbsp;&nbsp;&nbsp;&nbsp; 5953 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.44% due 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;14457 | &nbsp;&nbsp;&nbsp;&nbsp; 14319 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2019-A Class A2FX, 3.69% due 6/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;15657 | &nbsp;&nbsp;&nbsp;&nbsp; 15553 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 74407 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $556,109) |  | &nbsp;&nbsp;&nbsp;&nbsp; 557214 |
|  | **Corporate Bonds — 36.0%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 5.30% due 3/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10141 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10141 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.4%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.319% due 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10547 |
|  | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21127 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31674 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc., 5.267% due 2/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15352 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15352 |
|  | &nbsp;&nbsp;**Energy — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9989 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.625% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10003 |
|  | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 4.911% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10085 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40081 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SBA Tower Trust, 2.328% due 7/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9609 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9609 |
|  | &nbsp;&nbsp;**Financial Services — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 4.306% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16118 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17157 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33275 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mars, Inc., 4.80% due 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20435 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20435 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9888 |
|  | &nbsp;&nbsp;**Insurance — 11.6%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 11.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$10439 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13909 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 2.00% due 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9387 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CNO Global Funding, 4.875% due 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12105 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10283 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 1.80% due 3/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11429 |
|  | &nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.30% due 4/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9767 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10414 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 1.625% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2997 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15496 |
|  | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 5/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10095 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.30% due 1/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10337 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10347 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16942 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10290 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 4.366% (SOFR + 0.62%) due 6/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10013 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 5.50% due 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10312 |
|  | &nbsp;&nbsp;&nbsp;Protective Life Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.40% due 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9647 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.30% due 9/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10026 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 1.512% due 9/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9796 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;RGA Global Funding, 5.50% due 1/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10399 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 4.45% due 5/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11997 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10228 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 258758 |
|  | &nbsp;&nbsp;**Materials — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 4.75% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10131 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.10% due 3/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20528 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14139 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9907 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9786 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64491 |
|  | &nbsp;&nbsp;**Software & Services — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9825 |
|  | &nbsp;&nbsp;&nbsp;**Software — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14695 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24520 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Avnet, Inc., 4.625% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15159 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17159 |
|  | &nbsp;&nbsp;**Telecommunication Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cox Communications, Inc., 3.35% due 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14921 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10964 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25885 |
|  | &nbsp;&nbsp;**Transportation — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40% due 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15046 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15046 |
|  | &nbsp;&nbsp;**Utilities — 10.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 8.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp., 1.375% due 1/15/2026 | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$9985 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 1.40% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9928 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cleco Power LLC, 5.30% due 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15103 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Electricite de France SA, 4.75% due 10/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14799 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Enel Americas SA, 4.00% due 10/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16955 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 5.65% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10352 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.20% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20410 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20865 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9069 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9922 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20502 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 5.35% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10228 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., 5.725% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10262 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co., 5.00% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10273 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 1.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19976 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10566 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 229510 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $795,643) |  | &nbsp;&nbsp;&nbsp;&nbsp; 805824 |
|  | **Convertible Bonds — 0.7%** |  |  |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 15344 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15344 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $16,267) |  | &nbsp;&nbsp;&nbsp;&nbsp; 15344 |
|  | **Mortgage Backed — 30.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A1, 2.466% due 12/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;17352 | &nbsp;&nbsp;&nbsp;&nbsp; 16893 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-R1 Class A1, 0.99% due 4/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;24038 | &nbsp;&nbsp;&nbsp;&nbsp; 22711 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.962% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10937 | &nbsp;&nbsp;&nbsp;&nbsp; 10479 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-PS1 Class A1, 3.75% due 9/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;17634 | &nbsp;&nbsp;&nbsp;&nbsp; 17224 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15788 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL9 Class A1, 3.85% due 9/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;32142 | &nbsp;&nbsp;&nbsp;&nbsp; 31704 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL1 Class A1A, 3.65% due 7/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;16476 | &nbsp;&nbsp;&nbsp;&nbsp; 16224 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;17032 | &nbsp;&nbsp;&nbsp;&nbsp; 16192 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, Series 4162 Class P, 3.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20959 | &nbsp;&nbsp;&nbsp;&nbsp; 20583 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Pool BZ3998, 4.88% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7138 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-61 Class MC, 5.50% due 7/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5294 | &nbsp;&nbsp;&nbsp;&nbsp; 5510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84 Class KA, 3.50% due 4/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20506 | &nbsp;&nbsp;&nbsp;&nbsp; 20351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-41 Class AC, 2.50% due 3/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 | &nbsp;&nbsp;&nbsp;&nbsp; 5731 |
|  | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A3, 3.50% due 10/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp;28388 | &nbsp;&nbsp;&nbsp;&nbsp; 25796 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A3, 4.00% due 4/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;17199 | &nbsp;&nbsp;&nbsp;&nbsp; 16535 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;26619 | &nbsp;&nbsp;&nbsp;&nbsp; 25682 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-INV4 Class A2, 5.50% due 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;15855 | &nbsp;&nbsp;&nbsp;&nbsp; 15939 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-162 Class BE, 2.25% due 9/20/2043 | &nbsp;&nbsp;&nbsp;&nbsp;11878 | &nbsp;&nbsp;&nbsp;&nbsp; 11797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-131 Class E, 5.00% due 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6454 | &nbsp;&nbsp;&nbsp;&nbsp; 6479 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2019-PJ3 Class A1, 3.50% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 9207 | &nbsp;&nbsp;&nbsp;&nbsp; 8676 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A3, 2.352% due 9/27/2060 | &nbsp;&nbsp;&nbsp;&nbsp;14065 | &nbsp;&nbsp;&nbsp;&nbsp; 13517 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-2 Class A13, 3.50% due 5/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20746 | &nbsp;&nbsp;&nbsp;&nbsp; 18923 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 4.874% due 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15096 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;19562 | &nbsp;&nbsp;&nbsp;&nbsp; 19500 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A3, 1.947% due 4/25/2065 | &nbsp;&nbsp;$13968 | &nbsp;&nbsp;$13478 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A2, 1.324% due 1/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp;30192 | &nbsp;&nbsp;&nbsp;&nbsp; 28545 |
|  | &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1, 3.25% due 5/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp; 21069 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GS1 Class A1, 2.75% due 7/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;16086 | &nbsp;&nbsp;&nbsp;&nbsp; 15893 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A1, 4.00% due 2/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;17488 | &nbsp;&nbsp;&nbsp;&nbsp; 17026 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;17925 | &nbsp;&nbsp;&nbsp;&nbsp; 17552 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4 Class A1, 2.492% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;15762 | &nbsp;&nbsp;&nbsp;&nbsp; 14966 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2020-EXP2 Class A9, 3.00% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;19060 | &nbsp;&nbsp;&nbsp;&nbsp; 15961 |
|  | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4 Class A1, 3.00% due 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15852 | &nbsp;&nbsp;&nbsp;&nbsp; 15538 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CH2 Class A19, 4.00% due 12/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 9062 | &nbsp;&nbsp;&nbsp;&nbsp; 8394 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.50% due 2/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;23294 | &nbsp;&nbsp;&nbsp;&nbsp; 21245 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.015% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9927 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2020-3 Class A1, 1.486% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 6793 | &nbsp;&nbsp;&nbsp;&nbsp; 6625 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class A1, 2.75% due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;16076 | &nbsp;&nbsp;&nbsp;&nbsp; 15742 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;22295 | &nbsp;&nbsp;&nbsp;&nbsp; 21947 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 7246 | &nbsp;&nbsp;&nbsp;&nbsp; 7172 |
|  | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A2, 1.052% due 1/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;21854 | &nbsp;&nbsp;&nbsp;&nbsp; 19586 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1 Class A1, 0.82% due 10/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp;23635 | &nbsp;&nbsp;&nbsp;&nbsp; 22351 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 4.00% due 4/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3912 | &nbsp;&nbsp;&nbsp;&nbsp; 3719 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2014-2 Class A3, 3.50% due 9/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 9590 | &nbsp;&nbsp;&nbsp;&nbsp; 9173 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $687,368) |  | &nbsp;&nbsp;&nbsp;&nbsp; 690377 |
|  | **Short-Term Investments — 6.6%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp;14751 | &nbsp;&nbsp;&nbsp;&nbsp; 147504 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $147,504) |  | &nbsp;&nbsp;&nbsp;&nbsp; 147504 |
|  | **Total Investments — 99.0% (Cost $2,202,891)** |  | &nbsp;&nbsp;$2216263 |
|  | **Other Assets Less Liabilities — 1.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21516 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$2237779 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the aggregate value of these securities in the Fund's portfolio was $1,868,766, representing 83.51% of the Fund's net assets. |
| b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| c | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on December 31, 2025. |
| d | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| Mtg | Mortgage |

---

REMIC Real Estate Mortgage Investment Conduit <br> SOFR Secured Overnight Financing Rate <br> TSFR1M Term SOFR 1 Month

------

NOTES TO SCHEDULE OF INVESTMENTS

---

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

---

------

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

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

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

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

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

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

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

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Opening<br> Market Value** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 12/31/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $136616 | &nbsp;&nbsp;$419364 | &nbsp;&nbsp;$(408476) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$147504 | &nbsp;&nbsp;$1485 |

---

## 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 Investment Grade Bond Managed Account Fund

- **b. EDGAR series identifier (if any):** S000091428

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2255002.47

**Total Liabilities:** $26942.69

**Net Assets:** $2228059.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -13.29000000 | **1-Year:** -103.98000000 | **5-Year:** -182.93000000 | **10-Year:** -127.23000000 | **30-Year:** -5.90000000

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

- **3-Month:** -1.22000000 | **1-Year:** -1.59000000 | **5-Year:** -0.70000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259093 | 0.45%                | 0.54%                | 0.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $60.86                   | $-221.25                                   |
| Month 2  | $10.31                   | $2425.04                                   |
| Month 3  | $4.73                    | $-2135.47                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACHV ABS TRUST                                | ACHV ABS TRUST 2024-1PL                                            | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15124 | PA      | $15202.63     | 0.68%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                  | AES Corp/The                                                       | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9985.30      | 0.45%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                       | Corebridge Global Funding                                          | CUSIP: 00138CAU2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12104.76     | 0.54%             | 2026-07-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                      | Alimentation Couche-Tard Inc                                       | CUSIP: 01626PAU0<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15351.75     | 0.69%             | 2034-02-12      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                        | Alliant Energy Finance LLC                                         | CUSIP: 01882YAC0<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9928.40      | 0.45%             | 2026-03-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                      | Amcor Flexibles North America Inc                                  | CUSIP: 02344AAG3<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20528.00     | 0.92%             | 2030-03-17      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust  | American Credit Acceptance Receivables Trust 2022-4                | CUSIP: 02529XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14689 | PA      | $14828.74     | 0.67%             | 2029-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust  | American Credit Acceptance Receivables Trust 2023-2                | CUSIP: 02529YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       696 | PA      | $695.86       | 0.03%             | 2029-08-13      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust  | American Credit Acceptance Receivables Trust 2023-1                | CUSIP: 02530UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        30 | PA      | $29.72        | 0.00%             | 2029-04-12      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                       | American National Group Inc                                        | CUSIP: 02772AAA7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10439.20     | 0.47%             | 2032-06-13      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                      | Angel Oak Mortgage Trust 2020-1                                    | CUSIP: 03464RAA1<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     17352 | PA      | $16893.28     | 0.76%             | 2059-12-25      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                      | Angel Oak Mortgage Trust 2020-R1                                   | CUSIP: 034651AA7<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     24038 | PA      | $22710.61     | 1.02%             | 2053-04-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                         | Arroyo Mortgage Trust 2019-3                                       | CUSIP: 04285AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10937 | PA      | $10478.76     | 0.47%             | 2048-10-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                               | Ascot Group Ltd                                                    | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |     15000 | PA      | $13909.05     | 0.62%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AVNET INC                                     | Avnet Inc                                                          | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1999.74      | 0.09%             | 2026-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust | BHG Securitization Trust 2021-A                                    | CUSIP: 08861YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6749 | PA      | $6706.66      | 0.30%             | 2033-11-17      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                       | Booz Allen Hamilton Inc                                            | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9825.30      | 0.44%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                       | Brighthouse Financial Global Funding                               | CUSIP: 10921U2E7<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9387.00      | 0.42%             | 2028-06-28      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                         | Brooklyn Union Gas Co/The                                          | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19975.60     | 0.90%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| CCL INDUSTRIES INC                            | CCL Industries Inc                                                 | CUSIP: 124900AD3<br>LEI: 549300TD3EMSRRC0YH75 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $14139.00     | 0.63%             | 2030-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                  | CSMC 2019-RPL1 Trust                                               | CUSIP: 12596MAB2<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     16476 | PA      | $16224.01     | 0.73%             | 2058-07-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                           | COMM 2024-277P Mortgage Trust                                      | CUSIP: 12654FAA8<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $15787.66     | 0.71%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                  | CSMC 2018-RPL9 Trust                                               | CUSIP: 12654PAA6<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     31628 | PA      | $31196.94     | 1.40%             | 2057-09-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                | Carvana Auto Receivables Trust 2022-N1                             | CUSIP: 14686GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18009 | PA      | $17887.41     | 0.80%             | 2028-12-11      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                | Carvana Auto Receivables Trust 2023-P2                             | CUSIP: 14686TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5909 | PA      | $5927.54      | 0.27%             | 2028-04-10      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| CHEVRON PHILLIPS CHEM CO                      | Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP | CUSIP: 166754AX9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10130.90     | 0.45%             | 2030-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc             | Citigroup Mortgage Loan Trust 2015-PS1                             | CUSIP: 17324VAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17634 | PA      | $17223.75     | 0.77%             | 2042-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CLECO POWER LLC                               | Cleco Power LLC                                                    | CUSIP: 185508AJ7<br>LEI: TM1ZH54SJKLNHFCBFK92 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15103.35     | 0.68%             | 2036-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                            | CNO Global Funding                                                 | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10127.90     | 0.45%             | 2027-12-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COLORADO INT GAS CO/ISS                       | Colorado Interstate Gas Co LLC / Colorado Interstate Issuing Corp  | CUSIP: 196500AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9988.50      | 0.45%             | 2026-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| COMCAST HOLDINGS CORP                         | Comcast Holdings Corp                                              | CUSIP: 200300507<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $15344.25     | 0.69%             | 2029-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                        | Cox Communications Inc                                             | CUSIP: 224044CG0<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14920.50     | 0.67%             | 2026-09-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                 | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10003.70     | 0.45%             | 2027-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE TOWERS LLC                       | Crown Castle Towers LLC                                            | CUSIP: 22822RBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10964.06     | 0.49%             | 2028-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| DLLMT LLC                                     | DLLMT 2023-1 LLC                                                   | CUSIP: 232989AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $15152.71     | 0.68%             | 2031-03-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                           | DT Auto Owner Trust 2021-3                                         | CUSIP: 23344QAD1<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |      4951 | PA      | $4934.79      | 0.22%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                           | DT Auto Owner Trust 2023-3                                         | CUSIP: 23345WAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4889 | PA      | $4895.31      | 0.22%             | 2028-03-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| DLLST LLC                                     | DLLST 2024-1 LLC                                                   | CUSIP: 23346HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24437 | PA      | $24544.49     | 1.10%             | 2027-08-20      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                        | DaVinciRe Holdings Ltd                                             | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     10000 | PA      | $10283.10     | 0.46%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust          | Deephaven Residential Mortgage Trust 2021-1                        | CUSIP: 24380VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17032 | PA      | $16192.07     | 0.73%             | 2065-05-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                      | Electricite de France SA                                           | CUSIP: 268317AP9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     15000 | PA      | $14799.00     | 0.66%             | 2035-10-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ELFI Graduate Loan Program                    | ELFI Graduate Loan Program 2019-A LLC                              | CUSIP: 26857EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15144 | PA      | $14570.62     | 0.65%             | 2044-03-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                      | Element Fleet Management Corp                                      | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10547.00     | 0.47%             | 2028-12-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| ENEL AMERICAS SA                              | Enel Americas SA                                                   | CUSIP: 29274FAF1<br>LEI: 549300LKH11TFCJLZK20 | Long             | DBT              | CORP              | CL        |     17000 | PA      | $16954.61     | 0.76%             | 2026-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                | Enterprise Fleet Financing 2023-1 LLC                              | CUSIP: 29375CAB5<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |      4260 | PA      | $4266.01      | 0.19%             | 2029-01-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                      | Equitable Financial Life Global Funding                            | CUSIP: 29449WAF4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11428.56     | 0.51%             | 2028-03-08      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                      | Evergy Missouri West Inc                                           | CUSIP: 30037EAB9<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10352.00     | 0.46%             | 2034-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                            | F&G Global Funding                                                 | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1975.34      | 0.09%             | 2026-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                            | F&G Global Funding                                                 | CUSIP: 30321L2D3<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9767.10      | 0.44%             | 2027-04-11      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                      | FHF Issuer Trust 2024-3                                            | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6462 | PA      | $6478.63      | 0.29%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                      | FHF Issuer Trust 2025-2                                            | CUSIP: 30343DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9325 | PA      | $9334.43      | 0.42%             | 2026-12-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                    | Fannie Mae REMICS                                                  | CUSIP: 3136AYMB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20506 | PA      | $20350.76     | 0.91%             | 2053-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                    | Fannie Mae REMICS                                                  | CUSIP: 3136B5TS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6026 | PA      | $5730.71      | 0.26%             | 2053-03-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                   | Freddie Mac REMICS                                                 | CUSIP: 3137AYHU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     20959 | PA      | $20583.03     | 0.92%             | 2033-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                    | Fannie Mae REMICS                                                  | CUSIP: 31397L3R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5294 | PA      | $5509.72      | 0.25%             | 2038-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                    | Fannie Mae Pool                                                    | CUSIP: 3140NYNQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7000 | PA      | $7137.70      | 0.32%             | 2030-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                      | FHF Issuer Trust 2024-1                                            | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4528 | PA      | $4562.89      | 0.20%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust              | First Investors Auto Owner Trust 2022-1                            | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8001 | PA      | $7986.60      | 0.36%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust              | First Investors Auto Owner Trust 2022-1                            | CUSIP: 32057KAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $9977.20      | 0.45%             | 2028-06-15      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                    | Flagship Credit Auto Trust 2024-1                                  | CUSIP: 33843VAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4559 | PA      | $4563.59      | 0.20%             | 2028-03-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                    | Flagship Credit Auto Trust 2022-2                                  | CUSIP: 33844XAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1252 | PA      | $1252.11      | 0.06%             | 2027-05-17      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                    | Flagship Credit Auto Trust 2021-4                                  | CUSIP: 33845AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7084 | PA      | $7035.37      | 0.32%             | 2027-12-15      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                       | Flagstar Mortgage Trust 2017-2                                     | CUSIP: 33850RAC6<br>LEI: 549300H3PON1KOB2RF56 | Long             | ABS-MBS          | CORP              | US        |     28388 | PA      | $25796.17     | 1.16%             | 2047-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                       | Flagstar Mortgage Trust 2018-2                                     | CUSIP: 33851HAC7<br>LEI: 549300H3PON1KOB2RF56 | Long             | ABS-MBS          | CORP              | US        |     17199 | PA      | $16535.14     | 0.74%             | 2048-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                      | Fortitude Group Holdings LLC                                       | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10414.30     | 0.47%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                       | GA Global Funding Trust                                            | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2997.09      | 0.13%             | 2026-01-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| GCAT                                          | GCAT 2021-CM1 Trust                                                | CUSIP: 36168AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26619 | PA      | $25681.61     | 1.15%             | 2065-04-25      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust           | GS Mortgage-Backed Securities Corp Trust 2019-PJ3                  | CUSIP: 36257QAA4<br>LEI: 254900X1ABPQ6D4G6D07 | Long             | ABS-MBS          | CORP              | US        |      9207 | PA      | $8676.24      | 0.39%             | 2050-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust           | GS Mortgage-Backed Securities Trust 2020-NQM1                      | CUSIP: 36259WAC5<br>LEI: 25490038RWR4AJZ5B524 | Long             | ABS-MBS          | CORP              | US        |     14065 | PA      | $13517.43     | 0.61%             | 2060-09-27      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                    | GLS Auto Receivables Issuer Trust 2021-2                           | CUSIP: 36261XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1004 | PA      | $1002.51      | 0.04%             | 2027-04-15      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                    | GLS Auto Receivables Issuer Trust 2022-2                           | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16464 | PA      | $16599.61     | 0.75%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust             | GLS Auto Select Receivables Trust 2023-2                           | CUSIP: 36269EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12291 | PA      | $12345.32     | 0.55%             | 2028-06-15      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| GCAT                                          | GCAT 2024-INV4 Trust                                               | CUSIP: 367919AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15855 | PA      | $15939.03     | 0.72%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association      | Government National Mortgage Association                           | CUSIP: 38379FNW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11878 | PA      | $11796.97     | 0.53%             | 2043-09-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association      | Government National Mortgage Association                           | CUSIP: 38384U7Y9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6454 | PA      | $6478.79      | 0.29%             | 2054-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9907.30      | 0.44%             | 2026-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVABLES             | GreatAmerica Leasing Receivables Funding LLC Series 2023-1         | CUSIP: 39154TCC0<br>LEI: 549300JFP7GIDD4UWO79 | Long             | ABS-O            | CORP              | US        |     17811 | PA      | $17908.95     | 0.80%             | 2027-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                  | Highmark Inc                                                       | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9888.00      | 0.44%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Huntington Auto Trust                         | Huntington Auto Trust 2024-1                                       | CUSIP: 446144AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21682 | PA      | $21898.38     | 0.98%             | 2029-01-16      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                       | Hyundai Capital America                                            | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10140.60     | 0.46%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| INTACT FINANCIAL CORP                         | Intact Financial Corp                                              | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15496.35     | 0.70%             | 2032-09-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                             | ITC Holdings Corp                                                  | CUSIP: 465685AT2<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20865.00     | 0.94%             | 2034-05-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                      | JP Morgan Mortgage Trust 2017-2                                    | CUSIP: 46648HAN3<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     20747 | PA      | $18922.49     | 0.85%             | 2047-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                         | KeySpan Gas East Corp                                              | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10566.40     | 0.47%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                    | LAD Auto Receivables Trust 2024-3                                  | CUSIP: 505709AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3392 | PA      | $3394.83      | 0.15%             | 2027-11-15      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust              | LEX 2024-BBG Mortgage Trust                                        | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $15096.09     | 0.68%             | 2033-10-13      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                         | Liberty Utilities Finance GP 1                                     | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9069.00      | 0.41%             | 2030-09-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| LINCOLN FIN GLBL FUNDING                      | Lincoln Financial Global Funding                                   | CUSIP: 53359KAA9<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10336.60     | 0.46%             | 2030-01-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| LINCOLN FIN GLBL FUNDING                      | Lincoln Financial Global Funding                                   | CUSIP: 53359KAB7<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10095.10     | 0.45%             | 2028-05-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                 | Lineage OP LP                                                      | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              |  | US        |     17000 | PA      | $17157.25     | 0.77%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust            | Lobel Automobile Receivables Trust 2023-1                          | CUSIP: 53946XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4426 | PA      | $4430.92      | 0.20%             | 2028-10-16      | Fixed         | 8.31%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust            | Lobel Automobile Receivables Trust 2025-1                          | CUSIP: 53948RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3762 | PA      | $3768.77      | 0.17%             | 2027-11-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                    | MFA 2020-NQM2 Trust                                                | CUSIP: 552751AC3<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |     13968 | PA      | $13477.89     | 0.60%             | 2065-04-25      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                    | MFA 2020-NQM3 Trust                                                | CUSIP: 552757AB2<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |     30192 | PA      | $28545.31     | 1.28%             | 2065-01-26      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                    | MMAF Equipment Finance LLC 2023-A                                  | CUSIP: 55317WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $15213.34     | 0.68%             | 2029-12-13      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                      | MSCI Inc                                                           | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14695.20     | 0.66%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                                      | Mars Inc                                                           | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20435.00     | 0.92%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                  | METLIFE SECURITIZATION TRUST 2019-1                                | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19562 | PA      | $19500.21     | 0.88%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                      | FirstEnergy Pennsylvania Electric Co                               | CUSIP: 591894CE8<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20409.60     | 0.92%             | 2028-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MIDWEST CONNECTOR CAPIT                       | Midwest Connector Capital Co LLC                                   | CUSIP: 59833CAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10003.00     | 0.45%             | 2029-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                      | Mill City Mortgage Loan Trust 2018-1                               | CUSIP: 59980VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21200 | PA      | $21069.10     | 0.95%             | 2062-05-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                      | Mill City Mortgage Loan Trust 2019-GS1                             | CUSIP: 59981BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16086 | PA      | $15892.72     | 0.71%             | 2059-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                        | Molex Electronic Technologies LLC                                  | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15159.00     | 0.68%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                        | Mosaic Solar Loans 2017-1 LLC                                      | CUSIP: 61946EAA6<br>LEI: 549300ZLA8SW2SVJMN33 | Long             | ABS-O            | CORP              | US        |     12670 | PA      | $12172.43     | 0.55%             | 2042-06-20      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL                        | Mutual of Omaha Cos Global Funding                                 | CUSIP: 62829D2B5<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10346.60     | 0.46%             | 2028-12-12      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NLG GLOBAL FUNDING                            | NLG Global Funding                                                 | CUSIP: 62915W2A0<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10290.20     | 0.46%             | 2030-01-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                    | Navient Student Loan Trust 2018-EA                                 | CUSIP: 63890BAB2<br>LEI: 549300761SV59SBM0Z40 | Long             | ABS-O            | CORP              | US        |      7123 | PA      | $7116.78      | 0.32%             | 2059-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                    | Navient Private Education Refi Loan Trust 2019-A                   | CUSIP: 63941BAB1<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |      9436 | PA      | $9406.55      | 0.42%             | 2043-01-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust           | New Residential Mortgage Loan Trust 2019-NQM4                      | CUSIP: 64828EAA3<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     15762 | PA      | $14965.59     | 0.67%             | 2059-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust           | New Residential Mortgage Loan Trust 2017-1                         | CUSIP: 64829JAA1<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     17488 | PA      | $17026.37     | 0.76%             | 2057-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust           | New Residential Mortgage Loan Trust 2018-RPL1                      | CUSIP: 64829VAA4<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     17925 | PA      | $17552.30     | 0.79%             | 2057-12-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                      | New York Life Global Funding                                       | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16941.69     | 0.76%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                       | New York State Electric & Gas Corp                                 | CUSIP: 649840CQ6<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9922.40      | 0.45%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN CORP                             | NorthWestern Corp                                                  | CUSIP: 66807TAA0<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20502.20     | 0.92%             | 2030-03-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                      | OBX 2020-EXP2 Trust                                                | CUSIP: 67448VAG5<br>LEI: 25490010LUJWFEUCIH44 | Long             | ABS-MBS          | CORP              | US        |     19060 | PA      | $15961.35     | 0.72%             | 2060-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                      | Octane Receivables Trust 2023-1                                    | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        76 | PA      | $75.56        | 0.00%             | 2029-05-21      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                       | Oncor Electric Delivery Co LLC                                     | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10315.50     | 0.46%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust         | Onemain Direct Auto Receivables Trust 2022-1                       | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12841 | PA      | $12851.59     | 0.58%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                        | Oscar US Funding XVII LLC                                          | CUSIP: 68784BAB0<br>LEI: 353800UI8625NXT7ND41 | Long             | ABS-O            | CORP              | US        |     10116 | PA      | $10129.37     | 0.45%             | 2027-12-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                        | Oscar US Funding XIV LLC                                           | CUSIP: 68784HAD3<br>LEI: 353800FUC565GTX73583 | Long             | ABS-O            | CORP              | JP        |     10200 | PA      | $10120.39     | 0.45%             | 2029-04-10      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                        | Oscar US Funding XII LLC                                           | CUSIP: 68785AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |       462 | PA      | $460.26       | 0.02%             | 2028-04-10      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                | PSEG Power LLC                                                     | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10227.90     | 0.46%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                            | Pacific Life Global Funding II                                     | CUSIP: 6944PL2G3<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10013.00     | 0.45%             | 2026-06-04      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                  | Pawneee Equipment Receivables Series 2021-1 LLC                    | CUSIP: 704100AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4736 | PA      | $4728.31      | 0.21%             | 2027-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                      | Penske Truck Leasing Co Lp / PTL Finance Corp                      | CUSIP: 709599BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15045.60     | 0.68%             | 2027-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust               | Prestige Auto Receivables Trust 2023-1                             | CUSIP: 74113GAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11000 | PA      | $11155.26     | 0.50%             | 2029-04-16      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust               | Prestige Auto Receivables Trust 2025-1                             | CUSIP: 74113UAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13730 | PA      | $13758.49     | 0.62%             | 2027-12-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust               | Prestige Auto Receivables Trust 2023-2                             | CUSIP: 74113VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7348 | PA      | $7366.36      | 0.33%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust               | Prestige Auto Receivables Trust 2021-1                             | CUSIP: 74113XAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7995 | PA      | $7913.74      | 0.36%             | 2028-02-15      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II                      | Principal Life Global Funding II                                   | CUSIP: 74256LEW5<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10311.90     | 0.46%             | 2028-06-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE CORP                          | Protective Life Corp                                               | CUSIP: 743674BD4<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10026.50     | 0.45%             | 2028-09-30      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE CORP                          | Protective Life Corp                                               | CUSIP: 743674BE2<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9647.10      | 0.43%             | 2030-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                              | Puget Energy Inc                                                   | CUSIP: 745310AQ5<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10261.50     | 0.46%             | 2035-03-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust            | Regional Management Issuance Trust 2022-1                          | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3987 | PA      | $3980.92      | 0.18%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                        | Reliance Standard Life Global Funding II                           | CUSIP: 75951AAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9796.30      | 0.44%             | 2026-09-28      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I    | Research-Driven Pagaya Motor Trust 2025-6                          | CUSIP: 76100JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8000 | PA      | $8003.91      | 0.36%             | 2034-08-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                            | RGA Global Funding                                                 | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10399.50     | 0.47%             | 2031-01-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                               | SBA Tower Trust                                                    | CUSIP: 78403DAR1<br>LEI: N/A                  | Long             | DBT              |  | US        |     10000 | PA      | $9608.97      | 0.43%             | 2028-01-15      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                 | SFO Commercial Mortgage Trust 2021-555                             | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000 | PA      | $9926.47      | 0.45%             | 2038-05-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Space Coast Credit Union                      | SCCU Auto Receivables Trust 2024-1                                 | CUSIP: 78436RAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21000 | PA      | $21132.17     | 0.95%             | 2029-06-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                   | SBNA Auto Receivables Trust 2025-SF1                               | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4644 | PA      | $4646.86      | 0.21%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust              | SMB Private Education Loan Trust 2015-C                            | CUSIP: 78448RAE6<br>LEI: 549300GD7VLLBVPDNJ81 | Long             | ABS-O            | CORP              | US        |      7500 | PA      | $7488.54      | 0.34%             | 2043-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust              | SMB Private Education Loan Trust 2019-A                            | CUSIP: 78449TAB7<br>LEI: 549300WEYOS38NWU8D22 | Long             | ABS-O            | CORP              | US        |     14457 | PA      | $14319.11     | 0.64%             | 2036-07-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC          | Sofi Professional Loan Program 2019-A LLC                          | CUSIP: 78471HAB4<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     15657 | PA      | $15552.97     | 0.70%             | 2048-06-15      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                       | Sammons Financial Group Inc                                        | CUSIP: 79588TAC4<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11996.64     | 0.54%             | 2027-05-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                               | Sealed Air Corp                                                    | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9785.60      | 0.44%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                        | Sequoia Mortgage Trust 2017-CH2                                    | CUSIP: 81746JAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9062 | PA      | $8393.80      | 0.38%             | 2047-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                        | Sequoia Mortgage Trust 2015-4                                      | CUSIP: 81746MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15852 | PA      | $15538.31     | 0.70%             | 2030-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                        | Sequoia Mortgage Trust 2018-2                                      | CUSIP: 81746QAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23294 | PA      | $21245.36     | 0.95%             | 2048-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                      | South Bow USA Infrastructure Holdings LLC                          | CUSIP: 83007CAB8<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10085.40     | 0.45%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust              | SMB Private Education Loan Trust 2017-B                            | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |      5957 | PA      | $5952.92      | 0.27%             | 2035-10-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust           | Starwood Mortgage Residential Trust 2020-3                         | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6793 | PA      | $6624.95      | 0.30%             | 2065-04-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                      | Sumitomo Mitsui Financial Group Inc                                | CUSIP: 86562MBG4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     16000 | PA      | $16117.92     | 0.72%             | 2028-10-16      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Tesla Sustainable Energy Trust                | Tesla Sustainable Energy Trust 2024-1                              | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7925 | PA      | $7953.76      | 0.36%             | 2050-06-21      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund             | Thornburg Capital Management Fund                                  | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     14695 | NS      | $146953.38    | 6.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust                     | Towd Point Mortgage Trust 2017-4                                   | CUSIP: 89173UAA5<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |     16076 | PA      | $15741.57     | 0.71%             | 2057-06-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                     | Towd Point Mortgage Trust 2017-6                                   | CUSIP: 89175JAA8<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |     22295 | PA      | $21947.31     | 0.99%             | 2057-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                     | Towd Point Mortgage Trust 2018-2                                   | CUSIP: 89175VAA1<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |      7246 | PA      | $7172.35      | 0.32%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                      | Toyota Lease Owner Trust 2023-B                                    | CUSIP: 89240HAD7<br>LEI: 254900ILC8EOVFWZQA04 | Long             | ABS-O            | CORP              | US        |       313 | PA      | $313.00       | 0.01%             | 2026-11-20      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| TRANS-ALLEGHENY INTERSTA                      | Trans-Allegheny Interstate Line Co                                 | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10272.50     | 0.46%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UL SOLUTIONS INC                              | UL Solutions Inc                                                   | CUSIP: 903731AC1<br>LEI: 549300F7CUV5ESKV9P71 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21127.40     | 0.95%             | 2028-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Upstart Structured Pass-Through Trust         | Upstart Structured Pass-Through Trust Series 2022-2A               | CUSIP: 91680YAY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21671 | PA      | $21617.30     | 0.97%             | 2030-06-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                  | Veros Auto Receivables Trust 2023-1                                | CUSIP: 924933AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21000 | PA      | $21425.27     | 0.96%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                    | Verus Securitization Trust 2021-1                                  | CUSIP: 92537QAE1<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |     21854 | PA      | $19586.44     | 0.88%             | 2066-01-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                    | Verus Securitization Trust 2021-R1                                 | CUSIP: 92538BAA1<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |     23635 | PA      | $22350.95     | 1.00%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust  | Wells Fargo Mortgage Backed Securities 2019-2 Trust                | CUSIP: 95002JAA4<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      3912 | PA      | $3719.06      | 0.17%             | 2049-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTERN-SOUTHERN GLOBAL                       | Western-Southern Global Funding                                    | CUSIP: 95954A2A0<br>LEI: 635400PFYEGVSGK4VB37 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10227.60     | 0.46%             | 2030-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust         | Westlake Automobile Receivables Trust 2023-3                       | CUSIP: 96041CAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7990 | PA      | $8011.60      | 0.36%             | 2028-09-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust         | Westlake Automobile Receivables Trust 2022-2                       | CUSIP: 96042VAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17038 | PA      | $17093.74     | 0.77%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust         | Westlake Automobile Receivables Trust 2024-1                       | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $15070.97     | 0.68%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                  | WinWater Mortgage Loan Trust 2014-2                                | CUSIP: 97652QAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9590 | PA      | $9173.14      | 0.41%             | 2044-09-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin