# EDGAR Filing Document

**Accession Number:** 0002038383
**File Stem:** 0001752724-25-173952
**Filing Date:** 2025-7
**Character Count:** 170521
**Document Hash:** 7b77ea27b28a8ff0e22b68d04367c85b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-173952.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001752724-25-173952

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg ETF Trust
- **CENTRAL INDEX KEY:** 0002038383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24005
- **FILM NUMBER:** 251140194

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** 617-235-4739

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

## Series and Classes Contracts Data

### Thornburg Core Plus Bond ETF (Series ID: S000089219)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255734 | Thornburg Core Plus Bond ETF | TPLS            |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Asset Backed Securities — 9.5%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 4.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2024-4 Class A, 4.81% due 3/13/2028 | &nbsp;&nbsp;$19789 | &nbsp;&nbsp;$19783 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class B, 6.632% due 7/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 39563 | &nbsp;&nbsp;&nbsp;&nbsp; 40011 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class C, 1.53% due 3/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 141396 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75697 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2022-5A Class C, 6.51% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 22002 | &nbsp;&nbsp;&nbsp;&nbsp; 22078 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class C, 3.13% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64412 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49664 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45384 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, Series 2023-1A Class A, 5.87% due 5/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 64450 | &nbsp;&nbsp;&nbsp;&nbsp; 64613 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2024-4 Class A3, 4.85% due 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100182 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80021 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC, Series 2023-2A Class A, 6.46% due 8/18/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 63914 | &nbsp;&nbsp;&nbsp;&nbsp; 64753 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 767994 |
|  | &nbsp;&nbsp;**Credit Card — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BA Credit Card Trust, Series 2023-A1 Class A1, 4.79% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 105355 |
|  | &nbsp;&nbsp;**Other Asset Backed — 3.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49134 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 54526 | &nbsp;&nbsp;&nbsp;&nbsp; 44200 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 81306 | &nbsp;&nbsp;&nbsp;&nbsp; 74940 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 94299 | &nbsp;&nbsp;&nbsp;&nbsp; 75799 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2021-3A Class C, 1.81% due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 41853 | &nbsp;&nbsp;&nbsp;&nbsp; 41802 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2018-1A Class A, 4.01% due 6/22/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 92140 | &nbsp;&nbsp;&nbsp;&nbsp; 86959 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-5 Class C, 9.099% due 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 91740 | &nbsp;&nbsp;&nbsp;&nbsp; 92322 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series 2023-D Class A, 5.482% (SOFR30A + 1.15%) due 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 147164 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-2A Class A2, 5.05% due 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48891 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 661211 |
|  | &nbsp;&nbsp;**Student Loan — 0.7%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, Series 2019-A Class A1, 5.839% (TSFR1M + 1.51%) due 12/28/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 79122 | &nbsp;&nbsp;&nbsp;&nbsp; 79127 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-1 Class A3, 5.387% (SOFR30A + 1.06%) due 9/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40954 | &nbsp;&nbsp;&nbsp;&nbsp; 39764 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 118891 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $1,654,233) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1653451 |
|  | **Corporate Bonds — 34.3%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.971% (SOFR + 0.62%) due 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37955 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.30% due 9/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24662 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25013 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 87630 |
|  | &nbsp;&nbsp;**Banks — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.975% (SOFR + 1.09%) due 3/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25425 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9627 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.174% (SOFR + 2.50%) due 1/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25774 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25305 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.574% (SOFR + 1.74%) due 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25646 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 111777 |
|  | &nbsp;&nbsp;**Capital Goods — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23937 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.375% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25406 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | &nbsp;&nbsp;$25000 | &nbsp;&nbsp;$23702 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21337 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.05% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.30% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25907 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26043 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 187565 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48971 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26423 |
|  | &nbsp;&nbsp;&nbsp;Equifax, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.10% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25247 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24674 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 149937 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25229 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25229 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25930 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25930 |
|  | &nbsp;&nbsp;**Consumer Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49688 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23449 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73137 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.25% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59026 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26069 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24456 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109551 |
|  | &nbsp;&nbsp;**Energy — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39218 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10375 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 8.375% due 1/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19019 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25488 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18185 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.05% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23441 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49913 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25226 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24988 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69% due 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 14712 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24815 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sunoco LP, 7.25% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26014 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35165 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 406583 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.0%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., 4.90% due 3/15/2030 | &nbsp;&nbsp;$30000 | &nbsp;&nbsp;$30166 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48596 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25506 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.50% due 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24728 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.90% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24243 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18913 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 182170 |
|  | &nbsp;&nbsp;**Financial Services — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 6.60% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25562 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24799 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40522 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 71365 |
|  | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30081 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., 6.50% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25471 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25606 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Capital One Financial Corp., 7.149% (SOFR + 2.44%) due 10/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25793 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 6.875% due 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25631 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Bank of America Corp., 5.162% (SOFR + 1.00%) due 1/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43655 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.785% (SOFR + 1.94%) due 3/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22964 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.542% (SOFR + 1.34%) due 9/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25665 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 5.14% (SOFR + 1.01%) due 1/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 70050 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.23% (SOFR + 1.11%) due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43653 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25618 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51186 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 611254 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.7%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24010 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 5.00% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41002 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44849 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20901 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48389 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9874 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10168 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.35% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19188 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.75% due 10/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 28536 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 246917 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hologic, Inc., 3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23902 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 3.00% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21993 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 4.25% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48048 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 70717 |
|  | &nbsp;&nbsp;&nbsp;Humana, Inc., |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.95% due 3/15/2027 | &nbsp;&nbsp;$25000 | &nbsp;&nbsp;$24817 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 15711 |
|  | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24436 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75% due 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25752 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., 4.625% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 70553 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 350465 |
|  | &nbsp;&nbsp;**Insurance — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 4.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American National Global Funding, 5.55% due 1/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69993 |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70815 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 5.55% due 4/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25325 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp., 5.125% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 69917 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36044 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24737 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 5.00% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35211 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., 5.625% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25391 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50658 |
|  | &nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25431 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 7.25% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26682 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25012 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding, 4.625% due 5/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 52111 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25639 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 70186 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25061 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25359 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;RGA Global Funding, 2.70% due 1/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27918 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22151 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 773776 |
|  | &nbsp;&nbsp;**Materials — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24742 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25464 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.875% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22157 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24987 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22814 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46318 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 70657 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 237139 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 60413 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24429 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24581 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109423 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 12/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16324 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41299 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Broadcom, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.187% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 20315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.15% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27301 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 1/15/2035 | &nbsp;&nbsp;$21000 | &nbsp;&nbsp;$21176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.75% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26728 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44005 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 139525 |
|  | &nbsp;&nbsp;**Software & Services — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 30640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16905 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25484 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48874 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32215 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.7%** |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25303 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 67486 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc.,3.625% due 9/1/2030 - 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 46714 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23279 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp., 5.25% due 2/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41610 |
|  | &nbsp;&nbsp;&nbsp;Paychex, Inc., 5.60% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41693 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24958 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25653 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 450814 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electrical Equipment — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40050 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.276% due 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 24680 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Flex Ltd., 4.875% due 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24812 |
|  | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc., 5.35% due 7/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40832 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23459 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc.,6.375% due 3/15/2029 - 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101937 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25401 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;HP, Inc., 2.20% due 6/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44943 |
|  | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70921 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 420508 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.125% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70625 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70625 |
|  | &nbsp;&nbsp;**Transportation — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.30% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25304 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25304 |
|  | &nbsp;&nbsp;**Utilities — 6.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 6.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., Series I, 2.10% due 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21871 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25743 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 2.30% due 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44741 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., 6.15% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25730 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22667 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light & Power Co., 4.95% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24525 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20351 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.85% due 6/1/2034 | &nbsp;&nbsp;$30000 | &nbsp;&nbsp;$30876 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (LIBOR 3 Month + 5.44%) due 6/15/2076 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55386 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 3.75% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22535 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 74975 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, 4.55% due 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9901 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.30% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22397 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37155 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21648 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Monongahela Power Co., 3.55% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24486 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30287 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.00% due 12/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 52129 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC, 5.35% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32079 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co., 5.30% (SOFRINDX + 0.95%) due 9/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24966 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp., 4.90% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70506 |
|  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24734 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44416 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21284 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 4.90% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32212 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22996 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25744 |
|  | &nbsp;&nbsp;&nbsp;Southern Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.70% due 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23942 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39603 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co., 6.00% due 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24505 |
|  | &nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29616 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co., 2.95% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23340 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24591 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co., 5.375% due 3/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25037 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.6%** |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 70299 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25530 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1152803 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $5,976,325) |  | &nbsp;&nbsp;&nbsp;&nbsp; 5989361 |
|  | **Other Government — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 59484 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33671 |
|  | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 25858 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 3.25% due 1/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 74759 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $183,263) |  | &nbsp;&nbsp;&nbsp;&nbsp; 193772 |
|  | **U.S. Treasury Securities — 28.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, 2.125%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 270904 | &nbsp;&nbsp;&nbsp;&nbsp; 244110 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 998000 | &nbsp;&nbsp;&nbsp;&nbsp; 803858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 157725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 8/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 406585 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 643906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 960781 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269531 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 7.60%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 485286 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $5,132,521) |  | &nbsp;&nbsp;&nbsp;&nbsp; 4971782 |
|  | **U.S. Government Agencies — 0.3%** |  |  |
| **<sup>a,b,c</sup>** | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.42%), 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54784 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $54,946) |  | &nbsp;&nbsp;&nbsp;&nbsp; 54784 |
|  | **Mortgage Backed — 23.6%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 152964 | &nbsp;&nbsp;&nbsp;&nbsp; 142812 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.881% due 12/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 82124 | &nbsp;&nbsp;&nbsp;&nbsp; 75222 |
| **<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; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31214 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-IVR1 Class A3, 3.605% due 11/25/2043 | &nbsp;&nbsp;$73447 | &nbsp;&nbsp;$67130 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH1 Class A1A, 2.87% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 110682 | &nbsp;&nbsp;&nbsp;&nbsp; 106141 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 5.169% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 106095 | &nbsp;&nbsp;&nbsp;&nbsp; 105690 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841733, 2.093% (2.19% - SOFR30A) due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 103642 | &nbsp;&nbsp;&nbsp;&nbsp; 96159 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90985 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2278, 3.00% due 8/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 111229 | &nbsp;&nbsp;&nbsp;&nbsp; 94799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2601, 2.50% due 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 180079 | &nbsp;&nbsp;&nbsp;&nbsp; 147134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8194, 2.50% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 249170 | &nbsp;&nbsp;&nbsp;&nbsp; 203739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8218, 2.00% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 116393 | &nbsp;&nbsp;&nbsp;&nbsp; 90560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 354731 | &nbsp;&nbsp;&nbsp;&nbsp; 302250 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool AM5836, 4.05% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 80633 | &nbsp;&nbsp;&nbsp;&nbsp; 78082 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BL2763, 3.99% due 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 90986 | &nbsp;&nbsp;&nbsp;&nbsp; 78286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS7738, 4.20% due 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16451 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2096, 3.00% due 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 257689 | &nbsp;&nbsp;&nbsp;&nbsp; 219436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS4713, 2.50% due 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 114022 | &nbsp;&nbsp;&nbsp;&nbsp; 93162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS8579, 2.00% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 259542 | &nbsp;&nbsp;&nbsp;&nbsp; 219423 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9660, 5.50% due 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 186896 | &nbsp;&nbsp;&nbsp;&nbsp; 185365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9716, 2.00% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 215920 | &nbsp;&nbsp;&nbsp;&nbsp; 182544 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5107, 5.50% due 8/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 194520 | &nbsp;&nbsp;&nbsp;&nbsp; 193070 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5611, 4.00% due 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 260604 | &nbsp;&nbsp;&nbsp;&nbsp; 238878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5671, 4.50% due 4/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 263158 | &nbsp;&nbsp;&nbsp;&nbsp; 248299 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 90705 | &nbsp;&nbsp;&nbsp;&nbsp; 82231 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-110 Class AC, 1.75% due 10/16/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 27501 | &nbsp;&nbsp;&nbsp;&nbsp; 20704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-75 Class AC, 1.60% due 4/16/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 35849 | &nbsp;&nbsp;&nbsp;&nbsp; 26739 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., UMBS Collateral, Pool MA7706, 3.00% due 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 368126 | &nbsp;&nbsp;&nbsp;&nbsp; 321091 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A1, 2.479% due 3/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 42826 | &nbsp;&nbsp;&nbsp;&nbsp; 40540 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-1A Class A1, 4.00% due 2/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 76858 | &nbsp;&nbsp;&nbsp;&nbsp; 74258 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 30573 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 83447 | &nbsp;&nbsp;&nbsp;&nbsp; 79954 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 88439 | &nbsp;&nbsp;&nbsp;&nbsp; 89425 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.594% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49502 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $4,151,714) |  | &nbsp;&nbsp;&nbsp;&nbsp; 4121848 |
|  | **Short-Term Investments — 3.0%** |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 53345 | &nbsp;&nbsp;&nbsp;&nbsp; 533449 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $533,449) |  | &nbsp;&nbsp;&nbsp;&nbsp; 533449 |
|  | **Total Investments — 100.2% (Cost $17,686,451)** |  | &nbsp;&nbsp;$17518447 |
|  | **Liabilities Net of Other Assets — (0.2)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38237) |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$17480210 |

---

---

| | |
|:---|:---|
| **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 May 31, 2025, the aggregate value of these securities in the Fund's portfolio was $4,904,597, representing 28.06% of the Fund's net assets. |
| b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on May 31, 2025. |
| c | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| e | When-issued security. |
| f | Investment in Affiliates. |

---

#### Portfolio Abbreviations<br> To simplify the listings of securities, abbreviations are used per the table below:
AUD Denominated in Australian Dollar <br> CMBS Commercial Mortgage-Backed Securities <br> CMO Collateralized Mortgage Obligation

CMT Constant Maturity Rate <br> DOP Denominated in Dominican Peso <br> GBP Denominated in Pound Sterling

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

---

| | |
|:---|:---|
| LIBOR | London Interbank Offered Rates |
| Mtg | Mortgage |
| NZD | Dominated in New Zealand Dollar |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| SOFRINDX | Secured Overnight Financing Rate Index |
| TSFR1M | Term SOFR 1 Month |
| UMBS | Uniform Mortgage Backed Securities |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 31, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Core Plus Bond ETF (the "Fund") is a series of Thornburg ETF Trust (the "Trust"). The Trust was organized as a Massachusetts Business Trust on September 9, 2024 and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. The Fund is non-diversified within the meaning of the 1940 Act. The shares of the Fund are bought and sold through exchange trading at market prices (not net asset value ("NAV")), and are not individually redeemable with the Fund. Shares may trade at a premium or discount to their NAV in the secondary market. The Fund commenced operations on February 4, 2025. The Fund is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

#### 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.

Investments in U.S. exchange-traded funds are valued at the exchange-traded price if they are listed.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond ETF** | *May 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 8/31/24** | &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> 5/31/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $- | &nbsp;&nbsp;$6962048 | &nbsp;&nbsp;$(6428599) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$533449 | &nbsp;&nbsp;$8579 |

---

## 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 ETF Trust

- **b. Investment Company Act file number:** 811-24005

- **c. CIK number of Registrant:** 0002038383

- **d. LEI of Registrant:** 254900IY5G5O8L5LH268

- **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

  - **Telephone number:** 617-235-4739

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

- **a. Name of Series:** Thornburg Core Plus Bond ETF

- **b. EDGAR series identifier (if any):** S000089219

- **c. LEI of Series:** 2549007200VZNRTQ7D45

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $17591749.47

**Total Liabilities:** $111596.90

**Net Assets:** $17480152.57

**Delayed Delivery Securities:** $105223.74

**Cash Not Reported:** $1.08

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -26.43000000 | **1-Year:** -369.44000000 | **5-Year:** -1192.76000000 | **10-Year:** -782.38000000 | **30-Year:** -82.43000000

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

- **3-Month:** -11.21000000 | **1-Year:** -143.18000000 | **5-Year:** -268.81000000 | **10-Year:** -89.47000000 | **30-Year:** -11.95000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255734 | -0.03%               | 0.13%                | -0.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4853.09                 | $-70788.93                                 |
| Month 2  | $4189.41                 | $-72948.14                                 |
| Month 3  | $983.04                  | $-185108.37                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate

- **Index Identifier:** LBUSTRUU Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORP                             | Bank of America Corp                                                      | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43655.32     | 0.25%             | 2031-01-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                         | Octane Receivables Trust 2023-1                                           | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64450 | PA      | $64612.76     | 0.37%             | 2029-05-21      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XLGX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    114022 | PA      | $93161.88     | 0.53%             | 2053-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                              | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20315.50     | 0.12%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                       | Nasdaq Inc                                                                | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25606.00     | 0.15%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Ball Corp                                        | Ball Corp                                                                 | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24987.00     | 0.14%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                               | RGA Global Funding                                                        | CUSIP: 76209PAB9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27918.00     | 0.16%             | 2029-01-18      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                         | FirstEnergy Transmission LLC                                              | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9901.30      | 0.06%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                    | Parkland Corp                                                             | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24988.00     | 0.14%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                        | Qorvo Inc                                                                 | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44005.00     | 0.25%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                       | CUSIP: 91282CJQ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $157725.00    | 0.90%             | 2030-12-31      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                         | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc     | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26068.75     | 0.15%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                            | SS&C Technologies Inc                                                     | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24957.50     | 0.14%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC Trust 2014-IVR1                                                      | CUSIP: 12648AAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     73447 | PA      | $67130.16     | 0.38%             | 2043-11-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                               | CNA Financial Corp                                                        | CUSIP: 126117AY6<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |     71000 | PA      | $69917.25     | 0.40%             | 2034-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bank of America Credit Card Trust                | BA Credit Card Trust                                                      | CUSIP: 05522RDG0<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $105355.14    | 0.60%             | 2028-05-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XRYN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    215920 | PA      | $182543.53    | 1.04%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                     | Vontier Corp                                                              | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23458.50     | 0.13%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                           | Constellation Software Inc/Canada                                         | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25303.25     | 0.14%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                           | Extra Space Storage LP                                                    | CUSIP: 30225VAH0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     25000 | PA      | $24243.00     | 0.14%             | 2029-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                          | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30081.00     | 0.17%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                     | Veros Auto Receivables Trust 2025-1                                       | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80000 | PA      | $80021.42     | 0.46%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $60412.80     | 0.35%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Equifax Inc                                      | Equifax Inc                                                               | CUSIP: 294429AL9<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24622.25     | 0.14%             | 2026-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                       | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1300000 | PA      | $1269531.25   | 7.26%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                   | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24662.25     | 0.14%             | 2027-09-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                   | PSEG Power LLC                                                            | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $44416.24     | 0.25%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                          | Laboratory Corp of America Holdings                                       | CUSIP: 50540RBA9<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24436.25     | 0.14%             | 2032-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                         | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10168.40     | 0.06%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                              | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     20000 | PA      | $14712.00     | 0.08%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                         | Korn Ferry                                                                | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24674.50     | 0.14%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                                                | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    100000 | PA      | $59484.32     | 0.34%             | 2033-11-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418FGV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260604 | PA      | $238877.98    | 1.37%             | 2055-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                         | Brookfield Asset Management Ltd                                           | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $40521.60     | 0.23%             | 2035-04-24      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                           | Reliance Standard Life Global Funding II                                  | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25061.25     | 0.14%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DPQ76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    111229 | PA      | $94798.86     | 0.54%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                         | Main Street Capital Corp                                                  | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25471.50     | 0.15%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                    | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76410.75     | 0.44%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                       | US Bancorp                                                                | CUSIP: 91159HJS0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25305.25     | 0.14%             | 2030-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                         | LKQ Corp                                                                  | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26042.75     | 0.15%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                         | Southwestern Public Service Co                                            | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24505.00     | 0.14%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HP INC                                           | HP Inc                                                                    | CUSIP: 40434LAA3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44943.30     | 0.26%             | 2025-06-17      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59025.60     | 0.34%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                            | One Bryant Park Trust 2019-OBP                                            | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34000 | PA      | $30573.05     | 0.17%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                              | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27300.56     | 0.16%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                           | Blue Owl Credit Income Corp                                               | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25562.00     | 0.15%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                     | Illumina Inc                                                              | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24974.50     | 0.14%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                   | Pagaya AI Debt Trust 2023-5                                               | CUSIP: 69546PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91740 | PA      | $92321.62     | 0.53%             | 2031-04-15      | Fixed         | 9.10%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                          | CUSIP: 06406RBV8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25424.50     | 0.15%             | 2030-03-14      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                             | Prologis Targeted US Logistics Fund LP                                    | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              |  | US        |     50000 | PA      | $51186.00     | 0.29%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                         | Equitable Financial Life Global Funding                                   | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35211.40     | 0.20%             | 2030-03-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DP3J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    180079 | PA      | $147133.55    | 0.84%             | 2053-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                          | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19187.72     | 0.11%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                       | CUSIP: 03027XCN8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     30000 | PA      | $30165.90     | 0.17%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DOM REP CB NOTES                                 | Dominican Republic Central Bank Notes                                     | CUSIP: 000000000<br>LEI: 549300DTVR57NON7XL66 | Long             | DBT              | NUSS              | DO        |   2000000 | PA      | $33671.24     | 0.19%             | 2025-10-03      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                          | Farm Credit Bank of Texas                                                 | CUSIP: 30767EAD1<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGA              | US        |     55000 | PA      | $54783.85     | 0.31%             | 2025-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC        | Retained Vantage Data Centers Issuer LLC                                  | CUSIP: 76134KAE4<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $48891.14     | 0.28%             | 2048-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                                   | Globe Life Inc                                                            | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25431.00     | 0.15%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL                           | Mutual of Omaha Cos Global Funding                                        | CUSIP: 62829D2B5<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25638.50     | 0.15%             | 2028-12-12      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust 2024-4                             | CUSIP: 802919AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100182.51    | 0.57%             | 2029-01-16      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                         | MSCI Inc                                                                  | CUSIP: 55354GAM2<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23602.54     | 0.14%             | 2031-11-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                            | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23278.75     | 0.13%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                         | Tucson Electric Power Co                                                  | CUSIP: 898813AW0<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29615.70     | 0.17%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140QMKJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    257689 | PA      | $219435.92    | 1.26%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                        | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25907.25     | 0.15%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38381DME7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27502 | PA      | $20703.58     | 0.12%             | 2062-10-16      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                         | Virginia Electric and Power Co                                            | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24590.75     | 0.14%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                     | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25751.25     | 0.15%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                          | PPL Capital Funding Inc                                                   | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24733.50     | 0.14%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monongahela Power Co                             | Monongahela Power Co                                                      | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24486.25     | 0.14%             | 2027-05-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp                                          | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24799.00     | 0.14%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                             | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30876.00     | 0.18%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                         | MSCI Inc                                                                  | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23111.00     | 0.13%             | 2030-09-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                       | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $960781.25    | 5.50%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2017-1                                | CUSIP: 64829JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     76858 | PA      | $74258.18     | 0.42%             | 2057-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                      | Equifax Inc                                                               | CUSIP: 294429AV7<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25246.75     | 0.14%             | 2027-12-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWDX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    116393 | PA      | $90560.50     | 0.52%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                         | Horace Mann Educators Corp                                                | CUSIP: 440327AL8<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26681.50     | 0.15%             | 2028-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| American Tower Trust I                           | American Tower Trust #1                                                   | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     50000 | PA      | $48595.43     | 0.28%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                           | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67486.30     | 0.39%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                      | Southern Co/The                                                           | CUSIP: 842587DE4<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23942.00     | 0.14%             | 2030-04-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                   | NRG Energy Inc                                                            | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52129.21     | 0.30%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                          | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33632.90     | 0.19%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                         | Graphic Packaging International LLC                                       | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46318.50     | 0.26%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                           | Marlette Funding Trust 2021-3                                             | CUSIP: 57108QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41853 | PA      | $41802.03     | 0.24%             | 2031-12-15      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                          | CUSIP: 08576PAA9<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2026-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20901.09     | 0.12%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                          | Connecticut Light and Power Co/The                                        | CUSIP: 207597ES0<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24524.50     | 0.14%             | 2034-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                              | DataBank Issuer                                                           | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49133.73     | 0.28%             | 2054-01-26      | Fixed         | 5.30%                 | 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        |     45000 | PA      | $45384.14     | 0.26%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                        | College Ave Student Loans 2019-A LLC                                      | CUSIP: 19421UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79122 | PA      | $79127.28     | 0.45%             | 2048-12-28      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                 | Insight Enterprises Inc                                                   | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25483.75     | 0.15%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                          | Iron Mountain Information Management Services Inc                         | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     20000 | PA      | $18913.40     | 0.11%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                         | Stewart Information Services Corp                                         | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22151.00     | 0.13%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                              | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24456.50     | 0.14%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                         | Amcor Flexibles North America Inc                                         | CUSIP: 02344AAE8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24742.00     | 0.14%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                            | Truist Financial Corp                                                     | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25617.75     | 0.15%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                      | Ameren Corp                                                               | CUSIP: 023608AR3<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25743.12     | 0.15%             | 2035-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                 | Black Hills Corp                                                          | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25730.25     | 0.15%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                         | Evergy Missouri West Inc                                                  | CUSIP: 30037EAA1<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22534.75     | 0.13%             | 2032-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                            | Micron Technology Inc                                                     | CUSIP: 595112CE1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21175.77     | 0.12%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                          | Laboratory Corp of America Holdings                                       | CUSIP: 50540RAZ5<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24536.50     | 0.14%             | 2030-04-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3138L6PW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80633 | PA      | $78082.09     | 0.45%             | 2032-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                             | Hercules Capital Inc                                                      | CUSIP: 427096AJ1<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |     74000 | PA      | $71364.86     | 0.41%             | 2027-01-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                      | Southern Co/The                                                           | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39603.20     | 0.23%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN FIN GLBL FUNDING                         | Lincoln Financial Global Funding                                          | CUSIP: 53359KAB7<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52110.76     | 0.30%             | 2028-05-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                | Flowers Foods Inc                                                         | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48388.80     | 0.28%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                          | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70625.10     | 0.40%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                            | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43652.74     | 0.25%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                | Thornburg Capital Management Fund                                         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     53073 | NS      | $530733.83    | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WHISTLER PIPELINE LLC                            | Whistler Pipeline LLC                                                     | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35165.20     | 0.20%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26000 | PA      | $24680.24     | 0.14%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                           | Santander Holdings USA Inc                                                | CUSIP: 80282KBJ4<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25774.25     | 0.15%             | 2030-01-09      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                 | Puget Energy Inc                                                          | CUSIP: 745310AP7<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25744.42     | 0.15%             | 2035-03-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust              | Exeter Automobile Receivables Trust 2022-5                                | CUSIP: 30167FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22002 | PA      | $22078.02     | 0.13%             | 2027-12-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2022-1                                           | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82124 | PA      | $75222.01     | 0.43%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                            | Micron Technology Inc                                                     | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26728.25     | 0.15%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                         | Flex Ltd                                                                  | CUSIP: 33938XAB1<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |     25000 | PA      | $24811.75     | 0.14%             | 2030-05-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                        | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49913.00     | 0.29%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co LLC                                            | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32079.04     | 0.18%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                      | Paychex Inc                                                               | CUSIP: 704326AC1<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41693.31     | 0.24%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                      | Exelon Corp                                                               | CUSIP: 30161NBR1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     74000 | PA      | $74974.58     | 0.43%             | 2031-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                          | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25646.00     | 0.15%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC             | PRET 2024-RPL1 Trust                                                      | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83447 | PA      | $79954.51     | 0.46%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                      | Polaris Inc                                                               | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25930.25     | 0.15%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                          | Zebra Technologies Corp                                                   | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25401.50     | 0.15%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                     | Highmark Inc                                                              | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     73000 | PA      | $70716.56     | 0.40%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                              | Silgan Holdings Inc                                                       | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |     73000 | PA      | $70657.43     | 0.40%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                              | PFS Financing Corp                                                        | CUSIP: 69335PFA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147000 | PA      | $147163.93    | 0.84%             | 2027-08-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2021-P1                                    | CUSIP: 14687BAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $141396.38    | 0.81%             | 2027-03-10      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25630.50     | 0.15%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                            | Liberty Utilities Finance GP 1                                            | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21647.50     | 0.12%             | 2030-09-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                          | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9626.80      | 0.06%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                               | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41610.08     | 0.24%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                               | CUSIP: 694308KS5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24966.00     | 0.14%             | 2025-09-04      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                      | Hologic Inc                                                               | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23901.75     | 0.14%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                       | Humana Inc                                                                | CUSIP: 444859CD2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15710.88     | 0.09%             | 2035-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                          | Loanpal Solar Loan 2021-1 Ltd                                             | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94299 | PA      | $75798.82     | 0.43%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                           | Mueller Water Products Inc                                                | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23701.75     | 0.14%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                           | APA Infrastructure Ltd                                                    | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     73000 | PA      | $70299.00     | 0.40%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                         | RenaissanceRe Holdings Ltd                                                | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |     25000 | PA      | $25358.75     | 0.15%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                       | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     69000 | PA      | $70050.18     | 0.40%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                         | Fortitude Group Holdings LLC                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50658.50     | 0.29%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                            | Universal Health Services Inc                                             | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     72000 | PA      | $70552.80     | 0.40%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                   | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25012.50     | 0.14%             | 2030-03-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                             | BWX Technologies Inc                                                      | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23936.75     | 0.14%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AMCOR GROUP FINANCE                              | Amcor Group Finance PLC                                                   | CUSIP: 02344BAA4<br>LEI: 2549008XHB8M1L64J275 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $25463.75     | 0.15%             | 2029-05-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp                                | ITC Holdings Corp                                                         | CUSIP: 465685AH8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22397.00     | 0.13%             | 2043-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                     | Illumina Inc                                                              | CUSIP: 452327AP4<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16324.48     | 0.09%             | 2027-12-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                        | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23440.45     | 0.13%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                    | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25525.75     | 0.15%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                         | Ajax Mortgage Loan Trust 2020-B                                           | CUSIP: 00969YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152964 | PA      | $142812.43    | 0.82%             | 2059-05-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44849.25     | 0.26%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                 | Ryder System Inc                                                          | CUSIP: 78355HLA5<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25304.50     | 0.14%             | 2027-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                          | American Electric Power Co Inc                                            | CUSIP: 025537AN1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44741.50     | 0.26%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                                                | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     60000 | PA      | $74758.49     | 0.43%             | 2033-01-31      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                         | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48874.00     | 0.28%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                             | American National Global Funding                                          | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69000 | PA      | $69992.91     | 0.40%             | 2030-01-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                       | GLS Auto Receivables Issuer Trust 2022-1                                  | CUSIP: 36263XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49663.84     | 0.28%             | 2028-01-18      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                            | KeySpan Gas East Corp                                                     | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25530.50     | 0.15%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                       | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24429.25     | 0.14%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                             | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20351.00     | 0.12%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2022-NQM5 Trust                                                      | CUSIP: 12663DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106095 | PA      | $105690.35    | 0.60%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                          | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     10000 | PA      | $10017.90     | 0.06%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XRWW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186896 | PA      | $185365.52    | 1.06%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                 | Puget Energy Inc                                                          | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22996.25     | 0.13%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38380R4Z0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35849 | PA      | $26738.92     | 0.15%             | 2062-04-16      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                     | VeriSign Inc                                                              | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32215.04     | 0.18%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                           | Fairfax Financial Holdings Ltd                                            | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25390.50     | 0.15%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2023-N3                                    | CUSIP: 14686RAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $75696.66     | 0.43%             | 2028-05-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                         | Public Service Enterprise Group Inc                                       | CUSIP: 744573BA3<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32212.16     | 0.18%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                        | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    368126 | PA      | $321091.04    | 1.84%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137HA4L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90000 | PA      | $90984.68     | 0.52%             | 2031-01-25      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                         | Constellation Brands Inc                                                  | CUSIP: 21036PBN7<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41002.05     | 0.23%             | 2026-02-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                               | Boston Gas Co                                                             | CUSIP: 100743AM5<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22667.25     | 0.13%             | 2032-03-16      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                       | NetApp Inc                                                                | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70920.50     | 0.41%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                            | Aon North America Inc                                                     | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $70815.50     | 0.41%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                          | Kinder Morgan Energy Partners LP                                          | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25226.25     | 0.14%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                               | nVent Finance Sarl                                                        | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $21337.00     | 0.12%             | 2031-11-15      | Fixed         | 2.75%                 | 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        |     65000 | PA      | $64411.77     | 0.37%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23473.25     | 0.13%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39218.00     | 0.22%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NLG GLOBAL FUNDING                               | NLG Global Funding                                                        | CUSIP: 62915W2A0<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |     69000 | PA      | $70186.11     | 0.40%             | 2030-01-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                        | CUSIP: 29273VBD1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18185.22     | 0.10%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                          | Public Service Co of Oklahoma                                             | CUSIP: 744533BM1<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21283.50     | 0.12%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                              | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48048.00     | 0.27%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                           | American Honda Finance Corp                                               | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37954.78     | 0.22%             | 2026-12-11      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                     | Centene Corp                                                              | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21993.50     | 0.13%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                   | Wheels Fleet Lease Funding 1 LLC                                          | CUSIP: 96328GBG1<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |     63914 | PA      | $64753.01     | 0.37%             | 2038-08-18      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| KENTUCKY POWER CO                                | Kentucky Power Co                                                         | CUSIP: 491386AP3<br>LEI: JHOZYZ5WPEXWR477VH72 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37154.95     | 0.21%             | 2033-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WESTERN-SOUTHERN GLOBAL                          | Western-Southern Global Funding                                           | CUSIP: 95954A2A0<br>LEI: 635400PFYEGVSGK4VB37 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40135.20     | 0.23%             | 2030-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust     | American Credit Acceptance Receivables Trust 2024-4                       | CUSIP: 024945AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19789 | PA      | $19783.05     | 0.11%             | 2028-03-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                           | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     25000 | PA      | $24009.75     | 0.14%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NORTHWESTERN CORP                                | NorthWestern Corp                                                         | CUSIP: 66807TAA0<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30287.10     | 0.17%             | 2030-03-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                      | PRKCM 2024-HOME1 Trust                                                    | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88439 | PA      | $89424.89     | 0.51%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                         | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9873.90      | 0.06%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                 | BOF VII AL Funding Trust I                                                | CUSIP: 097093AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39563 | PA      | $40010.70     | 0.23%             | 2032-07-26      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                 | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26014.25     | 0.15%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWC76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    249170 | PA      | $203738.57    | 1.17%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                        | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41232.88     | 0.24%             | 2026-02-15      | Fixed         | 6.05%                 | 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        |     50000 | PA      | $49502.49     | 0.28%             | 2038-05-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                          | CUSIP: 22822VBE0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     25000 | PA      | $25506.25     | 0.15%             | 2034-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                          | CNO Financial Group Inc                                                   | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36044.05     | 0.21%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                  | Goodgreen 2021-1 Trust                                                    | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54526 | PA      | $44200.42     | 0.25%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                          | Energean Israel Finance Ltd                                               | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     25000 | PA      | $25487.75     | 0.15%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                     | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    270904 | PA      | $244110.26    | 1.40%             | 2054-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                             | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25406.25     | 0.15%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                            | SS&C Technologies Inc                                                     | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25653.00     | 0.15%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2018-1                                            | CUSIP: 61946FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     92141 | PA      | $86958.64     | 0.50%             | 2043-06-22      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                            | Pinnacle West Capital Corp                                                | CUSIP: 723484AM3<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70506.10     | 0.40%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWD67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    354731 | PA      | $302249.83    | 1.73%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2012-1                                             | CUSIP: 78446WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40954 | PA      | $39763.47     | 0.23%             | 2028-09-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                           | DaVinciRe Holdings Ltd                                                    | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     25000 | PA      | $24737.00     | 0.14%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418EU99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194520 | PA      | $193069.95    | 1.10%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                        | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70023.80     | 0.40%             | 2027-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                        | Emera Inc                                                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $55385.55     | 0.32%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2020-NQM1 Trust                                                       | CUSIP: 552754AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42826 | PA      | $40540.18     | 0.23%             | 2065-03-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                                              | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     46000 | PA      | $25857.58     | 0.15%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                            | Keysight Technologies Inc                                                 | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40832.40     | 0.23%             | 2030-07-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                 | Genuine Parts Co                                                          | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25228.75     | 0.14%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                       | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $643906.25    | 3.68%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                          | Columbia Pipelines Operating Co LLC                                       | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10374.50     | 0.06%             | 2030-08-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                          | Wisconsin Power and Light Co                                              | CUSIP: 976826BS5<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25036.75     | 0.14%             | 2034-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                     | Ecopetrol SA                                                              | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     20000 | PA      | $19019.20     | 0.11%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                                                   | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16905.31     | 0.10%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GCAT                                             | GCAT 2021-CM2 Trust                                                       | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90705 | PA      | $82231.16     | 0.47%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25793.00     | 0.15%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                    | CoreCivic Inc                                                             | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26422.50     | 0.15%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                | Clean Harbors Inc                                                         | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48971.50     | 0.28%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                | Union Electric Co                                                         | CUSIP: 906548CR1<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23340.25     | 0.13%             | 2030-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                           | Molex Electronic Technologies LLC                                         | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40050.40     | 0.23%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140LJS49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17000 | PA      | $16451.44     | 0.09%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                              | COMM 2024-277P Mortgage Trust                                             | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $31214.07     | 0.18%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                          | Brighthouse Financial Global Funding                                      | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25325.25     | 0.14%             | 2027-04-09      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                 | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22156.75     | 0.13%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                                                   | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     32000 | PA      | $30639.68     | 0.18%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XQQ91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    259542 | PA      | $219423.03    | 1.26%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                       | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24581.25     | 0.14%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2022-ATH1                                                            | CUSIP: 12660BAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110682 | PA      | $106141.40    | 0.61%             | 2067-01-25      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                           | Extra Space Storage LP                                                    | CUSIP: 30225VAL1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     25000 | PA      | $24728.25     | 0.14%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTACT FINANCIAL CORP                            | Intact Financial Corp                                                     | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25011.50     | 0.14%             | 2032-09-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| 6297782 LLC                                      | South Bow USA Infrastructure Holdings LLC                                 | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24815.25     | 0.14%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418FJR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    263158 | PA      | $248298.54    | 1.42%             | 2055-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                             | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25665.64     | 0.15%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                | Service Corp International/US                                             | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49687.50     | 0.28%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                         | Papa John's International Inc                                             | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23449.25     | 0.13%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                 | CUSIP: 31288Q4S6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    103642 | PA      | $96158.71     | 0.55%             | 2052-06-01      | Floating      | 2.09%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                       | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    465000 | PA      | $406584.38    | 2.33%             | 2053-08-15      | Fixed         | 4.13%                 | No            |                  1 | On Loan: No      |
| CCL INDUSTRIES INC                               | CCL Industries Inc                                                        | CUSIP: 124900AD3<br>LEI: 549300TD3EMSRRC0YH75 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $22813.50     | 0.13%             | 2030-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834KV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1120000 | PA      | $485285.68    | 2.78%             | 2041-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| AEP TEXAS INC                                    | AEP Texas Inc                                                             | CUSIP: 00108WAM2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21871.00     | 0.13%             | 2030-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                             | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22963.75     | 0.13%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140HUB96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90986 | PA      | $78285.63     | 0.45%             | 2049-06-01      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                       | CUSIP: 912810RG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    998000 | PA      | $803857.81    | 4.60%             | 2044-05-15      | Fixed         | 3.38%                 | No            |                  1 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                          | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $28536.25     | 0.16%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Humana Inc                                       | Humana Inc                                                                | CUSIP: 444859BF8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24817.25     | 0.14%             | 2027-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-25

**Name of Applicant:** Thornburg ETF Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin