# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-26-015728
**Filing Date:** 2026-2
**Character Count:** 116523
**Document Hash:** b4893cea3016ec7d0093b0ca5de3a9f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015728.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015728

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 26659403

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

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

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

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

## Series and Classes Contracts Data

### Thornburg California Limited Term Municipal Fund (Series ID: S000011841)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000032344 | Thornburg California Limited Term Municipal Fund - Class A  | LTCAX           |
| C000032345 | Thornburg California Limited Term Municipal Fund - Class C  | LTCCX           |
| C000032346 | Thornburg California Limited Term Municipal Fund - Class I  | LTCIX           |
| C000222322 | Thornburg California Limited Term Municipal Fund - Class C2 | LTCQX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 91.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Antonio B Won Pat International Airport Authority AMT, Series A, 5.00% due 10/1/2031 - 10/1/2033 | &nbsp;&nbsp;$900000 | &nbsp;&nbsp;$967927 |
|  | &nbsp;&nbsp;&nbsp;Apple Valley Public Financing Authority (BAM), Series A, 4.00% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 475271 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.95% due 4/1/2047 (put 4/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999530 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 3.73% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990620 |
|  | &nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign AMT, Series B, 5.00% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1140618 |
|  | &nbsp;&nbsp;&nbsp;California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065943 |
|  | &nbsp;&nbsp;&nbsp;California (Cedars-Sinai Medical Center Obligated Group) HFFA, Series B, 4.00% due 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1252351 |
|  | &nbsp;&nbsp;&nbsp;California (Episcopal Communities & Services for Seniors Obligated Group) HFFA, Series A, 3.85% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500375 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 4425000 | &nbsp;&nbsp;&nbsp;&nbsp; 4805077 |
|  | &nbsp;&nbsp;&nbsp;California (Providence St. Joseph Health Obligated Group) HFFA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006094 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 10/1/2039 (put 10/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2069381 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25% due 10/1/2050 (put 10/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187733 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: American General Life) (Green Bond), Series C, 5.00% due 12/1/2055 (put 10/1/2033) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054832 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7428162 |
|  | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00% due 12/1/2053 (put 8/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 3049951 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.25% due 11/1/2054 (put 4/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3184710 |
|  | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 4570000 | &nbsp;&nbsp;&nbsp;&nbsp; 4631700 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7415576 |
|  | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: New York Life Insurance Company) (Green Bond), Series G, 5.00% due 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645027 |
|  | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Pacific Life Insurance Co.) (Green Bond), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 3/1/2056 (put 11/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4173015 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00% due 2/1/2055 (put 11/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5837038 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Royal Bank of Canada) (Green Bond), Series D, 5.00% due 2/1/2055 (put 9/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8164237 |
|  | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority (Art Center College of Design), Series A, 5.00% due 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 401315 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Housing Finance Agency (Century WLAVA 4 LP), 2.95% due 6/1/2046 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248957 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Housing Finance Agency (Del Sur Family Housing LP), Series V, 5.00% due 5/1/2054 (put 11/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3875000 | &nbsp;&nbsp;&nbsp;&nbsp; 3923108 |
|  | &nbsp;&nbsp;&nbsp;California Housing Finance Agency (FHA) (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A-2, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 8/1/2064 (put 2/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4017252 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% due 8/1/2063 (put 8/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2501462 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Housing Finance Agency (Foothill Family Preservation LP), 2.75% due 5/1/2044 (put 5/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2084260 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank (J Paul Getty Trust), Series B-2, 3.00% due 10/1/2047 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 691281 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (6033 De Soto LP), Series A, 2.95% due 1/1/2056 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000154 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Aldersly) (California Mtg Insurance), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.00% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 595523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 3.75% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 575317 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Ararat Home of Los Angeles, Inc.) (California Mtg Insurance), 5.00% due 5/15/2033 - 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 218211 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio) (Green Bond), Series A, 5.00% due 8/15/2032 - 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 931962 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM), 5.00% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187505 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC) (BAM) (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 631750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2027 - 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1945000 | &nbsp;&nbsp;&nbsp;&nbsp; 2087020 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Cmnty Facs District No. 2023-5 Area No. 2), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 219329 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 108623 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Lake Isabella Investment Group LP), Series A, 2.75% due 9/1/2028 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 597725 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Palmdale Family Housing LP), Series A, 2.95% due 1/1/2056 (put 1/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994901 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Palomar Health Obligated Group) (AG) COP, Series A, 5.00% due 11/1/2027 - 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 513141 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Republic Services, Inc.) AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 7/1/2041 (put 4/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3488730 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% due 3/1/2054 (put 3/1/2034) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015730 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% due 9/1/2053 (put 9/1/2033) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4204680 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Roseville Affordable LP), Series B, 3.75% due 6/1/2028 (put 6/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010750 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (San Jose South 1st Street Associates LP), Series A-2, 3.45% due 12/1/2029 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165257 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Scripps College), 5.00% due 7/1/2035 - 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; 2645892 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (View at San Bruno LP), Series A-1, 5.00% due 6/1/2056 (put 7/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067306 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 10/1/2041 (put 10/2/2028) | &nbsp;&nbsp;$2750000 | &nbsp;&nbsp;$2750322 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2044 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003189 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% due 9/1/2050 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093859 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% due 11/1/2041 (put 6/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000840 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 3.80% due 7/1/2043 (put 2/17/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2988159 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3061794 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.00% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055073 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California State University, Series B-3, 3.125% due 11/1/2051 (put 11/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200412 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (CHF-Irvine LLC), 5.00% due 5/15/2027 - 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130439 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (CHF-Irvine LLC) (BAM), 5.00% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 2685041 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Heritage Park Apartments Roseville LP) (FNMA), Series A, 3.70% due 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012648 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2004-MR, 5.00% due 4/1/2038 (put 11/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 2830000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073816 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Odd Fellows Home) (California Mtg Insurance), Series A, 5.00% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251324 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Pepperwood Apartments), Series 2023-06FN Class PT, 3.75% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1516663 | &nbsp;&nbsp;&nbsp;&nbsp; 1555828 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Sequoia Living, Inc.) (California Mtg Insurance), Series A, 5.00% due 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130482 |
|  | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Southern California Edison Co.), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.75% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2354482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.50% due 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3665210 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority (Vintage at Folsom LP), Series E-2, 5.00% due 10/1/2028 (put 10/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 673824 |
|  | &nbsp;&nbsp;&nbsp;Cathedral City Redevelopment Successor Agency (Merged Redevelopment Area) (BAM), Series A, 5.00% due 8/1/2030 - 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 813499 |
|  | &nbsp;&nbsp;&nbsp;Centinela Valley Union High School District (AG) GO, Series C, 4.00% due 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 368688 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Central Valley Energy Authority (Guaranty: Pacific Life Insurance Co.), 5.00% due 12/1/2055 (put 8/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2188646 |
|  | &nbsp;&nbsp;&nbsp;City of Chula Vista Redevelopment Successor Agency (AG), 5.00% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083619 |
|  | &nbsp;&nbsp;&nbsp;City of Fresno (Fresno Airport Revenue) (BAM) AMT, Series A, 5.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 651116 |
|  | &nbsp;&nbsp;&nbsp;City of Irvine Reassessment District No. 25-1 (AG), 5.00% due 9/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 297233 |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 5/15/2030 - 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4771165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 414241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5435000 | &nbsp;&nbsp;&nbsp;&nbsp; 6079270 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of San Jose (Allied 1510 Parkmoor LP) (HUD), Series F-2, 5.00% due 6/1/2027 (put 6/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012294 |
|  | &nbsp;&nbsp;&nbsp;City of San Jose (La Moraga San Jose LP) (FNMA), Series C, 3.90% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2807120 |
|  | &nbsp;&nbsp;&nbsp;City of San Mateo (San Mateo Community Facilities District No. 2008-1) (BAM), 5.00% due 9/1/2027 - 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3915000 | &nbsp;&nbsp;&nbsp;&nbsp; 4313945 |
|  | &nbsp;&nbsp;&nbsp;City of Victorville Electric Revenue, Series A, 5.00% due 5/1/2028 - 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1195684 |
|  | &nbsp;&nbsp;&nbsp;County of Sacramento Airport System Revenue AMT, Series A, 5.00% due 7/1/2035 - 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1302545 |
|  | &nbsp;&nbsp;&nbsp;County of Sacramento CA Airport System Revenue AMT, Series C, 5.00% due 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 1985847 |
|  | &nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority (Water & Wastewater System), Series A, 5.00% due 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 649860 |
|  | &nbsp;&nbsp;&nbsp;Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2026 - 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775802 |
|  | &nbsp;&nbsp;&nbsp;Hesperia Community Redevelopment Successor Agency (AG), Series A, 5.00% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 528708 |
|  | &nbsp;&nbsp;&nbsp;Indian Wells Redevelopment Successor Agency (NPFG), Series A, 5.00% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505970 |
|  | &nbsp;&nbsp;&nbsp;Indio Finance Authority (BAM), Series A, 5.00% due 11/1/2029 - 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1749107 |
|  | &nbsp;&nbsp;&nbsp;Jurupa Public Financing Authority (AG), 5.00% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464575 |
|  | &nbsp;&nbsp;&nbsp;Lammersville Joint (BAM) USD, 5.00% due 9/1/2028 - 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4055000 | &nbsp;&nbsp;&nbsp;&nbsp; 4549803 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Community College District GO, 5.00% due 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3048861 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (2111 Firestone LP) (HUD), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2605000 | &nbsp;&nbsp;&nbsp;&nbsp; 2617676 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (Century Wlava 2 LP) (HUD), Series C, 3.75% due 12/1/2046 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 2575000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575427 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (RCV 1 LP), Series C, 3.35% due 9/1/2059 (put 9/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003608 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Los Angeles County Development Authority (VA Building 402 LP) (HUD), Series F, 3.375% due 1/1/2046 (put 7/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 4030000 | &nbsp;&nbsp;&nbsp;&nbsp; 4027989 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Housing Authority (FNMA), Series A, 3.75% due 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5020000 | &nbsp;&nbsp;&nbsp;&nbsp; 5110611 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Los Angeles Housing Authority (One San Pedro Phase I LP), Series B, 3.25% due 2/1/2029 (put 2/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008341 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles USD (Green Bond) ETM COP, Series A, 5.00% due 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183953 |
|  | &nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1526343 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Northern California Energy Authority (Guaranty: Paclife Life Insurance Co.), Series A-1, 5.00% due 12/1/2054 (put 8/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 186043 |
|  | &nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) (AG) USD GO, Series A, 4.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017016 |
|  | &nbsp;&nbsp;&nbsp;Peralta Community College District GO, 5.00% due 8/1/2031 - 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2402054 |
|  | &nbsp;&nbsp;&nbsp;Pittsburg Redevelopment Successor Agency (AG), Series A, 5.00% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 543477 |
|  | &nbsp;&nbsp;&nbsp;Redwoods Community College District (BAM) GO, 5.00% due 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 590345 |
|  | &nbsp;&nbsp;&nbsp;Riverside County Public Financing Authority (BAM), Series A, 5.00% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2238392 |
|  | &nbsp;&nbsp;&nbsp;Riverside County Redevelopment Successor Agency (AG), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 520237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500420 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER-DESCRIPTION** | **ISSUER-DESCRIPTION** | **SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Riverside County Redevelopment Successor Agency (BAM), Series B, 5.00% due 10/1/2030 | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;$750629 |
|  | &nbsp;&nbsp;&nbsp;Rosemead CDC Successor Agency (Rosemead Merged Project Area) (BAM), 5.00% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 757897 |
|  | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Series A, 5.00% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 541914 |
|  | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2030 - 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7080000 | &nbsp;&nbsp;&nbsp;&nbsp; 7952729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2031 - 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp;&nbsp; 2790213 |
|  | &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Comm-San Francisco International Airport AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 5/1/2032 - 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8918768 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998293 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), Series A, 5.50% due 1/1/2056 (put 7/1/2035) | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 5411693 |
|  | &nbsp;&nbsp;&nbsp;Santa Clara County Financing Authority, Series Q, 4.00% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041301 |
|  | &nbsp;&nbsp;&nbsp;Santa Cruz County Capital Financing Authority, Series A-1, 4.00% due 6/1/2031 - 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704050 |
|  | &nbsp;&nbsp;&nbsp;State of California GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 8/1/2033 - 3/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7082075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 - 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2732119 |
|  | &nbsp;&nbsp;&nbsp;Stockton Public Financing Authority (Stockton Water Revenue) (BAM) (Green Bond), Series A, 5.00% due 10/1/2026 - 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1365498 |
|  | &nbsp;&nbsp;&nbsp;Stockton-East Water District (BAM) (Green Bond) COP, Series A, 5.00% due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028494 |
|  | &nbsp;&nbsp;&nbsp;Territory of Guam, Series G, 5.00% due 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 551370 |
|  | &nbsp;&nbsp;&nbsp;Tustin (Community Facilities District No. 97-1) USD, Series A, 5.00% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450135 |
|  | &nbsp;&nbsp;&nbsp;Tustin Financing Authority (AG), 5.00% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 831192 |
|  | &nbsp;&nbsp;&nbsp;University of California, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2030 - 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2309981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series AV, 5.00% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 513617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series AY, 4.00% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017956 |
|  | &nbsp;&nbsp;&nbsp;Ventura County Community College District GO, 4.00% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000718 |
|  | &nbsp;&nbsp;&nbsp;West Valley-Mission Community College District GO, Series B, 4.00% due 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150765 |
|  | &nbsp;&nbsp;&nbsp;TOTAL LONG-TERM MUNICIPAL BONDS — 91.6% (Cost $260,842,567) |  | &nbsp;&nbsp;&nbsp;&nbsp;267133622 |
|  | **SHORT-TERM INVESTMENTS — 7.6%** |  |  |
|  | **MUTUAL FUND — 7.6%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 3.70% | &nbsp;&nbsp;&nbsp;&nbsp;22032204 | &nbsp;&nbsp;&nbsp;&nbsp; 22032204 |
|  | &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUND — 7.6% (Cost $22,032,204) |  | &nbsp;&nbsp;&nbsp;&nbsp; 22032204 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS — 7.6% (Cost $22,032,204) |  | &nbsp;&nbsp;&nbsp;&nbsp; 22032204 |
|  | **Total Investments — 99.2% (Cost $282,874,771)** |  | &nbsp;&nbsp;$289165826 |
|  | **Other Assets Less Liabilities — 0.8%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461393 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$291627219 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on December 31, 2025. |
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the aggregate value of these securities in the Fund's portfolio was $2,988,159, representing 1.02% of the Fund's net assets. |
| c | Rate represents the money market fund annualized seven-day yield at December 31, 2025. |

---

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

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| CDC | Community Development Commission |
| COP | Certificates of Participation |
| ETM | Escrowed to Maturity |
| FHA | Insured by Federal Housing Administration |
| FNMA | Collateralized by Federal National Mortgage Association |
| GO | General Obligation |

---

---

| | |
|:---|:---|
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| Mtg | Mortgage |
| MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
| NPFG | Insured by National Public Finance Guarantee Corp. |
| USD | Unified School District |
| VA | Veterans Affairs |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg California Limited Term Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Thornburg California Limited Term Municipal Fund

- **b. EDGAR series identifier (if any):** S000011841

- **c. LEI of Series:** 549300AEWS0TMJJM0P77

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $292549740.08

**Total Liabilities:** $987856.84

**Net Assets:** $291561883.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1530.28000000 | **1-Year:** -13551.59000000 | **5-Year:** -52153.47000000 | **10-Year:** -38915.11000000 | **30-Year:** -1249.44000000

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

- **3-Month:** -1.50000000 | **1-Year:** -48.82000000 | **5-Year:** -463.01000000 | **10-Year:** -413.05000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032344 | 0.25%                | 0.25%                | 0.16%                |
| Class ID C000032345 | 0.15%                | 0.23%                | 0.14%                |
| Class ID C000032346 | 0.19%                | 0.35%                | 0.18%                |
| Class ID C000222322 | 0.15%                | 0.23%                | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $104979.79               | $-217762.96                                |
| Month 2  | $-466.63                 | $82232.80                                  |
| Month 3  | $-59335.38               | $-176708.33                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apple Valley Public Financing Authority                                      | APPLE VLY CA PUBLIC FING AUTH TAX ALLOCATION REVENUE         | CUSIP: 03787QAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $475271.08    | 0.16%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024UJ9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999530.00    | 0.34%             | 2047-04-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024XU1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990620.00    | 0.34%             | 2056-04-01      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1140618.00   | 0.39%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4570000 | PA      | $4631699.57   | 1.59%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3049950.63   | 1.05%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7428162.00   | 2.55%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7415576.00   | 2.54%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3184710.00   | 1.09%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8164237.50   | 2.80%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5837038.20   | 2.00%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4173015.00   | 1.43%             | 2056-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054832.00   | 0.36%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHJ8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1645027.50   | 0.56%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179UA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $401315.25    | 0.14%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032U4R6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1187733.00   | 0.41%             | 2050-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UFJ2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006094.00   | 0.35%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UJ82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500375.00   | 0.51%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UKB3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252351.25   | 0.43%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UUP1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2069380.82   | 0.71%             | 2039-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UUW6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4805076.53   | 1.65%             | 2041-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                | CUSIP: 13032WBB9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501462.50   | 0.86%             | 2063-08-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                | CUSIP: 13032WCF9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4017252.00   | 1.38%             | 2064-08-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1065942.53   | 0.37%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AV49<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    690000 | PA      | $691281.33    | 0.24%             | 2047-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAC8<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3875000 | PA      | $3923108.13   | 1.35%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DBF0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2084260.50   | 0.71%             | 2044-05-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DBL7<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248956.75    | 0.09%             | 2046-06-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483GP9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1165257.05   | 0.40%             | 2029-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483GR5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010750.00   | 0.35%             | 2028-06-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1067305.56   | 0.37%             | 2056-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483JQ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $597725.40    | 0.21%             | 2028-09-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KM1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994901.00    | 0.34%             | 2056-01-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KP4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000154.00   | 0.34%             | 2056-01-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003189.00   | 1.03%             | 2044-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3488730.00   | 1.20%             | 2041-07-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750321.75   | 0.94%             | 2041-10-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4204680.00   | 1.44%             | 2053-09-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000840.00   | 0.69%             | 2041-11-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015730.00   | 0.69%             | 2054-03-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093858.70   | 0.38%             | 2050-09-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VL71<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    595000 | PA      | $595523.01    | 0.20%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VL89<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    575000 | PA      | $575317.40    | 0.20%             | 2028-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VN53<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109238.50    | 0.04%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VN61<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108971.80    | 0.04%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH ACADEMIC FACS REVENUE            | CUSIP: 130491AH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    540000 | PA      | $615028.14    | 0.21%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH ACADEMIC FACS REVENUE            | CUSIP: 130491AJ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $2030864.40   | 0.70%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101713.10    | 0.03%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102318.40    | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CD9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102925.10    | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $206185.00    | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SFR0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    285000 | PA      | $315450.54    | 0.11%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SFS8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $335214.30    | 0.11%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SFT6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $281296.75    | 0.10%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YCQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2187504.90   | 0.75%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YEY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $411725.60    | 0.14%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YEZ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $367974.60    | 0.13%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    345000 | PA      | $370298.51    | 0.13%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $492060.60    | 0.17%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFC0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $444959.20    | 0.15%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $631750.20    | 0.22%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051ANV6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    215000 | PA      | $219329.03    | 0.08%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051ANW4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108622.50    | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3061794.00   | 1.05%             | 2038-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2988159.00   | 1.02%             | 2043-07-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063C6M7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503527.50    | 0.17%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063C6R6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005882.00   | 0.34%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063CD98<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3022500.00   | 1.04%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063CS76<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510158.00   | 0.52%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DDR6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    640000 | PA      | $666620.80    | 0.23%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DDX3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065498.00   | 0.71%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063EKM7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040007.00   | 0.36%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LZU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1055072.76   | 0.36%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XHH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1763634.00   | 0.60%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DSZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4200411.60   | 1.44%             | 2051-11-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH POLL CONTROL REVENUE       | CUSIP: 13078HAY8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2354482.50   | 0.81%             | 2029-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH POLL CONTROL REVENUE       | CUSIP: 13078HBA9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3665210.50   | 1.26%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RFZ8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503032.50    | 0.17%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RGF1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    625000 | PA      | $627405.63    | 0.22%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RHS2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2685040.82   | 0.92%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH MFH REVENUE               | CUSIP: 13079PA29<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012648.00   | 0.35%             | 2035-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH MFH REVENUE               | CUSIP: 13079PZS5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $673824.45    | 0.23%             | 2028-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080S2F0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1130481.55   | 0.39%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SN34<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251324.00    | 0.09%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SYB4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3073815.82   | 1.05%             | 2038-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Tax-Exempt Mortgage-Backed Securities                            | Multifamily Tax-Exempt Mortgage-backed Securities            | CUSIP: 13081DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1516663 | PA      | $1555827.67   | 0.53%             | 2034-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cathedral City Redevelopment Agency Successor Agency                         | CATHEDRAL CITY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION REV | CUSIP: 14916YEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $394302.41    | 0.14%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Redevelopment Agency Successor Agency                         | CATHEDRAL CITY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION REV | CUSIP: 14916YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $419197.42    | 0.14%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centinela Valley Union High School District                                  | CENTINELA VLY CA UNION HIGH SCH DIST                         | CUSIP: 152339RF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $368688.33    | 0.13%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                              | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE             | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2188646.00   | 0.75%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Redevelopment Agency Successor Agency                            | CHULA VISTA CA REDEV AGY SUCCESSOR AGENCY TAX ALLOCATION     | CUSIP: 17132FAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1083618.96   | 0.37%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fresno CA Airport Revenue                                            | FRESNO CA ARPT REVENUE                                       | CUSIP: 358100FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $651116.24    | 0.22%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                            | GUAM INTERNATIONAL ARPT AUTH                                 | CUSIP: 40064RFM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214037.20    | 0.07%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                            | GUAM INTERNATIONAL ARPT AUTH                                 | CUSIP: 40064RFN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537760.50    | 0.18%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                            | GUAM INTERNATIONAL ARPT AUTH                                 | CUSIP: 40064RFP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216129.80    | 0.07%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653HX2<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506729.00    | 0.17%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653HY0<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1269073.41   | 0.44%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $649860.12    | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551370.50    | 0.19%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hesperia Community Redevelopment Agency Successor Agency                     | HESPERIA CA CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION     | CUSIP: 42806KAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528708.00    | 0.18%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indian Wells Redevelopment Agency Successor Agency                           | INDIAN WELLS CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION       | CUSIP: 45454RBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505970.00    | 0.17%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $466593.05    | 0.16%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $448452.80    | 0.15%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $428360.63    | 0.15%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $405700.40    | 0.14%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                            | IRVINE CA LIMITED OBLIG IMPT                                 | CUSIP: 46360VAY4<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $297233.25    | 0.10%             | 2035-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                            | JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE                   | CUSIP: 482085GD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1464574.86   | 0.50%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                   | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533GS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1237327.92   | 0.42%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                   | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533GV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1515095.51   | 0.52%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                   | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1797378.96   | 0.62%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                    | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CC34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3048861.00   | 1.05%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445BU2<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1108188.40   | 0.38%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445FC8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3662977.50   | 1.26%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445FT1<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    400000 | PA      | $414240.80    | 0.14%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445R84<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   5435000 | PA      | $6079270.34   | 2.09%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                | LOS ANGELES CA HSG AUTH MF HSG REVENUE                       | CUSIP: 544562CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5110611.00   | 1.75%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                | LOS ANGELES CA HSG AUTH MF HSG REVENUE                       | CUSIP: 544562CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008341.00   | 0.35%             | 2029-02-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                       | LOS ANGELES CA UNIF SCH DIST COPS                            | CUSIP: 544648WV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1183953.00   | 0.41%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MULTIFAMILY HSG MTG REV         | CUSIP: 54465JAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2617675.93   | 0.90%             | 2043-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MF HSG REVENUE                  | CUSIP: 54467WAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4027989.03   | 1.38%             | 2046-01-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MF HSG REVENUE                  | CUSIP: 54467WAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2575427.45   | 0.88%             | 2046-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MF HSG REVENUE                  | CUSIP: 54467WAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003608.00   | 0.34%             | 2059-09-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                 | CUSIP: 664840AL9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    175000 | PA      | $186042.68    | 0.06%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                               | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325H75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017016.00   | 0.35%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YN2<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $574827.00    | 0.20%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YP7<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1222792.12   | 0.42%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YQ5<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |    520000 | PA      | $604435.00    | 0.21%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redwoods Community College District                                          | REDWOODS CA CMNTY CLG DIST                                   | CUSIP: 758084DX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $590345.00    | 0.20%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Public Financing Authority                                  | RIVERSIDE CNTY CA PUBLIC FINGAUTH                            | CUSIP: 76912TPC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2238392.20   | 0.77%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                              | RIVERSIDE CNTY CA REDEV SUCCESSOR AGY TAX ALLOCATION         | CUSIP: 76913ADJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500419.50    | 0.17%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                              | RIVERSIDE CNTY CA REDEV SUCCESSOR AGY TAX ALLOCATION         | CUSIP: 76913ADP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520237.12    | 0.18%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                              | RIVERSIDE CNTY CA REDEV SUCCESSOR AGY TAX ALLOCATION         | CUSIP: 76913AGS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750629.25    | 0.26%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rosemead Community Development Commission Successor Agency                   | ROSEMEAD CA CMNTY DEV COMMISSION SUCCESSOR AGY TAX ALLOCATIO | CUSIP: 77753PAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $757897.44    | 0.26%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107RL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1985847.33   | 0.68%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $284831.25    | 0.10%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107WR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1017713.70   | 0.35%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GJY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1670660.55   | 0.57%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GKA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1119552.32   | 0.38%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GKX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541914.50    | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GQV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2601932.62   | 0.89%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GQY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3406251.00   | 1.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GSS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1944545.00   | 0.67%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DTM1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3278715.00   | 1.12%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DWL9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2252738.00   | 0.77%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DXM6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3387315.00   | 1.16%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CA CITY &CNTY ARPTS COMMN INTL ARPT REV        | CUSIP: 79766DXY0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1998293.40   | 0.69%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE    | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $5411692.80   | 1.86%             | 2056-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                     | CUSIP: 798136VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526343.00   | 0.52%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA MF HSG REVENUE                                   | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012294.00   | 0.69%             | 2027-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA MF HSG REVENUE                                   | CUSIP: 798165LL8<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2807120.25   | 0.96%             | 2035-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $274377.56    | 0.09%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $317079.60    | 0.11%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $430844.00    | 0.15%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547791.50    | 0.19%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1279444.00   | 0.44%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1464408.40   | 0.50%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                       | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577KY2<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1041301.04   | 0.36%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $336791.68    | 0.12%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421042.80    | 0.14%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $420703.20    | 0.14%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525511.50    | 0.18%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund                        | State Street Institutional Treasury Money Market Fund        | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |  22032204 | NS      | $22032203.72  | 7.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                     | CUSIP: 861398BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $586247.58    | 0.20%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                     | CUSIP: 861398BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $779249.89    | 0.27%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton-East Water District                                                 | STOCKTON-EAST CA WTR DIST                                    | CUSIP: 861431DG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028494.00   | 0.35%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg Successor Agency Redevelopment Agency                              | PITTSBURG CA SUCCESSOR AGY REDEV AGY                         | CUSIP: 86459LBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $543476.54    | 0.19%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Financing Authority                                                   | TUSTIN CA FING AUTH SPL TAX REVENUE                          | CUSIP: 901049AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $831191.90    | 0.29%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Unified School District                                               | TUSTIN CA UNIF SCH DIST                                      | CUSIP: 901073GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450135.45    | 0.15%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412G3R4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017956.00   | 0.35%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412GX34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513616.50    | 0.18%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HWB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113084.00   | 0.38%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HWH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1196897.00   | 0.41%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ventura County Community College District                                    | VENTURA CNTY CA CMNTY CLG DIST                               | CUSIP: 923040GN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000718.00   | 0.34%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121084.77    | 0.04%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $376729.85    | 0.13%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $356897.45    | 0.12%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $340971.90    | 0.12%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HEV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150764.75   | 0.39%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                                                  | TRISTATE INSURED CASH SWEEP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      3359 | PA      | $3358.88      | 0.00%             | 2050-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-21

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin