# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195815
**Filing Date:** 2025-8
**Character Count:** 751825
**Document Hash:** c94f56cd57dad14715e33c1899cab71f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195815.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195815

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238604

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

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

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

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

## Series and Classes Contracts Data

### Thornburg Strategic Income Fund (Series ID: S000020097)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000056389 | Thornburg Strategic Income Fund - Class A  | TSIAX           |
| C000056390 | Thornburg Strategic Income Fund - Class C  | TSICX           |
| C000056391 | Thornburg Strategic Income Fund - Class I  | TSIIX           |
| C000113850 | Thornburg Strategic Income Fund - Class R3 | TSIRX           |
| C000113851 | Thornburg Strategic Income Fund - Class R5 | TSRRX           |
| C000136850 | Thornburg Strategic Income Fund - Class R4 | TSRIX           |
| C000177481 | Thornburg Strategic Income Fund - Class R6 | TSRSX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 0.0%** |  |  |
|  | &nbsp;&nbsp;**Energy — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.0%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Foresea Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp; 19278 | &nbsp;&nbsp;$377849 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Malamute Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 847 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 378696 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.0%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Digicel Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 24516 | &nbsp;&nbsp;&nbsp;&nbsp; 22234 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22234 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $1,763,028) |  | &nbsp;&nbsp;&nbsp;&nbsp; 400930 |
|  | **Preferred Stock — 0.4%** |  |  |
|  | &nbsp;&nbsp;**Energy — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.0%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Summit Midstream Corp. Series A, 12.284%, 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21140 | &nbsp;&nbsp;&nbsp;&nbsp; 3415759 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3415759 |
|  | &nbsp;&nbsp;**Financial Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund 6.24%, 9/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 12795900 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp; 20736000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33531900 |
|  | &nbsp;&nbsp;&nbsp;Total Preferred Stock (Cost $36,727,957) |  | &nbsp;&nbsp;&nbsp;&nbsp; 36947659 |
|  | **Asset Backed Securities — 9.5%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C, 3.77% due 3/15/2027 | &nbsp;&nbsp;$853239 | &nbsp;&nbsp;&nbsp;&nbsp; 853239 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 5.83% due 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 849373 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.46% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1904011 | &nbsp;&nbsp;&nbsp;&nbsp; 1915368 |
|  | &nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1220665 | &nbsp;&nbsp;&nbsp;&nbsp; 1231982 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class A2, 5.542% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2687960 | &nbsp;&nbsp;&nbsp;&nbsp; 2701169 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3173383 | &nbsp;&nbsp;&nbsp;&nbsp; 3194348 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4958154 | &nbsp;&nbsp;&nbsp;&nbsp; 5024296 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4A Class R, due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189176 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-P1 Class R, due 9/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418891 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N4 Class R, due 9/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11650 | &nbsp;&nbsp;&nbsp;&nbsp; 432193 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class R, due 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 23500 | &nbsp;&nbsp;&nbsp;&nbsp; 1575332 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P2 Class R, due 5/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 1078217 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P3 Class R, due 9/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010646 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P4 Class R, due 9/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8250 | &nbsp;&nbsp;&nbsp;&nbsp; 1113989 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class E, 6.01% due 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5295118 | &nbsp;&nbsp;&nbsp;&nbsp; 5302954 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 5095848 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class XS, due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 228220269 | &nbsp;&nbsp;&nbsp;&nbsp; 803700 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class A, 6.41% due 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 443488 | &nbsp;&nbsp;&nbsp;&nbsp; 444185 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class A, 6.42% due 1/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1119228 | &nbsp;&nbsp;&nbsp;&nbsp; 1124091 |
|  | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class C, 5.28% due 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1439343 | &nbsp;&nbsp;&nbsp;&nbsp; 1440309 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D Class B, 6.78% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10321062 | &nbsp;&nbsp;&nbsp;&nbsp; 10364650 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8358940 | &nbsp;&nbsp;&nbsp;&nbsp; 8306190 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2021-3A Class D, 1.31% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2558078 | &nbsp;&nbsp;&nbsp;&nbsp; 2523019 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 1.08% due 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 62661 | &nbsp;&nbsp;&nbsp;&nbsp; 62562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4487944 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2024-3A Class A2, 4.94% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6977785 | &nbsp;&nbsp;&nbsp;&nbsp; 6993588 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;FHF Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class A, 6.14% due 12/15/2027 | &nbsp;&nbsp;$1198577 | &nbsp;&nbsp;$1202919 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A2, 6.57% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1481837 | &nbsp;&nbsp;&nbsp;&nbsp; 1491295 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class E, 5.41% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4985874 |
|  | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class R, due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 1672169 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class R, due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527044 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class E, 5.37% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6120000 | &nbsp;&nbsp;&nbsp;&nbsp; 4944507 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, Series 2021-4A Class D, 2.48% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16792723 | &nbsp;&nbsp;&nbsp;&nbsp; 16568589 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class R, 28.348% due 9/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1431911 | &nbsp;&nbsp;&nbsp;&nbsp; 1436135 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class G, 8.482% due 12/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2226085 | &nbsp;&nbsp;&nbsp;&nbsp; 2233212 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 6.954% (SOFR30A + 2.65%) due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp;&nbsp; 17556665 |
|  | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 4.22% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3181961 | &nbsp;&nbsp;&nbsp;&nbsp; 3168753 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1950035 | &nbsp;&nbsp;&nbsp;&nbsp; 1982538 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class A, 7.59% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 481735 | &nbsp;&nbsp;&nbsp;&nbsp; 482514 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XV LLC, Series 2023-1A Class A2, 6.07% due 9/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 127756 | &nbsp;&nbsp;&nbsp;&nbsp; 127807 |
|  | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A, 7.13% due 1/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7905622 | &nbsp;&nbsp;&nbsp;&nbsp; 7939260 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5058127 | &nbsp;&nbsp;&nbsp;&nbsp; 5095593 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2024-1A Class A, 7.09% due 6/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5688051 | &nbsp;&nbsp;&nbsp;&nbsp; 5741621 |
|  | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.51% due 3/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1853798 | &nbsp;&nbsp;&nbsp;&nbsp; 1858040 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.46% due 9/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 22423007 | &nbsp;&nbsp;&nbsp;&nbsp; 22583097 |
|  | &nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AA Class F, 5.79% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3024420 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AA Class R, due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 28500 | &nbsp;&nbsp;&nbsp;&nbsp; 1766387 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2023-S1 Class R1, 8.14% due 4/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8692527 | &nbsp;&nbsp;&nbsp;&nbsp; 8748830 |
|  | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1681182 | &nbsp;&nbsp;&nbsp;&nbsp; 1686095 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2988332 | &nbsp;&nbsp;&nbsp;&nbsp; 2991636 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325438 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17750924 | &nbsp;&nbsp;&nbsp;&nbsp; 17780544 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 210458241 |
|  | &nbsp;&nbsp;**Credit Card — 0.6%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11173000 | &nbsp;&nbsp;&nbsp;&nbsp; 11252602 |
|  | &nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 5.78% due 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5060602 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D, 9.42% due 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9343000 | &nbsp;&nbsp;&nbsp;&nbsp; 9446375 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9800000 | &nbsp;&nbsp;&nbsp;&nbsp; 9883630 |
|  | &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 7.69% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8006957 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A1, 6.20% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4739487 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Perimeter Master Notes Business Trust, 8.55% due 9/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10145984 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58535637 |
|  | &nbsp;&nbsp;**Other Asset Backed — 4.9%** |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;321 Henderson Receivables I LLC, Series 2006-3A Class A1, 4.626% (TSFR1M + 0.31%) due 9/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 391336 | &nbsp;&nbsp;&nbsp;&nbsp; 389423 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;ACHV ABS Trust, Series 2023-3PL Class D, 8.36% due 8/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1446000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462748 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2021-Z2 Class A, 1.17% due 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7582 | &nbsp;&nbsp;&nbsp;&nbsp; 7582 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;AFG ABS I LLC, Series 2023-1 Class A2, 6.30% due 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1875929 | &nbsp;&nbsp;&nbsp;&nbsp; 1879439 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1149800 | &nbsp;&nbsp;&nbsp;&nbsp; 1154279 |
|  | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class D, 6.07% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 9118695 | &nbsp;&nbsp;&nbsp;&nbsp; 9002520 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class A, 1.90% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1238671 | &nbsp;&nbsp;&nbsp;&nbsp; 1144497 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AA Class D, 7.15% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2567283 | &nbsp;&nbsp;&nbsp;&nbsp; 2532749 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A, 1.54% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2796179 | &nbsp;&nbsp;&nbsp;&nbsp; 2570982 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1716043 | &nbsp;&nbsp;&nbsp;&nbsp; 1729642 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2021-A Class C, 3.69% due 11/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105279 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A Class A, 4.213% due 12/16/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1516456 | &nbsp;&nbsp;&nbsp;&nbsp; 1513857 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Series 2021-MH1 Class B3, 7.688% due 2/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1936119 | &nbsp;&nbsp;&nbsp;&nbsp; 1787389 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 201641 | &nbsp;&nbsp;&nbsp;&nbsp; 199567 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9417500 | &nbsp;&nbsp;&nbsp;&nbsp; 9517813 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A, 6.35% due 4/21/2031 | &nbsp;&nbsp;$670931 | &nbsp;&nbsp;$672527 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A2, 4.91% due 2/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7070000 | &nbsp;&nbsp;&nbsp;&nbsp; 7091144 |
|  | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.53% due 6/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6015000 | &nbsp;&nbsp;&nbsp;&nbsp; 6040404 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.63% due 6/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10075000 | &nbsp;&nbsp;&nbsp;&nbsp; 10146333 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 16375000 | &nbsp;&nbsp;&nbsp;&nbsp; 16294836 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1814443 | &nbsp;&nbsp;&nbsp;&nbsp; 1828201 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 19150000 | &nbsp;&nbsp;&nbsp;&nbsp; 18214417 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 10983000 | &nbsp;&nbsp;&nbsp;&nbsp; 10358256 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class B1, 5.802% due 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4600060 | &nbsp;&nbsp;&nbsp;&nbsp; 1840245 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10659525 | &nbsp;&nbsp;&nbsp;&nbsp; 10523633 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 10917045 | &nbsp;&nbsp;&nbsp;&nbsp; 10114842 |
|  | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class C, 5.66% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 575657 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 3.54% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1087630 | &nbsp;&nbsp;&nbsp;&nbsp; 1082920 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class C, 5.75% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4025000 | &nbsp;&nbsp;&nbsp;&nbsp; 4006092 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 1.27% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 917649 | &nbsp;&nbsp;&nbsp;&nbsp; 858061 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 4.96% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1387332 | &nbsp;&nbsp;&nbsp;&nbsp; 1367005 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A, 2.19% due 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 901210 | &nbsp;&nbsp;&nbsp;&nbsp; 853696 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D, 5.73% due 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3224706 | &nbsp;&nbsp;&nbsp;&nbsp; 3219284 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3293970 | &nbsp;&nbsp;&nbsp;&nbsp; 3297137 |
|  | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1749949 | &nbsp;&nbsp;&nbsp;&nbsp; 1695160 |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GRN2 Class R, due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 41500 | &nbsp;&nbsp;&nbsp;&nbsp; 1740131 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1107923 | &nbsp;&nbsp;&nbsp;&nbsp; 1103244 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 16010550 | &nbsp;&nbsp;&nbsp;&nbsp; 13201566 |
|  | &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1746639 | &nbsp;&nbsp;&nbsp;&nbsp; 1334188 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class C, 3.50% due 5/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3977630 | &nbsp;&nbsp;&nbsp;&nbsp; 2454470 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 9853760 | &nbsp;&nbsp;&nbsp;&nbsp; 7787495 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 12896911 | &nbsp;&nbsp;&nbsp;&nbsp; 10672751 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1GS Class A, 2.70% due 1/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 15526415 | &nbsp;&nbsp;&nbsp;&nbsp; 13283416 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.598% (SOFR90A + 2.25%) due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3152180 | &nbsp;&nbsp;&nbsp;&nbsp; 3157210 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2024-2 Class A2, 5.25% due 10/27/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 8604559 | &nbsp;&nbsp;&nbsp;&nbsp; 8615371 |
|  | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.88% due 6/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2143401 | &nbsp;&nbsp;&nbsp;&nbsp; 2155873 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class E, 9.00% due 6/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5179806 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.689% (SOFR30A + 2.25%) due 12/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 11738603 | &nbsp;&nbsp;&nbsp;&nbsp; 11801750 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;HERO Funding Trust, Series 2017-2A Class A1, 3.28% due 9/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 725682 | &nbsp;&nbsp;&nbsp;&nbsp; 646880 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 499680 | &nbsp;&nbsp;&nbsp;&nbsp; 491711 |
|  | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 2.30% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4012755 | &nbsp;&nbsp;&nbsp;&nbsp; 3759621 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C, 5.29% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3239832 | &nbsp;&nbsp;&nbsp;&nbsp; 3012374 |
|  | &nbsp;&nbsp;&nbsp;LendingPoint Asset Securitization Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-REV1 Class C, 7.699% due 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1785949 | &nbsp;&nbsp;&nbsp;&nbsp; 1798930 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class D, 5.73% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4668487 | &nbsp;&nbsp;&nbsp;&nbsp; 3519522 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class D, 6.12% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985470 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class E, 7.02% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST3 Class A, 4.00% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 90155 | &nbsp;&nbsp;&nbsp;&nbsp; 90091 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;LL ABS Trust, Series 2022-1A Class D, 7.83% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1587295 |
|  | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1GS Class A, 2.29% due 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 12190545 | &nbsp;&nbsp;&nbsp;&nbsp; 10109177 |
| **<sup>e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1GS Class R, due 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 13252480 | &nbsp;&nbsp;&nbsp;&nbsp; 4931774 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2GS Class C, 3.50% due 3/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2856442 | &nbsp;&nbsp;&nbsp;&nbsp; 2042471 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2947000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297858 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9520 | &nbsp;&nbsp;&nbsp;&nbsp; 136111 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 16347 | &nbsp;&nbsp;&nbsp;&nbsp; 287005 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 53946 | &nbsp;&nbsp;&nbsp;&nbsp; 893694 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 7.80% due 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 12178250 | &nbsp;&nbsp;&nbsp;&nbsp; 12338364 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2204382 | &nbsp;&nbsp;&nbsp;&nbsp; 2251635 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3032823 | &nbsp;&nbsp;&nbsp;&nbsp; 2483984 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class D, 5.42% due 8/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 517078 | &nbsp;&nbsp;&nbsp;&nbsp; 491204 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class R, due 8/20/2046 | &nbsp;&nbsp;$1549937 | &nbsp;&nbsp;$624254 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 12/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp;&nbsp; 819391 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 4/22/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 9930000 | &nbsp;&nbsp;&nbsp;&nbsp; 887370 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 6/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 12320000 | &nbsp;&nbsp;&nbsp;&nbsp; 405784 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp;&nbsp; 12000304 |
|  | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A, 7.78% due 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1147105 | &nbsp;&nbsp;&nbsp;&nbsp; 1150944 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 7.43% due 10/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 993627 | &nbsp;&nbsp;&nbsp;&nbsp; 997855 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 19365000 | &nbsp;&nbsp;&nbsp;&nbsp; 18161319 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 262657 |
|  | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2659469 | &nbsp;&nbsp;&nbsp;&nbsp; 2603791 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9373111 | &nbsp;&nbsp;&nbsp;&nbsp; 9181097 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A, 5.05% due 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2507374 | &nbsp;&nbsp;&nbsp;&nbsp; 2506701 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class B, 5.25% due 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 755071 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2021-HG1 Class A, 1.22% due 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 171339 | &nbsp;&nbsp;&nbsp;&nbsp; 170162 |
|  | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8040801 | &nbsp;&nbsp;&nbsp;&nbsp; 8093281 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class C, 8.491% due 6/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4062181 | &nbsp;&nbsp;&nbsp;&nbsp; 4087999 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.66% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1382496 | &nbsp;&nbsp;&nbsp;&nbsp; 1388821 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5597662 | &nbsp;&nbsp;&nbsp;&nbsp; 5736801 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, Series 2024-1A Class A, 6.12% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1692666 | &nbsp;&nbsp;&nbsp;&nbsp; 1694826 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1189481 | &nbsp;&nbsp;&nbsp;&nbsp; 1180624 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2603573 | &nbsp;&nbsp;&nbsp;&nbsp; 2585260 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 12100000 | &nbsp;&nbsp;&nbsp;&nbsp; 12013530 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7112231 | &nbsp;&nbsp;&nbsp;&nbsp; 6951926 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2023-1A Class D, 9.80% due 1/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1306063 | &nbsp;&nbsp;&nbsp;&nbsp; 1347281 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2058581 | &nbsp;&nbsp;&nbsp;&nbsp; 1947265 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 11890000 | &nbsp;&nbsp;&nbsp;&nbsp; 11734526 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC, Series 2021-1A Class A2, 1.877% due 3/26/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7322798 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4750667 | &nbsp;&nbsp;&nbsp;&nbsp; 4916217 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5382897 | &nbsp;&nbsp;&nbsp;&nbsp; 5313885 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 12151283 | &nbsp;&nbsp;&nbsp;&nbsp; 12260576 |
|  | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class A, 6.06% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 645948 | &nbsp;&nbsp;&nbsp;&nbsp; 646124 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class A, 7.60% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 356284 | &nbsp;&nbsp;&nbsp;&nbsp; 357027 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, Series 2025-ST4 Class A, 5.495% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5412000 | &nbsp;&nbsp;&nbsp;&nbsp; 5412000 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3988709 | &nbsp;&nbsp;&nbsp;&nbsp; 3991791 |
|  | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST1 Class A, 2.75% due 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3899 | &nbsp;&nbsp;&nbsp;&nbsp; 3893 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST2 Class A, 2.50% due 4/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 69464 | &nbsp;&nbsp;&nbsp;&nbsp; 69311 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST4 Class A, 2.00% due 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215110 | &nbsp;&nbsp;&nbsp;&nbsp; 213544 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST5 Class A, 2.00% due 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 198700 | &nbsp;&nbsp;&nbsp;&nbsp; 196989 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST8 Class CERT, due 10/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069805 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST9 Class CERT, due 11/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1414000 | &nbsp;&nbsp;&nbsp;&nbsp; 369873 |
|  | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.22% due 6/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7312842 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class C, 3.61% due 6/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3767652 | &nbsp;&nbsp;&nbsp;&nbsp; 3748512 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class C, 3.28% due 7/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8167015 | &nbsp;&nbsp;&nbsp;&nbsp; 8086223 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class CERT, due 7/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7165 | &nbsp;&nbsp;&nbsp;&nbsp; 522988 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class CERT, due 9/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4706 | &nbsp;&nbsp;&nbsp;&nbsp; 404582 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 11.10% due 2/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10650000 | &nbsp;&nbsp;&nbsp;&nbsp; 10954124 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1169748 | &nbsp;&nbsp;&nbsp;&nbsp; 1177201 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1625226 | &nbsp;&nbsp;&nbsp;&nbsp; 1628196 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7032273 | &nbsp;&nbsp;&nbsp;&nbsp; 7040809 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Verdant Receivables LLC, Series 2023-1A Class A2, 6.24% due 1/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5992459 | &nbsp;&nbsp;&nbsp;&nbsp; 6084059 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 481112327 |
|  | &nbsp;&nbsp;**Student Loan — 1.8%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 10686862 | &nbsp;&nbsp;&nbsp;&nbsp; 10910348 |
|  | &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A1, 5.539% (TSFR1M + 1.21%) due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1994743 | &nbsp;&nbsp;&nbsp;&nbsp; 1983407 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2, 1.60% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 189975 | &nbsp;&nbsp;&nbsp;&nbsp; 172335 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A1, 5.334% (TSFR1M + 1.01%) due 7/26/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4185745 | &nbsp;&nbsp;&nbsp;&nbsp; 4112748 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class R, due 7/26/2055 | &nbsp;&nbsp;$38750 | &nbsp;&nbsp;$10281429 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class R, due 5/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 16900985 |
|  | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 18-CGS Class A1, 3.87% due 2/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 297878 | &nbsp;&nbsp;&nbsp;&nbsp; 288276 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1054873 | &nbsp;&nbsp;&nbsp;&nbsp; 965796 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BGS Class A, 1.17% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3558260 | &nbsp;&nbsp;&nbsp;&nbsp; 3293025 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 14090406 | &nbsp;&nbsp;&nbsp;&nbsp; 12956816 |
|  | &nbsp;&nbsp;&nbsp;MPOWER Education Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 9310428 | &nbsp;&nbsp;&nbsp;&nbsp; 9630648 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 14840872 | &nbsp;&nbsp;&nbsp;&nbsp; 14934986 |
|  | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2 Class B, 4.974% (TSFR1M + 0.65%) due 12/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 231795 | &nbsp;&nbsp;&nbsp;&nbsp; 231572 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-1 Class B, 4.814% (TSFR1M + 0.49%) due 3/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2290216 | &nbsp;&nbsp;&nbsp;&nbsp; 2085013 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1 Class A5, 4.784% (TSFR1M + 0.46%) due 3/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6482898 | &nbsp;&nbsp;&nbsp;&nbsp; 6370218 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-4 Class A4, 4.744% (TSFR1M + 0.42%) due 5/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1415951 | &nbsp;&nbsp;&nbsp;&nbsp; 1403487 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-2 Class A4, 4.724% (TSFR1M + 0.40%) due 1/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 24675503 | &nbsp;&nbsp;&nbsp;&nbsp; 23884180 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-D Class A2B, 5.476% (TSFR1M + 1.16%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2139703 | &nbsp;&nbsp;&nbsp;&nbsp; 2131561 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2A Class A2, 5.02% (SOFR30A + 0.71%) due 9/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1167544 | &nbsp;&nbsp;&nbsp;&nbsp; 1152964 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CA Class AFL, 5.172% (TSFR1M + 0.85%) due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 2001902 | &nbsp;&nbsp;&nbsp;&nbsp; 1987806 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 5.122% (TSFR1M + 0.80%) due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 2340213 | &nbsp;&nbsp;&nbsp;&nbsp; 2320420 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.684% (TSFR1M + 1.36%) due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 348681 | &nbsp;&nbsp;&nbsp;&nbsp; 348702 |
|  | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-2 Class A3, 5.375% (SOFR90A + 1.01%) due 4/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 34703 | &nbsp;&nbsp;&nbsp;&nbsp; 34578 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2008-5 Class A4, 6.325% (SOFR90A + 1.96%) due 7/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 312637 | &nbsp;&nbsp;&nbsp;&nbsp; 308586 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2011-2 Class A2, 5.62% (SOFR30A + 1.31%) due 10/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1836347 | &nbsp;&nbsp;&nbsp;&nbsp; 1838800 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-1 Class A3, 5.37% (SOFR30A + 1.06%) due 9/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1052257 | &nbsp;&nbsp;&nbsp;&nbsp; 1028928 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 5.07% (SOFR30A + 0.76%) due 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1244533 | &nbsp;&nbsp;&nbsp;&nbsp; 1225363 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class R, due 1/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2742 | &nbsp;&nbsp;&nbsp;&nbsp; 4873616 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class A1B, 5.026% (TSFR1M + 0.71%) due 3/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1588012 | &nbsp;&nbsp;&nbsp;&nbsp; 1570681 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 4.75% due 11/16/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2601221 | &nbsp;&nbsp;&nbsp;&nbsp; 2421453 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;SoFi Alternative Trust, Series 2019-C Class PT, 5.445% due 1/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 15517971 | &nbsp;&nbsp;&nbsp;&nbsp; 15398776 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 13959352 | &nbsp;&nbsp;&nbsp;&nbsp; 12114485 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 2417330 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 5.132% (TSFR1M + 0.81%) due 11/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1045178 | &nbsp;&nbsp;&nbsp;&nbsp; 1043046 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 172622364 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $929,274,832) |  | &nbsp;&nbsp;&nbsp;&nbsp; 922728569 |
|  | **Corporate Bonds — 41.1%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobile Components — 0.1%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;LKQ European Holdings BV (EUR), 4.125% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 7800519 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Real Hero Merger Sub 2, Inc., 6.25% due 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2671000 | &nbsp;&nbsp;&nbsp;&nbsp; 1919033 |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.5%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 3.05% due 2/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14581200 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.80% due 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1528000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514783 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.00% due 2/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1930000 | &nbsp;&nbsp;&nbsp;&nbsp; 1883584 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6916000 | &nbsp;&nbsp;&nbsp;&nbsp; 6994773 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.30% due 3/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4803295 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5443416 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3018870 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3161190 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 5.05% due 3/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12074000 | &nbsp;&nbsp;&nbsp;&nbsp; 12137871 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63258534 |
|  | &nbsp;&nbsp;**Banks — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1923854 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.630%) due 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33455000 | &nbsp;&nbsp;&nbsp;&nbsp; 32678175 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6924357 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;FNB Corp., 5.15% due 8/25/2025 | &nbsp;&nbsp;$3170000 | &nbsp;&nbsp;$3169715 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Macquarie Bank Ltd., 3.624% due 6/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2631216 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.968% (SOFR + 0.93%) due 7/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6700000 | &nbsp;&nbsp;&nbsp;&nbsp; 6781338 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.016% (SOFR + 0.91%) due 1/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5610000 | &nbsp;&nbsp;&nbsp;&nbsp; 5696899 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5177000 | &nbsp;&nbsp;&nbsp;&nbsp; 4990732 |
|  | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.741% (SOFR + 1.88%) due 3/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8507000 | &nbsp;&nbsp;&nbsp;&nbsp; 8734052 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.124% (SOFR + 1.23%) due 5/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5056650 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.174% (SOFR + 2.50%) due 1/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2863000 | &nbsp;&nbsp;&nbsp;&nbsp; 2978951 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.66% (SOFR + 3.28%) due 11/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13391280 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd., 5.65% due 3/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 5848488 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Bank, 5.40% due 8/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6660000 | &nbsp;&nbsp;&nbsp;&nbsp; 6658668 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.808% (SOFR + 1.98%) due 7/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3377671 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.574% (SOFR + 1.74%) due 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10324300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 121166346 |
|  | &nbsp;&nbsp;**Capital Goods — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.4%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 - 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16461000 | &nbsp;&nbsp;&nbsp;&nbsp; 15928223 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14860000 | &nbsp;&nbsp;&nbsp;&nbsp; 15280687 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.75% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11165000 | &nbsp;&nbsp;&nbsp;&nbsp; 11403149 |
|  | &nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.1%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Aeropuertos Dominicanos Siglo XXI SA, 7.00% due 6/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5198550 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9620000 | &nbsp;&nbsp;&nbsp;&nbsp; 9197971 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc., 6.125% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2031781 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 993493 |
|  | &nbsp;&nbsp;&nbsp;Flowserve Corp., 3.50% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3431000 | &nbsp;&nbsp;&nbsp;&nbsp; 3214264 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20714000 | &nbsp;&nbsp;&nbsp;&nbsp; 19928525 |
|  | &nbsp;&nbsp;&nbsp;nVent Finance SARL, |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.75% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4097000 | &nbsp;&nbsp;&nbsp;&nbsp; 3555950 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003180 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.05% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9070000 | &nbsp;&nbsp;&nbsp;&nbsp; 9120520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.30% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6287460 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10840000 | &nbsp;&nbsp;&nbsp;&nbsp; 11436850 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8470000 | &nbsp;&nbsp;&nbsp;&nbsp; 9077045 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 125657648 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.4%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16611000 | &nbsp;&nbsp;&nbsp;&nbsp; 14684456 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp., 5.75% due 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 16449000 | &nbsp;&nbsp;&nbsp;&nbsp; 17163545 |
|  | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3395000 | &nbsp;&nbsp;&nbsp;&nbsp; 3374664 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1973820 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.375% due 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3070440 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12869000 | &nbsp;&nbsp;&nbsp;&nbsp; 13656197 |
|  | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.643% due 3/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5489100 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.271% due 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17735000 | &nbsp;&nbsp;&nbsp;&nbsp; 17986305 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.319% due 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3422000 | &nbsp;&nbsp;&nbsp;&nbsp; 3607849 |
|  | &nbsp;&nbsp;&nbsp;Equifax, Inc., 2.35% due 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9394000 | &nbsp;&nbsp;&nbsp;&nbsp; 8190722 |
|  | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8975000 | &nbsp;&nbsp;&nbsp;&nbsp; 9501025 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services, Inc., 4.75% due 8/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3670000 | &nbsp;&nbsp;&nbsp;&nbsp; 3701011 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 16950000 | &nbsp;&nbsp;&nbsp;&nbsp; 17843434 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11362000 | &nbsp;&nbsp;&nbsp;&nbsp; 12067467 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.3%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Gartner, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.625% due 6/15/2029 | &nbsp;&nbsp;$7155000 | &nbsp;&nbsp;$6808269 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3749000 | &nbsp;&nbsp;&nbsp;&nbsp; 3708548 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17229000 | &nbsp;&nbsp;&nbsp;&nbsp; 17136652 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., 5.75% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3540000 | &nbsp;&nbsp;&nbsp;&nbsp; 3722629 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 163686133 |
|  | &nbsp;&nbsp;**Commercial Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 13680000 | &nbsp;&nbsp;&nbsp;&nbsp; 13776034 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13776034 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.2%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Meituan, 4.50% due 4/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14600000 | &nbsp;&nbsp;&nbsp;&nbsp; 14595474 |
|  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc., 2.375% due 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6460000 | &nbsp;&nbsp;&nbsp;&nbsp; 6365167 |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.3%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Belron U.K. Finance plc, 5.75% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2680000 | &nbsp;&nbsp;&nbsp;&nbsp; 2699350 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV, 6.255% due 1/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13175000 | &nbsp;&nbsp;&nbsp;&nbsp; 13668667 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8613000 | &nbsp;&nbsp;&nbsp;&nbsp; 8747707 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46076365 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11475000 | &nbsp;&nbsp;&nbsp;&nbsp; 9410189 |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9875000 | &nbsp;&nbsp;&nbsp;&nbsp; 10381489 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.0%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3590000 | &nbsp;&nbsp;&nbsp;&nbsp; 3827873 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 7.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014740 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24634291 |
|  | &nbsp;&nbsp;**Consumer Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5950000 | &nbsp;&nbsp;&nbsp;&nbsp; 6015450 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.6%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Arcos Dorados BV, 6.375% due 1/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13740000 | &nbsp;&nbsp;&nbsp;&nbsp; 14258960 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12568000 | &nbsp;&nbsp;&nbsp;&nbsp; 12202900 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Sodexo, Inc., Series 2023-2 Class B, 5.15% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6097800 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;TKC Holdings, Inc., 6.875% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8650000 | &nbsp;&nbsp;&nbsp;&nbsp; 8638841 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;WMG Acquisition Corp. (EUR), 2.25% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 19018000 | &nbsp;&nbsp;&nbsp;&nbsp; 20752114 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67966065 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 13948000 | &nbsp;&nbsp;&nbsp;&nbsp; 13933494 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032140 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4725000 | &nbsp;&nbsp;&nbsp;&nbsp; 4837502 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24136000 | &nbsp;&nbsp;&nbsp;&nbsp; 25003207 |
|  | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13800000 | &nbsp;&nbsp;&nbsp;&nbsp; 13574094 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5465000 | &nbsp;&nbsp;&nbsp;&nbsp; 5471558 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63851995 |
|  | &nbsp;&nbsp;**Energy — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.2%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10800000 | &nbsp;&nbsp;&nbsp;&nbsp; 10295208 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., 9.50% due 12/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6460125 |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.1%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 720578 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10410000 | &nbsp;&nbsp;&nbsp;&nbsp; 10457782 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11960000 | &nbsp;&nbsp;&nbsp;&nbsp; 12625694 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.125% due 6/1/2028 | &nbsp;&nbsp;$2941000 | &nbsp;&nbsp;$2953176 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.625% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13204000 | &nbsp;&nbsp;&nbsp;&nbsp; 13709581 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.75% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4758093 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.875% due 1/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10588000 | &nbsp;&nbsp;&nbsp;&nbsp; 10919722 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1989000 | &nbsp;&nbsp;&nbsp;&nbsp; 1789066 |
|  | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.375% due 3/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6193590 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.50% due 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 13060000 | &nbsp;&nbsp;&nbsp;&nbsp; 13368869 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.05% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10520000 | &nbsp;&nbsp;&nbsp;&nbsp; 10741656 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.555% (TSFR3M + 3.28%) due 11/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193472 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series H, 6.50% (5-Yr. CMT + 5.690%) due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7145000 | &nbsp;&nbsp;&nbsp;&nbsp; 7180439 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2101000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818584 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4137613 | &nbsp;&nbsp;&nbsp;&nbsp; 3990521 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.16% due 3/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 17735829 | &nbsp;&nbsp;&nbsp;&nbsp; 15716250 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.625% due 3/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6630000 | &nbsp;&nbsp;&nbsp;&nbsp; 5629003 |
| **<sup>b,e,f,h</sup>** | &nbsp;&nbsp;&nbsp;Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10400800 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2735000 | &nbsp;&nbsp;&nbsp;&nbsp; 2773017 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10096600 |
|  | &nbsp;&nbsp;&nbsp;Gulfstream Natural Gas System LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4987250 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.19% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3584000 | &nbsp;&nbsp;&nbsp;&nbsp; 3595361 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4602101 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Medco Maple Tree Pte. Ltd., 8.96% due 4/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13529230 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5487000 | &nbsp;&nbsp;&nbsp;&nbsp; 5445024 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP, 4.95% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2790000 | &nbsp;&nbsp;&nbsp;&nbsp; 2763774 |
|  | &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4015760 |
|  | &nbsp;&nbsp;&nbsp;Parkland Corp., |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16591000 | &nbsp;&nbsp;&nbsp;&nbsp; 16595645 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.625% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7115000 | &nbsp;&nbsp;&nbsp;&nbsp; 7275941 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8312000 | &nbsp;&nbsp;&nbsp;&nbsp; 7505237 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.84% due 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10950000 | &nbsp;&nbsp;&nbsp;&nbsp; 10567845 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos (EUR), 3.75% due 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7566254 |
|  | &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.70% due 1/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11670000 | &nbsp;&nbsp;&nbsp;&nbsp; 10932689 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.45% due 3/5/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4775616 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4460000 | &nbsp;&nbsp;&nbsp;&nbsp; 4474183 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625% due 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp;&nbsp; 5048109 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2083000 | &nbsp;&nbsp;&nbsp;&nbsp; 2169361 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7893000 | &nbsp;&nbsp;&nbsp;&nbsp; 8289465 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12530000 | &nbsp;&nbsp;&nbsp;&nbsp; 12551552 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2387000 | &nbsp;&nbsp;&nbsp;&nbsp; 2460018 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;TMS Issuer SARL, 5.78% due 8/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10700000 | &nbsp;&nbsp;&nbsp;&nbsp; 11045289 |
|  | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.40% due 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061050 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.70% due 9/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6560000 | &nbsp;&nbsp;&nbsp;&nbsp; 6692840 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 325741420 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.875% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5217840 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1006000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5216950 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 14250000 | &nbsp;&nbsp;&nbsp;&nbsp; 13921064 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8536000 | &nbsp;&nbsp;&nbsp;&nbsp; 8608300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4141902 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, 5.90% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1882000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989142 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | &nbsp;&nbsp;$6085000 | &nbsp;&nbsp;$5837097 |
|  | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1962980 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4875000 | &nbsp;&nbsp;&nbsp;&nbsp; 4806458 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7985000 | &nbsp;&nbsp;&nbsp;&nbsp; 8259444 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp., 4.70% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4503000 | &nbsp;&nbsp;&nbsp;&nbsp; 4568023 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12952475 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.84% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3237527 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.884% due 7/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 2380470 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16980000 | &nbsp;&nbsp;&nbsp;&nbsp; 16997744 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15415028 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Operating LP, 2.70% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9377000 | &nbsp;&nbsp;&nbsp;&nbsp; 8306709 |
|  | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9336500 | &nbsp;&nbsp;&nbsp;&nbsp; 9069850 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 133909701 |
|  | &nbsp;&nbsp;**Financial Services — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 3.25% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8227000 | &nbsp;&nbsp;&nbsp;&nbsp; 8218691 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2176000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.75% due 9/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1415448 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4232000 | &nbsp;&nbsp;&nbsp;&nbsp; 4149010 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27846000 | &nbsp;&nbsp;&nbsp;&nbsp; 27701201 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 220825 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8726015 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 18500000 | &nbsp;&nbsp;&nbsp;&nbsp; 19485680 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Citigroup Global Markets Holdings, Inc., 6.40% due 1/29/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4108000 | &nbsp;&nbsp;&nbsp;&nbsp; 2880608 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;FORESEA Holding SA, 7.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 198293 | &nbsp;&nbsp;&nbsp;&nbsp; 189203 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.625% due 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12212000 | &nbsp;&nbsp;&nbsp;&nbsp; 11830986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.375% due 1/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13651000 | &nbsp;&nbsp;&nbsp;&nbsp; 13226863 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5392000 | &nbsp;&nbsp;&nbsp;&nbsp; 5585465 |
|  | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 19481000 | &nbsp;&nbsp;&nbsp;&nbsp; 18928714 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp;&nbsp; 4502493 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.00% due 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8291000 | &nbsp;&nbsp;&nbsp;&nbsp; 8112246 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 23462000 | &nbsp;&nbsp;&nbsp;&nbsp; 23995057 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8840000 | &nbsp;&nbsp;&nbsp;&nbsp; 9208628 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;FirstCash, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 17215000 | &nbsp;&nbsp;&nbsp;&nbsp; 17180570 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.875% due 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4927000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100036 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Antares Holdings LP, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.75% due 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565827 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6480000 | &nbsp;&nbsp;&nbsp;&nbsp; 6236741 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.95% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9951000 | &nbsp;&nbsp;&nbsp;&nbsp; 9791685 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.35% due 10/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019860 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.95% due 8/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5282850 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4956105 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;BNP Paribas SA, 2.591% (SOFR + 1.23%) due 1/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310364 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.122% (SOFR + 0.77%) due 1/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049017 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5881000 | &nbsp;&nbsp;&nbsp;&nbsp; 5714744 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.786% (SOFR + 0.87%) due 3/4/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp;&nbsp; 8661920 |
| **<sup>c,d,e</sup>** | &nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.610%) due 6/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3873600 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4760000 | &nbsp;&nbsp;&nbsp;&nbsp; 4622817 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp;&nbsp; 5202153 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.937% (SOFR + 1.32%) due 4/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2778000 | &nbsp;&nbsp;&nbsp;&nbsp; 2801057 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.214% (SOFR + 0.82%) due 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3687000 | &nbsp;&nbsp;&nbsp;&nbsp; 3688659 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc, |  |  |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.583% (TSFR3M + 1.80%) due 6/19/2029 | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$3004170 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.755% (SOFR + 2.11%) due 6/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1374603 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.286% (SOFR + 1.29%) due 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3575040 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.408% (SOFR + 1.04%) due 11/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999880 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.04% (TSFR3M + 0.70%) due 2/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1896000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856942 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.54% (TSFR3M + 1.64%) due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3314000 | &nbsp;&nbsp;&nbsp;&nbsp; 3265516 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., |  |  |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.309% (H15T1Y + 0.95%) due 7/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6096440 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.017% (H15T1Y + 1.95%) due 7/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1771543 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.475% (H15T1Y + 1.53%) due 2/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070920 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley, 4.679% (SOFR + 1.67%) due 7/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1559860 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale SA, |  |  |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.471% (SOFR + 1.10%) due 2/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6687000 | &nbsp;&nbsp;&nbsp;&nbsp; 6689340 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.634% (H15T1Y + 1.75%) due 1/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046560 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.446% (H15T1Y + 2.55%) due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1667000 | &nbsp;&nbsp;&nbsp;&nbsp; 1732563 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14550000 | &nbsp;&nbsp;&nbsp;&nbsp; 15383279 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Truist Financial Corp., 7.161% (SOFR + 2.45%) due 10/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6761813 |
|  | &nbsp;&nbsp;&nbsp;UBS Group AG, |  |  |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.494% (H15T1Y + 0.85%) due 8/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2679000 | &nbsp;&nbsp;&nbsp;&nbsp; 2590914 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.373% (SOFR + 3.34%) due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3601584 |
| **<sup>c,d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.875% (USSW5YF + 4.59%) due 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15011100 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12301000 | &nbsp;&nbsp;&nbsp;&nbsp; 12293619 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.2%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6094000 | &nbsp;&nbsp;&nbsp;&nbsp; 6131722 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 - 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9860000 | &nbsp;&nbsp;&nbsp;&nbsp; 10027571 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 368398018 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.8%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 34064000 | &nbsp;&nbsp;&nbsp;&nbsp; 28161049 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24655000 | &nbsp;&nbsp;&nbsp;&nbsp; 23995232 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 726000 | &nbsp;&nbsp;&nbsp;&nbsp; 710812 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Industrializadora Integral del agave SAPI de CV, 9.25% due 11/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15094500 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., 4.60% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5546938 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3696559 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013480 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 29063000 | &nbsp;&nbsp;&nbsp;&nbsp; 29761965 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8860000 | &nbsp;&nbsp;&nbsp;&nbsp; 8522168 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8247000 | &nbsp;&nbsp;&nbsp;&nbsp; 8214260 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3034606 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5047000 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 2.45% due 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9890000 | &nbsp;&nbsp;&nbsp;&nbsp; 8531114 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.35% due 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9895000 | &nbsp;&nbsp;&nbsp;&nbsp; 10121694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.75% due 10/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4862000 | &nbsp;&nbsp;&nbsp;&nbsp; 5614638 |
|  | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 22500000 | &nbsp;&nbsp;&nbsp;&nbsp; 23179500 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.125% due 7/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062920 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 183357055 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hologic, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11957000 | &nbsp;&nbsp;&nbsp;&nbsp; 11400641 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1982500 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Medline Borrower LP, 3.875% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920280 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029 | &nbsp;&nbsp;$7950000 | &nbsp;&nbsp;$8162027 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Olympus Corp., 2.143% due 12/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5510000 | &nbsp;&nbsp;&nbsp;&nbsp; 5329933 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.625% due 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3386532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.00% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6962000 | &nbsp;&nbsp;&nbsp;&nbsp; 6221452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp;&nbsp; 5621212 |
|  | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6567000 | &nbsp;&nbsp;&nbsp;&nbsp; 6160765 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10370000 | &nbsp;&nbsp;&nbsp;&nbsp; 10059418 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18630000 | &nbsp;&nbsp;&nbsp;&nbsp; 18059363 |
|  | &nbsp;&nbsp;&nbsp;Humana, Inc., 5.375% due 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6569000 | &nbsp;&nbsp;&nbsp;&nbsp; 6716540 |
|  | &nbsp;&nbsp;&nbsp;IQVIA, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/15/2026 - 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6884683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.70% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5128350 |
|  | &nbsp;&nbsp;&nbsp;IQVIA, Inc. (EUR), |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.25% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9460000 | &nbsp;&nbsp;&nbsp;&nbsp; 10668258 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.875% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5816544 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.125% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4578120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.75% due 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 16224000 | &nbsp;&nbsp;&nbsp;&nbsp; 16788271 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.65% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6179000 | &nbsp;&nbsp;&nbsp;&nbsp; 5966072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.65% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4646000 | &nbsp;&nbsp;&nbsp;&nbsp; 4140515 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14035000 | &nbsp;&nbsp;&nbsp;&nbsp; 13879071 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 158870547 |
|  | &nbsp;&nbsp;**Household & Personal Products — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 0.4%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7268000 | &nbsp;&nbsp;&nbsp;&nbsp; 7075834 |
|  | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6386000 | &nbsp;&nbsp;&nbsp;&nbsp; 5883166 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12321000 | &nbsp;&nbsp;&nbsp;&nbsp; 12236848 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13166000 | &nbsp;&nbsp;&nbsp;&nbsp; 12086520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997960 |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 0.1%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9892000 | &nbsp;&nbsp;&nbsp;&nbsp; 9845507 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49125835 |
|  | &nbsp;&nbsp;**Insurance — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American National Global Funding, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11840000 | &nbsp;&nbsp;&nbsp;&nbsp; 11902515 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 1/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8803000 | &nbsp;&nbsp;&nbsp;&nbsp; 8995522 |
|  | &nbsp;&nbsp;&nbsp;American National Group, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4408000 | &nbsp;&nbsp;&nbsp;&nbsp; 4515114 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.144% due 6/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 12684000 | &nbsp;&nbsp;&nbsp;&nbsp; 13018731 |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11280000 | &nbsp;&nbsp;&nbsp;&nbsp; 11586929 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Ascot Group Ltd., 4.25% due 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6889000 | &nbsp;&nbsp;&nbsp;&nbsp; 6214429 |
|  | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.55% due 5/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2089000 | &nbsp;&nbsp;&nbsp;&nbsp; 2032137 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.00% due 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9540000 | &nbsp;&nbsp;&nbsp;&nbsp; 8791492 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 4/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16438000 | &nbsp;&nbsp;&nbsp;&nbsp; 16699364 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 6/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4056000 | &nbsp;&nbsp;&nbsp;&nbsp; 4147828 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 5.65% due 6/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 9677000 | &nbsp;&nbsp;&nbsp;&nbsp; 9934602 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp., 5.125% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6785000 | &nbsp;&nbsp;&nbsp;&nbsp; 6793413 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11385000 | &nbsp;&nbsp;&nbsp;&nbsp; 11952201 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;CNO Global Funding, 2.65% due 1/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6912192 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4740000 | &nbsp;&nbsp;&nbsp;&nbsp; 4800435 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6475000 | &nbsp;&nbsp;&nbsp;&nbsp; 6441460 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12701000 | &nbsp;&nbsp;&nbsp;&nbsp; 11291824 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Equitable America Global Funding, 4.95% due 6/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6049000 | &nbsp;&nbsp;&nbsp;&nbsp; 6113966 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | &nbsp;&nbsp;$4620000 | &nbsp;&nbsp;$4335408 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12737000 | &nbsp;&nbsp;&nbsp;&nbsp; 12927673 |
|  | &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 6.50% due 6/4/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16240000 | &nbsp;&nbsp;&nbsp;&nbsp; 16766176 |
|  | &nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7973000 | &nbsp;&nbsp;&nbsp;&nbsp; 7749676 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3081000 | &nbsp;&nbsp;&nbsp;&nbsp; 2830053 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5377000 | &nbsp;&nbsp;&nbsp;&nbsp; 5531643 |
|  | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4673000 | &nbsp;&nbsp;&nbsp;&nbsp; 4657018 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3249000 | &nbsp;&nbsp;&nbsp;&nbsp; 3342961 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4409000 | &nbsp;&nbsp;&nbsp;&nbsp; 4419449 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.45% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3857000 | &nbsp;&nbsp;&nbsp;&nbsp; 3347413 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.40% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196339 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.40% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2261000 | &nbsp;&nbsp;&nbsp;&nbsp; 1936795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1457000 | &nbsp;&nbsp;&nbsp;&nbsp; 1396753 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Five Corners Funding Trust III, 5.791% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7260000 | &nbsp;&nbsp;&nbsp;&nbsp; 7537840 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10057000 | &nbsp;&nbsp;&nbsp;&nbsp; 10352173 |
|  | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.625% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 599844 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.25% due 1/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2971000 | &nbsp;&nbsp;&nbsp;&nbsp; 2870075 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.40% due 9/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9223000 | &nbsp;&nbsp;&nbsp;&nbsp; 9210088 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7275000 | &nbsp;&nbsp;&nbsp;&nbsp; 7066790 |
|  | &nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7582000 | &nbsp;&nbsp;&nbsp;&nbsp; 7849038 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 7.25% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6405660 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5922000 | &nbsp;&nbsp;&nbsp;&nbsp; 6067385 |
|  | &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 4/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4897000 | &nbsp;&nbsp;&nbsp;&nbsp; 4982844 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17065110 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 7/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5458445 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp., 5.852% due 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5145750 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp., 4.40% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9408000 | &nbsp;&nbsp;&nbsp;&nbsp; 9326150 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4306456 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;NLG Global Funding, 5.40% due 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11985000 | &nbsp;&nbsp;&nbsp;&nbsp; 12340595 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Pacific Life Global Funding II, 5.009% (SOFR + 0.62%) due 6/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4533000 | &nbsp;&nbsp;&nbsp;&nbsp; 4547052 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II, 6.012% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7292000 | &nbsp;&nbsp;&nbsp;&nbsp; 7470581 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Pentair Finance SARL, 5.90% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9193000 | &nbsp;&nbsp;&nbsp;&nbsp; 9604938 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Principal Life Global Funding II, 5.50% due 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6603072 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Protective Life Corp., 3.40% due 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4902000 | &nbsp;&nbsp;&nbsp;&nbsp; 4679596 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Protective Life Global Funding, 5.467% due 12/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 5024552 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7001000 | &nbsp;&nbsp;&nbsp;&nbsp; 7334878 |
|  | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.512% due 9/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3855880 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22908000 | &nbsp;&nbsp;&nbsp;&nbsp; 22951983 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9395000 | &nbsp;&nbsp;&nbsp;&nbsp; 9661724 |
|  | &nbsp;&nbsp;&nbsp;RGA Global Funding, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.70% due 1/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9687000 | &nbsp;&nbsp;&nbsp;&nbsp; 9097449 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.448% due 5/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4129840 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5458000 | &nbsp;&nbsp;&nbsp;&nbsp; 5634894 |
|  | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.45% due 5/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995180 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.875% due 4/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6610000 | &nbsp;&nbsp;&nbsp;&nbsp; 7079112 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 16620000 | &nbsp;&nbsp;&nbsp;&nbsp; 14865925 |
|  | &nbsp;&nbsp;&nbsp;Willis North America, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.95% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2823810 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.35% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9835000 | &nbsp;&nbsp;&nbsp;&nbsp; 10073302 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 476599522 |
|  | &nbsp;&nbsp;**Materials — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. (EUR), 1.80% due 9/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13400000 | &nbsp;&nbsp;&nbsp;&nbsp; 15616749 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 26000000 | &nbsp;&nbsp;&nbsp;&nbsp; 26433420 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/1/2027 | &nbsp;&nbsp;$17905000 | &nbsp;&nbsp;$17811894 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5236950 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.00% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5399650 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 12383000 | &nbsp;&nbsp;&nbsp;&nbsp; 11533526 |
|  | &nbsp;&nbsp;&nbsp;OCP SA, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6450264 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 10/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4778352 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;SNF Group SACA, 3.125% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8405000 | &nbsp;&nbsp;&nbsp;&nbsp; 8150581 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.5%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6570000 | &nbsp;&nbsp;&nbsp;&nbsp; 6667696 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4525444 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc, 3.25% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 16310000 | &nbsp;&nbsp;&nbsp;&nbsp; 15398434 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.875% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14300000 | &nbsp;&nbsp;&nbsp;&nbsp; 12890878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5414000 | &nbsp;&nbsp;&nbsp;&nbsp; 4857441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026780 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Berry Global, Inc., 4.875% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12729000 | &nbsp;&nbsp;&nbsp;&nbsp; 12728491 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034650 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.50% due 3/15/2028 - 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12150000 | &nbsp;&nbsp;&nbsp;&nbsp; 11559490 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.375% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5980000 | &nbsp;&nbsp;&nbsp;&nbsp; 6105221 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7730000 | &nbsp;&nbsp;&nbsp;&nbsp; 8043529 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;OI European Group BV (EUR), 6.25% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3650222 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.573% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17665000 | &nbsp;&nbsp;&nbsp;&nbsp; 16942678 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8460000 | &nbsp;&nbsp;&nbsp;&nbsp; 8371001 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4146320 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S., 7.25% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 525990 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20762000 | &nbsp;&nbsp;&nbsp;&nbsp; 20201426 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.7%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, 6.80% due 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4067680 |
|  | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.00% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4968250 |
| **<sup>b,e,f,h</sup>** | &nbsp;&nbsp;&nbsp;Metalloinvest Finance DAC, 3.375% due 10/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3689250 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19170000 | &nbsp;&nbsp;&nbsp;&nbsp; 19602283 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12730000 | &nbsp;&nbsp;&nbsp;&nbsp; 11426703 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;POSCO, 5.625% due 1/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2362643 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Stillwater Mining Co., 4.50% due 11/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2723955 |
|  | &nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.375% due 2/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp;&nbsp; 4340609 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.50% due 10/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16691680 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 313960130 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 2/1/2031 - 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11548000 | &nbsp;&nbsp;&nbsp;&nbsp; 10560447 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 3/1/2030 - 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9273000 | &nbsp;&nbsp;&nbsp;&nbsp; 8968751 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875% due 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3880000 | &nbsp;&nbsp;&nbsp;&nbsp; 3866730 |
|  | &nbsp;&nbsp;&nbsp;News Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1914540 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4980000 | &nbsp;&nbsp;&nbsp;&nbsp; 4875022 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9815000 | &nbsp;&nbsp;&nbsp;&nbsp; 9426032 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11960000 | &nbsp;&nbsp;&nbsp;&nbsp; 11857981 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3225202 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Telenet Finance Luxembourg Notes SARL, 5.50% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14200000 | &nbsp;&nbsp;&nbsp;&nbsp; 14005034 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68699739 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Amgen, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 3/2/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5120900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.507% due 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6800272 |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.65% due 9/9/2026 | &nbsp;&nbsp;$2902000 | &nbsp;&nbsp;$2905366 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5579000 | &nbsp;&nbsp;&nbsp;&nbsp; 5595681 |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.2%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4945000 | &nbsp;&nbsp;&nbsp;&nbsp; 4856880 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12932968 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.1%** |  |  |
| **<sup>a,b,h</sup>** | &nbsp;&nbsp;&nbsp;Atlas U.S. Royalty LLC Participation Rights, Zero Coupon due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5450000 | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2492950 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc., 2.875% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5402000 | &nbsp;&nbsp;&nbsp;&nbsp; 5272568 |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5184000 | &nbsp;&nbsp;&nbsp;&nbsp; 4940715 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50918845 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 13774000 | &nbsp;&nbsp;&nbsp;&nbsp; 13890666 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2490000 | &nbsp;&nbsp;&nbsp;&nbsp; 2641915 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16532581 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.6%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4861000 | &nbsp;&nbsp;&nbsp;&nbsp; 4029332 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc., 4.25% due 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6192622 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4651000 | &nbsp;&nbsp;&nbsp;&nbsp; 4833691 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.75% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9820000 | &nbsp;&nbsp;&nbsp;&nbsp; 10616009 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 26626000 | &nbsp;&nbsp;&nbsp;&nbsp; 24010262 |
|  | &nbsp;&nbsp;&nbsp;SK Hynix, Inc., |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.50% due 1/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4327444 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 1/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4842480 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2701000 | &nbsp;&nbsp;&nbsp;&nbsp; 2626209 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61478049 |
|  | &nbsp;&nbsp;**Software & Services — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Block Financial LLC, 2.50% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3605000 | &nbsp;&nbsp;&nbsp;&nbsp; 3398109 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, 7.50% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8496800 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11145000 | &nbsp;&nbsp;&nbsp;&nbsp; 10784682 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7440000 | &nbsp;&nbsp;&nbsp;&nbsp; 7143442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4992000 | &nbsp;&nbsp;&nbsp;&nbsp; 5092988 |
|  | &nbsp;&nbsp;&nbsp;DXC Technology Co., 2.375% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11657000 | &nbsp;&nbsp;&nbsp;&nbsp; 10842292 |
|  | &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL/Genpact USA, Inc., |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.75% due 4/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1626000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586505 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/4/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4424000 | &nbsp;&nbsp;&nbsp;&nbsp; 4585476 |
|  | &nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.20% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1401000 | &nbsp;&nbsp;&nbsp;&nbsp; 1367670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.30% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4441000 | &nbsp;&nbsp;&nbsp;&nbsp; 4522093 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4843397 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 33305000 | &nbsp;&nbsp;&nbsp;&nbsp; 32784110 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3953000 | &nbsp;&nbsp;&nbsp;&nbsp; 3836070 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.7%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19319000 | &nbsp;&nbsp;&nbsp;&nbsp; 18494272 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC, 7.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11067000 | &nbsp;&nbsp;&nbsp;&nbsp; 11120122 |
|  | &nbsp;&nbsp;&nbsp;eBay, Inc., 5.90% due 11/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3663067 |
|  | &nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 656000 | &nbsp;&nbsp;&nbsp;&nbsp; 580304 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.193% due 1/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 11494000 | &nbsp;&nbsp;&nbsp;&nbsp; 10729994 |
|  | &nbsp;&nbsp;&nbsp;Prosus NV (EUR), |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.288% due 7/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8715000 | &nbsp;&nbsp;&nbsp;&nbsp; 9513867 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.031% due 8/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7359741 |
|  | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6508000 | &nbsp;&nbsp;&nbsp;&nbsp; 6630025 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.2%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9218000 | &nbsp;&nbsp;&nbsp;&nbsp; 9393142 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | &nbsp;&nbsp;$16087000 | &nbsp;&nbsp;$15657155 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20710000 | &nbsp;&nbsp;&nbsp;&nbsp; 20712485 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011470 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;GoTo Group, Inc.,5.50% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5292209 | &nbsp;&nbsp;&nbsp;&nbsp; 2844581 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Infor LLC, 1.75% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2246490 |
|  | &nbsp;&nbsp;&nbsp;MSCI, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9973000 | &nbsp;&nbsp;&nbsp;&nbsp; 9400849 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6289000 | &nbsp;&nbsp;&nbsp;&nbsp; 6082029 |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp., |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2028 - 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10828000 | &nbsp;&nbsp;&nbsp;&nbsp; 10357973 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 18395000 | &nbsp;&nbsp;&nbsp;&nbsp; 19060899 |
|  | &nbsp;&nbsp;&nbsp;Paychex, Inc., 5.35% due 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 5953932 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2670988 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6700000 | &nbsp;&nbsp;&nbsp;&nbsp; 6955873 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 279722892 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Avnet, Inc., 6.25% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14700000 | &nbsp;&nbsp;&nbsp;&nbsp; 15273888 |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5238000 | &nbsp;&nbsp;&nbsp;&nbsp; 4965100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18083000 | &nbsp;&nbsp;&nbsp;&nbsp; 17934539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.10% due 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9391000 | &nbsp;&nbsp;&nbsp;&nbsp; 9473829 |
|  | &nbsp;&nbsp;&nbsp;Flex Ltd., |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4671000 | &nbsp;&nbsp;&nbsp;&nbsp; 4689544 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3886000 | &nbsp;&nbsp;&nbsp;&nbsp; 4011013 |
|  | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc., 5.35% due 7/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9573000 | &nbsp;&nbsp;&nbsp;&nbsp; 9874262 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies BV, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1901500 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9175000 | &nbsp;&nbsp;&nbsp;&nbsp; 9185276 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 6.625% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 822616 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp., 1.75% due 8/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26068000 | &nbsp;&nbsp;&nbsp;&nbsp; 25216358 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.80% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4453000 | &nbsp;&nbsp;&nbsp;&nbsp; 4353654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.40% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11254000 | &nbsp;&nbsp;&nbsp;&nbsp; 10612522 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc.,6.375% due 3/15/2029 - 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7315000 | &nbsp;&nbsp;&nbsp;&nbsp; 7541435 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5630000 | &nbsp;&nbsp;&nbsp;&nbsp; 5788991 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9933000 | &nbsp;&nbsp;&nbsp;&nbsp; 10245293 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 141889820 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.2%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Sable International Finance Ltd., 7.125% due 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502025 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Videotron Ltd., 5.125% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7150000 | &nbsp;&nbsp;&nbsp;&nbsp; 7150787 |
|  | &nbsp;&nbsp;&nbsp;Virgin Media Secured Finance plc, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6056765 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1770282 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.6%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 446852 |
| **<sup>f,i</sup>** | &nbsp;&nbsp;&nbsp;Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., 12.00% due 5/25/2027 PIK | &nbsp;&nbsp;&nbsp;&nbsp; 4974555 | &nbsp;&nbsp;&nbsp;&nbsp; 5022908 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.25% due 2/15/2026 - 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 13747000 | &nbsp;&nbsp;&nbsp;&nbsp; 12182752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8935000 | &nbsp;&nbsp;&nbsp;&nbsp; 9106195 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.375% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2965000 | &nbsp;&nbsp;&nbsp;&nbsp; 2966779 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20850000 | &nbsp;&nbsp;&nbsp;&nbsp; 21219670 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Vmed O2 U.K. Financing I plc, 4.25% due 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7818000 | &nbsp;&nbsp;&nbsp;&nbsp; 7135723 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 74560738 |
|  | &nbsp;&nbsp;**Transportation — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.25% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6533000 | &nbsp;&nbsp;&nbsp;&nbsp; 6701617 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, 6.613% (SOFR + 2.35%) due 12/15/2055 | &nbsp;&nbsp;$9500000 | &nbsp;&nbsp;$9511875 |
|  | &nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust, Series 2016-3 Class B, 3.75% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 438261 | &nbsp;&nbsp;&nbsp;&nbsp; 433046 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust, Series 2020-1 Class A, 4.25% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 832988 | &nbsp;&nbsp;&nbsp;&nbsp; 798186 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 24600000 | &nbsp;&nbsp;&nbsp;&nbsp; 24658302 |
|  | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.35% due 3/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 3138734 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6440000 | &nbsp;&nbsp;&nbsp;&nbsp; 6616134 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 5/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 2501650 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.20% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2558544 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56918088 |
|  | &nbsp;&nbsp;**Utilities — 5.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5106000 | &nbsp;&nbsp;&nbsp;&nbsp; 5185500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.10% due 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2320527 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;AES Espana BV, 5.70% due 5/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20027000 | &nbsp;&nbsp;&nbsp;&nbsp; 19209898 |
|  | &nbsp;&nbsp;&nbsp;Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4659000 | &nbsp;&nbsp;&nbsp;&nbsp; 4803522 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.40% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454505 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 3/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3415000 | &nbsp;&nbsp;&nbsp;&nbsp; 3579262 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7390000 | &nbsp;&nbsp;&nbsp;&nbsp; 7436926 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 5.699% due 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4752375 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6776000 | &nbsp;&nbsp;&nbsp;&nbsp; 6991545 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 899510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.15% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6135000 | &nbsp;&nbsp;&nbsp;&nbsp; 6450339 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 5662001 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 16177000 | &nbsp;&nbsp;&nbsp;&nbsp; 14270541 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6241600 | &nbsp;&nbsp;&nbsp;&nbsp; 5580490 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.45% due 1/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3942160 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6112000 | &nbsp;&nbsp;&nbsp;&nbsp; 6156923 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4166000 | &nbsp;&nbsp;&nbsp;&nbsp; 4251403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.375% due 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5131500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7236000 | &nbsp;&nbsp;&nbsp;&nbsp; 7300111 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9605000 | &nbsp;&nbsp;&nbsp;&nbsp; 9747538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5835774 |
|  | &nbsp;&nbsp;&nbsp;Electricite de France SA, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 4/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12614000 | &nbsp;&nbsp;&nbsp;&nbsp; 13078574 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 25825000 | &nbsp;&nbsp;&nbsp;&nbsp; 26383336 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (SOFR + 5.44%) due 6/15/2076 | &nbsp;&nbsp;&nbsp;&nbsp; 13999000 | &nbsp;&nbsp;&nbsp;&nbsp; 14100353 |
|  | &nbsp;&nbsp;&nbsp;Enel Finance International NV, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.125% due 7/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 16900000 | &nbsp;&nbsp;&nbsp;&nbsp; 15766348 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.50% due 7/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1951000 | &nbsp;&nbsp;&nbsp;&nbsp; 1711768 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3819000 | &nbsp;&nbsp;&nbsp;&nbsp; 3830075 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 6/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9739000 | &nbsp;&nbsp;&nbsp;&nbsp; 9921704 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.50% due 10/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2737008 |
|  | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC, 5.45% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3308000 | &nbsp;&nbsp;&nbsp;&nbsp; 3406215 |
|  | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.50% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5866000 | &nbsp;&nbsp;&nbsp;&nbsp; 5630891 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.45% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2924730 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 5.25% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3912000 | &nbsp;&nbsp;&nbsp;&nbsp; 3954367 |
|  | &nbsp;&nbsp;&nbsp;Evergy Metro, Inc., 4.95% due 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4663000 | &nbsp;&nbsp;&nbsp;&nbsp; 4658011 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4949852 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5181000 | &nbsp;&nbsp;&nbsp;&nbsp; 5315343 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5230000 | &nbsp;&nbsp;&nbsp;&nbsp; 5242813 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.95% due 5/14/2030 | &nbsp;&nbsp;$1742000 | &nbsp;&nbsp;$1619485 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.95% due 9/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4910000 | &nbsp;&nbsp;&nbsp;&nbsp; 4963519 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.40% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 13817000 | &nbsp;&nbsp;&nbsp;&nbsp; 13971060 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65% due 5/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21529830 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 17064000 | &nbsp;&nbsp;&nbsp;&nbsp; 18356427 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC, 4.10% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 938007 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 5.65% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15565500 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.749% due 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7416000 | &nbsp;&nbsp;&nbsp;&nbsp; 7426827 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.278% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7643713 |
|  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4033600 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9034000 | &nbsp;&nbsp;&nbsp;&nbsp; 9224346 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6043860 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 5.20% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9543000 | &nbsp;&nbsp;&nbsp;&nbsp; 9818506 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6876000 | &nbsp;&nbsp;&nbsp;&nbsp; 6647167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8255000 | &nbsp;&nbsp;&nbsp;&nbsp; 7763415 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.725% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6812000 | &nbsp;&nbsp;&nbsp;&nbsp; 6864452 |
|  | &nbsp;&nbsp;&nbsp;Southern Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6725000 | &nbsp;&nbsp;&nbsp;&nbsp; 6652908 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% (5-Yr. CMT + 3.730%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 12509000 | &nbsp;&nbsp;&nbsp;&nbsp; 12442077 |
|  | &nbsp;&nbsp;&nbsp;System Energy Resources, Inc., 6.00% due 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2212000 | &nbsp;&nbsp;&nbsp;&nbsp; 2302780 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Toledo Edison Co., 2.65% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3933000 | &nbsp;&nbsp;&nbsp;&nbsp; 3700481 |
|  | &nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8325000 | &nbsp;&nbsp;&nbsp;&nbsp; 8360881 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5961000 | &nbsp;&nbsp;&nbsp;&nbsp; 5978287 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 5.45% due 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3183000 | &nbsp;&nbsp;&nbsp;&nbsp; 3251275 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 1.0%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 9210000 | &nbsp;&nbsp;&nbsp;&nbsp; 9031602 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8931000 | &nbsp;&nbsp;&nbsp;&nbsp; 8840529 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp., 5.40% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6427000 | &nbsp;&nbsp;&nbsp;&nbsp; 6532146 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;ENN Clean Energy International Investment Ltd., 3.375% due 5/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9524000 | &nbsp;&nbsp;&nbsp;&nbsp; 9390854 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 14587000 | &nbsp;&nbsp;&nbsp;&nbsp; 15158665 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4945000 | &nbsp;&nbsp;&nbsp;&nbsp; 5093399 |
|  | &nbsp;&nbsp;&nbsp;Snam SpA, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4234860 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.75% due 5/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3907000 | &nbsp;&nbsp;&nbsp;&nbsp; 3988109 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6950000 | &nbsp;&nbsp;&nbsp;&nbsp; 7062243 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.20% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7880000 | &nbsp;&nbsp;&nbsp;&nbsp; 7081914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.05% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3026000 | &nbsp;&nbsp;&nbsp;&nbsp; 2869858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4610000 | &nbsp;&nbsp;&nbsp;&nbsp; 4756967 |
|  | &nbsp;&nbsp;&nbsp;Spire, Inc., 5.30% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12927000 | &nbsp;&nbsp;&nbsp;&nbsp; 12971857 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.2%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 18400000 | &nbsp;&nbsp;&nbsp;&nbsp; 19436104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 556121248 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $3,972,197,247) |  | &nbsp;&nbsp;&nbsp;&nbsp;4006877639 |
|  | **Convertible Bonds — 0.2%** |  |  |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157352 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1157352 |
|  | &nbsp;&nbsp;**Financial Services — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.0%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Repay Holdings Corp., Zero Coupon due 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5460000 | &nbsp;&nbsp;&nbsp;&nbsp; 5236905 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5236905 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 26001000 | &nbsp;&nbsp;&nbsp;&nbsp; 15453434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15453434 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $22,782,586) |  | &nbsp;&nbsp;&nbsp;&nbsp; 21847691 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Long-Term Municipal Bonds — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;California (California Mtg Insurance) HFFA, 7.875% due 2/1/2026 | &nbsp;&nbsp;$450000 | &nbsp;&nbsp;$451252 |
|  | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Research Foundation of State University of New York), 4.248% due 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131195 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds (Cost $2,624,683) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2582447 |
|  | **Other Government — 2.6%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Albania Government International Bonds (EUR), 5.90% due 6/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9800000 | &nbsp;&nbsp;&nbsp;&nbsp; 12210347 |
|  | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 36873000 | &nbsp;&nbsp;&nbsp;&nbsp; 22521164 |
|  | &nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 98800000 | &nbsp;&nbsp;&nbsp;&nbsp; 16686131 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8725000 | &nbsp;&nbsp;&nbsp;&nbsp; 9017287 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 596770000 | &nbsp;&nbsp;&nbsp;&nbsp; 9955642 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;9.75% due 6/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5314377 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;10.75% due 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1009000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17479086 |
|  | &nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 580450000 | &nbsp;&nbsp;&nbsp;&nbsp; 11714909 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 3.625% due 3/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 15632000 | &nbsp;&nbsp;&nbsp;&nbsp; 13435548 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 14450000 | &nbsp;&nbsp;&nbsp;&nbsp; 17119090 |
|  | &nbsp;&nbsp;&nbsp;Indonesia Treasury Bonds (IDR), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 101, 6.875% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;216734000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13641493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series FR82, 7.00% due 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2852005 |
|  | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 17550000 | &nbsp;&nbsp;&nbsp;&nbsp; 10112120 |
|  | &nbsp;&nbsp;&nbsp;Nigeria Government International Bonds, |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.625% due 11/28/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7977100 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.25% due 9/28/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3561303 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12610000 | &nbsp;&nbsp;&nbsp;&nbsp; 10355080 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Panama Government International Bonds, 2.252% due 9/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13300000 | &nbsp;&nbsp;&nbsp;&nbsp; 10149895 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;15.50% due 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 92000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7290515 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16.25% due 10/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259823 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;16.625% due 5/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7757259 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Saudi Government International Bonds, 5.125% due 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 18283860 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 15218000 | &nbsp;&nbsp;&nbsp;&nbsp; 21091815 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $239,118,235) |  | &nbsp;&nbsp;&nbsp;&nbsp; 249785849 |
|  | **U.S. Treasury Securities — 11.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 2/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 51342626 | &nbsp;&nbsp;&nbsp;&nbsp; 40683015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 40238275 | &nbsp;&nbsp;&nbsp;&nbsp; 36841599 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 37401600 | &nbsp;&nbsp;&nbsp;&nbsp; 35291916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 165238225 | &nbsp;&nbsp;&nbsp;&nbsp; 163811755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 138334617 | &nbsp;&nbsp;&nbsp;&nbsp; 142030745 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 5/15/2040 - 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 264700000 | &nbsp;&nbsp;&nbsp;&nbsp; 163364031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 207290000 | &nbsp;&nbsp;&nbsp;&nbsp; 132017819 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/31/2030 - 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 15833000 | &nbsp;&nbsp;&nbsp;&nbsp; 15747196 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 - 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 79617000 | &nbsp;&nbsp;&nbsp;&nbsp; 79825533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 59640000 | &nbsp;&nbsp;&nbsp;&nbsp; 61270781 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.859%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12733386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.11%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 29905646 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.233%, 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 110000000 | &nbsp;&nbsp;&nbsp;&nbsp; 63905657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.105%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp; 38344866 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.357%, 8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13532126 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.691%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16849754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.844%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20156239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8.346%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11155407 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $1,073,487,027) |  | &nbsp;&nbsp;&nbsp;&nbsp;1077467471 |
|  | **U.S. Government Agencies — 0.5%** |  |  |
| **<sup>c,d,e</sup>** | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.420%), 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 33307000 | &nbsp;&nbsp;&nbsp;&nbsp; 33185429 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 2.90%, 2/18/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 22380000 | &nbsp;&nbsp;&nbsp;&nbsp; 18276851 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $51,475,140) |  | &nbsp;&nbsp;&nbsp;&nbsp; 51462280 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Mortgage Backed — 28.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class C, 5.115% due 1/25/2061 | &nbsp;&nbsp;$3699342 | &nbsp;&nbsp;$3689128 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-G Class A, 4.875% due 6/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 2685574 | &nbsp;&nbsp;&nbsp;&nbsp; 2675986 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 3536834 | &nbsp;&nbsp;&nbsp;&nbsp; 3422864 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 4.25% due 10/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 8573278 | &nbsp;&nbsp;&nbsp;&nbsp; 8412336 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 9104545 | &nbsp;&nbsp;&nbsp;&nbsp; 8658173 |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B1, 4.027% due 12/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 4575000 | &nbsp;&nbsp;&nbsp;&nbsp; 3496625 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6 Class A3, 4.30% due 7/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 3817883 | &nbsp;&nbsp;&nbsp;&nbsp; 3628041 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 4.75% due 9/26/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 11910998 | &nbsp;&nbsp;&nbsp;&nbsp; 11783899 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A1, 4.65% due 10/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 5743862 | &nbsp;&nbsp;&nbsp;&nbsp; 5680295 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;AOA Mortgage Trust, CMBS, Series 2021-1177 Class A, 5.301% (TSFR1M + 0.99%) due 10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 12740000 | &nbsp;&nbsp;&nbsp;&nbsp; 12517540 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 5.754% (SOFR30A + 1.45%) due 1/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 11464607 | &nbsp;&nbsp;&nbsp;&nbsp; 11464605 |
|  | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 512385 | &nbsp;&nbsp;&nbsp;&nbsp; 495958 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1053414 | &nbsp;&nbsp;&nbsp;&nbsp; 989789 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1R Class A1, 1.175% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2157790 | &nbsp;&nbsp;&nbsp;&nbsp; 1938844 |
|  | &nbsp;&nbsp;&nbsp;ATLX Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 3.85% due 4/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 11511470 | &nbsp;&nbsp;&nbsp;&nbsp; 11116848 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 11067479 | &nbsp;&nbsp;&nbsp;&nbsp; 10617474 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 12612656 | &nbsp;&nbsp;&nbsp;&nbsp; 12050548 |
|  | &nbsp;&nbsp;&nbsp;Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5393093 | &nbsp;&nbsp;&nbsp;&nbsp; 5377946 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 4.25% due 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14565399 | &nbsp;&nbsp;&nbsp;&nbsp; 14423640 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 7.326% due 8/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 18343 | &nbsp;&nbsp;&nbsp;&nbsp; 18277 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.146% due 10/5/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4493623 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 25557320 | &nbsp;&nbsp;&nbsp;&nbsp; 25052447 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 23150000 | &nbsp;&nbsp;&nbsp;&nbsp; 23577499 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 6760000 | &nbsp;&nbsp;&nbsp;&nbsp; 5765808 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4616750 |
|  | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B4, 3.885% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 675261 | &nbsp;&nbsp;&nbsp;&nbsp; 582940 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B5, 3.885% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 348397 | &nbsp;&nbsp;&nbsp;&nbsp; 272377 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B6, 3.658% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 521093 | &nbsp;&nbsp;&nbsp;&nbsp; 332293 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2008008 | &nbsp;&nbsp;&nbsp;&nbsp; 1840717 |
|  | &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.007% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 17329577 | &nbsp;&nbsp;&nbsp;&nbsp; 16347258 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 4.553% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500563 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B2, 4.601% due 3/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 7015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5167038 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 6700439 | &nbsp;&nbsp;&nbsp;&nbsp; 6727222 |
|  | &nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 130635 | &nbsp;&nbsp;&nbsp;&nbsp; 120418 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO1, 0.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 12469689 | &nbsp;&nbsp;&nbsp;&nbsp; 272535 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO2, 0.50% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 11121864 | &nbsp;&nbsp;&nbsp;&nbsp; 303840 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIOS, 0.20% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 15478209 | &nbsp;&nbsp;&nbsp;&nbsp; 161091 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B4, 3.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 322693 | &nbsp;&nbsp;&nbsp;&nbsp; 273217 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B5, 3.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 163128 | &nbsp;&nbsp;&nbsp;&nbsp; 95421 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B6, 3.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 286799 | &nbsp;&nbsp;&nbsp;&nbsp; 124873 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AX1, 0.254% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 96224680 | &nbsp;&nbsp;&nbsp;&nbsp; 1438107 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 102835340 | &nbsp;&nbsp;&nbsp;&nbsp; 1229201 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B4, 2.754% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp;&nbsp; 224357 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B5, 2.754% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 73890 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B6, 2.754% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 654523 | &nbsp;&nbsp;&nbsp;&nbsp; 242316 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I1 Class M1, 7.06% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 10705000 | &nbsp;&nbsp;&nbsp;&nbsp; 10705282 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I2 Class A1, 6.639% due 12/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 10460673 | &nbsp;&nbsp;&nbsp;&nbsp; 10553901 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R1 Class A1, 4.75% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 14613246 | &nbsp;&nbsp;&nbsp;&nbsp; 14492760 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-HYB2 Class B1, 6.379% due 3/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 16141 | &nbsp;&nbsp;&nbsp;&nbsp; 8075 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-A Class A, 4.00% due 1/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 279289 | &nbsp;&nbsp;&nbsp;&nbsp; 272131 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1180900 | &nbsp;&nbsp;&nbsp;&nbsp; 1003491 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 770600 | &nbsp;&nbsp;&nbsp;&nbsp; 617978 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 386242 | &nbsp;&nbsp;&nbsp;&nbsp; 247383 |
| **<sup>e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class XS, due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 17125222 | &nbsp;&nbsp;&nbsp;&nbsp; 546396 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B5, 4.095% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 88859 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B6, 4.095% due 8/25/2050 | &nbsp;&nbsp;$372000 | &nbsp;&nbsp;$184220 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B4, 2.609% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 193193 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B5, 2.609% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 666000 | &nbsp;&nbsp;&nbsp;&nbsp; 270173 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B6, 2.609% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 503782 | &nbsp;&nbsp;&nbsp;&nbsp; 179077 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 11052063 | &nbsp;&nbsp;&nbsp;&nbsp; 9788193 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B4, 2.77% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2281541 | &nbsp;&nbsp;&nbsp;&nbsp; 1033728 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B5, 2.77% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp;&nbsp; 277176 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class B6, 2.77% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1247350 | &nbsp;&nbsp;&nbsp;&nbsp; 446082 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.861% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 539097 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B5, 2.861% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 173000 | &nbsp;&nbsp;&nbsp;&nbsp; 77516 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.861% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 573357 | &nbsp;&nbsp;&nbsp;&nbsp; 209767 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A5IX, 0.288% due 11/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 182083427 | &nbsp;&nbsp;&nbsp;&nbsp; 3019854 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class B4, 3.288% due 11/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1277234 | &nbsp;&nbsp;&nbsp;&nbsp; 1051955 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class B6, 3.288% due 11/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3219925 | &nbsp;&nbsp;&nbsp;&nbsp; 1449484 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B4, 2.904% due 2/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 700598 | &nbsp;&nbsp;&nbsp;&nbsp; 345165 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B5, 2.904% due 2/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 527000 | &nbsp;&nbsp;&nbsp;&nbsp; 232174 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class B6, 2.904% due 2/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1404735 | &nbsp;&nbsp;&nbsp;&nbsp; 508791 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4370000 | &nbsp;&nbsp;&nbsp;&nbsp; 4631003 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9468728 |
|  | &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-H1 Class A1, 6.615% due 3/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 6021748 | &nbsp;&nbsp;&nbsp;&nbsp; 6057886 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-H4 Class A1, 6.147% due 7/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 9935870 | &nbsp;&nbsp;&nbsp;&nbsp; 10016111 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-WEST Class A, 3.04% due 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 22257500 | &nbsp;&nbsp;&nbsp;&nbsp; 18600205 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BPNY Class A, 8.141% (TSFR1M + 3.83%) due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13086792 | &nbsp;&nbsp;&nbsp;&nbsp; 12282615 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-AFC1 Class B2, 5.15% due 7/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2366448 | &nbsp;&nbsp;&nbsp;&nbsp; 2201853 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 43568266 | &nbsp;&nbsp;&nbsp;&nbsp; 428481 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B3, 4.319% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 146228 | &nbsp;&nbsp;&nbsp;&nbsp; 101005 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class XS, 3.242% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 43568266 | &nbsp;&nbsp;&nbsp;&nbsp; 7428389 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 2017308 | &nbsp;&nbsp;&nbsp;&nbsp; 1717618 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class B2, 4.128% due 4/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980441 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class B2, 4.254% due 10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 3478650 | &nbsp;&nbsp;&nbsp;&nbsp; 2941784 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RP11 Class A1, 2.25% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 13478718 | &nbsp;&nbsp;&nbsp;&nbsp; 11173604 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 4647566 | &nbsp;&nbsp;&nbsp;&nbsp; 4625657 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 3208710 | &nbsp;&nbsp;&nbsp;&nbsp; 3240711 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 10082000 | &nbsp;&nbsp;&nbsp;&nbsp; 9210654 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 443052 | &nbsp;&nbsp;&nbsp;&nbsp; 415307 |
|  | &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1, 2.739% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 556141 | &nbsp;&nbsp;&nbsp;&nbsp; 534520 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 3.869% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 6901000 | &nbsp;&nbsp;&nbsp;&nbsp; 4769703 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.702% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 9052278 | &nbsp;&nbsp;&nbsp;&nbsp; 8688593 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 1L0322, 5.917% (H15T1Y + 2.07%) due 2/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2201234 | &nbsp;&nbsp;&nbsp;&nbsp; 2261028 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 760025, 3.649% (5-Yr. CMT + 1.310%) due 10/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 3115472 | &nbsp;&nbsp;&nbsp;&nbsp; 3007491 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841097, 3.211% (5-Yr. CMT + 1.300%) due 9/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4244053 | &nbsp;&nbsp;&nbsp;&nbsp; 4077192 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841355, 1.90% (2.16% - SOFR30A) due 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4519313 | &nbsp;&nbsp;&nbsp;&nbsp; 4237462 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841362, 1.709% (2.15% - SOFR30A) due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5689356 | &nbsp;&nbsp;&nbsp;&nbsp; 5269437 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841377, 1.938% (2.24% - SOFR30A) due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5869147 | &nbsp;&nbsp;&nbsp;&nbsp; 5450446 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841463, 2.157% (2.18% - SOFR30A) due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 15191653 | &nbsp;&nbsp;&nbsp;&nbsp; 13622712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RE6097, 2.00% due 5/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 11559463 | &nbsp;&nbsp;&nbsp;&nbsp; 8956429 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5461 Class PA, 4.50% due 8/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 28816131 | &nbsp;&nbsp;&nbsp;&nbsp; 28231052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5462 Class P, 4.50% due 10/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 19429247 | &nbsp;&nbsp;&nbsp;&nbsp; 19038047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 22732715 | &nbsp;&nbsp;&nbsp;&nbsp; 22292560 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.705% (SOFR30A + 1.40%) due 2/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 21901958 | &nbsp;&nbsp;&nbsp;&nbsp; 21920285 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 5552 Class PD, 5.00% due 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 24351172 | &nbsp;&nbsp;&nbsp;&nbsp; 24413938 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series KIR1 Class X, 1.146% due 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31451640 | &nbsp;&nbsp;&nbsp;&nbsp; 136653 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10518000 | &nbsp;&nbsp;&nbsp;&nbsp; 10757688 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7257000 | &nbsp;&nbsp;&nbsp;&nbsp; 7600456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 18483000 | &nbsp;&nbsp;&nbsp;&nbsp; 19121973 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class MA, 2.00% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2319376 | &nbsp;&nbsp;&nbsp;&nbsp; 2107356 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class MTU, 2.50% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 27310210 | &nbsp;&nbsp;&nbsp;&nbsp; 22053929 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class MTU, 3.25% due 11/25/2061 | &nbsp;&nbsp;$20558121 | &nbsp;&nbsp;$17451601 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 9605089 | &nbsp;&nbsp;&nbsp;&nbsp; 7799875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 13372484 | &nbsp;&nbsp;&nbsp;&nbsp; 11446187 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RA7373, 3.00% due 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2929578 | &nbsp;&nbsp;&nbsp;&nbsp; 2549876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD1374, 3.00% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7679222 | &nbsp;&nbsp;&nbsp;&nbsp; 6647572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD1588, 5.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4729022 | &nbsp;&nbsp;&nbsp;&nbsp; 4683241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD1626, 5.00% due 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6768587 | &nbsp;&nbsp;&nbsp;&nbsp; 6696218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD3632, 2.50% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 35075199 | &nbsp;&nbsp;&nbsp;&nbsp; 29149133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 40162694 | &nbsp;&nbsp;&nbsp;&nbsp; 33377080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD4176, 3.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 107531265 | &nbsp;&nbsp;&nbsp;&nbsp; 93169615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD5171, 2.50% due 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 32175217 | &nbsp;&nbsp;&nbsp;&nbsp; 26739112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD6509, 6.00% due 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 25697995 | &nbsp;&nbsp;&nbsp;&nbsp; 26177320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 32360819 | &nbsp;&nbsp;&nbsp;&nbsp; 25786136 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8189, 2.50% due 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 16940985 | &nbsp;&nbsp;&nbsp;&nbsp; 14102385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 14710417 | &nbsp;&nbsp;&nbsp;&nbsp; 12744017 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8367, 5.50% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 15003355 | &nbsp;&nbsp;&nbsp;&nbsp; 15035968 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC01 Class M1, 3.647% due 12/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 185566 | &nbsp;&nbsp;&nbsp;&nbsp; 182130 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-SC02 Class M1, 3.848% due 5/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 22378 | &nbsp;&nbsp;&nbsp;&nbsp; 22226 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BH4523, 2.045% (5-Yr. CMT + 1.150%) due 4/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4517650 | &nbsp;&nbsp;&nbsp;&nbsp; 4324434 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BH4524, 2.937% (5-Yr. CMT + 1.150%) due 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 8778864 | &nbsp;&nbsp;&nbsp;&nbsp; 8424647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BL8603, 2.07% due 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 11302525 | &nbsp;&nbsp;&nbsp;&nbsp; 7834025 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6885, 1.605% (2.20% - SOFR30A) due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6569711 | &nbsp;&nbsp;&nbsp;&nbsp; 6088371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6899, 2.50% due 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 10079913 | &nbsp;&nbsp;&nbsp;&nbsp; 8177361 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM6929, 1.925% (2.13% - SOFR30A) due 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6545730 | &nbsp;&nbsp;&nbsp;&nbsp; 6138287 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BO9998, 2.735% (H15T1Y + 2.03%) due 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3482231 | &nbsp;&nbsp;&nbsp;&nbsp; 3427086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS1289, 2.17% due 3/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 15824083 | &nbsp;&nbsp;&nbsp;&nbsp; 10692325 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BU9934, 1.838% (2.37% - SOFR30A) due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 13894894 | &nbsp;&nbsp;&nbsp;&nbsp; 12380006 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3061, 5.26% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 29454000 | &nbsp;&nbsp;&nbsp;&nbsp; 30277478 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.528% (2.20% - SOFR30A) due 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 7119857 | &nbsp;&nbsp;&nbsp;&nbsp; 6615490 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 13609963 | &nbsp;&nbsp;&nbsp;&nbsp; 13878584 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 21096240 | &nbsp;&nbsp;&nbsp;&nbsp; 20767860 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 48968499 | &nbsp;&nbsp;&nbsp;&nbsp; 40695116 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BW8669, 5.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4520179 | &nbsp;&nbsp;&nbsp;&nbsp; 4443162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 36904539 | &nbsp;&nbsp;&nbsp;&nbsp; 31941861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB3050, 2.50% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 23764769 | &nbsp;&nbsp;&nbsp;&nbsp; 19749636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB3880, 5.00% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2532484 | &nbsp;&nbsp;&nbsp;&nbsp; 2508554 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS5447, 2.50% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 36173938 | &nbsp;&nbsp;&nbsp;&nbsp; 30179929 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 140789320 | &nbsp;&nbsp;&nbsp;&nbsp; 117002518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 118699287 | &nbsp;&nbsp;&nbsp;&nbsp; 102873631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7577, 2.50% due 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 27516275 | &nbsp;&nbsp;&nbsp;&nbsp; 22867313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7757, 2.50% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 26581061 | &nbsp;&nbsp;&nbsp;&nbsp; 22087186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 19642779 | &nbsp;&nbsp;&nbsp;&nbsp; 16302194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5138, 5.50% due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 8381123 | &nbsp;&nbsp;&nbsp;&nbsp; 8398066 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5139, 6.00% due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7061568 | &nbsp;&nbsp;&nbsp;&nbsp; 7190430 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5166, 6.00% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 13608693 | &nbsp;&nbsp;&nbsp;&nbsp; 13855982 |
|  | &nbsp;&nbsp;&nbsp;First Republic Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2IO, 1.236% due 4/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 110126142 | &nbsp;&nbsp;&nbsp;&nbsp; 2799407 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B3, 2.876% due 4/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1398660 | &nbsp;&nbsp;&nbsp;&nbsp; 1231328 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B4, 2.876% due 4/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150451 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class B6, 2.876% due 4/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 497744 |
|  | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 157767 | &nbsp;&nbsp;&nbsp;&nbsp; 146295 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3INV Class B4, 4.446% due 5/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4834730 | &nbsp;&nbsp;&nbsp;&nbsp; 4415364 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class B3, 4.001% due 12/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3391721 | &nbsp;&nbsp;&nbsp;&nbsp; 3042249 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX1, 0.659% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 22662067 | &nbsp;&nbsp;&nbsp;&nbsp; 776615 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX2, 0.50% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3883671 | &nbsp;&nbsp;&nbsp;&nbsp; 107987 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B4, 3.659% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 196646 | &nbsp;&nbsp;&nbsp;&nbsp; 164904 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B5, 3.659% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 587245 | &nbsp;&nbsp;&nbsp;&nbsp; 486993 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B6C, 3.352% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 784923 | &nbsp;&nbsp;&nbsp;&nbsp; 430320 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX1, 0.174% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 152250885 | &nbsp;&nbsp;&nbsp;&nbsp; 1494830 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | &nbsp;&nbsp;$12586958 | &nbsp;&nbsp;$140177 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 11512153 | &nbsp;&nbsp;&nbsp;&nbsp; 356130 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B4, 3.354% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2474373 | &nbsp;&nbsp;&nbsp;&nbsp; 2010432 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B5, 3.354% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 451078 | &nbsp;&nbsp;&nbsp;&nbsp; 338569 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B6C, 3.252% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3931584 | &nbsp;&nbsp;&nbsp;&nbsp; 2472773 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM3 Class A1, 3.686% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 427463 | &nbsp;&nbsp;&nbsp;&nbsp; 415544 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2153621 | &nbsp;&nbsp;&nbsp;&nbsp; 2045911 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 15208723 | &nbsp;&nbsp;&nbsp;&nbsp; 14098472 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class M1, 2.316% due 1/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 6112000 | &nbsp;&nbsp;&nbsp;&nbsp; 4322864 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 3198096 | &nbsp;&nbsp;&nbsp;&nbsp; 2660952 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4 Class A1, 4.25% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 16865961 | &nbsp;&nbsp;&nbsp;&nbsp; 15534124 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 27166628 | &nbsp;&nbsp;&nbsp;&nbsp; 27454603 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 21374083 | &nbsp;&nbsp;&nbsp;&nbsp; 18926829 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 95120061 | &nbsp;&nbsp;&nbsp;&nbsp; 84185126 |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 5.446% (TSFR1M + 1.13%) due 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 6454379 | &nbsp;&nbsp;&nbsp;&nbsp; 6450347 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 9009833 | &nbsp;&nbsp;&nbsp;&nbsp; 9034721 |
|  | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A11X, 3.392% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 810768 | &nbsp;&nbsp;&nbsp;&nbsp; 123144 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A12X, 2.908% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 9707730 | &nbsp;&nbsp;&nbsp;&nbsp; 1263842 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AIOS, 0.189% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 54023536 | &nbsp;&nbsp;&nbsp;&nbsp; 384734 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX1, due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 35099410 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX2, 0.408% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1749551 | &nbsp;&nbsp;&nbsp;&nbsp; 23116 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX4, 0.921% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1883371 | &nbsp;&nbsp;&nbsp;&nbsp; 57830 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B4, 3.828% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1192192 | &nbsp;&nbsp;&nbsp;&nbsp; 1028061 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B5, 3.828% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1195014 | &nbsp;&nbsp;&nbsp;&nbsp; 1044495 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B6, 3.828% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2934621 | &nbsp;&nbsp;&nbsp;&nbsp; 1933159 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class BX, 0.328% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 13602517 | &nbsp;&nbsp;&nbsp;&nbsp; 214387 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PJ3 Class A11X, 3.50% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2081671 | &nbsp;&nbsp;&nbsp;&nbsp; 267667 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6161536 | &nbsp;&nbsp;&nbsp;&nbsp; 6120753 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 5772922 | &nbsp;&nbsp;&nbsp;&nbsp; 5620600 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 5125638 | &nbsp;&nbsp;&nbsp;&nbsp; 4980884 |
|  | &nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 19805398 | &nbsp;&nbsp;&nbsp;&nbsp; 20541164 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 8458311 | &nbsp;&nbsp;&nbsp;&nbsp; 8497337 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 6.357% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 21906281 | &nbsp;&nbsp;&nbsp;&nbsp; 21148957 |
|  | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 A Class A1, 5.082% due 7/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 4599823 | &nbsp;&nbsp;&nbsp;&nbsp; 4572592 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 7.12% due 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 22320000 | &nbsp;&nbsp;&nbsp;&nbsp; 22426449 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 5405282 |
|  | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class B2, 4.118% due 11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 5408000 | &nbsp;&nbsp;&nbsp;&nbsp; 3982883 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3554226 | &nbsp;&nbsp;&nbsp;&nbsp; 3042700 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class B2, 4.10% due 1/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1807328 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 2.493% due 2/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 13494231 | &nbsp;&nbsp;&nbsp;&nbsp; 12267689 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class B2, 4.20% due 3/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 15600000 | &nbsp;&nbsp;&nbsp;&nbsp; 11019249 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 11012815 | &nbsp;&nbsp;&nbsp;&nbsp; 11200476 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A3, 5.04% due 6/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 3335742 | &nbsp;&nbsp;&nbsp;&nbsp; 3239177 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM6 Class A1, 6.819% due 10/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 11978602 | &nbsp;&nbsp;&nbsp;&nbsp; 11949956 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 7565497 | &nbsp;&nbsp;&nbsp;&nbsp; 7583143 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BHR5 Class A, 6.005% (TSFR1M + 1.69%) due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3800820 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BHR5 Class B, 6.454% (TSFR1M + 2.14%) due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 10300000 | &nbsp;&nbsp;&nbsp;&nbsp; 10286326 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4 Class B4, 3.508% due 6/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 830166 | &nbsp;&nbsp;&nbsp;&nbsp; 597443 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5 Class B6, 4.921% due 10/26/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3073715 | &nbsp;&nbsp;&nbsp;&nbsp; 2328915 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-8 Class B4, 4.143% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3133648 | &nbsp;&nbsp;&nbsp;&nbsp; 2872534 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AX1, 0.132% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 8008705 | &nbsp;&nbsp;&nbsp;&nbsp; 43990 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A11X, 0.811% (5.14% - TSFR1M) due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1584535 | &nbsp;&nbsp;&nbsp;&nbsp; 50730 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A3X, 0.50% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 7183225 | &nbsp;&nbsp;&nbsp;&nbsp; 169802 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX1, 0.095% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 26532244 | &nbsp;&nbsp;&nbsp;&nbsp; 76217 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX3, 3.50% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 734036 | &nbsp;&nbsp;&nbsp;&nbsp; 123015 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX4, 0.55% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1694132 | &nbsp;&nbsp;&nbsp;&nbsp; 44004 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B4, 3.645% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1233733 | &nbsp;&nbsp;&nbsp;&nbsp; 1065632 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B5, 3.645% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 568938 | &nbsp;&nbsp;&nbsp;&nbsp; 438239 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B6, 3.531% due 11/25/2050 | &nbsp;&nbsp;$1054996 | &nbsp;&nbsp;$493622 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B4, 3.50% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 583036 | &nbsp;&nbsp;&nbsp;&nbsp; 501267 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B5, 3.50% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 406708 | &nbsp;&nbsp;&nbsp;&nbsp; 225198 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B6, 3.395% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 588627 | &nbsp;&nbsp;&nbsp;&nbsp; 264375 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-LTV1 Class B3A, 3.755% due 6/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2598499 | &nbsp;&nbsp;&nbsp;&nbsp; 2208884 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.019% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2231648 | &nbsp;&nbsp;&nbsp;&nbsp; 1738687 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.455% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2537982 | &nbsp;&nbsp;&nbsp;&nbsp; 1268745 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 11754286 | &nbsp;&nbsp;&nbsp;&nbsp; 9652157 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 15280793 | &nbsp;&nbsp;&nbsp;&nbsp; 13378559 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B4, 3.125% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3109950 | &nbsp;&nbsp;&nbsp;&nbsp; 2324965 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B5, 3.125% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1654150 | &nbsp;&nbsp;&nbsp;&nbsp; 1043423 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B6, 1.833% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1806360 | &nbsp;&nbsp;&nbsp;&nbsp; 693594 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B4, 3.096% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2555449 | &nbsp;&nbsp;&nbsp;&nbsp; 1949977 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B5, 3.096% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1625858 | &nbsp;&nbsp;&nbsp;&nbsp; 739779 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B6, 1.70% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1460644 | &nbsp;&nbsp;&nbsp;&nbsp; 559952 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 7291544 | &nbsp;&nbsp;&nbsp;&nbsp; 7103535 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A2, 5.50% due 6/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5842787 | &nbsp;&nbsp;&nbsp;&nbsp; 5808367 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A4B, 5.50% due 10/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6744915 | &nbsp;&nbsp;&nbsp;&nbsp; 6766686 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CCM1 Class A4, 5.50% due 6/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 22808204 | &nbsp;&nbsp;&nbsp;&nbsp; 22941779 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;JP Morgan Wealth Management, Whole Loan Securities Trust CMO, Series 2021-CL1 Class M1, 5.605% (SOFR30A + 1.30%) due 3/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3714168 | &nbsp;&nbsp;&nbsp;&nbsp; 3643816 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5426704 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3698000 | &nbsp;&nbsp;&nbsp;&nbsp; 3497034 |
|  | &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.11% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 91166662 | &nbsp;&nbsp;&nbsp;&nbsp; 393940 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6246577 | &nbsp;&nbsp;&nbsp;&nbsp; 262423 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.31% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 303440 | &nbsp;&nbsp;&nbsp;&nbsp; 230186 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 3.18% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1468800 | &nbsp;&nbsp;&nbsp;&nbsp; 755425 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.158% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 110456030 | &nbsp;&nbsp;&nbsp;&nbsp; 770663 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8984627 | &nbsp;&nbsp;&nbsp;&nbsp; 241983 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.208% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 419112 | &nbsp;&nbsp;&nbsp;&nbsp; 316043 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.208% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1864186 | &nbsp;&nbsp;&nbsp;&nbsp; 985540 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.254% due 8/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 29728 | &nbsp;&nbsp;&nbsp;&nbsp; 27936 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 243627 | &nbsp;&nbsp;&nbsp;&nbsp; 239477 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class M1, 2.654% due 1/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 701394 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1782014 | &nbsp;&nbsp;&nbsp;&nbsp; 1669873 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 7122539 | &nbsp;&nbsp;&nbsp;&nbsp; 6190179 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 6595714 | &nbsp;&nbsp;&nbsp;&nbsp; 6472354 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4239459 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 16038914 | &nbsp;&nbsp;&nbsp;&nbsp; 15599313 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 5.57% due 9/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 6433502 | &nbsp;&nbsp;&nbsp;&nbsp; 6409508 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 17184393 | &nbsp;&nbsp;&nbsp;&nbsp; 17230512 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 12645044 | &nbsp;&nbsp;&nbsp;&nbsp; 12107869 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 15216513 | &nbsp;&nbsp;&nbsp;&nbsp; 15163306 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 14490309 | &nbsp;&nbsp;&nbsp;&nbsp; 13618421 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14738388 | &nbsp;&nbsp;&nbsp;&nbsp; 15475187 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1, 6.152% due 12/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 13094709 | &nbsp;&nbsp;&nbsp;&nbsp; 13193952 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.00% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 20974337 | &nbsp;&nbsp;&nbsp;&nbsp; 20284080 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A Class A1, 4.00% due 4/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 662559 | &nbsp;&nbsp;&nbsp;&nbsp; 639517 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1, 4.00% due 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 560587 | &nbsp;&nbsp;&nbsp;&nbsp; 538179 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1, 5.934% (TSFR1M + 1.61%) due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 297324 | &nbsp;&nbsp;&nbsp;&nbsp; 301341 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A Class A1, 4.00% due 8/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 292353 | &nbsp;&nbsp;&nbsp;&nbsp; 283827 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A, 4.00% due 12/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 550954 | &nbsp;&nbsp;&nbsp;&nbsp; 537211 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.744% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 91103478 | &nbsp;&nbsp;&nbsp;&nbsp; 3307093 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1133605 | &nbsp;&nbsp;&nbsp;&nbsp; 916079 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 2.999% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1994749 | &nbsp;&nbsp;&nbsp;&nbsp; 1185818 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 15830426 | &nbsp;&nbsp;&nbsp;&nbsp; 14385438 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 13993393 | &nbsp;&nbsp;&nbsp;&nbsp; 13260981 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10076729 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;NRM FHT1 Excess Owner LLC, Whole Loan Securities Trust CMO, Series 2025-FHT1 Class A, 6.545% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8356066 | &nbsp;&nbsp;&nbsp;&nbsp; 8383682 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3814549 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11117875 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | &nbsp;&nbsp;$5079585 | &nbsp;&nbsp;$4163364 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 13611867 | &nbsp;&nbsp;&nbsp;&nbsp; 11502062 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 10847788 | &nbsp;&nbsp;&nbsp;&nbsp; 10914036 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 26914348 | &nbsp;&nbsp;&nbsp;&nbsp; 24463616 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 6.116% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 18448475 | &nbsp;&nbsp;&nbsp;&nbsp; 18452486 |
|  | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN3 Class A1, 4.843% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8291180 | &nbsp;&nbsp;&nbsp;&nbsp; 8260214 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 24702173 | &nbsp;&nbsp;&nbsp;&nbsp; 24916617 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 4763326 | &nbsp;&nbsp;&nbsp;&nbsp; 4591144 |
|  | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 3770394 | &nbsp;&nbsp;&nbsp;&nbsp; 3169771 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B2, 3.95% due 8/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2729000 | &nbsp;&nbsp;&nbsp;&nbsp; 1932673 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 5418367 | &nbsp;&nbsp;&nbsp;&nbsp; 5486529 |
|  | &nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A1, 5.867% due 4/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11568748 | &nbsp;&nbsp;&nbsp;&nbsp; 11579677 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.50% due 5/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8637752 | &nbsp;&nbsp;&nbsp;&nbsp; 8341383 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A1, 5.993% due 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 22029994 | &nbsp;&nbsp;&nbsp;&nbsp; 22131401 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL3 Class A1, 3.25% due 4/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 14356069 | &nbsp;&nbsp;&nbsp;&nbsp; 13734517 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4 Class A1, 3.00% due 5/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 17827369 | &nbsp;&nbsp;&nbsp;&nbsp; 16665509 |
|  | &nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 22851668 | &nbsp;&nbsp;&nbsp;&nbsp; 22728315 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.164% due 4/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 7686394 | &nbsp;&nbsp;&nbsp;&nbsp; 7395068 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 7570126 | &nbsp;&nbsp;&nbsp;&nbsp; 7541028 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 12444541 | &nbsp;&nbsp;&nbsp;&nbsp; 12462091 |
|  | &nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J1 Class A9, 2.50% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 11352342 | &nbsp;&nbsp;&nbsp;&nbsp; 9974684 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J4 Class A5, 5.50% due 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 26578710 | &nbsp;&nbsp;&nbsp;&nbsp; 26678012 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Redwood Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 7.745% due 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9181118 | &nbsp;&nbsp;&nbsp;&nbsp; 9243036 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;RFT Trust, Whole Loan Securities Trust CMO, Series RR1 Class A1, 6.767% due 6/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14999790 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 11400000 | &nbsp;&nbsp;&nbsp;&nbsp; 11650035 |
|  | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4915821 | &nbsp;&nbsp;&nbsp;&nbsp; 4515145 |
|  | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4 Class B4, 3.102% due 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1686000 | &nbsp;&nbsp;&nbsp;&nbsp; 1582574 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B3, 3.603% due 11/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2089755 | &nbsp;&nbsp;&nbsp;&nbsp; 1575611 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-7 Class B3, 3.724% due 10/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1196702 | &nbsp;&nbsp;&nbsp;&nbsp; 1062614 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-7 Class B4, 4.25% due 9/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1802000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431231 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9 Class A1, 2.50% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 12369843 | &nbsp;&nbsp;&nbsp;&nbsp; 10056898 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 6.00% due 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6912085 | &nbsp;&nbsp;&nbsp;&nbsp; 6972315 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.576% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 14442000 | &nbsp;&nbsp;&nbsp;&nbsp; 14347522 |
|  | &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.703% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 8127 | &nbsp;&nbsp;&nbsp;&nbsp; 8080 |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 10662922 | &nbsp;&nbsp;&nbsp;&nbsp; 137546 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B2, 5.663% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 1978000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832536 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B3, 6.284% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 842000 | &nbsp;&nbsp;&nbsp;&nbsp; 716319 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS1, due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 10494452 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS2, due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 9969629 | &nbsp;&nbsp;&nbsp;&nbsp; 600524 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A3, 1.895% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 818111 | &nbsp;&nbsp;&nbsp;&nbsp; 754873 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1, 1.737% due 12/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 5540250 | &nbsp;&nbsp;&nbsp;&nbsp; 4518240 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class B2, 3.961% due 3/27/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 4204000 | &nbsp;&nbsp;&nbsp;&nbsp; 2948125 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.522% due 11/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2197013 | &nbsp;&nbsp;&nbsp;&nbsp; 1703660 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.90% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 19650807 | &nbsp;&nbsp;&nbsp;&nbsp; 19601708 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 18658000 | &nbsp;&nbsp;&nbsp;&nbsp; 16352020 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-SH1 Class A1A, 4.10% due 7/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 4998352 | &nbsp;&nbsp;&nbsp;&nbsp; 4859603 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 13307054 | &nbsp;&nbsp;&nbsp;&nbsp; 11019214 |
|  | &nbsp;&nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class B3, 3.658% due 7/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2265263 | &nbsp;&nbsp;&nbsp;&nbsp; 2051236 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class B4, 3.658% due 7/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1381311 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 11200000 | &nbsp;&nbsp;&nbsp;&nbsp; 11268292 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 639848 | &nbsp;&nbsp;&nbsp;&nbsp; 630890 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 17821582 | &nbsp;&nbsp;&nbsp;&nbsp; 16198567 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 9291039 | &nbsp;&nbsp;&nbsp;&nbsp; 9027487 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.937% due 8/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9959259 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3, 3.201% due 3/25/2065 | &nbsp;&nbsp;$4515150 | &nbsp;&nbsp;$4447858 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A2, 1.986% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 655044 | &nbsp;&nbsp;&nbsp;&nbsp; 627884 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;VOLT C LLC, Whole Loan Securities Trust CMO, Series 2021-NPL9 Class A1, 5.992% due 5/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 7507200 | &nbsp;&nbsp;&nbsp;&nbsp; 7496489 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4062802 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, CMBS, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C34 Class A2, 2.603% due 6/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 563539 | &nbsp;&nbsp;&nbsp;&nbsp; 559368 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1745 Class A, 3.874% due 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3705951 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,e,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 80851811 | &nbsp;&nbsp;&nbsp;&nbsp; 2395680 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.309% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1584501 | &nbsp;&nbsp;&nbsp;&nbsp; 1290518 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.309% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1271479 | &nbsp;&nbsp;&nbsp;&nbsp; 1009893 |
| **<sup>d,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.309% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 967776 | &nbsp;&nbsp;&nbsp;&nbsp; 438500 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $2,752,817,573) |  | &nbsp;&nbsp;&nbsp;&nbsp;2762109830 |
|  | **Loan Participations — 2.1%** |  |  |
|  | &nbsp;&nbsp;**Capital Goods — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.2%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Dynasty Acquisition Co., Inc., 6.327% (SOFR + 2.00%) due 10/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 19893566 | &nbsp;&nbsp;&nbsp;&nbsp; 19896351 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19896351 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 7.574% (SOFR + 3.25%) due 3/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 19900000 | &nbsp;&nbsp;&nbsp;&nbsp; 19875125 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.0%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;CACI International, Inc., 6.074% - 6.077% (SOFR + 1.75%) due 10/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3482500 | &nbsp;&nbsp;&nbsp;&nbsp; 3471635 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23346760 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.2%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC, 7.049% (SOFR + 2.75%) due 10/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20628416 | &nbsp;&nbsp;&nbsp;&nbsp; 20700203 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20700203 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;ABG Intermediate Holdings 2 LLC, 6.577% (SOFR + 2.25%) due 12/21/2028 - 2/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 19640716 | &nbsp;&nbsp;&nbsp;&nbsp; 19590804 |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.166% (SOFR + 4.00%) due 11/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6943554 | &nbsp;&nbsp;&nbsp;&nbsp; 6975355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26566159 |
|  | &nbsp;&nbsp;**Consumer Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.0%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 9.577% (SOFR + 5.25%) due 4/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3298517 | &nbsp;&nbsp;&nbsp;&nbsp; 3302640 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.2%** |  |  |
| **<sup>j,k</sup>** | &nbsp;&nbsp;&nbsp;Aramark Services, Inc., 6.327% (SOFR + 2.00%) due 6/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11377750 | &nbsp;&nbsp;&nbsp;&nbsp; 11391972 |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc., 6.535% (SOFR + 2.25%) due 11/5/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993980 |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;TKC Holdings, Inc., 9.322% (SOFR + 5.00%) due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4383634 | &nbsp;&nbsp;&nbsp;&nbsp; 4379996 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21068588 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 0.1%** |  |  |
| **<sup>j,k</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 6.327% (SOFR + 2.00%) due 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4994937 | &nbsp;&nbsp;&nbsp;&nbsp; 4986595 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4986595 |
|  | &nbsp;&nbsp;**Financial Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Corpay Technologies Operating Co. LLC, 6.077% (SOFR + 1.75%) due 4/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp;&nbsp; 9947911 |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;IMC Financing LLC, 7.815% (SOFR + 3.50%) due 6/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10952911 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., 7.548% (SOFR + 3.25%) due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12057000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12057000 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.1%** |  |  |
| **<sup>j,k</sup>** | &nbsp;&nbsp;&nbsp;Select Medical Corp., 6.327% (SOFR + 2.00%) due 12/3/2031 | &nbsp;&nbsp;$13147500 | &nbsp;&nbsp;$13172217 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13172217 |
|  | &nbsp;&nbsp;**Household & Personal Products — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.321% (SOFR + 2.00%) due 3/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7256815 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7256815 |
|  | &nbsp;&nbsp;**Materials — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;TPC Group, Inc., 9.952% (SOFR + 5.75%) due 12/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12967500 | &nbsp;&nbsp;&nbsp;&nbsp; 12448800 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12448800 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Century De Buyer LLC, 7.78% (SOFR + 3.50%) due 10/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3465088 | &nbsp;&nbsp;&nbsp;&nbsp; 3483868 |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC, 9.541% (SOFR + 5.00%) due 8/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1164206 | &nbsp;&nbsp;&nbsp;&nbsp; 1167396 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4651264 |
|  | &nbsp;&nbsp;**Software & Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.2%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, 6.296% - 6.299% (SOFR + 2.00%) due 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 17855250 | &nbsp;&nbsp;&nbsp;&nbsp; 17892389 |
| **<sup>k</sup>** | &nbsp;&nbsp;&nbsp;Shift4 Payments LLC, due 5/7/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251952 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18144341 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.0%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;GoTo Group, Inc., 9.162% (SOFR + 4.75%) due 4/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5036874 | &nbsp;&nbsp;&nbsp;&nbsp; 2869092 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp., 8.217% - 8.296% (SOFR + 4.00%) due 11/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9177273 | &nbsp;&nbsp;&nbsp;&nbsp; 8835970 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11705062 |
|  | &nbsp;&nbsp;&nbsp;Total Loan Participations (Cost $209,086,007) |  | &nbsp;&nbsp;&nbsp;&nbsp; 206953066 |
|  | **Short-Term Investments — 3.8%** |  |  |
| **<sup>l</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 37167063 | &nbsp;&nbsp;&nbsp;&nbsp; 371670634 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $371,670,634) |  | &nbsp;&nbsp;&nbsp;&nbsp; 371670634 |
|  | **Total Investments — 99.5% (Cost $9,663,024,949)** |  | &nbsp;&nbsp;$9710834065 |
|  | **Other Assets Less Liabilities — 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52184935 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$9763019000 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** |
| **Contract<br> Description** | **Contract<br> Party\*** | &nbsp;&nbsp;**Buy/Sell** | &nbsp;&nbsp;**Contract<br> Amount** | &nbsp;&nbsp;**Contract<br> Value Date** | &nbsp;&nbsp;**Value<br> USD** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| Euro | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;106232400 | &nbsp;&nbsp;9/25/2025 | &nbsp;&nbsp;125838391 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(9845358) |
| Euro | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;8629000 | &nbsp;&nbsp;9/25/2025 | &nbsp;&nbsp;10221547 | &nbsp;&nbsp;&nbsp; 44427 | &nbsp;&nbsp;&nbsp; — |
| Euro | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;9078000 | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;10766167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (637452) |
| Total |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$44427 | &nbsp;&nbsp;&nbsp;&nbsp;$(10482810) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(10438383) |

---

\* Counterparty includes State Street Bank and Trust Company ("SSB").

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee. |
| b | Non-income producing. |
| c | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

---

| | |
|:---|:---|
| d | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025. |
| e | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $5,037,148,948, representing 51.59% of the Fund's net assets. |
| f | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| g | Interest only. |
| h | Bond in default. |
| i | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at June 30, 2025. |
| j | The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at June 30, 2025. |
| k | This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of settlement and will be based upon the Secured Overnight Financing Rate ("SOFR") plus a premium which was determined at the time of purchase. |
| l | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| ARM | Adjustable Rate Mortgage |
| AUD | Denominated in Australian Dollar |
| BRL | Denominated in Brazilian Real |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DAC | Designated Activity Company |
| DOP | Denominated in Dominican Peso |
| EGP | Denominated in Egyptian Pound |
| EUR | Denominated in Euro |
| GBP | Denominated in Pound Sterling |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
| HFFA | Health Facilities Financing Authority |

---

---

| | |
|:---|:---|
| IDR | Denominated in Indonesian Rupiah |
| Mtg | Mortgage |
| NZD | Dominated in New Zealand Dollar |
| PIK | Payment-in-kind |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| SOFRINDX | Secured Overnight Financing Rate Index |
| TSFR1M | Term SOFR 1 Month |
| TSFR3M | Term SOFR 3 Month |
| UMBS | Uniform Mortgage-Backed Securities |
| USSW5YF | USD 5 Year Swap Rate |
| UZS | Denominated in Uzbekistani Som |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

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

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Strategic Income Fund (the "Fund") is a diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers seven classes of shares of beneficial interest: Class A, Class C, Institutional Class ("Class I"), and Retirement Classes ("Class R3", "Class R4", "Class R5", and "Class R6").

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

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

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

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

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

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

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

---

------

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

Forward currency contracts are valued by a third-party pricing service provider.

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/24** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 6/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $603113236 | &nbsp;&nbsp;$1879764085 | &nbsp;&nbsp;$(2111206687) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$371670634 | &nbsp;&nbsp;$12680225 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

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

- **b. EDGAR series identifier (if any):** S000020097

- **c. LEI of Series:** 549300DQDM30USQXD355

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9804491266.44

**Total Liabilities:** $72208606.49

**Net Assets:** $9732282659.95

**Delayed Delivery Securities:** $9641087.50

**Cash Not Reported:** $11793318.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -15909.65000000 | **1-Year:** -232529.09000000 | **5-Year:** -661665.61000000 | **10-Year:** -490004.50000000 | **30-Year:** -89638.87000000

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

- **3-Month:** -13170.86000000 | **1-Year:** -176509.54000000 | **5-Year:** -334003.41000000 | **10-Year:** -153060.83000000 | **30-Year:** -50029.76000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000113851 | 0.37%                | 0.10%                | 1.30%                |
| Class ID C000056390 | 0.28%                | 0.00%                | 1.21%                |
| Class ID C000136850 | 0.32%                | 0.04%                | 1.16%                |
| Class ID C000056391 | 0.37%                | 0.18%                | 1.21%                |
| Class ID C000056389 | 0.34%                | 0.07%                | 1.27%                |
| Class ID C000113850 | 0.32%                | 0.04%                | 1.25%                |
| Class ID C000177481 | 0.38%                | 0.10%                | 1.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17317199.56             | $-16863327.21                              |
| Month 2  | $-2225416.98             | $-27465482.93                              |
| Month 3  | $2624911.95              | $83677254.81                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2019-1                                        | CUSIP: 16159WBZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       675261 | PA      | $582939.63    | 0.01%             | 2050-03-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152250885 | PA      | $1494829.63   | 0.02%             | 2051-12-30      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PBA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96224680 | PA      | $1438106.71   | 0.01%             | 2051-01-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| DIG HLDNG/DIG FIN/DIFL                                  | Digicel Intermediate Holdings Ltd / Digicel International Finance Ltd / Difl US | CUSIP: 000000000<br>LEI: 5493007V023VOEW4FK27 | Long             | DBT              | CORP              | XX        |      4974555 | PA      | $5022907.67   | 0.05%             | 2027-05-25      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| EL PASO NATURAL GAS                                     | El Paso Natural Gas Co LLC                                                      | CUSIP: 283695BQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1989000 | PA      | $1789065.72   | 0.02%             | 2032-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust                 | United Auto Credit Securitization Trust 2022-1                                  | CUSIP: 90944DAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        37000 | PA      | $1325438.19   | 0.01%             | 2028-11-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-RPL2 LLC                                                              | CUSIP: 69381DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8637752 | PA      | $8341383.41   | 0.09%             | 2054-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                                   | Whistler Pipeline LLC                                                           | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5061050.00   | 0.05%             | 2029-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      4861000 | PA      | $4029331.51   | 0.04%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                           | CUSIP: 63890CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |     19170000 | PA      | $19602283.50  | 0.20%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2023-B                                                 | CUSIP: 009691AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8573278 | PA      | $8412335.80   | 0.09%             | 2062-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                                  | Skyworks Solutions Inc                                                          | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |      2701000 | PA      | $2626209.31   | 0.03%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                                       | Iron Mountain Inc 2023 Term Loan B                                              | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              |  | US        |      4994937 | PA      | $4986595.17   | 0.05%             | 2031-01-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2018-INV1                                                             | CUSIP: 12553XAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       130635 | PA      | $120417.90    | 0.00%             | 2048-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       842000 | PA      | $716319.12    | 0.01%             | 2059-09-25      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                              | Nasdaq Inc                                                                      | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |      8840000 | PA      | $9208628.00   | 0.09%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes                  | Greystone CRE Notes 2021-FL3 Ltd                                                | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      6454379 | PA      | $6450347.31   | 0.07%             | 2039-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                      | Prosper Marketplace Issuance Trust Series 2024-1                                | CUSIP: 74363CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1692666 | PA      | $1694826.25   | 0.02%             | 2029-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC1 Trust                                                           | CUSIP: 69357TAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2729000 | PA      | $1932672.89   | 0.02%             | 2056-08-25      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2022-INV1                                         | CUSIP: 17290FBU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    182083427 | PA      | $3019853.64   | 0.03%             | 2051-11-27      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                      | CUSIP: 80282KBQ8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |      8507000 | PA      | $8734051.83   | 0.09%             | 2031-03-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                 | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5597662 | PA      | $5736801.15   | 0.06%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Radian Mortgage Capital Trust                           | Radian Mortgage Capital Trust 2024-J2                                           | CUSIP: 75023WAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12444541 | PA      | $12462091.37  | 0.13%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA Inc                                        | T-Mobile USA Inc                                                                | CUSIP: 87264AAT2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      2965000 | PA      | $2966779.00   | 0.03%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2004-2                                   | CUSIP: 63543PBA3<br>LEI: 635400SHIZZEXQWXY390 | Long             | ABS-O            | CORP              | US        |       231795 | PA      | $231572.26    | 0.00%             | 2033-12-26      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                        | MercadoLibre Inc                                                                | CUSIP: 58733RAE2<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |      6460000 | PA      | $6365167.20   | 0.07%             | 2026-01-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                      | RGA Global Funding                                                              | CUSIP: 76209PAB9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |      9687000 | PA      | $9097449.18   | 0.09%             | 2029-01-18      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QNL83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23764769 | PA      | $19749636.32  | 0.20%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLORADO INT GAS CO/ISS                                 | Colorado Interstate Gas Co LLC / Colorado Interstate Issuing Corp               | CUSIP: 196500AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       725000 | PA      | $720577.50    | 0.01%             | 2026-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2023-3                                               | CUSIP: 46656RAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6744915 | PA      | $6766686.22   | 0.07%             | 2053-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                        | NetCredit Combined Receivables 2024 LLC                                         | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       993627 | PA      | $997855.45    | 0.01%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140GTAZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4517650 | PA      | $4324434.15   | 0.04%             | 2047-04-01      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                 | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |      7440000 | PA      | $7143441.60   | 0.07%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2014-A                                            | CUSIP: 17322GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       279289 | PA      | $272131.47    | 0.00%             | 2035-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                           | Parkland Corp                                                                   | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     16591000 | PA      | $16595645.48  | 0.17%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2006-4                                   | CUSIP: 63543WAD3<br>LEI: 635400VHKJCABQGBTP36 | Long             | ABS-O            | CORP              | US        |      1415951 | PA      | $1403486.95   | 0.01%             | 2032-05-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                               | Qorvo Inc                                                                       | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |     26626000 | PA      | $24010261.76  | 0.25%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2008008 | PA      | $1840716.84   | 0.02%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2021-A                                                       | CUSIP: 03842VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2796179 | PA      | $2570982.11   | 0.03%             | 2046-07-17      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| EBAY INC                                                | eBay Inc                                                                        | CUSIP: 278642BC6<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |      3650000 | PA      | $3663067.00   | 0.04%             | 2025-11-22      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280DF3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      1370000 | PA      | $1374603.20   | 0.01%             | 2028-06-09      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-1                                                 | CUSIP: 03464BAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4575000 | PA      | $3496624.83   | 0.04%             | 2066-12-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                 | Southern Co Gas Capital Corp                                                    | CUSIP: 8426EPAF5<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      6950000 | PA      | $7062242.50   | 0.07%             | 2032-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                                | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc           | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24136000 | PA      | $25003206.48  | 0.26%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     10950000 | PA      | $10567845.00  | 0.11%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                                  | CACI International Inc Term Loan B                                              | CUSIP: 12718FAL8<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | LON              | CORP              | US        |      3482500 | PA      | $3471634.60   | 0.04%             | 2031-10-30      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| EL PUERTO DE LIVERPOOL                                  | El Puerto de Liverpool SAB de CV                                                | CUSIP: 283837AC6<br>LEI: 4469000001BO4JEXZL32 | Long             | DBT              | CORP              | MX        |     13175000 | PA      | $13668667.25  | 0.14%             | 2032-01-22      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                                  | Champ Acquisition Corp                                                          | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3590000 | PA      | $3827873.40   | 0.04%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2021-3                                             | CUSIP: 91679LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8167015 | PA      | $8086223.16   | 0.08%             | 2031-07-20      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                                   | SS&C Technologies Inc                                                           | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      2670000 | PA      | $2670987.90   | 0.03%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2021-5                                      | CUSIP: 85573QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13307054 | PA      | $11019214.40  | 0.11%             | 2066-09-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                                      | CNA Financial Corp                                                              | CUSIP: 126117AY6<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |      6785000 | PA      | $6793413.40   | 0.07%             | 2034-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2019-2                                                  | CUSIP: 33852BAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3391721 | PA      | $3042249.03   | 0.03%             | 2049-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Foresea Holding SA                                      | Foresea Holding SA                                                              | CUSIP: 262051105<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |         1927 | NS      | $37769.20     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      8600000 | PA      | $8661920.00   | 0.09%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                        | Berry Global Inc                                                                | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     12729000 | PA      | $12728490.84  | 0.13%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Foresea Holding SA                                      | Foresea Holdings SA                                                             | CUSIP: 262051204<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |        17351 | NS      | $340079.60    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2025-CCM1                                              | CUSIP: 46593MAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22808204 | PA      | $22941779.21  | 0.24%             | 2055-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                                 | Reinsurance Group of America Inc                                                | CUSIP: 759351AR0<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |      7001000 | PA      | $7334877.69   | 0.08%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                    | Verisk Analytics Inc                                                            | CUSIP: 92345YAH9<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |      3540000 | PA      | $3722628.60   | 0.04%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2021-B Trust                                     | CUSIP: 83405N106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        90000 | PA      | $2417329.89   | 0.02%             | 2047-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                                   | CUSIP: 64829WAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91103478 | PA      | $3307092.70   | 0.03%             | 2051-06-25      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                            | Vontier Corp                                                                    | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     11254000 | PA      | $10612522.00  | 0.11%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                                  | Constellation Software Inc/Canada                                               | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |      9218000 | PA      | $9393142.00   | 0.10%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| ATLAS US ROYALTY PARTICIPATION                          | ATLAS US ROYALTY PARTICIPATION                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5450000 | PA      | $545.00       | 0.00%             | 2027-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                         | ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan                     | CUSIP: 00076VBM1<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |     14962500 | PA      | $14918809.50  | 0.15%             | 2032-02-13      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140K6DC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3482231 | PA      | $3427086.16   | 0.04%             | 2048-03-01      | Floating      | 2.74%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                       | Entergy Texas Inc                                                               | CUSIP: 29365TAL8<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      5866000 | PA      | $5630890.72   | 0.06%             | 2026-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-4                                      | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       560587 | PA      | $538178.89    | 0.01%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COGENT COMM GROUP LLC                                   | Cogent Communications Group LLC                                                 | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     11067000 | PA      | $11120121.60  | 0.11%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-2                   | CUSIP: 35563PX46<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     13372484 | PA      | $11446187.31  | 0.12%             | 2064-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                                      | Century Plaza Towers 2019-CPT                                                   | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5080000 | PA      | $4616750.33   | 0.05%             | 2039-11-13      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                | Summit Midstream Holdings LLC                                                   | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4950000 | PA      | $5048109.00   | 0.05%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                 | WE Soda Investments Holding PLC                                                 | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     16000000 | PA      | $16691680.00  | 0.17%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2021-2                                                 | CUSIP: 35042PAA8<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |       901210 | PA      | $853695.75    | 0.01%             | 2042-01-15      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13948000 | PA      | $13933494.08  | 0.14%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM4                                          | CUSIP: 45276JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3554226 | PA      | $3042699.54   | 0.03%             | 2057-01-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                                  | Crossroads Asset Trust 2022-A                                                   | CUSIP: 22767DAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       670931 | PA      | $672526.62    | 0.01%             | 2031-04-21      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                 | WE Soda Investments Holding PLC                                                 | CUSIP: 92943TAC7<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |      4150000 | PA      | $4340609.50   | 0.04%             | 2031-02-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       163128 | PA      | $95421.23     | 0.00%             | 2049-10-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| EDvestinU Private Education Loan Issue No. 1, LLC       | EDvestinU Private Education Loan Issue No 3 LLC                                 | CUSIP: 28166LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14090406 | PA      | $12956815.85  | 0.13%             | 2045-11-25      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XMBR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36173938 | PA      | $30179928.85  | 0.31%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |     15000000 | PA      | $15415027.50  | 0.16%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1192192 | PA      | $1028060.57   | 0.01%             | 2050-10-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                       | CUSIP: 058498AX4<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      5414000 | PA      | $4857440.80   | 0.05%             | 2031-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                                  | Edgewell Personal Care Co                                                       | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |      9892000 | PA      | $9845507.60   | 0.10%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2021-1                                                   | CUSIP: 57110N106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         9520 | PA      | $136110.90    | 0.00%             | 2031-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                | Brex Commercial Charge Card Master Trust                                        | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11173000 | PA      | $11252602.26  | 0.12%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC                                     | SHIFT4 PAYMENTS LLC 2025 TERM LOAN                                              | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | LON              | CORP              | US        |       250000 | PA      | $251952.50    | 0.00%             | 2032-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-NQM5 Trust                                                            | CUSIP: 12663DAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3208710 | PA      | $3240710.89   | 0.03%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-1 LLC                                                                 | CUSIP: 69382GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22029994 | PA      | $22131400.70  | 0.23%             | 2030-04-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| IMC FINANCING LLC                                       | IMC FINANCING LLC TERM LOAN B                                                   | CUSIP: 000000000<br>LEI: 724500MHXKWDKAGMOW56 | Long             | LON              | CORP              | NL        |      1000000 | PA      | $1005000.00   | 0.01%             | 2032-06-02      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                            | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17750924 | PA      | $17780543.69  | 0.18%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4450050.00   | 0.05%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       164000 | PA      | $73890.07     | 0.00%             | 2051-01-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                                     | Quanta Services Inc                                                             | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |      3670000 | PA      | $3701011.50   | 0.04%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAD9<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  92000000000 | PA      | $7290514.65   | 0.07%             | 2028-02-25      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2567283 | PA      | $2532748.73   | 0.03%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| MALAMUTE ENERGY, INC.                                   | MALAMUTE ENERGY, INC.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          847 | NS      | $847.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2020-2                                            | CUSIP: 81882JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       818111 | PA      | $754873.19    | 0.01%             | 2065-05-25      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2021-B Trust                                     | CUSIP: 83405NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13959352 | PA      | $12114484.84  | 0.12%             | 2047-02-15      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC 2025 USD Term Loan B                                   | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |     14862750 | PA      | $14893664.52  | 0.15%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                        | Enstar Group Ltd                                                                | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |     12701000 | PA      | $11291824.05  | 0.12%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                          | PSEG Power LLC                                                                  | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9034000 | PA      | $9224346.38   | 0.09%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-NQM1 Trust                                                            | CUSIP: 36167TAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6112000 | PA      | $4322863.88   | 0.04%             | 2066-01-25      | Variable      | 2.32%                 | No            |                  2 | On Loan: No      |
| CALAMOS STRATEGIC TOTAL RETURN                          | CALAMOS STRATEGIC TOTAL RETURN                                                  | CUSIP: 000000000<br>LEI: 54930048NQ2YBS3TXW78 | Long             | EP               | CORP              | US        |       510000 | NS      | $12795900.00  | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12469689 | PA      | $272535.04    | 0.00%             | 2049-10-25      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                                              | ATLX 2024-RPL1 Trust                                                            | CUSIP: 049915AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11511470 | PA      | $11116847.85  | 0.11%             | 2064-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      4750000 | PA      | $4803295.00   | 0.05%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      2950000 | PA      | $3034606.00   | 0.03%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                                | First American Financial Corp                                                   | CUSIP: 31847RAG7<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |      1457000 | PA      | $1396753.05   | 0.01%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund I Trust 2020-2                                      | CUSIP: 43789XAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21906281 | PA      | $21148956.77  | 0.22%             | 2065-05-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                             | CHNGE Mortgage Trust 2022-1                                                     | CUSIP: 17030JAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4700000 | PA      | $3500562.82   | 0.04%             | 2067-01-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       512385 | PA      | $495958.08    | 0.01%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                             | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |      4945000 | PA      | $4856880.10   | 0.05%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2023-3                                                   | CUSIP: 816943BF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6912085 | PA      | $6972315.46   | 0.07%             | 2053-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                              | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1                      | CUSIP: 09228YAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      1516456 | PA      | $1513857.11   | 0.02%             | 2041-12-16      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                                     | Prestige Brands Inc                                                             | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |      6386000 | PA      | $5883166.36   | 0.06%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                                      | Seasoned Loans Structured Transaction Trust Series 2020-2                       | CUSIP: 35564CGQ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      4915821 | PA      | $4515145.05   | 0.05%             | 2030-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UDR7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5131500.00   | 0.05%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      2232000 | PA      | $2198095.92   | 0.02%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1883370 | PA      | $57830.02     | 0.00%             | 2050-10-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                                          | AMCR ABS TRUST 2024-A                                                           | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1149800 | PA      | $1154279.06   | 0.01%             | 2031-08-18      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                          | Becle SAB de CV                                                                 | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |     34064000 | PA      | $28161049.44  | 0.29%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    165238225 | PA      | $163811754.80 | 1.68%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                 | American National Group Inc                                                     | CUSIP: 025676AN7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |      4408000 | PA      | $4515114.40   | 0.05%             | 2029-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                        | First Investors Auto Owner Trust 2022-1                                         | CUSIP: 32057KAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000000 | PA      | $4985873.80   | 0.05%             | 2029-06-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3073715 | PA      | $2328915.13   | 0.02%             | 2048-10-26      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                              | SKY Trust 2025-LINE                                                             | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19650807 | PA      | $19601708.10  | 0.20%             | 2042-04-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA                                | Nufarm Australia Ltd / Nufarm Americas Inc                                      | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     12383000 | PA      | $11533526.20  | 0.12%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust                      | Lobel Automobile Receivables Trust 2023-2                                       | CUSIP: 53949FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       481735 | PA      | $482514.38    | 0.00%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                               | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      3395000 | PA      | $3374663.95   | 0.03%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P4                                          | CUSIP: 14687KAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         8250 | PA      | $1113988.80   | 0.01%             | 2028-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                         | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  45000000000 | PA      | $2852004.93   | 0.03%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM                                        | Summit Midstream Corp                                                           | CUSIP: 86614G200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        21140 | NS      | $3415758.71   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                                | Korn Ferry                                                                      | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     17229000 | PA      | $17136652.56  | 0.18%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Trust 2023-BRK2                                                             | CUSIP: 05610WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4250000 | PA      | $4493623.13   | 0.05%             | 2038-10-05      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                        | TKC Holdings Inc                                                                | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8650000 | PA      | $8638841.50   | 0.09%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM4                                          | CUSIP: 45276NAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3335742 | PA      | $3239176.61   | 0.03%             | 2067-06-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                              | Australia Government Bonds                                                      | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     36873000 | PA      | $22521163.78  | 0.23%             | 2033-11-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2934621 | PA      | $1933159.41   | 0.02%             | 2050-10-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      7236000 | PA      | $7300110.96   | 0.08%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                               | CUSIP: 115236AG6<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |      9677000 | PA      | $9934601.74   | 0.10%             | 2034-06-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HAMP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7257000 | PA      | $7600455.96   | 0.08%             | 2031-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2017-7                                                   | CUSIP: 81746GCD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1196702 | PA      | $1062614.15   | 0.01%             | 2047-10-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                              | Dynasty Acquisition Co Inc 2024 1st Lien Term Loan B1                           | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |     14296629 | PA      | $14298630.12  | 0.15%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2008-2                                                   | CUSIP: 784442AC9<br>LEI: 549300MHMWVKFEDI8G73 | Long             | ABS-O            | CORP              | US        |        34703 | PA      | $34578.33     | 0.00%             | 2023-04-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACLN                         | JPMorgan Chase Bank NA - CACLN                                                  | CUSIP: 46591HBE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |            0 | PA      | $0.00         | 0.00%             | 2028-02-25      | Fixed         | 31.36%                | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              |  | US        |     16980000 | PA      | $16997744.10  | 0.17%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                                     | NOVA Chemicals Corp                                                             | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     17905000 | PA      | $17811894.00  | 0.18%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                                | Brookfield Asset Management Ltd                                                 | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |      8500000 | PA      | $8726015.00   | 0.09%             | 2035-04-24      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                                  | Reliance Standard Life Global Funding II                                        | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22908000 | PA      | $22951983.36  | 0.24%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2400000 | PA      | $2558544.00   | 0.03%             | 2030-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                      | Southwest Gas Corp                                                              | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |      3026000 | PA      | $2869858.40   | 0.03%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                                | Main Street Capital Corp                                                        | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |     23462000 | PA      | $23995056.64  | 0.25%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| First Republic Mortgage Trust                           | First Republic Mortgage Trust 2020-1                                            | CUSIP: 33616LAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       755000 | PA      | $497743.72    | 0.01%             | 2050-04-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9373111 | PA      | $9181096.97   | 0.09%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                          | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      2625000 | PA      | $2712517.50   | 0.03%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37906000 | PA      | $37971150.94  | 0.39%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC                                     | Global Payments Inc                                                             | CUSIP: 37940XAN2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      4441000 | PA      | $4522092.66   | 0.05%             | 2029-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                 | Public Service Co of Oklahoma                                                   | CUSIP: 744533BS8<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |      6000000 | PA      | $6043860.00   | 0.06%             | 2036-01-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitization Trust                 | Lendingpoint 2021-B Asset Securitization Trust                                  | CUSIP: 52607HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000000 | PA      | $985470.50    | 0.01%             | 2029-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2022-1                                        | CUSIP: 43789KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4599823 | PA      | $4572592.15   | 0.05%             | 2067-07-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3800000 | PA      | $3800820.19   | 0.04%             | 2040-03-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| GEN LUX SARL/GEN USA INC                                | Genpact Luxembourg SARL/Genpact USA Inc                                         | CUSIP: 37190AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      1626000 | PA      | $1586504.46   | 0.02%             | 2026-04-10      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       654523 | PA      | $242315.74    | 0.00%             | 2051-01-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J2                                           | CUSIP: 17329MDU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2281541 | PA      | $1033727.86   | 0.01%             | 2051-07-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                                    | Hercules Capital Inc                                                            | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |     12212000 | PA      | $11830985.60  | 0.12%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                                  | Protective Life Global Funding                                                  | CUSIP: 74368CBV5<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |      4850000 | PA      | $5024551.50   | 0.05%             | 2028-12-08      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                                | LKQ Corp                                                                        | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |     10840000 | PA      | $11436850.40  | 0.12%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GABELLI DVD & INC TR                                    | Gabelli Dividend & Income Trust/The                                             | CUSIP: 36242H872<br>LEI: 549300082N1MHBT8NI60 | Long             | EP               | CORP              | US        |          864 | NS      | $20736000.00  | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      6250000 | PA      | $6761812.50   | 0.07%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| AEGEA FINANCE SARL                                      | Aegea Finance Sarl                                                              | CUSIP: 00775CAC0<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |     18400000 | PA      | $19436104.00  | 0.20%             | 2031-01-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AVNET INC                                               | Avnet Inc                                                                       | CUSIP: 053807AW3<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |     14700000 | PA      | $15273888.00  | 0.16%             | 2028-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KAX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80851811 | PA      | $2395679.58   | 0.02%             | 2051-08-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                    | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     10588000 | PA      | $10919722.04  | 0.11%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                          | CUSIP: 67091TAC9<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      4800000 | PA      | $4778352.00   | 0.05%             | 2025-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1584501 | PA      | $1290518.49   | 0.01%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-7                                                 | CUSIP: 46591XCM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       588627 | PA      | $264375.23    | 0.00%             | 2051-01-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| AVERY DENNISON CORP                                     | Avery Dennison Corp                                                             | CUSIP: 053611AN9<br>LEI: 549300PW7VPFCYKLIV37 | Long             | DBT              | CORP              | US        |     16449000 | PA      | $17163544.56  | 0.18%             | 2033-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12586958 | PA      | $140177.17    | 0.00%             | 2051-12-30      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                      | RGA Global Funding                                                              | CUSIP: 76209PAE3<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $4129840.00   | 0.04%             | 2029-05-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                         | Fair Isaac Corp                                                                 | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $1011470.00   | 0.01%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                             | CUSIP: 38869AAB3<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |      7233000 | PA      | $6923644.59   | 0.07%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                                   | One Bryant Park Trust 2019-OBP                                                  | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26914348 | PA      | $24463616.29  | 0.25%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                  | Delek Logistics Partners LP / Delek Logistics Finance Corp                      | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13204000 | PA      | $13709581.16  | 0.14%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91166662 | PA      | $393940.26    | 0.00%             | 2051-08-25      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |      6500000 | PA      | $6193590.00   | 0.06%             | 2028-03-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      3750000 | PA      | $3786914.06   | 0.04%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2015-4                                                 | CUSIP: 46644VBT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       830166 | PA      | $597443.02    | 0.01%             | 2045-06-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2020-ST5                                      | CUSIP: 91679XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       198700 | PA      | $196989.21    | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3181961 | PA      | $3168752.54   | 0.03%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2474373 | PA      | $2010432.37   | 0.02%             | 2051-12-30      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22662067 | PA      | $776615.45    | 0.01%             | 2050-08-25      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J2                                           | CUSIP: 17329MCL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11052063 | PA      | $9788192.58   | 0.10%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2021-RN3 LLC                                                               | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8291180 | PA      | $8260213.62   | 0.08%             | 2051-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| GULFSTREAM NATURAL GAS                                  | Gulfstream Natural Gas System LLC                                               | CUSIP: 402740AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4987250.00   | 0.05%             | 2025-09-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                            | Hudson Yards 2019-55HY Mortgage Trust                                           | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5870000 | PA      | $5405281.79   | 0.06%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPTP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26581061 | PA      | $22087185.61  | 0.23%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                                                | ECAF I Ltd                                                                      | CUSIP: 26827EAE5<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |      4600060 | PA      | $1840244.81   | 0.02%             | 2040-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                            | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1853798 | PA      | $1858040.34   | 0.02%             | 2028-03-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                            | Illumina Inc                                                                    | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |      2902000 | PA      | $2905366.32   | 0.03%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                                         | Cogent Ipv4 LLC                                                                 | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4370000 | PA      | $4631003.06   | 0.05%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| NIAGARA MOHAWK POWER                                    | Niagara Mohawk Power Corp                                                       | CUSIP: 65364UAL0<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |      7700000 | PA      | $7643713.00   | 0.08%             | 2028-12-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| TMS ISSUER SARL                                         | TMS Issuer Sarl                                                                 | CUSIP: 87266GAA8<br>LEI: 21380092DY1X4BHPMA32 | Long             | DBT              | CORP              | LU        |     10700000 | PA      | $11045289.00  | 0.11%             | 2032-08-23      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II                                | Principal Life Global Funding II                                                | CUSIP: 74256LEW5<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |      6400000 | PA      | $6603072.00   | 0.07%             | 2028-06-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                              | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |      7973000 | PA      | $7749676.27   | 0.08%             | 2026-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM4                                          | CUSIP: 45276NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11012815 | PA      | $11200475.56  | 0.12%             | 2067-06-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| BLOCK FINANCIAL LLC                                     | Block Financial LLC                                                             | CUSIP: 093662AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3605000 | PA      | $3398109.05   | 0.03%             | 2028-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1864186 | PA      | $985540.26    | 0.01%             | 2051-10-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                 | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |      8460000 | PA      | $8371000.80   | 0.09%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31342WA27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3115472 | PA      | $3007490.70   | 0.03%             | 2047-10-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2021-B                                                   | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2659470 | PA      | $2603790.85   | 0.03%             | 2031-05-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9391000 | PA      | $9473828.62   | 0.10%             | 2030-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9969629 | PA      | $600523.57    | 0.01%             | 2059-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     59640000 | PA      | $61270781.25  | 0.63%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2023-5                                                     | CUSIP: 69546PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8040801 | PA      | $8093280.56   | 0.08%             | 2031-04-15      | Fixed         | 9.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132E0A93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35075199 | PA      | $29149132.68  | 0.30%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      7000000 | PA      | $7359741.42   | 0.08%             | 2032-08-03      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LLC                         | Stack Infrastructure Issuer LLC                                                 | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |      7500000 | PA      | $7322798.25   | 0.08%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2006-1                                   | CUSIP: 63543PCD6<br>LEI: 635400ZLDAQQL4PJBJ98 | Long             | ABS-O            | CORP              | US        |      6482898 | PA      | $6370217.93   | 0.07%             | 2033-03-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                                    | Prologis Targeted US Logistics Fund LP                                          | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              |  | US        |      5530000 | PA      | $5683844.60   | 0.06%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                          | Crockett Partners Equipment Co IIA LLC                                          | CUSIP: 22689LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9417500 | PA      | $9517813.07   | 0.10%             | 2031-01-20      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                   | TRK 2022-INV2 Trust                                                             | CUSIP: 87265XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9291039 | PA      | $9027487.27   | 0.09%             | 2057-06-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     12737000 | PA      | $12927672.89  | 0.13%             | 2030-03-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                | CUSIP: 36321PAD2<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     17735829 | PA      | $15716250.15  | 0.16%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| First Republic Mortgage Trust                           | First Republic Mortgage Trust 2020-1                                            | CUSIP: 33616LAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1325000 | PA      | $1150450.99   | 0.01%             | 2050-04-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      9895000 | PA      | $10121694.45  | 0.10%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                             | CUSIP: 03027XCN8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      1006000 | PA      | $1020697.66   | 0.01%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10494452 | PA      | $104.94       | 0.00%             | 2059-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                 | GA Global Funding Trust                                                         | CUSIP: 36143L2N4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |      9223000 | PA      | $9210087.80   | 0.09%             | 2027-09-23      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| DOM REP CB NOTES                                        | Dominican Republic Central Bank Notes                                           | CUSIP: 000000000<br>LEI: 549300DTVR57NON7XL66 | Long             | DBT              | NUSS              | DO        |    596770000 | PA      | $9955642.40   | 0.10%             | 2025-10-03      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                 | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     17665000 | PA      | $16942678.15  | 0.17%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                                 | Farm Credit Bank of Texas                                                       | CUSIP: 30767EAD1<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGA              | US        |     33307000 | PA      | $33185429.45  | 0.34%             | 2025-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                           | AEP Texas Inc                                                                   | CUSIP: 00108WAR1<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      5106000 | PA      | $5185500.42   | 0.05%             | 2033-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                       | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      2083000 | PA      | $2169361.18   | 0.02%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                                          | Globe Life Inc                                                                  | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |      7582000 | PA      | $7849038.04   | 0.08%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                               | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      4875000 | PA      | $4806457.50   | 0.05%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                | Florida Gas Transmission Co LLC                                                 | CUSIP: 340711BA7<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |      2101000 | PA      | $1818583.58   | 0.02%             | 2031-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Nvent Finance Sarl                                      | nVent Finance Sarl                                                              | CUSIP: 67078AAD5<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |      3000000 | PA      | $3003180.00   | 0.03%             | 2028-04-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-RPL1                        | CUSIP: 61776YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20974337 | PA      | $20284080.18  | 0.21%             | 2064-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                                  | Sable International Finance Ltd                                                 | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |      1500000 | PA      | $1502025.00   | 0.02%             | 2032-10-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                             | CHNGE Mortgage Trust 2022-1                                                     | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17329577 | PA      | $16347257.53  | 0.17%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2022-J1                                           | CUSIP: 17330CCU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       700598 | PA      | $345165.35    | 0.00%             | 2052-02-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| POSCO                                                   | POSCO                                                                           | CUSIP: 73730EAC7<br>LEI: 9884000N94NH7G6LQ816 | Long             | DBT              | CORP              | KR        |      2350000 | PA      | $2362643.00   | 0.02%             | 2026-01-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                | Willis North America Inc                                                        | CUSIP: 970648AM3<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |      9835000 | PA      | $10073302.05  | 0.10%             | 2033-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                             | Visio 2022-1 Trust                                                              | CUSIP: 92838CAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10000000 | PA      | $9959259.20   | 0.10%             | 2057-08-25      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                  | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |      5202000 | PA      | $4901428.44   | 0.05%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |       656000 | PA      | $580304.16    | 0.01%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                                | Tucson Electric Power Co                                                        | CUSIP: 898813AW0<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |      8325000 | PA      | $8360880.75   | 0.09%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WB Commercial Mortgage Trust                            | WB Commercial Mortgage Trust 2024-HQ                                            | CUSIP: 92943PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4050000 | PA      | $4062801.93   | 0.04%             | 2040-03-15      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                             | Paychex Inc                                                                     | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |      5800000 | PA      | $5953932.00   | 0.06%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                  | Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A4                      | CUSIP: 59020ULT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        29728 | PA      | $27935.97     | 0.00%             | 2034-08-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DCT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1806360 | PA      | $693593.55    | 0.01%             | 2052-08-25      | Variable      | 1.83%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                            | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       243627 | PA      | $239476.65    | 0.00%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                   | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     17215000 | PA      | $17180570.00  | 0.18%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2021-1 LLC                                               | CUSIP: 81758VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7112231 | PA      | $6951925.80   | 0.07%             | 2032-02-02      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-3                                | CUSIP: 382371AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3977630 | PA      | $2454469.99   | 0.03%             | 2048-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       810768 | PA      | $123144.43    | 0.00%             | 2050-10-25      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| TOWD POINT ASSET TRUST                                  | Towd Point Asset Trust 2021-SL1                                                 | CUSIP: 89179XAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1045178 | PA      | $1043045.98   | 0.01%             | 2061-11-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KBH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3883671 | PA      | $107986.64    | 0.00%             | 2050-08-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      6000000 | PA      | $6287460.00   | 0.06%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                              | Sodexo Inc                                                                      | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |      6000000 | PA      | $6097800.00   | 0.06%             | 2030-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORPORATION                           | Champ Acquisition Corporation 2024 Term Loan B                                  | CUSIP: 15807EAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      6943553 | PA      | $6975354.93   | 0.07%             | 2031-11-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7061568 | PA      | $7190429.72   | 0.07%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                  | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     24655000 | PA      | $23995232.20  | 0.25%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2022-A                                                 | CUSIP: 009695AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3536834 | PA      | $3422863.88   | 0.04%             | 2061-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                       | Eversource Energy                                                               | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      5181000 | PA      | $5315343.33   | 0.05%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE CORP                                    | Protective Life Corp                                                            | CUSIP: 743674BE2<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | DBT              | CORP              | US        |      4902000 | PA      | $4679596.26   | 0.05%             | 2030-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2025-R1                                               | CUSIP: 89183DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17821582 | PA      | $16198567.21  | 0.17%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17125222 | PA      | $546395.63    | 0.01%             | 2060-05-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5047000.00   | 0.05%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                | Virginia Electric and Power Co                                                  | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |      5961000 | PA      | $5978286.90   | 0.06%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-3                                | CUSIP: 382371AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1746639 | PA      | $1334187.61   | 0.01%             | 2048-05-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-RPL1 Trust                                                             | CUSIP: 55287AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12645044 | PA      | $12107868.63  | 0.12%             | 2066-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                           | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     16224000 | PA      | $16788270.72  | 0.17%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                                 | PPL Capital Funding Inc                                                         | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $4033600.00   | 0.04%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                  | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BF8<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |      4673000 | PA      | $4657018.34   | 0.05%             | 2030-04-29      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust            | Arivo Acceptance Auto Loan Receivables Trust 2024-1                             | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1904010 | PA      | $1915367.65   | 0.02%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132E0T85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40162694 | PA      | $33377079.85  | 0.34%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                  | Cascade MH Asset Trust 2021-MH1                                                 | CUSIP: 14731QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1936119 | PA      | $1787388.66   | 0.02%             | 2046-02-25      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1920280.00   | 0.02%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     16900000 | PA      | $15766348.00  | 0.16%             | 2028-07-12      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-BPNY                                                                  | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13086792 | PA      | $12282614.56  | 0.13%             | 2026-08-15      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Corpay Technologies Operating Company LLC               | Corpay Technologies Operating Company LLC Term Loan B5                          | CUSIP: 33903RAZ2<br>LEI: 549300FKKKZCXLK48427 | Long             | LON              | CORP              | US        |      9950000 | PA      | $9947910.50   | 0.10%             | 2028-04-28      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2024-2                                   | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8604559 | PA      | $8615370.86   | 0.09%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GULFSTREAM NATURAL GAS                                  | Gulfstream Natural Gas System LLC                                               | CUSIP: 402740AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3584000 | PA      | $3595361.28   | 0.04%             | 2025-11-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED EUR / SOLD USD                                                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |            1 | NC      | $44426.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                                   | Belron UK Finance PLC                                                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |      2680000 | PA      | $2699349.60   | 0.03%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                             | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      5000000 | PA      | $5216950.00   | 0.05%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                     | NuStar Logistics LP                                                             | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $4015760.00   | 0.04%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11512153 | PA      | $356129.61    | 0.00%             | 2051-12-30      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DCS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1654150 | PA      | $1043423.20   | 0.01%             | 2052-08-25      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QQG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4519313 | PA      | $4237462.26   | 0.04%             | 2051-11-01      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2022-1                                       | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1189481 | PA      | $1180624.42   | 0.01%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                                 | Verdant Receivables 2023-1 LLC                                                  | CUSIP: 92339GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5992459 | PA      | $6084059.26   | 0.06%             | 2031-01-13      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                            | Hilton Grand Vacations Trust 2019-A                                             | CUSIP: 43284HAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       499680 | PA      | $491710.75    | 0.01%             | 2033-07-25      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2023-I2                                                               | CUSIP: 12570HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10460673 | PA      | $10553901.23  | 0.11%             | 2067-12-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| Mercury General Corp                                    | Mercury General Corp                                                            | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |      9408000 | PA      | $9326150.40   | 0.10%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MID-ATLANTIC INTERSTATE                                 | Mid-Atlantic Interstate Transmission LLC                                        | CUSIP: 59524QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       945000 | PA      | $938007.00    | 0.01%             | 2028-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6440000 | PA      | $6616134.00   | 0.07%             | 2028-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust                           | CUSIP: 38149XAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        41500 | PA      | $1740130.69   | 0.02%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912834LX4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000000 | PA      | $16849754.00  | 0.17%             | 2042-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                 | American National Group Inc                                                     | CUSIP: 02772AAA7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     12684000 | PA      | $13018730.76  | 0.13%             | 2032-06-13      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      9739000 | PA      | $9921703.64   | 0.10%             | 2029-06-26      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                                 | Sensata Technologies BV                                                         | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |      9175000 | PA      | $9185276.00   | 0.09%             | 2030-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                                | Horace Mann Educators Corp                                                      | CUSIP: 440327AL8<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |      6000000 | PA      | $6405660.00   | 0.07%             | 2028-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TIAA Bank Mortgage Loan Trust                           | TIAA Bank Mortgage Loan Trust 2018-2                                            | CUSIP: 886312CD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2265263 | PA      | $2051236.45   | 0.02%             | 2048-07-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAE1<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      6480000 | PA      | $6236740.80   | 0.06%             | 2027-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                               | IQVIA Inc                                                                       | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      1900000 | PA      | $1894433.00   | 0.02%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                                              | ATLX 2024-RPL2 Trust                                                            | CUSIP: 049919AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11067479 | PA      | $10617474.03  | 0.11%             | 2063-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912834JB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000000 | PA      | $38344865.60  | 0.39%             | 2040-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| American Tower Trust I                                  | American Tower Trust #1                                                         | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     14250000 | PA      | $13921064.40  | 0.14%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                         | Fair Isaac Corp                                                                 | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     16087000 | PA      | $15657155.36  | 0.16%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                                     | Prestige Brands Inc                                                             | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     12321000 | PA      | $12236847.57  | 0.13%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                             | CUSIP: 000000000<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     11000000 | PA      | $12932967.54  | 0.13%             | 2025-11-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust                        | LEX 2024-BBG Mortgage Trust                                                     | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5400000 | PA      | $5426703.76   | 0.06%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     98800000 | PA      | $16686131.62  | 0.17%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp                                     | Xerox Holdings Corp 2023 Term Loan B                                            | CUSIP: 98415LAY2<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | LON              | CORP              | US        |      9177273 | PA      | $8835969.96   | 0.09%             | 2029-11-17      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $2019860.00   | 0.02%             | 2029-10-23      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FCF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1054996 | PA      | $493622.48    | 0.01%             | 2050-11-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                               | BXP Trust 2021-601L                                                             | CUSIP: 05607TAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6760000 | PA      | $5765808.08   | 0.06%             | 2044-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                                | CUSIP: 66981PAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9343000 | PA      | $9446374.69   | 0.10%             | 2032-12-15      | Fixed         | 9.42%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Bonds                                           | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     51342626 | PA      | $40683014.58  | 0.42%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| VIDEOTRON LTD / LTEE                                    | Videotron Ltd                                                                   | CUSIP: 92660FAK0<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |      7150000 | PA      | $7150786.50   | 0.07%             | 2027-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LIFE TIME FITNESS INC                                   | Life Time Fitness Inc 2024 Term Loan B                                          | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |      1990000 | PA      | $1993980.00   | 0.02%             | 2031-11-05      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3880000 | PA      | $3866730.40   | 0.04%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                  | MPOWER Education Trust 2024-A                                                   | CUSIP: 62476DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9310428 | PA      | $9630647.85   | 0.10%             | 2041-07-22      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2020-2                                                  | CUSIP: 61946PAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1549937 | PA      | $624254.11    | 0.01%             | 2046-08-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      1070000 | PA      | $1049017.30   | 0.01%             | 2027-01-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                   | Scotts Miracle-Gro Co/The                                                       | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1997960.00   | 0.02%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                 | Loanpal Solar Loan 2021-2 Ltd                                                   | CUSIP: 53948QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2856442 | PA      | $2042470.59   | 0.02%             | 2048-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                  | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |      1350000 | PA      | $1415448.00   | 0.01%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                | CUSIP: 46649WAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10300000 | PA      | $10286326.44  | 0.11%             | 2040-03-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                                | FirstEnergy Pennsylvania Electric Co                                            | CUSIP: 708696CA5<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |      5230000 | PA      | $5242813.50   | 0.05%             | 2026-03-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                                   | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |      8931000 | PA      | $8840528.97   | 0.09%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                                | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CP5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |     12074000 | PA      | $12137871.46  | 0.12%             | 2028-03-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-6                                      | CUSIP: 64830BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       292353 | PA      | $283827.03    | 0.00%             | 2057-08-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                               | Auxilior Term Funding 2023-1 LLC                                                | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1716043 | PA      | $1729642.10   | 0.02%             | 2028-12-15      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK                                          | Synchrony Bank                                                                  | CUSIP: 87166FAD5<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |      6660000 | PA      | $6658668.00   | 0.07%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                                | New York Life Global Funding                                                    | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |      4400000 | PA      | $4306456.00   | 0.04%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     19481000 | PA      | $18928713.65  | 0.19%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                                    | American National Global Funding                                                | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11840000 | PA      | $11902515.20  | 0.12%             | 2030-06-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3350000 | PA      | $3377671.00   | 0.03%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                             | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      6687000 | PA      | $6689340.45   | 0.07%             | 2027-02-19      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| SoFi Alternative Trust                                  | Sofi Alternative Trust 2019-C                                                   | CUSIP: 83406JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15517971 | PA      | $15398776.11  | 0.16%             | 2045-01-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10321062 | PA      | $10364650.42  | 0.11%             | 2028-03-15      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                             | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |      4917000 | PA      | $4635845.94   | 0.05%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2778000 | PA      | $2801057.40   | 0.03%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2023-CCM1                                   | CUSIP: 362918AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9009833 | PA      | $9034720.64   | 0.09%             | 2053-08-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                                 | New York State Electric & Gas Corp                                              | CUSIP: 649840CU7<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |     15000000 | PA      | $15565500.00  | 0.16%             | 2028-08-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                                | Flex Ltd                                                                        | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |      3886000 | PA      | $4011012.62   | 0.04%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                             | CUSIP: 83368RBR2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      1667000 | PA      | $1732563.11   | 0.02%             | 2029-01-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AL0<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |       726000 | PA      | $710812.08    | 0.01%             | 2027-12-01      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| SUN COMMUNITIES OPER LP                                 | Sun Communities Operating LP                                                    | CUSIP: 866677AE7<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              |  | US        |      9377000 | PA      | $8306709.22   | 0.09%             | 2031-07-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                 | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |      6610000 | PA      | $7079111.70   | 0.07%             | 2034-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                            | SK Hynix Inc                                                                    | CUSIP: 78392BAD9<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |      4800000 | PA      | $4842480.00   | 0.05%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                               | IQVIA Inc                                                                       | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5816543.61   | 0.06%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      4900000 | PA      | $4956105.00   | 0.05%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-A LLC                                            | CUSIP: 19424KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1994743 | PA      | $1983407.15   | 0.02%             | 2051-07-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| PERIMETER MASTER NT                                     | PERIMETER MASTER NT                                                             | CUSIP: 71384PAU5<br>LEI: 5493005H6EB040833X54 | Long             | ABS-O            | CORP              | US        |     10000000 | PA      | $10145984.00  | 0.10%             | 2029-09-17      | Fixed         | 8.55%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      1350000 | PA      | $1310364.00   | 0.01%             | 2028-01-20      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2024-NQM1 Trust                                                           | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |      8458311 | PA      | $8497336.64   | 0.09%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| REAL HERO MERGER SUB 2                                  | Real Hero Merger Sub 2 Inc                                                      | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2671000 | PA      | $1919033.37   | 0.02%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2022-GRN1 Issuer Trust                           | CUSIP: 38150YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1107923 | PA      | $1103243.69   | 0.01%             | 2052-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                 | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2387000 | PA      | $2460018.33   | 0.03%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                                 | Brighthouse Financial Global Funding                                            | CUSIP: 10921U2C1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |      2089000 | PA      | $2032137.42   | 0.02%             | 2026-05-24      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM6                                          | CUSIP: 45276RAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11978602 | PA      | $11949955.66  | 0.12%             | 2067-10-25      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                     | Rate Mortgage Trust 2022-J1                                                     | CUSIP: 75410RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11352342 | PA      | $9974684.00   | 0.10%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                    | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      5520000 | PA      | $5546937.60   | 0.06%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                          | TD SYNNEX Corp                                                                  | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |     26068000 | PA      | $25216358.44  | 0.26%             | 2026-08-09      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL                                    | Pentair Finance Sarl                                                            | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |      9193000 | PA      | $9604938.33   | 0.10%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                                | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |      6241600 | PA      | $5580489.73   | 0.06%             | 2036-09-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-5                                | CUSIP: 38237HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12896911 | PA      | $10672750.83  | 0.11%             | 2048-10-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                        | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13094709 | PA      | $13193951.90  | 0.14%             | 2068-12-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management                           | JPMorgan Chase Bank NA - JPMWM                                                  | CUSIP: 46591HBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3714168 | PA      | $3643816.22   | 0.04%             | 2051-03-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Trust 2024-1                                       | CUSIP: 76088YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5688051 | PA      | $5741621.22   | 0.06%             | 2032-06-25      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM1                                          | CUSIP: 452766AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13494231 | PA      | $12267688.96  | 0.13%             | 2067-02-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                                     | DataBank Issuer                                                                 | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16375000 | PA      | $16294835.70  | 0.17%             | 2054-01-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                                   | Lincoln National Corp                                                           | CUSIP: 534187BT5<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5145750.00   | 0.05%             | 2034-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACLN                         | JPMorgan Chase Bank NA - CACLN                                                  | CUSIP: 46591HBW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1431911 | PA      | $1436134.82   | 0.01%             | 2028-09-25      | Fixed         | 28.35%                | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1195014 | PA      | $1044494.66   | 0.01%             | 2050-10-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140LBNF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15824083 | PA      | $10692324.61  | 0.11%             | 2051-03-01      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                       | ITC Holdings Corp                                                               | CUSIP: 465685AT2<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     21000000 | PA      | $21529830.00  | 0.22%             | 2034-05-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ENN CLEAN ENERGY                                        | ENN Clean Energy International Investment Ltd                                   | CUSIP: 268733AA0<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |      9524000 | PA      | $9390854.48   | 0.10%             | 2026-05-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                        | Insight Enterprises Inc                                                         | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |      4700000 | PA      | $4843397.00   | 0.05%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                 | Sammons Financial Group Inc                                                     | CUSIP: 79588TAC4<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1995180.00   | 0.02%             | 2027-05-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                                 | Iron Mountain Information Management Services Inc                               | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |      6085000 | PA      | $5837097.10   | 0.06%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                    | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      5775000 | PA      | $5621211.75   | 0.06%             | 2029-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                               | Esab Corp                                                                       | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |       970000 | PA      | $993493.40    | 0.01%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GEN LUX SARL/GEN USA INC                                | Genpact Luxembourg SARL/Genpact USA Inc                                         | CUSIP: 37190AAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      4424000 | PA      | $4585476.00   | 0.05%             | 2029-06-04      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2021-2                                                   | CUSIP: 57108T107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        16347 | PA      | $287005.07    | 0.00%             | 2031-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                                | Stewart Information Services Corp                                               | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |     16620000 | PA      | $14865925.20  | 0.15%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FNB CORP                                                | FNB Corp/PA                                                                     | CUSIP: 302520AC5<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |      3170000 | PA      | $3169714.70   | 0.03%             | 2025-08-25      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                               | Spire Inc                                                                       | CUSIP: 84857LAC5<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |     12927000 | PA      | $12971856.69  | 0.13%             | 2026-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1468800 | PA      | $755424.93    | 0.01%             | 2051-08-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| PEACHTREE FUND TRUST II                                 | Peachtree Corners Funding Trust II                                              | CUSIP: 70470BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7292000 | PA      | $7470581.08   | 0.08%             | 2035-05-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUST                         | Stream Innovations 2024-1 Issuer Trust                                          | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4750667 | PA      | $4916217.19   | 0.05%             | 2044-07-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QMRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36904539 | PA      | $31941861.15  | 0.33%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8373000 | PA      | $8115613.98   | 0.08%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2024-R1                                                               | CUSIP: 17179VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14613246 | PA      | $14492759.80  | 0.15%             | 2064-06-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                | United Wholesale Mortgage LLC                                                   | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     12301000 | PA      | $12293619.40  | 0.13%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Shellpoint Co-Originator Trust                          | Shellpoint Co-Originator Trust 2016-1                                           | CUSIP: 82281ECA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2197013 | PA      | $1703660.26   | 0.02%             | 2046-11-25      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                | CUSIP: 36321PAA8<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      4137613 | PA      | $3990520.86   | 0.04%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CROSS Mortgage Trust                                    | Cross 2023-H1 Mortgage Trust                                                    | CUSIP: 22758CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6021748 | PA      | $6057886.11   | 0.06%             | 2068-03-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                    | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     13800000 | PA      | $13574094.00  | 0.14%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2023-C                                                 | CUSIP: 009926AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9104545 | PA      | $8658172.84   | 0.09%             | 2063-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                                | Amcor Flexibles North America Inc                                               | CUSIP: 02344AAE8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |      6570000 | PA      | $6667695.90   | 0.07%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2022-2                                      | CUSIP: 30166QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4500000 | PA      | $4487943.56   | 0.05%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                       | Sierra Timeshare 2023-1 Receivables Funding LLC                                 | CUSIP: 826943AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1306063 | PA      | $1347281.22   | 0.01%             | 2040-01-20      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                | Medline Borrower LP/Medline Co-Issuer Inc                                       | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7950000 | PA      | $8162026.50   | 0.08%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2021-2                                                 | CUSIP: 35042PAD2<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |      3224706 | PA      | $3219283.90   | 0.03%             | 2042-01-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust                   | Harvest Commercial Capital Loan Trust 2024-1                                    | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19805398 | PA      | $20541164.47  | 0.21%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust                                    | CHNGE Mortgage Trust 2023-1                                                     | CUSIP: 12547QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6700439 | PA      | $6727221.89   | 0.07%             | 2058-03-25      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-NQM4 Trust                                                            | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3198096 | PA      | $2660952.09   | 0.03%             | 2066-08-25      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2023-2                                            | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1950035 | PA      | $1982537.62   | 0.02%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                                              | Airbnb Inc                                                                      | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |      1200000 | PA      | $1157352.00   | 0.01%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                         | Xcel Energy Inc                                                                 | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |      3183000 | PA      | $3251275.35   | 0.03%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Corp Trust 2020-PJ3                               | CUSIP: 36258WAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2081671 | PA      | $267667.08    | 0.00%             | 2050-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                          | Upgrade Master Pass-Thru Trust Series 2025-ST4                                  | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5412000 | PA      | $5412000.00   | 0.06%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2023-PJ2                                    | CUSIP: 362938AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6161536 | PA      | $6120753.22   | 0.06%             | 2053-05-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                            | VT Topco Inc                                                                    | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     11362000 | PA      | $12067466.58  | 0.12%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       303440 | PA      | $230186.09    | 0.00%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | LL ABS Trust 2022-1                                                             | CUSIP: 50203YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1585000 | PA      | $1587295.00   | 0.02%             | 2029-11-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                   | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |      9605000 | PA      | $9747538.20   | 0.10%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                             | Ameren Corp                                                                     | CUSIP: 023608AR3<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |      7390000 | PA      | $7436926.50   | 0.08%             | 2035-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                        | Black Hills Corp                                                                | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |      6135000 | PA      | $6450339.00   | 0.07%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GAP3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      1951000 | PA      | $1711768.38   | 0.02%             | 2031-07-12      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MA'ADEN SUKUK LTD                                       | Ma'aden Sukuk Ltd                                                               | CUSIP: 55407NAA0<br>LEI: 254900QDNU6I6VA8UL14 | Long             | DBT              | CORP              | KY        |     26000000 | PA      | $26433420.00  | 0.27%             | 2030-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J3                                           | CUSIP: 17330BDR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       573357 | PA      | $209766.95    | 0.00%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                               | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      7985000 | PA      | $8259444.45   | 0.08%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                      | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      7818000 | PA      | $7135723.14   | 0.07%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2020-1                                                 | CUSIP: 35041KAC6<br>LEI: 549300QVJKB4ZVR88F06 | Long             | ABS-O            | CORP              | US        |      4025000 | PA      | $4006091.96   | 0.04%             | 2040-07-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                                   | CUSIP: 64829WBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1133605 | PA      | $916079.19    | 0.01%             | 2051-06-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                    | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      3950000 | PA      | $3386532.50   | 0.03%             | 2031-08-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KCA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       587245 | PA      | $486993.09    | 0.01%             | 2050-08-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                                    | Hercules Capital Inc                                                            | CUSIP: 427096AJ1<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |     13651000 | PA      | $13226863.43  | 0.14%             | 2027-01-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2025-2                                             | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7300000 | PA      | $7312841.87   | 0.08%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                       | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      6800000 | PA      | $6800272.00   | 0.07%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                 | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     12509000 | PA      | $12442076.85  | 0.13%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CKL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    138334617 | PA      | $142030744.89 | 1.46%             | 2029-04-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| RENTOKIL TERMINIX LLC                                   | Rentokil Terminix Funding LLC                                                   | CUSIP: 760130AA2<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |     13680000 | PA      | $13776033.60  | 0.14%             | 2030-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                       | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $1026780.00   | 0.01%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                                 | Brighthouse Financial Global Funding                                            | CUSIP: 10921U2L1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |      4056000 | PA      | $4147827.84   | 0.04%             | 2029-06-10      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                       | Flowers Foods Inc                                                               | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |     29063000 | PA      | $29761965.15  | 0.31%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                           | Commonbond Student Loan Trust 2020-1                                            | CUSIP: 20268BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1054873 | PA      | $965796.21    | 0.01%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912834MT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000000 | PA      | $20156239.50  | 0.21%             | 2043-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust 2020-2                                         | CUSIP: 92838TAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       655044 | PA      | $627883.55    | 0.01%             | 2065-04-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1978000 | PA      | $1832536.50   | 0.02%             | 2059-09-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                    | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |      5465000 | PA      | $5471558.00   | 0.06%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                                      | CNO Global Funding                                                              | CUSIP: 18977W2C3<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |      7400000 | PA      | $6912192.00   | 0.07%             | 2029-01-06      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603LAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3173383 | PA      | $3194347.80   | 0.03%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE TOWERS LLC                                 | Crown Castle Towers LLC                                                         | CUSIP: 22822RBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       455000 | PA      | $446851.91    | 0.00%             | 2028-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                               | News Corp                                                                       | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |      4980000 | PA      | $4875021.60   | 0.05%             | 2032-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2019-NQM3 Trust                                                            | CUSIP: 36167VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       427463 | PA      | $415543.93    | 0.00%             | 2059-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM3                                                                  | CUSIP: 12660LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2017308 | PA      | $1717618.02   | 0.02%             | 2066-04-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      8935000 | PA      | $9106194.60   | 0.09%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                                   | Scotts Miracle-Gro Co/The                                                       | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     13166000 | PA      | $12086519.66  | 0.12%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      4651000 | PA      | $4833691.28   | 0.05%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18083000 | PA      | $17934538.57  | 0.18%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                       | Thornburg Capital Management Fund                                               | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     37055980 | NS      | $370559804.45 | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WHISTLER PIPELINE LLC                                   | Whistler Pipeline LLC                                                           | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |      6560000 | PA      | $6692840.00   | 0.07%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                | Willis North America Inc                                                        | CUSIP: 970648AJ0<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2823810.00   | 0.03%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                | Microchip Technology Inc                                                        | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |      6200000 | PA      | $6192622.00   | 0.06%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust                           | CUSIP: 38149XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1749949 | PA      | $1695159.83   | 0.02%             | 2051-06-25      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                                | Element Fleet Management Corp                                                   | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |      5400000 | PA      | $5489100.00   | 0.06%             | 2027-03-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWJL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15003355 | PA      | $15035967.64  | 0.15%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM11 Trust                                                            | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |     10847788 | PA      | $10914036.16  | 0.11%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| EverBright Solar Trust                                  | EverBright Solar Trust 2024-A                                                   | CUSIP: 29977FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10659526 | PA      | $10523632.55  | 0.11%             | 2054-06-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                           | DailyPay Securitization Trust 2025-1                                            | CUSIP: 233824AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6015000 | PA      | $6040404.35   | 0.06%             | 2028-06-25      | Fixed         | 8.53%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                      | CUSIP: 80282KBJ4<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |      2863000 | PA      | $2978951.50   | 0.03%             | 2030-01-09      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17328PCE1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |       372000 | PA      | $184219.91    | 0.00%             | 2050-08-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                                | CUSIP: 745310AP7<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |      6812000 | PA      | $6864452.40   | 0.07%             | 2035-03-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 3128Q2LB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2201234 | PA      | $2261028.43   | 0.02%             | 2048-02-01      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                                | CUSIP: 745310AK8<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |      6876000 | PA      | $6647166.72   | 0.07%             | 2030-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-C                                                 | CUSIP: 009733AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3699342 | PA      | $3689127.70   | 0.04%             | 2061-01-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real Estate Trust               | FARM 2024-1 Mortgage Trust                                                      | CUSIP: 30335JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9052278 | PA      | $8688592.90   | 0.09%             | 2053-10-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17328PCD3<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |       153000 | PA      | $88858.61     | 0.00%             | 2050-08-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| PEGASUS HAVA TASIMACILIG                                | Pegasus Hava Tasimaciligi AS                                                    | CUSIP: 705567AB1<br>LEI: 789000B1MW5PQ58A8T03 | Long             | DBT              | CORP              | TR        |     24600000 | PA      | $24658302.00  | 0.25%             | 2031-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                            | Illumina Inc                                                                    | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |      5579000 | PA      | $5595681.21   | 0.06%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                  | Cushman & Wakefield US Borrower LLC                                             | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     13774000 | PA      | $13890665.78  | 0.14%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      9951000 | PA      | $9791684.49   | 0.10%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |       917649 | PA      | $858060.56    | 0.01%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                             | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |      1975000 | PA      | $2031781.25   | 0.02%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2021-GRN1 Issuer Trust                                                     | CUSIP: 12529KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       201641 | PA      | $199567.34    | 0.00%             | 2041-03-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       322693 | PA      | $273217.44    | 0.00%             | 2049-10-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2018-1745                                 | CUSIP: 94990DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4000000 | PA      | $3705951.44   | 0.04%             | 2036-06-15      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DNXR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4729022 | PA      | $4683240.68   | 0.05%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2023-6                                                     | CUSIP: 69547UAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4062181 | PA      | $4087999.44   | 0.04%             | 2031-06-16      | Fixed         | 8.49%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2023-3                                             | CUSIP: 91684MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1169748 | PA      | $1177201.01   | 0.01%             | 2033-10-20      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                               | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5128350.00   | 0.05%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                      | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    315500000 | PA      | $5314377.38   | 0.05%             | 2026-06-05      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-2                                                  | CUSIP: 61946RAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9930000 | PA      | $887369.92    | 0.01%             | 2047-04-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                                | Sumitomo Mitsui Trust Bank Ltd                                                  | CUSIP: 86563VBG3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |      5800000 | PA      | $5848488.00   | 0.06%             | 2026-03-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4725000 | PA      | $4837502.25   | 0.05%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133N3X25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11559463 | PA      | $8956428.72   | 0.09%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      9820000 | PA      | $10616009.20  | 0.11%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                                 | Brighthouse Financial Global Funding                                            | CUSIP: 10921U2E7<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |      4823000 | PA      | $4444587.42   | 0.05%             | 2028-06-28      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2008-5                                                   | CUSIP: 78444YAD7<br>LEI: 549300SRMXHPGI3BJ386 | Long             | ABS-O            | CORP              | US        |       312637 | PA      | $308585.84    | 0.00%             | 2023-07-25      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                                | Flex Ltd                                                                        | CUSIP: 33938XAB1<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |      4671000 | PA      | $4689543.87   | 0.05%             | 2030-05-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      7145000 | PA      | $7180439.20   | 0.07%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XMY42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140789320 | PA      | $117002517.93 | 1.20%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2015-2                                                | CUSIP: 64033QAB5<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |      1167544 | PA      | $1152963.87   | 0.01%             | 2042-09-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2021-LTV2                                            | CUSIP: 46654VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11754286 | PA      | $9652157.47   | 0.10%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                  | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |      1750000 | PA      | $1771542.50   | 0.02%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                 | GA Global Funding Trust                                                         | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |       610000 | PA      | $599843.50    | 0.01%             | 2026-01-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                             | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      9815000 | PA      | $9426031.55   | 0.10%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                             | Gartner Inc                                                                     | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |      3749000 | PA      | $3708548.29   | 0.04%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIDELIS INSUR HLD LTD                                   | Fidelis Insurance Holdings Ltd                                                  | CUSIP: 31575FAA4<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |      4409000 | PA      | $4419449.33   | 0.05%             | 2030-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPS Servicer Advance Receivables Trust                  | SPS Servicer Advance Receivables Trust                                          | CUSIP: 78472JAE3<br>LEI: 549300W6RZ3B25O0SH56 | Long             | ABS-O            | CORP              | US        |     11890000 | PA      | $11734526.36  | 0.12%             | 2055-11-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                            | SK Hynix Inc                                                                    | CUSIP: 78392BAB3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |      4400000 | PA      | $4327444.00   | 0.04%             | 2026-01-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140MHSH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48968500 | PA      | $40695116.28  | 0.42%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YAT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11121864 | PA      | $303840.43    | 0.00%             | 2049-10-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                     | Global Payments Inc                                                             | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      1401000 | PA      | $1367670.21   | 0.01%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912834AT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25000000 | PA      | $13532126.00  | 0.14%             | 2038-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Proper Pass-Thru Trust II                               | Prosper Pass-Thru Trust II Series 2019-St2                                      | CUSIP: 74361EAB3<br>LEI: 549300DCN6PLVC4QVK93 | Long             | ABS-O            | CORP              | US        |      6385267 | PA      | $0.06         | 0.00%             | 2025-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280EK1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      2000000 | PA      | $1999880.00   | 0.02%             | 2028-11-19      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2022-1                                            | CUSIP: 78433QAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4204000 | PA      | $2948124.79   | 0.03%             | 2062-03-27      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-3                                      | CUSIP: 64828MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       662559 | PA      | $639517.03    | 0.01%             | 2057-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                         | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B                       | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |      4678216 | PA      | $4671994.05   | 0.05%             | 2028-12-21      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J3                                           | CUSIP: 17330BDP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1032000 | PA      | $539096.99    | 0.01%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust 2021-1                                     | CUSIP: 24380VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       443052 | PA      | $415307.11    | 0.00%             | 2065-05-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| LP LMS 2021-2 Asset Securitization Trust                | LP LMS 2021-2 Asset Securitization Trust                                        | CUSIP: 50214JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2947000 | PA      | $1297857.92   | 0.01%             | 2029-01-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-LTV1                                              | CUSIP: 465976AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15280793 | PA      | $13378559.03  | 0.14%             | 2052-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                           | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     13300000 | PA      | $10149895.00  | 0.10%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                | NEW YORK TRANSPRTN DEV CORP LEASE REVENUE                                       | CUSIP: 650117AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      2175000 | PA      | $2131195.50   | 0.02%             | 2035-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-RPL11 Trust                                                           | CUSIP: 12659AAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13478718 | PA      | $11173603.56  | 0.11%             | 2061-10-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                                | CUSIP: 200447AP5<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |      4000000 | PA      | $3942160.00   | 0.04%             | 2035-01-24      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                                  | Allegion US Holding Co Inc                                                      | CUSIP: 01748TAC5<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |      4659000 | PA      | $4803522.18   | 0.05%             | 2032-07-01      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-CHM1 Trust                                                             | CUSIP: 552758AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6595714 | PA      | $6472354.41   | 0.07%             | 2056-09-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                         | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |      6889000 | PA      | $6214429.12   | 0.06%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                   | Theorem Funding Trust 2022-2                                                    | CUSIP: 88339FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       645948 | PA      | $646124.20    | 0.01%             | 2028-12-15      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         9000 | PA      | $1010645.61   | 0.01%             | 2028-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                 | American Electric Power Co Inc                                                  | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |      4750000 | PA      | $4752375.00   | 0.05%             | 2025-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                | Citigroup Global Markets Holdings Inc/United States                             | CUSIP: 17327TJ23<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | SN               | CORP              | US        |      4108000 | PA      | $2880607.65   | 0.03%             | 2035-01-29      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    102835340 | PA      | $1229201.10   | 0.01%             | 2051-01-25      | Variable      | 0.21%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                  | Arizona Public Service Co                                                       | CUSIP: 040555DH4<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |      6776000 | PA      | $6991544.56   | 0.07%             | 2034-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST8                                      | CUSIP: 91683LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5400000 | PA      | $1069804.80   | 0.01%             | 2029-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     10000000 | PA      | $10324300.00  | 0.11%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM3                                                                  | CUSIP: 12660LAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2650000 | PA      | $1980440.93   | 0.02%             | 2066-04-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-3                                                 | CUSIP: 46592ABL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8008705 | PA      | $43990.21     | 0.00%             | 2050-08-25      | Variable      | 0.13%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2024-RPL1 Trust                                                            | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4763326 | PA      | $4591143.78   | 0.05%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                   | Toorak Mortgage Trust 2024-RRTL1                                                | CUSIP: 89054YAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11200000 | PA      | $11268292.00  | 0.12%             | 2039-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                        | Vista Point Securitization Trust 2020-1                                         | CUSIP: 92838WAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4515150 | PA      | $4447857.58   | 0.05%             | 2065-03-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                                 | CD&R Smokey Buyer Inc / Radio Systems Corp                                      | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11475000 | PA      | $9410188.50   | 0.10%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                             | Polaris Inc                                                                     | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |      9875000 | PA      | $10381488.75  | 0.11%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7183225 | PA      | $169802.09    | 0.00%             | 2050-11-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2016-3                                                   | CUSIP: 81746NCD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2089755 | PA      | $1575610.73   | 0.02%             | 2046-11-25      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| EMPRESA GEN ELEC HAINA                                  | Empresa Generadora de Electricidad Haina SA                                     | CUSIP: 29249FAA4<br>LEI: 549300Y36L5LRW5RH373 | Long             | DBT              | CORP              | DO        |     10800000 | PA      | $10295208.00  | 0.11%             | 2028-11-08      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                                 | Zebra Technologies Corp                                                         | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |      5630000 | PA      | $5788991.20   | 0.06%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ALBANIA                                     | Albania Government International Bond                                           | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |      9800000 | PA      | $12210346.65  | 0.13%             | 2028-06-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                        | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     25825000 | PA      | $26383336.50  | 0.27%             | 2035-01-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2021-4                                             | CUSIP: 91682NAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         4706 | PA      | $404582.23    | 0.00%             | 2031-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2023-N4                                          | CUSIP: 14688LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1119228 | PA      | $1124091.16   | 0.01%             | 2028-01-10      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                           | CUSIP: 17329EBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       503782 | PA      | $179077.04    | 0.00%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                   | Flowserve Corp                                                                  | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |      3431000 | PA      | $3214263.73   | 0.03%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DSW81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32175217 | PA      | $26739112.42  | 0.27%             | 2054-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                | Virgin Media Secured Finance PLC                                                | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |      6500000 | PA      | $6056765.00   | 0.06%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                               | Nelnet Student Loan Trust 2021-C                                                | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2001902 | PA      | $1987806.17   | 0.02%             | 2062-04-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                           | DailyPay Securitization Trust 2025-1                                            | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10075000 | PA      | $10146333.02  | 0.10%             | 2028-06-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL3 LLC                                                              | CUSIP: 74143HAA3<br>LEI: 254900UGRYVHG7BY6M45 | Long             | ABS-O            | CORP              | US        |     24702173 | PA      | $24916617.29  | 0.26%             | 2055-04-25      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2019-3                                               | CUSIP: 33846A106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        31000 | PA      | $1672168.66   | 0.02%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                 | Fidelity National Financial Inc                                                 | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |      3857000 | PA      | $3347413.16   | 0.03%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PAF3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      3314000 | PA      | $3265516.18   | 0.03%             | 2028-05-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2022-NQM1 Trust                                                            | CUSIP: 69378KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7570126 | PA      | $7541028.06   | 0.08%             | 2067-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                           | Commonbond Student Loan Trust 2021-B-GS                                         | CUSIP: 20268AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3558260 | PA      | $3293025.03   | 0.03%             | 2051-09-25      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receivables Trust               | Santander Consumer Auto Receivables Trust 2021-A                                | CUSIP: 80282Y205<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        28500 | PA      | $1766387.02   | 0.02%             | 2028-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                     | DT Auto Owner Trust 2021-3                                                      | CUSIP: 23344QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2558077 | PA      | $2523019.10   | 0.03%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                            | Highmark Inc                                                                    | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     18630000 | PA      | $18059363.10  | 0.19%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                         | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 216734000000 | PA      | $13641492.94  | 0.14%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37401600 | PA      | $35291916.00  | 0.36%             | 2030-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2020-P1                                          | CUSIP: 14687AAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        20000 | PA      | $1418890.82   | 0.01%             | 2027-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                                | Sensata Technologies Inc                                                        | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |       800000 | PA      | $822616.00    | 0.01%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EV80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8381123 | PA      | $8398065.73   | 0.09%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                                     | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |     20762000 | PA      | $20201426.00  | 0.21%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      9890000 | PA      | $8531114.00   | 0.09%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9707730 | PA      | $1263841.61   | 0.01%             | 2050-10-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2025-LIFE                                                              | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23150000 | PA      | $23577499.48  | 0.24%             | 2047-06-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-LTV1                                              | CUSIP: 46591NBW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2598499 | PA      | $2208883.87   | 0.02%             | 2050-06-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                     | NOVA Chemicals Corp                                                             | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      5000000 | PA      | $5399650.00   | 0.06%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DC Office Trust                                         | DC Office Trust 2019-MTC                                                        | CUSIP: 23312BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10082000 | PA      | $9210654.28   | 0.09%             | 2045-09-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PAR                                | Greystar Real Estate Partners LLC                                               | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |      2490000 | PA      | $2641914.90   | 0.03%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                               | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      8860000 | PA      | $8522168.20   | 0.09%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       491000 | PA      | $224356.87    | 0.00%             | 2051-01-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                   | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      4927000 | PA      | $5100036.24   | 0.05%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                      | Southwest Gas Corp                                                              | CUSIP: 845011AC9<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |      7880000 | PA      | $7081913.60   | 0.07%             | 2030-06-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     33455000 | PA      | $32678174.90  | 0.34%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-RPL1                                   | CUSIP: 64832AAA5<br>LEI: 213800YID3SS4UZHT817 | Long             | ABS-MBS          | CORP              | US        |     13993393 | PA      | $13260981.25  | 0.14%             | 2064-01-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 36179WFH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21374083 | PA      | $18926829.32  | 0.19%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TPC GROUP INC                                           | TPC Group Inc 2024 Term Loan B                                                  | CUSIP: 87266EAG0<br>LEI: 549300K276KVW5JD1583 | Long             | LON              | CORP              | US        |     12967500 | PA      | $12448800.00  | 0.13%             | 2031-12-16      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust                                                    | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1625226 | PA      | $1628196.05   | 0.02%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                             | Hologic Inc                                                                     | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     11957000 | PA      | $11400640.79  | 0.12%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| First Republic Mortgage Trust                           | First Republic Mortgage Trust 2020-1                                            | CUSIP: 33616LAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1398660 | PA      | $1231328.27   | 0.01%             | 2050-04-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2021-NPL1                                               | CUSIP: 06744JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5393093 | PA      | $5377946.31   | 0.06%             | 2051-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                | FHF Trust 2022-2                                                                | CUSIP: 31568EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1198577 | PA      | $1202919.44   | 0.01%             | 2027-12-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                 | Loanpal Solar Loan 2021-1 Ltd                                                   | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12190546 | PA      | $10109177.11  | 0.10%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAD2<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |      1387332 | PA      | $1367005.51   | 0.01%             | 2041-05-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPXH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19642779 | PA      | $16302193.72  | 0.17%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hologic Inc                                             | Hologic Inc                                                                     | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1982500.00   | 0.02%             | 2028-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-D                                                | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2340213 | PA      | $2320419.93   | 0.02%             | 2062-04-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2019-8                                                 | CUSIP: 46591KBW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3133648 | PA      | $2872533.63   | 0.03%             | 2050-03-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                                  | Mueller Water Products Inc                                                      | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     20714000 | PA      | $19928525.12  | 0.20%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                  | APA Infrastructure Ltd                                                          | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |      9210000 | PA      | $9031602.30   | 0.09%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HFQ73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19429247 | PA      | $19038046.90  | 0.20%             | 2054-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      8715000 | PA      | $9513867.13   | 0.10%             | 2029-07-13      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                                | RenaissanceRe Holdings Ltd                                                      | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |      9395000 | PA      | $9661724.05   | 0.10%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                                | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     16177000 | PA      | $14270540.55  | 0.15%             | 2031-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140JBVX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6545730 | PA      | $6138286.75   | 0.06%             | 2051-07-01      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                   | Universal Health Services Inc                                                   | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      6179000 | PA      | $5966071.66   | 0.06%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM4                                          | CUSIP: 45276JAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2500000 | PA      | $1807328.25   | 0.02%             | 2057-01-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-11                                                | CUSIP: 46654KCH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2537982 | PA      | $1268745.42   | 0.01%             | 2052-01-25      | Variable      | 2.46%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                                | Fortitude Group Holdings LLC                                                    | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |     10057000 | PA      | $10352172.95  | 0.11%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-3                                 | CUSIP: 76089RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7905621 | PA      | $7939260.14   | 0.08%             | 2032-01-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                                | Jackson National Life Global Funding                                            | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |      5350000 | PA      | $5458444.50   | 0.06%             | 2027-07-02      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COMCAST HOLDINGS CORP                                   | Comcast Holdings Corp                                                           | CUSIP: 200300507<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26001000 | PA      | $15453434.34  | 0.16%             | 2029-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UCW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2555449 | PA      | $1949976.90   | 0.02%             | 2052-08-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                   | Universal Health Services Inc                                                   | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     14035000 | PA      | $13879071.15  | 0.14%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      6916000 | PA      | $6994773.24   | 0.07%             | 2030-03-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                       | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  15500000000 | PA      | $1259823.09   | 0.01%             | 2026-10-12      | Fixed         | 16.25%                | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-RTL1                                   | CUSIP: 64831PAA3<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |     10000000 | PA      | $10076729.00  | 0.10%             | 2039-03-25      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                  | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822BX1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |      7000000 | PA      | $6096440.00   | 0.06%             | 2032-07-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                   | DirecTV Financing LLC Term Loan                                                 | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1164206 | PA      | $1167395.93   | 0.01%             | 2027-08-02      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Loan Trust                         | Spruce Hill Mortgage Loan Trust 2022-SH1                                        | CUSIP: 85213XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4998352 | PA      | $4859603.00   | 0.05%             | 2057-07-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                                  | Alliant Energy Finance LLC                                                      | CUSIP: 01882YAE6<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |      3415000 | PA      | $3579261.50   | 0.04%             | 2029-03-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-N4                                          | CUSIP: 14687HAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        11650 | PA      | $432192.88    | 0.00%             | 2028-09-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                            | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22423007 | PA      | $22583096.87  | 0.23%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                                    | BWX Technologies Inc                                                            | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     12081000 | PA      | $11645721.57  | 0.12%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AMCOR GROUP FINANCE                                     | Amcor Group Finance PLC                                                         | CUSIP: 02344BAA4<br>LEI: 2549008XHB8M1L64J275 | Long             | DBT              | CORP              | GB        |      4400000 | PA      | $4525444.00   | 0.05%             | 2029-05-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J3                                           | CUSIP: 17330BDQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       173000 | PA      | $77515.57     | 0.00%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                        | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |      4200000 | PA      | $4234860.00   | 0.04%             | 2030-05-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                             | TRISTATE INSURED CASH SWEEP                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |           95 | NS      | $94.57        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IMAGEFIRST HOLDINGS LLC                                 | Imagefirst Holdings LLC 2025 Term Loan B                                        | CUSIP: 45249TAR3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19900000 | PA      | $19875125.00  | 0.20%             | 2032-03-12      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                  | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     18395000 | PA      | $19060899.00  | 0.20%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                 | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      6725000 | PA      | $6652908.00   | 0.07%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM7                                          | CUSIP: 452763AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7565497 | PA      | $7583142.75   | 0.08%             | 2067-11-25      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                                 | Aeropuertos Dominicanos Siglo XXI SA                                            | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |      5000000 | PA      | $5198550.00   | 0.05%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UCX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1625858 | PA      | $739778.51    | 0.01%             | 2052-08-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Panama Bonos del Tesoro                                 | Panama Bonos del Tesoro                                                         | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     12610000 | PA      | $10355079.80  | 0.11%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST2                                      | CUSIP: 91682CAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        69464 | PA      | $69310.85     | 0.00%             | 2027-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10520000 | PA      | $10741656.40  | 0.11%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| EQUITABLE AMERICA GLOBAL                                | Equitable America Global Funding                                                | CUSIP: 29446Q2B8<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |      6049000 | PA      | $6113966.26   | 0.06%             | 2030-06-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1782014 | PA      | $1669872.77   | 0.02%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2018-7                                                   | CUSIP: 81747WEL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1802000 | PA      | $1431231.17   | 0.01%             | 2048-09-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                           | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      4500000 | PA      | $4578120.00   | 0.05%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2022-INV1                                         | CUSIP: 17290FDZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3219925 | PA      | $1449483.76   | 0.01%             | 2051-11-27      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                          | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      4690000 | PA      | $4828917.80   | 0.05%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SYSTEM ENERGY RESOURCES                                 | System Energy Resources Inc                                                     | CUSIP: 871911AU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2212000 | PA      | $2302780.48   | 0.02%             | 2028-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                        | TKC Holdings Inc 2024 Term Loan                                                 | CUSIP: 87256FAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4404407 | PA      | $4400751.48   | 0.05%             | 2028-05-15      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF VII AL Funding Trust I                                                      | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4958154 | PA      | $5024295.72   | 0.05%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                   | Egypt Government Bond                                                           | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    580450000 | PA      | $11714908.72  | 0.12%             | 2027-06-04      | Fixed         | 23.87%                | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       770600 | PA      | $617978.05    | 0.01%             | 2060-05-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                   | New Economy Assets - Phase 1 Sponsor LLC                                        | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19365000 | PA      | $18161319.04  | 0.19%             | 2061-10-20      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                          | GoTo Group Inc                                                                  | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |      2222728 | PA      | $1830638.78   | 0.02%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                                 | Piedmont Natural Gas Co Inc                                                     | CUSIP: 720186AQ8<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |      4945000 | PA      | $5093399.45   | 0.05%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CELSIUS HOLDINGS INC                                    | Celsius Holdings Inc Term Loan                                                  | CUSIP: 15118XAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     12000000 | PA      | $12057000.00  | 0.12%             | 2032-04-01      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                | Virgin Media Secured Finance PLC                                                | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |      1800000 | PA      | $1770282.00   | 0.02%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| First Republic Mortgage Trust                           | First Republic Mortgage Trust 2020-1                                            | CUSIP: 33616LAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110126142 | PA      | $2799406.53   | 0.03%             | 2050-04-25      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPM30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27516275 | PA      | $22867313.33  | 0.23%             | 2054-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140GTA26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8778864 | PA      | $8424646.79   | 0.09%             | 2046-06-01      | Floating      | 2.94%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                              | U.K. Gilts                                                                      | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     15218000 | PA      | $21091814.86  | 0.22%             | 2029-07-22      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-F                                                 | CUSIP: 009703AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2685574 | PA      | $2675985.76   | 0.03%             | 2061-06-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                          | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     11464607 | PA      | $11464605.13  | 0.12%             | 2037-01-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Century De Buyer LLC                                    | Century De Buyer LLC 2024 Term Loan B                                           | CUSIP: 15651FAD8<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |      3465088 | PA      | $3483868.27   | 0.04%             | 2030-10-30      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| METALLOINVEST FINANCE                                   | Metalloinvest Finance DAC                                                       | CUSIP: 59126LAB4<br>LEI: 635400ZS3HCCUYTNHA25 | Long             | DBT              | CORP              | IE        |      7500000 | PA      | $3689250.00   | 0.04%             | 2028-10-22      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                           | CUSIP: 17329EBX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       425000 | PA      | $193192.85    | 0.00%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Funding 2022-1 LLC                                                      | CUSIP: 68377X109<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        11000 | PA      | $262656.59    | 0.00%             | 2029-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2021-Z2                                       | CUSIP: 00834TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         7582 | PA      | $7582.49      | 0.00%             | 2026-11-16      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                               | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      2000000 | PA      | $1962980.00   | 0.02%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Diamond Infrastructure Funding LLC                      | Diamond Infrastructure Funding LLC                                              | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19150000 | PA      | $18214417.18  | 0.19%             | 2049-04-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority        | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                       | CUSIP: 13033LLT2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |       450000 | PA      | $451251.90    | 0.00%             | 2026-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                                    | OI European Group BV                                                            | CUSIP: 000000000<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |      3000000 | PA      | $3650221.69   | 0.04%             | 2028-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1814443 | PA      | $1828201.18   | 0.02%             | 2034-05-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HLKD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24351172 | PA      | $24413938.02  | 0.25%             | 2054-09-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     33305000 | PA      | $32784109.80  | 0.34%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Selection Trust 2021-HG1                                         | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       171339 | PA      | $170162.14    | 0.00%             | 2029-01-16      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       550954 | PA      | $537210.66    | 0.01%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                       | Eversource Energy                                                               | CUSIP: 30040WAU2<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      4950000 | PA      | $4949851.50   | 0.05%             | 2033-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                           | CUSIP: 65412JAB9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     10000000 | PA      | $7977100.00   | 0.08%             | 2047-11-28      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2022-1                                               | CUSIP: 33845VAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6120000 | PA      | $4944507.12   | 0.05%             | 2029-06-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| MIDWEST CONNECTOR CAPIT                                 | Midwest Connector Capital Co LLC                                                | CUSIP: 59833CAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5487000 | PA      | $5445024.45   | 0.06%             | 2029-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitization Trust                 | Lendingpoint 2021-A Asset Securitization Trust                                  | CUSIP: 52607FAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4668487 | PA      | $3519521.75   | 0.04%             | 2028-12-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                              | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11400000 | PA      | $11650034.60  | 0.12%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                                    | American National Global Funding                                                | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8803000 | PA      | $8995521.61   | 0.09%             | 2030-01-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2015-4                                                   | CUSIP: 81746MCE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1686000 | PA      | $1582573.59   | 0.02%             | 2030-11-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                        | CUSIP: 268317AY0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     12614000 | PA      | $13078573.62  | 0.13%             | 2029-04-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2024-RPL4                                   | CUSIP: 362948AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5125638 | PA      | $4980884.43   | 0.05%             | 2061-09-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                           | Lineage OP LP                                                                   | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              |  | US        |      6094000 | PA      | $6131721.86   | 0.06%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                  | Energizer Holdings Inc                                                          | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |      7268000 | PA      | $7075834.08   | 0.07%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                              | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     18500000 | PA      | $19485680.00  | 0.20%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                         | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      2790000 | PA      | $2763774.00   | 0.03%             | 2032-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                   | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |     14587000 | PA      | $15158664.53  | 0.16%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                  | Federal Home Loan Banks                                                         | CUSIP: 3130AQT86<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |     22380000 | PA      | $18276850.80  | 0.19%             | 2037-02-18      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-1                   | CUSIP: 35563PR43<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      9605089 | PA      | $7799874.95   | 0.08%             | 2063-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-RPL4 LLC                                                              | CUSIP: 74448NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17827369 | PA      | $16665509.20  | 0.17%             | 2055-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| OWS Structured Asset Trust                              | OSAT 2021-RPL1 Trust                                                            | CUSIP: 67114HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18448475 | PA      | $18452486.06  | 0.19%             | 2065-05-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-6                                                 | CUSIP: 03465VAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3817883 | PA      | $3628040.65   | 0.04%             | 2067-07-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-NQM4                                       | CUSIP: 10568NAA0<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |     25557320 | PA      | $25052446.57  | 0.26%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                | Turkcell Iletisim Hizmetleri AS                                                 | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     20850000 | PA      | $21219670.50  | 0.22%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13602517 | PA      | $214386.54    | 0.00%             | 2050-10-25      | Variable      | 0.33%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                         | CUSIP: 75102XAB2<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      4800000 | PA      | $4775616.00   | 0.05%             | 2034-03-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P2                                          | CUSIP: 14687TAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         7500 | PA      | $1078216.80   | 0.01%             | 2028-05-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                | Saudi Government International Bond                                             | CUSIP: 80413TBJ7<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     18000000 | PA      | $18283860.00  | 0.19%             | 2028-01-13      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                   | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |      5700000 | PA      | $5835774.00   | 0.06%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                        | Ryder System Inc                                                                | CUSIP: 78355HKW8<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |      6533000 | PA      | $6701616.73   | 0.07%             | 2028-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NetCredit Combined Receivables 2023 LLC                 | NetCredit Combined Receivables 2023 LLC                                         | CUSIP: 64110XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1147105 | PA      | $1150944.09   | 0.01%             | 2027-12-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                       | ITC Holdings Corp                                                               | CUSIP: 465685AQ8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |      1742000 | PA      | $1619485.14   | 0.02%             | 2030-05-14      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2024-BPR2                                        | CUSIP: 61776EAA1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |     14738388 | PA      | $15475187.00  | 0.16%             | 2029-05-05      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              |  | US        |      2420000 | PA      | $2380470.03   | 0.02%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       146228 | PA      | $101005.31    | 0.00%             | 2056-03-25      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2021-1R                                                   | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2157790 | PA      | $1938843.53   | 0.02%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                 | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12530000 | PA      | $12551551.60  | 0.13%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                                | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      8536000 | PA      | $8608299.92   | 0.09%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54023536 | PA      | $384734.02    | 0.00%             | 2050-10-25      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                           | CUSIP: 65412JAT0<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      4300000 | PA      | $3561303.00   | 0.04%             | 2051-09-28      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-D                                         | CUSIP: 78449MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1588012 | PA      | $1570680.69   | 0.02%             | 2053-03-17      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1                                | RFT 2025-RR1 Trust                                                              | CUSIP: 749433AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15000000 | PA      | $14999790.00  | 0.15%             | 2028-06-27      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWC27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16940985 | PA      | $14102385.16  | 0.14%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                                         | CUSIP: 78448YAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         2742 | PA      | $4873615.49   | 0.05%             | 2053-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-1                                                  | CUSIP: 61947DAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8600000 | PA      | $819390.80    | 0.01%             | 2046-12-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MAY4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4700000 | PA      | $4739486.53   | 0.05%             | 2029-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2021-2                                            | CUSIP: 78432YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5540250 | PA      | $4518239.88   | 0.05%             | 2061-12-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                       | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5120900.00   | 0.05%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      6630000 | PA      | $5629002.60   | 0.06%             | 2036-03-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC                                    | Entergy Arkansas LLC                                                            | CUSIP: 29366MAF5<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |      3308000 | PA      | $3406214.52   | 0.03%             | 2034-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                    | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      4760000 | PA      | $4622816.80   | 0.05%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2022-P1                                          | CUSIP: 14688DAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        24000 | PA      | $5095847.59   | 0.05%             | 2029-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KBZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       196646 | PA      | $164903.90    | 0.00%             | 2050-08-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC               | Retained Vantage Data Centers Issuer LLC                                        | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     12100000 | PA      | $12013529.89  | 0.12%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |      8255000 | PA      | $7763414.75   | 0.08%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-WEST Trust                                                            | CUSIP: 12655QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22257500 | PA      | $18600205.47  | 0.19%             | 2035-02-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       967776 | PA      | $438499.82    | 0.00%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2022-3                                                   | CUSIP: 68378NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2507374 | PA      | $2506701.31   | 0.03%             | 2031-06-09      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                      | Realty Income Corp                                                              | CUSIP: 756109BS2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |      4503000 | PA      | $4568023.32   | 0.05%             | 2028-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                | Public Service Enterprise Group Inc                                             | CUSIP: 744573AY2<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |      9543000 | PA      | $9818506.41   | 0.10%             | 2029-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                            | VeriSign Inc                                                                    | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |      6508000 | PA      | $6630025.00   | 0.07%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-INV2 Trust                                                             | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7122539 | PA      | $6190178.87   | 0.06%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                       | Ares Capital Corp                                                               | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |      8227000 | PA      | $8218690.73   | 0.08%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9118695 | PA      | $9002519.87   | 0.09%             | 2040-07-16      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                  | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |      3249000 | PA      | $3342961.08   | 0.03%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia II Issuer, LLC                           | Sunnova Hestia II Issuer LLC                                                    | CUSIP: 86746FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5382897 | PA      | $5313885.26   | 0.05%             | 2051-07-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                      | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5056650.00   | 0.05%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2204382 | PA      | $2251634.73   | 0.02%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust                                     | Rate Mortgage Trust 2024-J4                                                     | CUSIP: 75408TAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26578710 | PA      | $26678012.28  | 0.27%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                                    | Prologis Targeted US Logistics Fund LP                                          | CUSIP: 74350LAC8<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              |  | US        |      4330000 | PA      | $4343726.10   | 0.04%             | 2035-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                                | Telenet Finance Luxembourg Notes Sarl                                           | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |     14200000 | PA      | $14005034.00  | 0.14%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         8127 | PA      | $8080.01      | 0.00%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AM3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4968250.00   | 0.05%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                              | Dynasty Acquisition Co Inc 2024 1st Lien Term Loan B2                           | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |      5596937 | PA      | $5597720.86   | 0.06%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                    | Stillwater Mining Co                                                            | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |      3050000 | PA      | $2723955.00   | 0.03%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-2                   | CUSIP: 35563PQP7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      2319376 | PA      | $2107356.01   | 0.02%             | 2059-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INFOR INC                                               | Infor LLC                                                                       | CUSIP: 45674CAA1<br>LEI: 549300Q3IIYBYI4RHD64 | Long             | DBT              | CORP              | US        |      2250000 | PA      | $2246490.00   | 0.02%             | 2025-07-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2023-1                                               | CUSIP: 465978AF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5842787 | PA      | $5808367.49   | 0.06%             | 2053-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     95120061 | PA      | $84185126.37  | 0.87%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11910998 | PA      | $11783898.65  | 0.12%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2022-INV1                                         | CUSIP: 17290FDX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1277234 | PA      | $1051955.30   | 0.01%             | 2051-11-27      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                                | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     27846000 | PA      | $27701200.80  | 0.28%             | 2025-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust            | Arivo Acceptance Auto Loan Receivables Trust 2021-1                             | CUSIP: 04047AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       853239 | PA      | $853239.28    | 0.01%             | 2027-03-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2023-1                                             | CUSIP: 91679AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10650000 | PA      | $10954123.64  | 0.11%             | 2033-02-20      | Fixed         | 11.10%                | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2020-2                                                  | CUSIP: 61946PAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       517078 | PA      | $491203.69    | 0.01%             | 2046-08-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                                 | Corebridge Global Funding                                                       | CUSIP: 00138CAU2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      4740000 | PA      | $4800435.00   | 0.05%             | 2026-07-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                             | CUSIP: 83368RBW1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      2000000 | PA      | $2046560.00   | 0.02%             | 2030-01-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132E0T93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    107531265 | PA      | $93169615.20  | 0.96%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitization Trust                 | Lendingpoint 2022-A Asset Securitization Trust                                  | CUSIP: 52605AAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6000000 | PA      | $60.00        | 0.00%             | 2029-06-15      | Fixed         | 7.02%                 | No            |                  2 | On Loan: No      |
| WIPRO IT SERVICE                                        | Wipro IT Services LLC                                                           | CUSIP: 97654MAA4<br>LEI: 549300S6XZZ65F0EJS98 | Long             | DBT              | CORP              | US        |      3953000 | PA      | $3836070.26   | 0.04%             | 2026-06-23      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                                      | Boston Gas Co                                                                   | CUSIP: 100743AM5<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |      6140000 | PA      | $5662001.00   | 0.06%             | 2032-03-16      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EW48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13608693 | PA      | $13855981.67  | 0.14%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $3161190.00   | 0.03%             | 2029-01-16      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRA Health Sciences Inc                                 | PRA Health Sciences Inc                                                         | CUSIP: 45569KAA1<br>LEI: 549300R1HR1VWWHIAK47 | Long             | DBT              | CORP              | US        |      5402000 | PA      | $5272568.08   | 0.05%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1694132 | PA      | $44004.40     | 0.00%             | 2050-11-25      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                                          | SNF Group SACA                                                                  | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |      8405000 | PA      | $8150580.65   | 0.08%             | 2027-03-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16038914 | PA      | $15599312.86  | 0.16%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                              | NetApp Inc                                                                      | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |      9933000 | PA      | $10245293.52  | 0.11%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000000 | PA      | $62125000.00  | 0.64%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| SEALED AIR CORP                                         | Sealed Air Corp                                                                 | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $4146320.00   | 0.04%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                                | CUSIP: 22822VBA8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      4100000 | PA      | $4141902.00   | 0.04%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2687960 | PA      | $2701168.53   | 0.03%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1238671 | PA      | $1144496.85   | 0.01%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J2                                           | CUSIP: 17329MDW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1247350 | PA      | $446082.42    | 0.00%             | 2051-07-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2023-I1                                                               | CUSIP: 12570DAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10705000 | PA      | $10705282.40  | 0.11%             | 2058-04-25      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                                           | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11280000 | PA      | $11586928.80  | 0.12%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BRTQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13609963 | PA      | $13878583.57  | 0.14%             | 2035-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                 | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |      4450000 | PA      | $4602101.00   | 0.05%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KBM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1271479 | PA      | $1009892.80   | 0.01%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                                      | nVent Finance Sarl                                                              | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |      4097000 | PA      | $3555950.18   | 0.04%             | 2031-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      1200000 | PA      | $1193472.00   | 0.01%             | 2066-11-01      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FCD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1233733 | PA      | $1065632.05   | 0.01%             | 2050-11-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                               | Upgrade Receivables Trust 2024-1                                                | CUSIP: 91533NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3988709 | PA      | $3991790.65   | 0.04%             | 2031-02-18      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                          | Manhattan West 2020-1MW Mortgage Trust                                          | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3698000 | PA      | $3497034.19   | 0.04%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                               | IQVIA Inc                                                                       | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4990250.00   | 0.05%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1481837 | PA      | $1491295.38   | 0.02%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1                                | Redwood Funding Trust 2024-1                                                    | CUSIP: 75806FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9181118 | PA      | $9243036.44   | 0.09%             | 2054-12-25      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                      | FORESEA Holding SA                                                              | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |       198293 | PA      | $189203.25    | 0.00%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2022-NQM3                                   | CUSIP: 64831QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15830426 | PA      | $14385437.83  | 0.15%             | 2062-04-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5238000 | PA      | $4965100.20   | 0.05%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                               | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10410000 | PA      | $10457781.90  | 0.11%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3931584 | PA      | $2472773.49   | 0.03%             | 2051-12-30      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                                       | Vornado Realty LP                                                               | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |      9336500 | PA      | $9069849.56   | 0.09%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                             | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      6500000 | PA      | $7566253.83   | 0.08%             | 2026-04-16      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                                   | Theorem Funding Trust 2022-3                                                    | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       356284 | PA      | $357027.13    | 0.00%             | 2029-04-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| NLG GLOBAL FUNDING                                      | NLG Global Funding                                                              | CUSIP: 62915W2A0<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |     11985000 | PA      | $12340594.95  | 0.13%             | 2030-01-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                                  | CenterPoint Energy Resources Corp                                               | CUSIP: 15189WAS9<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |      6427000 | PA      | $6532145.72   | 0.07%             | 2034-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| EVERGY METRO                                            | Evergy Metro Inc                                                                | CUSIP: 30037DAB1<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |      4663000 | PA      | $4658010.59   | 0.05%             | 2033-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2021-3                                             | CUSIP: 91679L102<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         7165 | PA      | $522988.30    | 0.01%             | 2031-07-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UL SOLUTIONS INC                                        | UL Solutions Inc                                                                | CUSIP: 903731AA5<br>LEI: 549300F7CUV5ESKV9P71 | Long             | DBT              | CORP              | US        |     16950000 | PA      | $17843434.50  | 0.18%             | 2028-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2022-J1                                           | CUSIP: 17330CCW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1404735 | PA      | $508790.94    | 0.01%             | 2052-02-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1584535 | PA      | $50730.47     | 0.00%             | 2050-11-25      | Floating      | 0.81%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2020-2                                                  | CUSIP: 61946PAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3032823 | PA      | $2483983.75   | 0.03%             | 2046-08-20      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-CM1 Trust                                                             | CUSIP: 36168AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2153621 | PA      | $2045911.38   | 0.02%             | 2065-04-25      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                        | NetCredit Combined Receivables A LLC                                            | CUSIP: 64112RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11900000 | PA      | $12000303.91  | 0.12%             | 2031-10-20      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients Inc                                 | Darling Ingredients Inc                                                         | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |      3700000 | PA      | $3696559.00   | 0.04%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2019-AFC1 Trust                                                            | CUSIP: 12596XAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2366448 | PA      | $2201852.79   | 0.02%             | 2049-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      3500000 | PA      | $3575040.00   | 0.04%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      2400000 | PA      | $2737008.00   | 0.03%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC1 Trust                                                           | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3770394 | PA      | $3169770.54   | 0.03%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner Trust                    | Kinetic Advantage Master Owner Trust                                            | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17500000 | PA      | $17556665.00  | 0.18%             | 2027-11-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                  | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822CT9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |      2000000 | PA      | $2070920.00   | 0.02%             | 2031-02-22      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2011-2                                                   | CUSIP: 78446JAB2<br>LEI: 549300GQO6PBOYVGSS10 | Long             | ABS-O            | CORP              | US        |      1836347 | PA      | $1838799.79   | 0.02%             | 2034-10-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2017-1                                                  | CUSIP: 33850BAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       157767 | PA      | $146295.10    | 0.00%             | 2047-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |     13500000 | PA      | $12952475.10  | 0.13%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                            | Vontier Corp                                                                    | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |      4453000 | PA      | $4353653.57   | 0.04%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| MEDCO MAPLE TREE PTE LTD                                | Medco Maple Tree Pte Ltd                                                        | CUSIP: 58407HAA7<br>LEI: 254900T5AQZNR0THA508 | Long             | DBT              | CORP              | SG        |     13000000 | PA      | $13529230.00  | 0.14%             | 2029-04-27      | Fixed         | 8.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140N1T37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4520179 | PA      | $4443161.82   | 0.05%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                | Charles River Laboratories International Inc                                    | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     10370000 | PA      | $10059418.50  | 0.10%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2022-3                                                   | CUSIP: 57109NAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12178250 | PA      | $12338363.54  | 0.13%             | 2032-11-15      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912833Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000000 | PA      | $29905646.50  | 0.31%             | 2036-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                    | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      6962000 | PA      | $6221452.06   | 0.06%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MDC1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     14550000 | PA      | $15383278.50  | 0.16%             | 2030-07-13      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2019-D                                | CUSIP: 63941CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2139703 | PA      | $2131561.07   | 0.02%             | 2059-12-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Glebe Funding Trust                                     | Glebe Funding Trust 2024-1/The                                                  | CUSIP: 37735RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27166628 | PA      | $27454602.78  | 0.28%             | 2028-11-29      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM2 Trust                                                             | CUSIP: 670857AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5079585 | PA      | $4163364.15   | 0.04%             | 2061-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| KENTUCKY POWER CO                                       | Kentucky Power Co                                                               | CUSIP: 491386AP3<br>LEI: JHOZYZ5WPEXWR477VH72 | Long             | DBT              | CORP              | US        |     17064000 | PA      | $18356427.36  | 0.19%             | 2033-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-2                             | CHNGE Mortgage Trust 2022-2                                                     | CUSIP: 12546YAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7015000 | PA      | $5167037.85   | 0.05%             | 2067-03-25      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                               | IQVIA Inc                                                                       | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      9460000 | PA      | $10668258.00  | 0.11%             | 2029-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2022-INV1 Trust                                                            | CUSIP: 69377EAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7686394 | PA      | $7395067.62   | 0.08%             | 2067-04-25      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                                | Jackson National Life Global Funding                                            | CUSIP: 46849LUX7<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |     17000000 | PA      | $17065110.00  | 0.18%             | 2026-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2480000 | PA      | $2501650.40   | 0.03%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                                | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |      4232000 | PA      | $4149010.48   | 0.04%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2022-A                                         | CUSIP: 78450FAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2601221 | PA      | $2421453.09   | 0.02%             | 2054-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      6112000 | PA      | $6156923.20   | 0.06%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1000000 | PA      | $1032140.00   | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      2679000 | PA      | $2590914.48   | 0.03%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      8312000 | PA      | $7505237.28   | 0.08%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM4 Trust                                                             | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13611867 | PA      | $11502062.19  | 0.12%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                        | Under Armour Inc                                                                | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $1014740.00   | 0.01%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                         | LendingPoint Pass-Through Trust Series 2022-ST3                                 | CUSIP: 52607TAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        90155 | PA      | $90091.29     | 0.00%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280BT5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      3000000 | PA      | $3004170.00   | 0.03%             | 2029-06-19      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2023-N3                                          | CUSIP: 14686RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       443488 | PA      | $444185.38    | 0.00%             | 2027-09-10      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HAD29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10518000 | PA      | $10757687.97  | 0.11%             | 2031-10-25      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AES ESPANA BV                                           | AES Espana BV                                                                   | CUSIP: 00109YAA3<br>LEI: 7245003VZ59682IZLJ86 | Long             | DBT              | CORP              | NL        |     20027000 | PA      | $19209898.40  | 0.20%             | 2028-05-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-HOME1 Trust                                                          | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5418367 | PA      | $5486529.01   | 0.06%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM3                                          | CUSIP: 452762AF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5408000 | PA      | $3982882.76   | 0.04%             | 2056-11-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15478209 | PA      | $161091.01    | 0.00%             | 2049-10-25      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                          | ACHV ABS TRUST 2023-3PL                                                         | CUSIP: 000876AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1446000 | PA      | $1462748.05   | 0.02%             | 2030-08-19      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26532244 | PA      | $76216.52     | 0.00%             | 2050-11-25      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      8247000 | PA      | $8214259.41   | 0.08%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receivables Trust               | Santander Consumer Auto Receivables Trust 2021-A                                | CUSIP: 80282YAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3000000 | PA      | $3024419.70   | 0.03%             | 2028-08-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2022-1                                | CUSIP: 38237JAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15526415 | PA      | $13283416.23  | 0.14%             | 2049-01-20      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                       | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      7893000 | PA      | $8289465.39   | 0.09%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                                | Element Fleet Management Corp                                                   | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |     17735000 | PA      | $17986304.95  | 0.18%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     11165000 | PA      | $11403149.45  | 0.12%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DNQ30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7679222 | PA      | $6647571.69   | 0.07%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNSF Funding Trust I                                    | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9500000 | PA      | $9511875.00   | 0.10%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      9070000 | PA      | $9120519.90   | 0.09%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                             | CUSIP: 03027XBG4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      6000000 | PA      | $5217840.00   | 0.05%             | 2030-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912834EP9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25000000 | PA      | $12733386.25  | 0.13%             | 2039-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BTAJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21096240 | PA      | $20767859.96  | 0.21%             | 2054-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                               | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $3070440.00   | 0.03%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      1896000 | PA      | $1856942.40   | 0.02%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust 2023-S1                                  | CUSIP: 80286QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8692527 | PA      | $8748829.85   | 0.09%             | 2028-04-18      | Fixed         | 8.14%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                           | SFO Commercial Mortgage Trust 2021-555                                          | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14442000 | PA      | $14347522.31  | 0.15%             | 2038-05-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                        | Arches Buyer Inc                                                                | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     19319000 | PA      | $18494271.89  | 0.19%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6548000 | PA      | $6110397.16   | 0.06%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                 | Freddie Mac Whole Loan Securities Trust                                         | CUSIP: 3137G1BM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       185566 | PA      | $182129.90    | 0.00%             | 2046-12-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2021-3                                                   | CUSIP: 57108Q103<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        53946 | PA      | $893693.60    | 0.01%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                      | RGA Global Funding                                                              | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |      5458000 | PA      | $5634893.78   | 0.06%             | 2031-01-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                                 | CNO Financial Group Inc                                                         | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |     11385000 | PA      | $11952200.70  | 0.12%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                  | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |      5626000 | PA      | $5456544.88   | 0.06%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    164700000 | PA      | $101239031.25 | 1.04%             | 2040-08-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYH1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3687000 | PA      | $3688659.15   | 0.04%             | 2027-09-10      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H4 Mortgage Trust                                                    | CUSIP: 22758HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9935870 | PA      | $10016111.07  | 0.10%             | 2069-07-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3                   | CUSIP: 35563PSE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     27310210 | PA      | $22053929.18  | 0.23%             | 2060-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15191653 | PA      | $13622711.59  | 0.14%             | 2052-07-01      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| Entergy Texas Inc                                       | Entergy Texas Inc                                                               | CUSIP: 29365TAF1<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2924730.00   | 0.03%             | 2027-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                         | Goodgreen 2021-1 Trust                                                          | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16010550 | PA      | $13201566.15  | 0.14%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QQP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5689356 | PA      | $5269437.02   | 0.05%             | 2052-02-01      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-C LLC                                            | CUSIP: 19424W107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        38750 | PA      | $10281428.88  | 0.11%             | 2055-07-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-11                                                | CUSIP: 46654KCG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2231648 | PA      | $1738687.31   | 0.02%             | 2052-01-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitization Trust                 | LendingPoint 2020-REV1 Asset Securitization Trust                               | CUSIP: 52606YAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1785949 | PA      | $1798929.91   | 0.02%             | 2028-10-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     13060000 | PA      | $13368869.00  | 0.14%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                                | Jefferson Capital Holdings LLC                                                  | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5392000 | PA      | $5585464.96   | 0.06%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                                  | Alliant Energy Finance LLC                                                      | CUSIP: 01882YAC0<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |      1500000 | PA      | $1454505.00   | 0.01%             | 2026-03-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-4                                 | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5058127 | PA      | $5095592.87   | 0.05%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                               | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      8975000 | PA      | $9501024.75   | 0.10%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       451078 | PA      | $338568.73    | 0.00%             | 2051-12-30      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-NPL1 Trust                                                             | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17184393 | PA      | $17230512.20  | 0.18%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| DXC TECHNOLOGY CO                                       | DXC Technology Co                                                               | CUSIP: 23355LAM8<br>LEI: 549300DOVZ3EDJB7O259 | Long             | DBT              | CORP              | US        |     11657000 | PA      | $10842292.27  | 0.11%             | 2028-09-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                   | Arroyo Mortgage Trust 2019-3                                                    | CUSIP: 04285AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1053414 | PA      | $989789.51    | 0.01%             | 2048-10-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Avenue of Americas                                      | AOA 2021-1177 Mortgage Trust                                                    | CUSIP: 00192NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12740000 | PA      | $12517539.60  | 0.13%             | 2038-10-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Ascent Education Funding Trust                          | Ascent Education Funding Trust 2024-A                                           | CUSIP: 04362VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10686862 | PA      | $10910347.79  | 0.11%             | 2050-10-25      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                                         | Fair Isaac Corp                                                                 | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     20710000 | PA      | $20712485.20  | 0.21%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1180900 | PA      | $1003490.68   | 0.01%             | 2060-05-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603KAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1220665 | PA      | $1231982.18   | 0.01%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                                   | Finance Department Government of Sharjah                                        | CUSIP: 000000000<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     14450000 | PA      | $17119089.63  | 0.18%             | 2031-01-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2019-4                                               | CUSIP: 33845F106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        26000 | PA      | $1527044.34   | 0.02%             | 2027-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BP7A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31451640 | PA      | $136653.29    | 0.00%             | 2026-03-25      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Trust 2024-1                                          | CUSIP: 39571MAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000000 | PA      | $5179806.05   | 0.05%             | 2059-06-25      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DCR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3109950 | PA      | $2324965.35   | 0.02%             | 2052-08-25      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Diamond Issuer LLC                                      | Diamond Issuer LLC                                                              | CUSIP: 25267TAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10983000 | PA      | $10358256.21  | 0.11%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                | Sealed Air Corp/Sealed Air Corp US                                              | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       500000 | PA      | $525990.00    | 0.01%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPAY HOLDINGS                                          | Repay Holdings Corp                                                             | CUSIP: 76029LAA8<br>LEI: 2549006EJ42T73ZKUI98 | Long             | DBT              | CORP              | US        |      5460000 | PA      | $5236904.40   | 0.05%             | 2026-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust           | BHG Securitization Trust 2021-A                                                 | CUSIP: 08861YAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2200000 | PA      | $2105279.04   | 0.02%             | 2033-11-17      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Bonds                                           | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40238275 | PA      | $36841598.84  | 0.38%             | 2054-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Loan Trust 2022-INV1                                          | CUSIP: 06744YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12612656 | PA      | $12050547.68  | 0.12%             | 2062-02-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2021-9                                                   | CUSIP: 81748CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12369843 | PA      | $10056898.19  | 0.10%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     14860000 | PA      | $15280686.60  | 0.16%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DIGICEL HOLDINGS LIMITED                                | DIGICEL HOLDINGS LIMITED                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        24516 | NS      | $22234.79     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WMG ACQUISITION CORP                                    | WMG Acquisition Corp                                                            | CUSIP: 000000000<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |     19018000 | PA      | $20752114.56  | 0.21%             | 2031-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                           | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1009000000 | PA      | $17479086.52  | 0.18%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110456030 | PA      | $770662.77    | 0.01%             | 2051-10-25      | Variable      | 0.16%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                                   | SS&C Technologies Inc                                                           | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      6700000 | PA      | $6955873.00   | 0.07%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIVE CORNERS FND TR III                                 | Five Corners Funding Trust III                                                  | CUSIP: 33830GAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7260000 | PA      | $7537840.20   | 0.08%             | 2033-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                  | Morgan Stanley Bank NA                                                          | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |      5610000 | PA      | $5696898.90   | 0.06%             | 2029-01-12      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                        | SLG Office Trust 2021-OVA                                                       | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18658000 | PA      | $16352019.90  | 0.17%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                                 | CUSIP: 78403DAV2<br>LEI: N/A                  | Long             | DBT              |  | US        |      3400000 | PA      | $3237526.58   | 0.03%             | 2027-04-15      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Trust 2024-1                                          | CUSIP: 39571MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2143401 | PA      | $2155872.77   | 0.02%             | 2059-06-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2020-1                                                 | CUSIP: 35041KAA0<br>LEI: 549300QVJKB4ZVR88F06 | Long             | ABS-O            | CORP              | US        |      1087630 | PA      | $1082919.88   | 0.01%             | 2040-07-16      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2024-RTL1                                     | CUSIP: 43789FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22320000 | PA      | $22426448.54  | 0.23%             | 2029-07-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2024-RPL2                                   | CUSIP: 36269MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5772922 | PA      | $5620599.69   | 0.06%             | 2061-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J2                                           | CUSIP: 17329MDV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       623000 | PA      | $277175.61    | 0.00%             | 2051-07-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      5400000 | PA      | $5443416.00   | 0.06%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6901000 | PA      | $4769702.75   | 0.05%             | 2067-01-25      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                                 | Sensata Technologies BV                                                         | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |      2000000 | PA      | $1901500.00   | 0.02%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWD67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14710417 | PA      | $12744016.62  | 0.13%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GAZPROM PJSC (GAZ FN)                                   | Gazprom PJSC via Gaz Finance PLC                                                | CUSIP: 000000000<br>LEI: 213800UNP9N6BPNYMQ45 | Long             | DBT              | CORP              | GB        |     16000000 | PA      | $10400800.00  | 0.11%             | 2031-07-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                                | Matthews International Corp                                                     | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |      7730000 | PA      | $8043528.80   | 0.08%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-C LLC                                            | CUSIP: 19424WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4185745 | PA      | $4112748.42   | 0.04%             | 2055-07-26      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       419112 | PA      | $316042.61    | 0.00%             | 2051-10-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                                  | Reliance Standard Life Global Funding II                                        | CUSIP: 75951AAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4000000 | PA      | $3855880.00   | 0.04%             | 2026-09-28      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV                            | CUSIP: 000000000<br>LEI: 894500GLVOTVRGS68C28 | Long             | DBT              | CORP              | XX        |       150000 | PA      | $220825.02    | 0.00%             | 2031-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2012-1                                                   | CUSIP: 78446WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1052257 | PA      | $1028928.39   | 0.01%             | 2028-09-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       734036 | PA      | $123015.22    | 0.00%             | 2050-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                                  | DaVinciRe Holdings Ltd                                                          | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      6475000 | PA      | $6441459.50   | 0.07%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                       | ITC Holdings Corp                                                               | CUSIP: 465685AS4<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     13817000 | PA      | $13971059.55  | 0.14%             | 2033-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                           | Commonbond Student Loan Trust 2018-C-GS                                         | CUSIP: 20267XAA1<br>LEI: 549300O1CSZVJJTIR319 | Long             | ABS-O            | CORP              | US        |       297878 | PA      | $288276.39    | 0.00%             | 2046-02-25      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2013-6                                                   | CUSIP: 78448CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1244533 | PA      | $1225362.86   | 0.01%             | 2028-06-26      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-RPL3 LLC                                                              | CUSIP: 69392NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14356069 | PA      | $13734517.33  | 0.14%             | 2055-04-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                 | Fidelity National Financial Inc                                                 | CUSIP: 31620RAJ4<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |      1280000 | PA      | $1196339.20   | 0.01%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACLN                         | JPMorgan Chase Bank NA - CACLN                                                  | CUSIP: 48128U2S7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2226085 | PA      | $2233211.69   | 0.02%             | 2028-12-26      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                                      | Southwest Gas Corp                                                              | CUSIP: 845011AF2<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |      4610000 | PA      | $4756966.80   | 0.05%             | 2027-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                  | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      7416000 | PA      | $7426827.36   | 0.08%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                             | Viatris Inc                                                                     | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |      5184000 | PA      | $4940714.88   | 0.05%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2023-2                                                 | CUSIP: 03465GAA4<br>LEI: 254900IWOX9Q54UE4072 | Long             | ABS-MBS          | CORP              | US        |      5743862 | PA      | $5680295.35   | 0.06%             | 2067-10-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                | Windsor Holdings III LLC                                                        | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |      8470000 | PA      | $9077044.90   | 0.09%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                              | GLS Auto Receivables Issuer Trust 2021-4                                        | CUSIP: 36263DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16792723 | PA      | $16568588.97  | 0.17%             | 2027-10-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                                      | Macquarie Bank Ltd                                                              | CUSIP: 556079AC5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |      2800000 | PA      | $2631216.00   | 0.03%             | 2030-06-03      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                          | GoTo Group Inc                                                                  | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |      3069481 | PA      | $1013941.66   | 0.01%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                 | Global Partners LP / GLP Finance Corp                                           | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2735000 | PA      | $2773016.50   | 0.03%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2007-2                                   | CUSIP: 63543LAD7<br>LEI: 635400VQIBXGEB9ZUC59 | Long             | ABS-O            | CORP              | US        |     24675503 | PA      | $23884179.68  | 0.25%             | 2033-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      1560000 | PA      | $1559859.60   | 0.02%             | 2026-07-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                                | First American Financial Corp                                                   | CUSIP: 31847RAH5<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |      2261000 | PA      | $1936795.21   | 0.02%             | 2031-08-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                           | Parkland Corp                                                                   | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |      7115000 | PA      | $7275941.30   | 0.07%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                               | News Corp                                                                       | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1914540.00   | 0.02%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust              | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9800000 | PA      | $9883629.97   | 0.10%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140JBUZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10079913 | PA      | $8177361.39   | 0.08%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAB3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |      4620000 | PA      | $4335408.00   | 0.04%             | 2027-08-27      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                 | Belron Finance 2019 LLC 2024 USD Term Loan B                                    | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20680377 | PA      | $20752344.75  | 0.21%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2019-1                                        | CUSIP: 16159WCB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       521093 | PA      | $332293.44    | 0.00%             | 2050-03-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2022-3                                                   | CUSIP: 68378NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       755000 | PA      | $755070.94    | 0.01%             | 2031-06-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2025-1                                             | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7032273 | PA      | $7040808.73   | 0.07%             | 2035-04-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                               | Emera Inc                                                                       | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     13999000 | PA      | $14100352.76  | 0.14%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HBC77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18483000 | PA      | $19121973.39  | 0.20%             | 2031-10-25      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust 2024-3                                       | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2988331 | PA      | $2991636.39   | 0.03%             | 2028-06-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                       | FREED ABS Trust 2022-3FP                                                        | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3293970 | PA      | $3297137.29   | 0.03%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DNYX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6768587 | PA      | $6696217.54   | 0.07%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                            | New Zealand Government Bonds                                                    | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     17550000 | PA      | $10112119.68  | 0.10%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| ACCO BRANDS CORP                                        | ACCO Brands Corp                                                                | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |     16611000 | PA      | $14684456.22  | 0.15%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC                           | 321 Henderson Receivables I LLC                                                 | CUSIP: 88576NAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       391336 | PA      | $389423.43    | 0.00%             | 2041-09-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                                   | Keysight Technologies Inc                                                       | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |      9573000 | PA      | $9874262.31   | 0.10%             | 2030-07-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10662922 | PA      | $137546.36    | 0.00%             | 2059-09-25      | Variable      | 0.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XMZX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    118699287 | PA      | $102873630.85 | 1.06%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LKQ EURO HOLDINGS BV                                    | LKQ European Holdings BV                                                        | CUSIP: 000000000<br>LEI: 549300J0BGI20W62GB49 | Long             | DBT              | CORP              | NL        |      6600000 | PA      | $7800518.77   | 0.08%             | 2028-04-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                                | ATS Corp                                                                        | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |      9620000 | PA      | $9197970.60   | 0.09%             | 2028-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                   | Universal Health Services Inc                                                   | CUSIP: 913903AW0<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      4646000 | PA      | $4140515.20   | 0.04%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     11515000 | PA      | $9984656.50   | 0.10%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                        | Genuine Parts Co                                                                | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |      8613000 | PA      | $8747707.32   | 0.09%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                           | CUSIP: 17329EBY2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       666000 | PA      | $270172.82    | 0.00%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140NXMK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29454000 | PA      | $30277477.88  | 0.31%             | 2030-02-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QPJ24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2532484 | PA      | $2508553.74   | 0.03%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2018-3                                                  | CUSIP: 33851JAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4834730 | PA      | $4415364.14   | 0.05%             | 2048-05-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM2                                          | CUSIP: 45276PAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15600000 | PA      | $11019248.76  | 0.11%             | 2067-03-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                                | Jackson National Life Global Funding                                            | CUSIP: 46849LUY5<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |      4897000 | PA      | $4982844.41   | 0.05%             | 2028-04-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ABG1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      1930000 | PA      | $1883583.50   | 0.02%             | 2027-02-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-7                                                 | CUSIP: 46591XCL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       406708 | PA      | $225198.05    | 0.00%             | 2051-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC     | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     16310000 | PA      | $15398434.10  | 0.16%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                              | CUSIP: 30321L2J0<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |      5377000 | PA      | $5531642.52   | 0.06%             | 2030-01-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARCOS DORADOS BV                                        | Arcos Dorados BV                                                                | CUSIP: 03965TAC7<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |     13740000 | PA      | $14258959.80  | 0.15%             | 2032-01-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     41711000 | PA      | $41854381.56  | 0.43%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| Springcastle SPV                                        | SpringCastle America Funding LLC                                                | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2058581 | PA      | $1947264.57   | 0.02%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     22500000 | PA      | $23179500.00  | 0.24%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                 | Freddie Mac Whole Loan Securities Trust 2017-SC02                               | CUSIP: 3137G1BY2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        22378 | PA      | $22225.92     | 0.00%             | 2047-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                                 | Darling Ingredients Inc                                                         | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $1013480.00   | 0.01%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                 | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11960000 | PA      | $12625693.60  | 0.13%             | 2030-08-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140JBUK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6569711 | PA      | $6088370.58   | 0.06%             | 2051-12-01      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                                  | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     10000000 | PA      | $10096600.00  | 0.10%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                    | Aramark Services Inc 2024 Term Loan B8                                          | CUSIP: 03852JAV3<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |     11377750 | PA      | $11391972.19  | 0.12%             | 2030-06-22      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2023-NQM4 Trust                                                            | CUSIP: 36171FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16865961 | PA      | $15534123.69  | 0.16%             | 2067-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 20-1 A PTT                                  | British Airways 2020-1 Class A Pass Through Trust                               | CUSIP: 11044MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       832988 | PA      | $798186.11    | 0.01%             | 2032-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAB3<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  95500000000 | PA      | $7757258.78   | 0.08%             | 2027-05-29      | Fixed         | 16.63%                | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                                 | InStar Leasing III LLC                                                          | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4012755 | PA      | $3759621.45   | 0.04%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                  | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAM3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |      2176000 | PA      | $2117900.80   | 0.02%             | 2026-09-23      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                       | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3152180 | PA      | $3157210.14   | 0.03%             | 2027-03-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| MEITUAN                                                 | Meituan                                                                         | CUSIP: 58533EAE3<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |     14600000 | PA      | $14595474.00  | 0.15%             | 2028-04-02      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UCY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1460644 | PA      | $559952.37    | 0.01%             | 2052-08-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                  | Morgan Stanley Bank NA                                                          | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |      6700000 | PA      | $6781338.00   | 0.07%             | 2028-07-14      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-3                                                  | CUSIP: 61946TAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12320000 | PA      | $405783.84    | 0.00%             | 2052-06-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAH1<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     11494000 | PA      | $10729993.82  | 0.11%             | 2032-01-19      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                 | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |      4992000 | PA      | $5092988.16   | 0.05%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                                  | Harvest SBA Loan Trust 2024-1                                                   | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     11738603 | PA      | $11801750.40  | 0.12%             | 2051-12-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1749551 | PA      | $23115.94     | 0.00%             | 2050-10-25      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWBH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32360819 | PA      | $25786135.65  | 0.26%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DEPOSITORY TRUST & CLEAR                                | Depository Trust & Clearing Corp/The                                            | CUSIP: 249670AB6<br>LEI: MLDY5N6PZ58ZE60QU102 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $3873600.00   | 0.04%             | 2026-06-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8000000 | PA      | $8006957.44   | 0.08%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                    | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     12730000 | PA      | $11426702.60  | 0.12%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-CM2 Trust                                                             | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15208723 | PA      | $14098472.51  | 0.14%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2022-J1                                           | CUSIP: 17330CCV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       527000 | PA      | $232174.22    | 0.00%             | 2052-02-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                             | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     11960000 | PA      | $11857981.20  | 0.12%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                   | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     12869000 | PA      | $13656196.73  | 0.14%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                 | GA Global Funding Trust                                                         | CUSIP: 36143L2G9<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |      2971000 | PA      | $2870075.13   | 0.03%             | 2027-01-06      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                            | UBS Group AG                                                                    | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     15000000 | PA      | $15011100.00  | 0.15%             | 2025-08-07      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43568266 | PA      | $428480.83    | 0.00%             | 2056-03-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35099410 | PA      | $350.99       | 0.00%             | 2050-10-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee                   | VOLT C LLC                                                                      | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7507200 | PA      | $7496488.83   | 0.08%             | 2051-05-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                  | NYC Commercial Mortgage Trust 2021-909                                          | CUSIP: 67076XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4450000 | PA      | $3814549.08   | 0.04%             | 2043-04-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       800000 | PA      | $701394.46    | 0.01%             | 2065-01-26      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2019-1                                        | CUSIP: 16159WCA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       348397 | PA      | $272377.18    | 0.00%             | 2050-03-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Securitization Trust 2021-1                                            | CUSIP: 12657TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8358940 | PA      | $8306190.21   | 0.09%             | 2026-06-16      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2021-4 LLC                                                                 | CUSIP: 693583AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11568748 | PA      | $11579677.34  | 0.12%             | 2026-04-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                                | Main Street Capital Corp                                                        | CUSIP: 56035LAE4<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |      8291000 | PA      | $8112246.04   | 0.08%             | 2026-07-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KPFN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2929578 | PA      | $2549876.25   | 0.03%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                               | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      2000000 | PA      | $1973820.00   | 0.02%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST9                                      | CUSIP: 91683MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1414000 | PA      | $369872.71    | 0.00%             | 2029-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | NRM FHT1 Excess Owner LLC                                                       | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8356066 | PA      | $8383681.91   | 0.09%             | 2032-03-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust             | Bear Stearns ARM Trust 2003-6                                                   | CUSIP: 07384MXJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        18343 | PA      | $18276.74     | 0.00%             | 2033-08-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HFW92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     28816131 | PA      | $28231051.62  | 0.29%             | 2054-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust            | Arivo Acceptance Auto Loan Receivables Trust 2021-1                             | CUSIP: 04047AAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       850000 | PA      | $849372.87    | 0.01%             | 2028-01-18      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAF8<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5282850.00   | 0.05%             | 2028-08-11      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                          | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      7200000 | PA      | $6450264.00   | 0.07%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                              | CUSIP: 30321L2C5<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |      3081000 | PA      | $2830052.55   | 0.03%             | 2028-09-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust 2024-2                                       | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1681182 | PA      | $1686094.78   | 0.02%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| OLYMPUS CORP                                            | Olympus Corp                                                                    | CUSIP: 68163WAA7<br>LEI: 5299000Y52IFDI1I2A21 | Long             | DBT              | CORP              | JP        |      5510000 | PA      | $5329933.20   | 0.05%             | 2026-12-08      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                          | GoTo Group Inc 2024 Second Out Term Loan                                        | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |      2921387 | PA      | $1034667.59   | 0.01%             | 2028-04-28      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QQ60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5869147 | PA      | $5450445.94   | 0.06%             | 2052-04-01      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                | Charles River Laboratories International Inc                                    | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |      6567000 | PA      | $6160765.38   | 0.06%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2019-1                                                 | CUSIP: 35041JAC9<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |       575000 | PA      | $575657.24    | 0.01%             | 2034-11-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2022-INV1 Trust                                                            | CUSIP: 69377EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22851668 | PA      | $22728315.33  | 0.23%             | 2067-04-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2021-2                                      | CUSIP: 30166RAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        62661 | PA      | $62562.24     | 0.00%             | 2026-11-16      | Fixed         | 1.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QGE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4244053 | PA      | $4077191.58   | 0.04%             | 2048-09-01      | Floating      | 3.21%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                                      | Crown Americas LLC                                                              | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5034650.00   | 0.05%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                | FHF Issuer Trust 2024-3                                                         | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6977785 | PA      | $6993587.66   | 0.07%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                                    | BWX Technologies Inc                                                            | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |      4380000 | PA      | $4282501.20   | 0.04%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                        | CUSIP: 83304JAB3<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |      3907000 | PA      | $3988109.32   | 0.04%             | 2035-05-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                | MSCI Inc                                                                        | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |      6289000 | PA      | $6082029.01   | 0.06%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       286799 | PA      | $124872.77    | 0.00%             | 2049-10-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                | MSCI Inc                                                                        | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |      9973000 | PA      | $9400848.99   | 0.10%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2022-DSC1                                            | CUSIP: 46656AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7291544 | PA      | $7103535.22   | 0.07%             | 2063-01-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                 | Bayer US Finance II LLC                                                         | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |      2500000 | PA      | $2492950.00   | 0.03%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2024-277P Mortgage Trust                                                   | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9000000 | PA      | $9468727.83   | 0.10%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P1                                          | CUSIP: 14687B106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        23500 | PA      | $1575331.95   | 0.02%             | 2027-12-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                             | Gartner Inc                                                                     | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |      7155000 | PA      | $6808268.70   | 0.07%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                             | Equifax Inc                                                                     | CUSIP: 294429AT2<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |      9394000 | PA      | $8190722.54   | 0.08%             | 2031-09-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-A LLC                                            | CUSIP: 19424KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       189976 | PA      | $172334.66    | 0.00%             | 2051-07-25      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                    | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      4850000 | PA      | $4758092.50   | 0.05%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-4                                | CUSIP: 38237GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9853760 | PA      | $7787495.53   | 0.08%             | 2048-07-20      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                                 | Brighthouse Financial Global Funding                                            | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |     16438000 | PA      | $16699364.20  | 0.17%             | 2027-04-09      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       900000 | PA      | $853137.00    | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QMN83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7119857 | PA      | $6615490.40   | 0.07%             | 2051-11-01      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                                | CUSIP: 66981PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000000 | PA      | $5060601.80   | 0.05%             | 2032-12-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |      1935000 | PA      | $1923854.40   | 0.02%             | 2026-09-20      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2021-A                                          | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2603573 | PA      | $2585260.20   | 0.03%             | 2031-12-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                       | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     14300000 | PA      | $12890878.00  | 0.13%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                 | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     11145000 | PA      | $10784682.15  | 0.11%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TOLEDO EDISON COMPANY                                   | Toledo Edison Co/The                                                            | CUSIP: 889175BF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3933000 | PA      | $3700481.04   | 0.04%             | 2028-05-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                                   | CUSIP: 64829WBB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1994748 | PA      | $1185818.34   | 0.01%             | 2051-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                                | Turning Point Brands Inc                                                        | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $1048620.00   | 0.01%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Geo Group Inc (The)                                     | Geo Group Inc (The) 2024 Term Loan B                                            | CUSIP: 36170EAC1<br>LEI: 54930024XOXET7NQVZ63 | Long             | LON              | CORP              | US        |      3298517 | PA      | $3302640.35   | 0.03%             | 2029-04-13      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                 | NYMT Loan Trust Series 2024-BPL2                                                | CUSIP: 67120TAA8<br>LEI: 254900HCG7N4R7AWFZ60 | Long             | ABS-MBS          | CORP              | US        |     11000000 | PA      | $11117874.90  | 0.11%             | 2039-05-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                            | DNB Bank ASA                                                                    | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |      6900000 | PA      | $6924357.00   | 0.07%             | 2026-10-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC                                                        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |      8000000 | PA      | $8496800.00   | 0.09%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2022-P1                                          | CUSIP: 14688DAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228220269 | PA      | $803700.50    | 0.01%             | 2029-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                             | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      3250000 | PA      | $3225202.50   | 0.03%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                | Corp Financiera de Desarrollo SA                                                | CUSIP: 21987DAG9<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |      8725000 | PA      | $9017287.50   | 0.09%             | 2029-04-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6246577 | PA      | $262423.05    | 0.00%             | 2051-08-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                                      | Pacific Life Global Funding II                                                  | CUSIP: 6944PL2G3<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |      4533000 | PA      | $4547052.30   | 0.05%             | 2026-06-04      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       556141 | PA      | $534520.16    | 0.01%             | 2059-11-25      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2022-C                                               | CUSIP: 12664DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1439343 | PA      | $1440309.28   | 0.01%             | 2030-04-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GAX6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      3819000 | PA      | $3830075.10   | 0.04%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KCB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       784923 | PA      | $430320.05    | 0.00%             | 2050-08-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8984627 | PA      | $241982.95    | 0.00%             | 2051-10-25      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHH87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22732715 | PA      | $22292560.37  | 0.23%             | 2054-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AFG ABS LLC                                             | AFG ABS I LLC                                                                   | CUSIP: 00111LAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1875929 | PA      | $1879438.98   | 0.02%             | 2030-09-16      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower, LLC                               | Boost Newco Borrower LLC 2024 USD Term Loan B                                   | CUSIP: 92943EAE6<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |      2992500 | PA      | $2998724.40   | 0.03%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON FINL SER                                | Harley-Davidson Financial Services Inc                                          | CUSIP: 41283LBA2<br>LEI: RLUFFFFW4GRYU77BTS24 | Long             | DBT              | CORP              | US        |     15000000 | PA      | $14581200.00  | 0.15%             | 2027-02-14      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Tesla Sustainable Energy Trust                          | Tesla Sustainable Energy Trust 2024-1                                           | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12151283 | PA      | $12260575.96  | 0.13%             | 2050-06-21      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3060000 | PA      | $3138733.80   | 0.03%             | 2029-03-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16240000 | PA      | $16766176.00  | 0.17%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                       | ITC Holdings Corp                                                               | CUSIP: 465685AR6<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |      4910000 | PA      | $4963519.00   | 0.05%             | 2027-09-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                                   | Finance Department Government of Sharjah                                        | CUSIP: 38381CAC6<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     15632000 | PA      | $13435547.68  | 0.14%             | 2033-03-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       386242 | PA      | $247382.98    | 0.00%             | 2060-05-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                        | Black Hills Corp                                                                | CUSIP: 092113AT6<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $899510.00    | 0.01%             | 2030-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2023-A LLC                                            | CUSIP: 193938107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        35000 | PA      | $16900985.18  | 0.17%             | 2055-05-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    207290000 | PA      | $132017818.75 | 1.36%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                             | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |      5980000 | PA      | $6105221.20   | 0.06%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTACT FINANCIAL CORP                                   | Intact Financial Corp                                                           | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |      5922000 | PA      | $6067385.10   | 0.06%             | 2032-09-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |      4460000 | PA      | $4474182.80   | 0.05%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2004-HYB2                                         | CUSIP: 17307GEF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        16141 | PA      | $8074.83      | 0.00%             | 2034-03-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |            1 | NC      | $-9845357.98  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                  | Oscar US Funding XV LLC                                                         | CUSIP: 68785CAB7<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |       127756 | PA      | $127807.43    | 0.00%             | 2026-09-10      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2021-2                                             | CUSIP: 91680FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3767652 | PA      | $3748512.01   | 0.04%             | 2031-06-20      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5295118 | PA      | $5302953.98   | 0.05%             | 2028-12-11      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DUGS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25697995 | PA      | $26177320.37  | 0.27%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-ATH2                                                                  | CUSIP: 12665WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4647566 | PA      | $4625657.17   | 0.05%             | 2067-05-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      4515000 | PA      | $4502493.45   | 0.05%             | 2027-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2005-1                                   | CUSIP: 63543PBK1<br>LEI: 635400YFCYTJSI5XDJ17 | Long             | ABS-O            | CORP              | US        |      2290216 | PA      | $2085013.39   | 0.02%             | 2035-03-26      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-C34                                  | CUSIP: 95000DBB6<br>LEI: 549300FWFHJGIW2B2U59 | Long             | ABS-MBS          | CORP              | US        |       563539 | PA      | $559367.75    | 0.01%             | 2049-06-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                   | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |      5950000 | PA      | $6015450.00   | 0.06%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                                | Papa John's International Inc                                                   | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     12568000 | PA      | $12202899.60  | 0.13%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAD3<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      1630000 | PA      | $1565826.90   | 0.02%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-NQM3 Trust                                                             | CUSIP: 55286EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6433502 | PA      | $6409508.24   | 0.07%             | 2067-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2019-4                                           | CUSIP: 14686YAK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         8000 | PA      | $1189176.50   | 0.01%             | 2026-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       639848 | PA      | $630890.28    | 0.01%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140J1RZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11302525 | PA      | $7834025.50   | 0.08%             | 2050-10-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                   | Evergy Kansas Central Inc                                                       | CUSIP: 30036FAD3<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |      3912000 | PA      | $3954366.96   | 0.04%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM8                                                                  | CUSIP: 12659FAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3478650 | PA      | $2941783.68   | 0.03%             | 2066-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HJSZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21901958 | PA      | $21920285.38  | 0.23%             | 2055-02-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                     | NOVA Chemicals Corp                                                             | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      5000000 | PA      | $5236950.00   | 0.05%             | 2031-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDUSTRIALIZADORA INTEGRAL DEL                          | INDUSTRIALIZADORA INTEGRAL DEL                                                  | CUSIP: 45646HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     15000000 | PA      | $15094500.00  | 0.16%             | 2031-11-26      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAF0<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |      2000000 | PA      | $2062920.00   | 0.02%             | 2027-07-27      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Securities 2024-RS1 Ltd                                               | CUSIP: 599920AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14490309 | PA      | $13618421.09  | 0.14%             | 2069-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140MCBC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13894894 | PA      | $12380006.25  | 0.13%             | 2052-02-01      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Mortgage Loan Trust 2023-NQM1                                         | CUSIP: 59980DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15216513 | PA      | $15163306.33  | 0.16%             | 2067-10-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912833Y46<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    110000000 | PA      | $63905657.20  | 0.66%             | 2037-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| CIA DE MINAS BUENAVENTUR                                | Cia de Minas Buenaventura SAA                                                   | CUSIP: 204448AB0<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |      4000000 | PA      | $4067680.00   | 0.04%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| HERO Funding Trust                                      | HERO Funding Trust 2017-2                                                       | CUSIP: 42771LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       725682 | PA      | $646879.89    | 0.01%             | 2048-09-20      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-5                                      | CUSIP: 64828NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       297324 | PA      | $301341.14    | 0.00%             | 2057-06-25      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-INV1 Trust                                                             | CUSIP: 55284TAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4950000 | PA      | $4239459.08   | 0.04%             | 2066-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                                     | CUSIP: 912834KV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     25000000 | PA      | $11155406.75  | 0.11%             | 2041-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| AEP TEXAS INC                                           | AEP Texas Inc                                                                   | CUSIP: 00108WAM2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |      2612000 | PA      | $2320526.92   | 0.02%             | 2030-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Proper Pass-Thru Trust II                               | Prosper Pass-Thru Trust II Series 2019-St2                                      | CUSIP: 74361EAC1<br>LEI: 549300DCN6PLVC4QVK93 | Long             | ABS-O            | CORP              | US        |      3193133 | PA      | $0.03         | 0.00%             | 2025-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EZCORP INC                                              | EZCORP Inc                                                                      | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |      4950000 | PA      | $5202153.00   | 0.05%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ABN6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      1528000 | PA      | $1514782.80   | 0.02%             | 2025-10-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     12083000 | PA      | $11960282.03  | 0.12%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST1                                      | CUSIP: 91681MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         3899 | PA      | $3892.94      | 0.00%             | 2027-02-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                  | Extra Space Storage LP                                                          | CUSIP: 30225VAR8<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |      1882000 | PA      | $1989142.26   | 0.02%             | 2031-01-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      5881000 | PA      | $5714744.13   | 0.06%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                                  | Crossroads Asset Trust 2025-A                                                   | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7070000 | PA      | $7091143.82   | 0.07%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1                   | CUSIP: 35563P7E3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     20558121 | PA      | $17451601.39  | 0.18%             | 2061-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                      | CUSIP: 444859CA8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |      6569000 | PA      | $6716539.74   | 0.07%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |            1 | NC      | $-637451.83   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| POLARIS RENEWABLE ENERGY                                | Polaris Renewable Energy Inc                                                    | CUSIP: 000000000<br>LEI: 254900IRAKXV4MM4QF30 | Long             | DBT              | CORP              | CA        |      6250000 | PA      | $6460125.00   | 0.07%             | 2029-12-03      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                             | CUSIP: 25746UDW6<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      4166000 | PA      | $4251403.00   | 0.04%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                  | Energizer Holdings Inc 2025 Term Loan B                                         | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |      7250000 | PA      | $7256815.00   | 0.07%             | 2032-03-19      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 225401AY4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      3600000 | PA      | $3601584.00   | 0.04%             | 2026-07-15      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                         | CUSIP: 75102XAD8<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     11670000 | PA      | $10932689.40  | 0.11%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fat Brands Fazoli's Native I, LLC                       | FAT Brands Fazoli's Native I LLC                                                | CUSIP: 31200BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10917045 | PA      | $10114841.97  | 0.10%             | 2051-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                 | Loanpal Solar Loan 2021-1 Ltd                                                   | CUSIP: 53948PAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13252480 | PA      | $4931774.33   | 0.05%             | 2048-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2024-1                                                     | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1382496 | PA      | $1388820.80   | 0.01%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                      | CUSIP: 80282KBH8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     12000000 | PA      | $13391280.00  | 0.14%             | 2031-11-09      | Fixed         | 7.66%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                | International Flavors & Fragrances Inc                                          | CUSIP: 000000000<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     13400000 | PA      | $15616749.04  | 0.16%             | 2026-09-25      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORPORATION                              | Select Medical Corporation 2024 Term Loan B                                     | CUSIP: 816194AY0<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |     13147500 | PA      | $13172217.30  | 0.14%             | 2031-12-03      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2022-RPL1                                               | CUSIP: 06745CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14565399 | PA      | $14423639.57  | 0.15%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43568266 | PA      | $7428389.37   | 0.08%             | 2056-03-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ACB1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $3018870.00   | 0.03%             | 2026-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 16-3 B PTT                                 | American Airlines 2016-3 Class B Pass Through Trust                             | CUSIP: 023771S41<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       438261 | PA      | $433045.46    | 0.00%             | 2025-10-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Activity Co                  | Prodigy Finance CM2021-1 DAC                                                    | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |       348681 | PA      | $348702.12    | 0.00%             | 2051-07-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                                | Element Fleet Management Corp                                                   | CUSIP: 286181AK8<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |      3422000 | PA      | $3607848.82   | 0.04%             | 2028-12-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                  | Delek Logistics Partners LP / Delek Logistics Finance Corp                      | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2941000 | PA      | $2953175.74   | 0.03%             | 2028-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      4862000 | PA      | $5614637.60   | 0.06%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2019-2                                               | CUSIP: 33845W109<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        33000 | PA      | $0.00         | 0.00%             | 2026-12-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NBK SPC LTD                                             | NBK SPC Ltd                                                                     | CUSIP: 62877PAB0<br>LEI: 549300P1ANDK86KWB419 | Long             | DBT              | CORP              | AE        |      5177000 | PA      | $4990731.54   | 0.05%             | 2027-09-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                  | Global Atlantic Fin Co                                                          | CUSIP: 37959GAA5<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |      7275000 | PA      | $7066789.50   | 0.07%             | 2029-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                  | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14840873 | PA      | $14934985.92  | 0.15%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                          | GoTo Group Inc 2024 First Out Term Loan                                         | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |      2115488 | PA      | $1834423.91   | 0.02%             | 2028-04-28      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                                 | InStar Leasing III LLC                                                          | CUSIP: 45783NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3239833 | PA      | $3012374.25   | 0.03%             | 2054-02-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST4                                      | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       215110 | PA      | $213543.99    | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TIAA Bank Mortgage Loan Trust                           | TIAA Bank Mortgage Loan Trust 2018-2                                            | CUSIP: 886312CE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2040000 | PA      | $1381311.15   | 0.01%             | 2048-07-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FCE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       568938 | PA      | $438239.23    | 0.00%             | 2050-11-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-7                                                 | CUSIP: 46591XCK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       583036 | PA      | $501266.52    | 0.01%             | 2051-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-23

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin