# EDGAR Filing Document

**Accession Number:** 0001820378
**File Stem:** 0001410368-26-015727
**Filing Date:** 2026-2
**Character Count:** 137500
**Document Hash:** 6e904e350675c4adba1002934b808f98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015727.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015727

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg Income Builder Opportunities Trust
- **CENTRAL INDEX KEY:** 0001820378

**ORGANIZATION NAME:**
- **EIN:** 852281958
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23600
- **FILM NUMBER:** 26659400

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD, SANTA FE
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** (505) 984-0200

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

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 68.4%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp; 133563 | &nbsp;&nbsp;$9258865 |
|  | &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp; 278210 | &nbsp;&nbsp;&nbsp;&nbsp; 3029707 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12288572 |
|  | &nbsp;&nbsp;**Banks — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp; 50610 | &nbsp;&nbsp;&nbsp;&nbsp; 5905681 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 184100 | &nbsp;&nbsp;&nbsp;&nbsp; 4989110 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10894791 |
|  | &nbsp;&nbsp;**Capital Goods — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp; 3224886 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3224886 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 3706374 |
|  | &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | &nbsp;&nbsp; 767245 | &nbsp;&nbsp;&nbsp;&nbsp; 1745744 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 8661318 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp; 8695 | &nbsp;&nbsp;&nbsp;&nbsp; 1109221 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15222657 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. Sponsored ADR | &nbsp;&nbsp; 133125 | &nbsp;&nbsp;&nbsp;&nbsp; 3408000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3408000 |
|  | &nbsp;&nbsp;**Energy — 8.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 8.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp; 250870 | &nbsp;&nbsp;&nbsp;&nbsp; 12004766 |
|  | &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp; 362100 | &nbsp;&nbsp;&nbsp;&nbsp; 6864011 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp; 256946 | &nbsp;&nbsp;&nbsp;&nbsp; 6059251 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA Sponsored ADR | &nbsp;&nbsp; 302585 | &nbsp;&nbsp;&nbsp;&nbsp; 3585632 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp; 173200 | &nbsp;&nbsp;&nbsp;&nbsp; 6406567 |
|  | &nbsp;&nbsp;&nbsp;South Bow Corp. | &nbsp;&nbsp; 125957 | &nbsp;&nbsp;&nbsp;&nbsp; 3464265 |
|  | &nbsp;&nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp; 132373 | &nbsp;&nbsp;&nbsp;&nbsp; 7289171 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 183632 | &nbsp;&nbsp;&nbsp;&nbsp; 11996562 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 57670225 |
|  | &nbsp;&nbsp;**Financial Services — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 13380920 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.3%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1656297 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. ADR | &nbsp;&nbsp; 26625 | &nbsp;&nbsp;&nbsp;&nbsp; 139249 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15176466 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp; 55600 | &nbsp;&nbsp;&nbsp;&nbsp; 5340936 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5340936 |
|  | &nbsp;&nbsp;**Insurance — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp; 46287 | &nbsp;&nbsp;&nbsp;&nbsp; 1934260 |
|  | &nbsp;&nbsp;&nbsp;Legal & General Group plc | &nbsp;&nbsp; 1643600 | &nbsp;&nbsp;&nbsp;&nbsp; 5802372 |
|  | &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp; 264961 | &nbsp;&nbsp;&nbsp;&nbsp; 20470264 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28206896 |
|  | &nbsp;&nbsp;**Materials — 5.2%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp; 64367 | &nbsp;&nbsp;$4478131 |
|  | &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp; 157464 | &nbsp;&nbsp;&nbsp;&nbsp; 8285533 |
|  | &nbsp;&nbsp;&nbsp;Fertiglobe plc | &nbsp;&nbsp; 2294190 | &nbsp;&nbsp;&nbsp;&nbsp; 1555383 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp; 82904 | &nbsp;&nbsp;&nbsp;&nbsp; 3589743 |
|  | &nbsp;&nbsp;&nbsp;OCI NV | &nbsp;&nbsp; 279469 | &nbsp;&nbsp;&nbsp;&nbsp; 1005002 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp; 370500 | &nbsp;&nbsp;&nbsp;&nbsp; 11247548 |
|  | &nbsp;&nbsp;&nbsp;Glencore plc | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 2603044 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Severstal PAO GDR | &nbsp;&nbsp; 236300 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp;&nbsp;**Paper & Forest Products — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mondi plc | &nbsp;&nbsp; 290908 | &nbsp;&nbsp;&nbsp;&nbsp; 3561321 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36325705 |
|  | &nbsp;&nbsp;**Media & Entertainment — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Interactive Media & Services — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp; 15200 | &nbsp;&nbsp;&nbsp;&nbsp; 10033368 |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp; 59500 | &nbsp;&nbsp;&nbsp;&nbsp; 4579452 |
|  | &nbsp;&nbsp;&nbsp;Vend Marketplaces ASA Class B | &nbsp;&nbsp; 78389 | &nbsp;&nbsp;&nbsp;&nbsp; 2173757 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16786577 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 8.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 25123 | &nbsp;&nbsp;&nbsp;&nbsp; 5740355 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 7.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 38400 | &nbsp;&nbsp;&nbsp;&nbsp; 2071296 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 98411 | &nbsp;&nbsp;&nbsp;&nbsp; 10358742 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp; 42500 | &nbsp;&nbsp;&nbsp;&nbsp; 5856325 |
|  | &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 433052 | &nbsp;&nbsp;&nbsp;&nbsp; 10782995 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 49031 | &nbsp;&nbsp;&nbsp;&nbsp; 20248339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55058052 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 3579510 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | &nbsp;&nbsp; 58182 | &nbsp;&nbsp;&nbsp;&nbsp; 17680928 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21260438 |
|  | &nbsp;&nbsp;**Software & Services — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Shopify, Inc. Class A | &nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 2816975 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 10700 | &nbsp;&nbsp;&nbsp;&nbsp; 5174734 |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp. | &nbsp;&nbsp; 128100 | &nbsp;&nbsp;&nbsp;&nbsp; 4171848 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 3829750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15993307 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 5.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 174100 | &nbsp;&nbsp;&nbsp;&nbsp; 13410923 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 3978972 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 262525 | &nbsp;&nbsp;&nbsp;&nbsp; 22003504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39393399 |
|  | &nbsp;&nbsp;**Telecommunication Services — 9.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 8.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 841453 | &nbsp;&nbsp;&nbsp;&nbsp; 20901693 |
|  | &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp; 1986323 | &nbsp;&nbsp;&nbsp;&nbsp; 33147440 |
|  | &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp; 20618500 | &nbsp;&nbsp;&nbsp;&nbsp; 4314119 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Vodafone Group plc | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4598344 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62961596 |
|  | &nbsp;&nbsp;**Transportation — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp; 136709 | &nbsp;&nbsp;$7454154 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7454154 |
|  | &nbsp;&nbsp;**Utilities — 9.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 5.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp; 514135 | &nbsp;&nbsp;&nbsp;&nbsp; 18506997 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1897635 | &nbsp;&nbsp;&nbsp;&nbsp; 19730342 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp; 2051611 | &nbsp;&nbsp;&nbsp;&nbsp; 13632688 |
|  | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Capital Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 82619 | &nbsp;&nbsp;&nbsp;&nbsp; 3524347 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp; 546538 | &nbsp;&nbsp;&nbsp;&nbsp; 10348654 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65743028 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $421,494,216) |  | &nbsp;&nbsp;&nbsp;&nbsp;472409685 |
|  | **Preferred Stock — 0.9%** |  |  |
|  | &nbsp;&nbsp;**Financial Services — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund 6.24%, 9/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 2676500 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 3705000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6381500 |
|  | &nbsp;&nbsp;&nbsp;Total Preferred Stock (Cost $6,177,250) |  | &nbsp;&nbsp;&nbsp;&nbsp; 6381500 |
|  | **Asset Backed Securities — 2.8%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 0.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | &nbsp;&nbsp;$546456 | &nbsp;&nbsp;&nbsp;&nbsp; 556132 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P3 Class R, due 9/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 229015 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 637544 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class XS, due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30677480 | &nbsp;&nbsp;&nbsp;&nbsp; 93014 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 283783 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1799488 |
|  | &nbsp;&nbsp;**Credit Card — 0.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036827 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Fortiva Retail Credit Master Note Business Trust, Series 2025-ONE Class A, 5.55% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993861 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4030688 |
|  | &nbsp;&nbsp;**Other Asset Backed — 1.8%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2023-X1 Class D, 9.55% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 554609 | &nbsp;&nbsp;&nbsp;&nbsp; 554610 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 514249 | &nbsp;&nbsp;&nbsp;&nbsp; 509790 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;ASP WHCO Partner 2 LP, 6.783% due 3/29/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2493837 |
| **<sup>b,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; 2412001 | &nbsp;&nbsp;&nbsp;&nbsp; 2254415 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 513891 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.25% (SOFR30A + 2.25%) due 12/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1739667 | &nbsp;&nbsp;&nbsp;&nbsp; 1756500 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 556532 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Marlette Funding Trust Series 2021-3A Class R, due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 14510 | &nbsp;&nbsp;&nbsp;&nbsp; 206377 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2GS Class D, 7.44% due 2/22/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1621939 | &nbsp;&nbsp;&nbsp;&nbsp; 1432704 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 6/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 329001 |
|  | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST7 Class CERT, due 9/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 227448 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST8 Class CERT, due 10/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 303120 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2023-1 Class C, 11.10% due 2/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1279650 | &nbsp;&nbsp;&nbsp;&nbsp; 1283369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12421594 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Student Loan — 0.2%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.136% (TSFR1M + 0.40%) due 1/25/2033 | &nbsp;&nbsp;$1376075 | &nbsp;&nbsp;$1354235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1354235 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $21,076,493) |  | &nbsp;&nbsp;&nbsp;&nbsp; 19606005 |
|  | **Corporate Bonds — 10.7%** |  |  |
|  | &nbsp;&nbsp;**Banks — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.6%** |  |  |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1969640 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series BB, 3.90% (5-Yr. CMT + 3.45%) due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2491500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4461140 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 463355 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1867000 | &nbsp;&nbsp;&nbsp;&nbsp; 1964495 |
|  | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2104900 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4532750 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1213275 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1213275 |
|  | &nbsp;&nbsp;**Consumer Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;TKC Holdings, Inc., 6.875% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012540 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2012540 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504530 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2103420 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3607950 |
|  | &nbsp;&nbsp;**Energy — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;APA Corp., 4.875% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016900 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 6.75% due 9/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2454720 |
| **<sup>b,d,f</sup>** | &nbsp;&nbsp;&nbsp;Sunoco LP, 7.875% (5-Yr. CMT + 4.230%) due 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 512750 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003520 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6987890 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 0.4%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2860860 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2860860 |
|  | &nbsp;&nbsp;**Financial Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2982030 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;KKR Reign I LLC, 5.00% due 5/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 6.875% due 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3905700 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 3.95% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990960 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Citigroup, Inc., Series X, 3.875% (5-Yr. CMT + 3.42%) due 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2492525 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13541215 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 1.3%** |  |  |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 5.15% due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2848350 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2168800 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1969440 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Industrializadora Integral del agave SAPI de CV, 9.25% due 11/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9014190 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75% due 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3119460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3119460 |
|  | &nbsp;&nbsp;**Materials — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1805720 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.5%** |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings plc, 6.50% due 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2135180 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Stillwater Mining Co., 4.50% due 11/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418940 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5359840 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1357000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1795260 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.50% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2520675 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5534019 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2010620 |
|  | &nbsp;&nbsp;**Software & Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.4%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2995710 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Prosus NV, 4.027% due 8/3/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5082150 |
|  | &nbsp;&nbsp;**Utilities — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 0.7%** |  |  |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;AES Espana BV, 5.70% due 5/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975880 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, 5.00% due 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2886702 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4862582 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $72,876,293) |  | &nbsp;&nbsp;&nbsp;&nbsp; 74200481 |
|  | **Convertible Bonds — 0.2%** |  |  |
|  | &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; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288917 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1288917 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $1,366,397) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1288917 |
|  | **Other Government — 0.9%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 170000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2924588 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 4.00% due 7/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2343845 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), 15.50% due 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;13000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132471 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $6,206,354) |  | &nbsp;&nbsp;&nbsp;&nbsp; 6400904 |
|  | **U.S. Treasury Securities — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, 2.375%, 2/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3095340 | &nbsp;&nbsp;&nbsp;&nbsp; 2937067 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.438%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.945%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3741538 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8.165%, 5/15/2039 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$1336867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10.82%, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1447972 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $11,384,125) |  | &nbsp;&nbsp;&nbsp;&nbsp; 11535339 |
|  | **Mortgage Backed — 8.6%** |  |  |
| **<sup>b,d</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; 1355176 | &nbsp;&nbsp;&nbsp;&nbsp; 1309093 |
|  | &nbsp;&nbsp;&nbsp;Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1566081 | &nbsp;&nbsp;&nbsp;&nbsp; 1565930 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 4.25% due 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1580526 | &nbsp;&nbsp;&nbsp;&nbsp; 1578545 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028661 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.86% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 193600 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.86% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 194288 | &nbsp;&nbsp;&nbsp;&nbsp; 81580 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042119 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2021-BPNY Class A, 7.58% (TSFR1M + 3.83%) due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1849057 | &nbsp;&nbsp;&nbsp;&nbsp; 1796057 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class M1, 3.256% due 10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2347195 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 1205266 | &nbsp;&nbsp;&nbsp;&nbsp; 1201149 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 760027, 4.38% (5-Yr. CMT + 1.380%) due 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 283162 | &nbsp;&nbsp;&nbsp;&nbsp; 279715 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool 841463, 2.16% (2.18% - SOFR30A) due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2925061 | &nbsp;&nbsp;&nbsp;&nbsp; 2664795 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8373, 6.00% due 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2754253 | &nbsp;&nbsp;&nbsp;&nbsp; 2831926 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8469, 5.50% due 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3145953 | &nbsp;&nbsp;&nbsp;&nbsp; 3192090 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BJ4423, 4.985% (5-Yr. CMT + 1.360%) due 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 228190 | &nbsp;&nbsp;&nbsp;&nbsp; 227895 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BN7152, 6.41% (H15T1Y + 2.16%) due 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 352463 | &nbsp;&nbsp;&nbsp;&nbsp; 361958 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BN7153, 6.41% (H15T1Y + 2.16%) due 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 266358 | &nbsp;&nbsp;&nbsp;&nbsp; 273726 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BP0632, 6.195% (H15T1Y + 2.07%) due 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 97894 | &nbsp;&nbsp;&nbsp;&nbsp; 99035 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2214, 1.531% (2.20% - SOFR30A) due 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2277246 | &nbsp;&nbsp;&nbsp;&nbsp; 2164079 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, Pool MA5166, 6.00% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 938993 | &nbsp;&nbsp;&nbsp;&nbsp; 965257 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 493281 | &nbsp;&nbsp;&nbsp;&nbsp; 470822 |
| **<sup>b,d</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; 1778706 | &nbsp;&nbsp;&nbsp;&nbsp; 1795159 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, Series 2025-118 Class S, 7.085% (21.45% - SOFR30A) due 7/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1856504 | &nbsp;&nbsp;&nbsp;&nbsp; 1953246 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2024-RTL1 Class A1, 7.12% due 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2455000 | &nbsp;&nbsp;&nbsp;&nbsp; 2457458 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.016% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 678009 | &nbsp;&nbsp;&nbsp;&nbsp; 531068 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.718% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 804408 | &nbsp;&nbsp;&nbsp;&nbsp; 428123 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A4B, 5.50% due 10/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1179079 | &nbsp;&nbsp;&nbsp;&nbsp; 1185907 |
|  | &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d,h</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.109% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 87759006 | &nbsp;&nbsp;&nbsp;&nbsp; 370387 |
| **<sup>b,d,h</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6013090 | &nbsp;&nbsp;&nbsp;&nbsp; 249889 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.309% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 298765 | &nbsp;&nbsp;&nbsp;&nbsp; 237801 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 3.254% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1453567 | &nbsp;&nbsp;&nbsp;&nbsp; 813196 |
| **<sup>b,d,h</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.15% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 23284650 | &nbsp;&nbsp;&nbsp;&nbsp; 152442 |
| **<sup>b,d,h</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1889988 | &nbsp;&nbsp;&nbsp;&nbsp; 52379 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.20% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 90502 | &nbsp;&nbsp;&nbsp;&nbsp; 71566 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.083% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 399051 | &nbsp;&nbsp;&nbsp;&nbsp; 230041 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 727336 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1279783 | &nbsp;&nbsp;&nbsp;&nbsp; 1281573 |
| **<sup>b</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; 1926358 | &nbsp;&nbsp;&nbsp;&nbsp; 2036731 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d,h</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.743% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 28354177 | &nbsp;&nbsp;&nbsp;&nbsp; 1144879 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.243% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 343930 | &nbsp;&nbsp;&nbsp;&nbsp; 284077 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.227% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 616966 | &nbsp;&nbsp;&nbsp;&nbsp; 403200 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;NLT Trust, Whole Loan Securities Trust CMO, Series 2023-1 Class B2, 3.696% due 10/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1889713 |
| **<sup>b,d</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; 1725959 | &nbsp;&nbsp;&nbsp;&nbsp; 1743263 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 5.993% due 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1835959 | &nbsp;&nbsp;&nbsp;&nbsp; 1835468 |
| **<sup>b,d</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; 1891394 | &nbsp;&nbsp;&nbsp;&nbsp; 1894600 |
|  | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9 Class A1, 2.50% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2000182 | &nbsp;&nbsp;&nbsp;&nbsp; 1677601 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 6.00% due 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 994927 | &nbsp;&nbsp;&nbsp;&nbsp; 1011864 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.015% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1043000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035331 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.339% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;$808525 | &nbsp;&nbsp;$812595 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-6 Class M1, 3.386% due 11/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130286 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-R1 Class A1, 4.00% due 11/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1875674 | &nbsp;&nbsp;&nbsp;&nbsp; 1684933 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,d,h</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 23871285 | &nbsp;&nbsp;&nbsp;&nbsp; 699643 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.304% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 478671 | &nbsp;&nbsp;&nbsp;&nbsp; 398890 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.304% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 378378 | &nbsp;&nbsp;&nbsp;&nbsp; 304047 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.304% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 293079 | &nbsp;&nbsp;&nbsp;&nbsp; 146080 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $58,821,634) |  | &nbsp;&nbsp;&nbsp;&nbsp; 59345999 |
|  | **Short-Term Investments — 5.8%** |  |  |
| **<sup>i</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3990501 | &nbsp;&nbsp;&nbsp;&nbsp; 39905004 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $39,905,004) |  | &nbsp;&nbsp;&nbsp;&nbsp; 39905004 |
|  | **Total Investments — 100.0% (Cost $639,307,766)** |  | &nbsp;&nbsp;$691073834 |
|  | **Liabilities Net of Other Assets — (0.0)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6317) |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$691067517 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** | **Outstanding Written Options Contracts At December 31, 2025** |
| **Contract<br> Description** | **Contract<br> Party\*** | &nbsp;&nbsp;**Contract<br> Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | **Premiums<br> Received USD** | **Value<br> USD** |
| **Written Call Options – (0.1)%** |  |  |  |  |  |  |  |  |  |
| **Energy – (0.0)%** | **Energy – (0.0)%** | **Energy – (0.0)%** | **Energy – (0.0)%** | **Energy – (0.0)%** |  |  |  |  |  |
| Eni SpA | JPM | &nbsp;&nbsp;362100 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;16.15 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;EUR | 5840709 | &nbsp;&nbsp;$76842 | &nbsp;&nbsp;$(82102) |
| **Materials – (0.1)%** | **Materials – (0.1)%** | **Materials – (0.1)%** | **Materials – (0.1)%** | **Materials – (0.1)%** |  |  |  |  |  |
| Akzo Nobel NV | JPM | &nbsp;&nbsp;&nbsp;64367 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;59.00 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;EUR | 3810527 | &nbsp;&nbsp;&nbsp; 94857 | &nbsp;&nbsp;&nbsp; (98871) |
| BASF SE | GST | &nbsp;&nbsp;&nbsp;78732 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;47.00 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;EUR | 3525162 | &nbsp;&nbsp;&nbsp; 110746 | &nbsp;&nbsp;&nbsp; (14104) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112975) |
| **Pharmaceuticals, Biotechnology & Life Sciences – (0.0)%** | **Pharmaceuticals, Biotechnology & Life Sciences – (0.0)%** | **Pharmaceuticals, Biotechnology & Life Sciences – (0.0)%** | **Pharmaceuticals, Biotechnology & Life Sciences – (0.0)%** | **Pharmaceuticals, Biotechnology & Life Sciences – (0.0)%** |  |  |  |  |  |
| AbbVie, Inc. | GST | &nbsp;&nbsp;&nbsp;25123 | &nbsp;&nbsp;USD | 240.00 | &nbsp;&nbsp;2/20/2026 | &nbsp;&nbsp;USD | 5740354 | &nbsp;&nbsp;&nbsp; 129383 | &nbsp;&nbsp;&nbsp; (100748) |
| **Software & Services – (0.0)%** | **Software & Services – (0.0)%** | **Software & Services – (0.0)%** | **Software & Services – (0.0)%** | **Software & Services – (0.0)%** |  |  |  |  |  |
| Shopify, Inc. | GST | &nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;USD | 170.00 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;USD | 2816975 | &nbsp;&nbsp;&nbsp; 111475 | &nbsp;&nbsp;&nbsp; (37973) |
| TOTAL WRITTEN CALL OPTIONS |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$523303 | &nbsp;&nbsp;&nbsp;&nbsp;$(333798) |
| **Written Put Options – (0.0)%** |  |  |  |  |  |  |  |  |  |
| **Automobiles & Components – (0.0)%** | **Automobiles & Components – (0.0)%** | **Automobiles & Components – (0.0)%** | **Automobiles & Components – (0.0)%** | **Automobiles & Components – (0.0)%** |  |  |  |  |  |
| Cie Generale des Etablissements Michelin SCA | CDC | &nbsp;&nbsp;108000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;27.50 | &nbsp;&nbsp;1/26/2026 | &nbsp;&nbsp;EUR | 3057480 | &nbsp;&nbsp;$63893 | &nbsp;&nbsp;$(58301) |
| **Telecommunication Services – (0.0)%** | **Telecommunication Services – (0.0)%** | **Telecommunication Services – (0.0)%** | **Telecommunication Services – (0.0)%** | **Telecommunication Services – (0.0)%** |  |  |  |  |  |
| AT&T, Inc. | GST | &nbsp;&nbsp;142500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;1/16/2026 | &nbsp;&nbsp;USD | 3539700 | &nbsp;&nbsp;&nbsp; 76950 | &nbsp;&nbsp;&nbsp; (23311) |
| TOTAL WRITTEN PUT OPTIONS |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$140843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(81612) |
| TOTAL |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$664146 | &nbsp;&nbsp;&nbsp;&nbsp;$(415410) |

---

\* Counterparties include JPMorgan Chase Bank, N.A. ("JPM"), Goldman Sachs International ("GST") and CDC IXIS Capital Markets ("CDC").

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025(Unaudited)* |

---

------

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Non-income producing. |
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the aggregate value of these securities in the Trust's portfolio was $111,603,917, representing 16.15% of the Trust's net assets. |
| c | Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee. |
| 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 December 31, 2025. |
| e | Bond in default. |
| f | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| h | Interest only. |
| i | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| ADR | American Depositary Receipt |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DOP | Denominated in Dominican Peso |
| GDR | Global Depositary Receipt |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |

---

---

| | |
|:---|:---|
| Mtg | Mortgage |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| TSFR1M | Term SOFR 1 Month |
| UMBS | Uniform Mortgage-Backed Securities |
| UZS | Denominated in Uzbekistani Som |
| EUR | Euro |
| USD | United States Dollar |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Income Builder Opportunities Trust (the "Trust") is organized as a Delaware statutory trust and commenced operations on July 28, 2021. The Trust is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

#### NOTE 2 – SECURITY VALUATION
Valuation of the Trust's portfolio investment securities is performed by the 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 Trust'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 Trust'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 Trust 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 Trust'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 Trust 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 Trust upon a sale of the investment, and the difference could be material to the Trust'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 Trust'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 Trust can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.

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

Over-the-counter options are valued by a third-party pricing service provider.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2025 (Unaudited)* |

---

------

Debt obligations held by the Trust 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 Trust, 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 Trust 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 Trust may be traded on days and at times when the Trust is not open for business. Consequently, the value of Trust's investments may be significantly affected on days when shareholders cannot purchase or sell Trust's shares.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/25** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 12/31/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $29519607 | &nbsp;&nbsp;$28227070 | &nbsp;&nbsp;$(17841673) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$39905004 | &nbsp;&nbsp;$373230 |

---

## 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 Income Builder Opportunities Trust

- **b. Investment Company Act file number:** 811-23600

- **c. CIK number of Registrant:** 0001820378

- **d. LEI of Registrant:** 5493002O2SJJPEDP7413

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

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

  - **City:** Santa Fe

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506

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

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

- **a. Name of Series:** Thornburg Income Builder Opportunities Trust

- **c. LEI of Series:** 5493002O2SJJPEDP7413

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $696277977.04

**Total Liabilities:** $5210459.60

**Net Assets:** $691067517.44

**Cash Not Reported:** $719794.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -277.43000000 | **1-Year:** -2561.48000000 | **5-Year:** -5679.65000000 | **10-Year:** -11299.53000000 | **30-Year:** -6900.25000000

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

- **3-Month:** -870.35000000 | **1-Year:** -3907.04000000 | **5-Year:** -8018.66000000 | **10-Year:** -7763.62000000 | **30-Year:** -3661.91000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.81%                | -1.51%               | 2.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13933.62                | $-309618.49                                |
| Month 2  | $-13.83                  | $10218367.82                               |
| Month 3  | $50121.98                | $9027116.23                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCO BRANDS CORP                                 | ACCO Brands Corp                                                          | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |      500000 | PA      | $463355.00    | 0.07%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AES ESPANA BV                                    | AES Espana BV                                                             | CUSIP: 00109YAA3<br>LEI: 7245003VZ59682IZLJ86 | Long             | DBT              | CORP              | NL        |     2000000 | PA      | $1975880.00   | 0.29%             | 2028-05-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                         | AT&T Inc                                                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      841453 | NS      | $20901692.52  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASP WHCO PARTN 2025 2 LP                         | ASP WHCO PARTN 2025 2 LP                                                  | CUSIP: 00218YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     2500000 | PA      | $2493837.00   | 0.36%             | 2029-03-29      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                       | AbbVie Inc                                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       25123 | NS      | $5740354.27   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2023-X1                                 | CUSIP: 00834KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      554610 | PA      | $554609.53    | 0.08%             | 2028-11-15      | Fixed         | 9.55%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 013092AB7<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1504530.00   | 0.22%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                           | AngloGold Ashanti Holdings PLC                                            | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     2000000 | PA      | $2135180.00   | 0.31%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                 | Antares Holdings LP                                                       | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1990960.00   | 0.29%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| APA CORP                                         | APA Corp                                                                  | CUSIP: 03743QAW8<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2016900.00   | 0.29%             | 2027-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                               | Aqua Finance Trust 2020-A                                                 | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      514249 | PA      | $509789.87    | 0.07%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                        | Legal & General Group PLC                                                 | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     1643600 | NS      | $5802372.12   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                         | BX Trust 2025-LIFE                                                        | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $2028660.74   | 0.29%             | 2047-06-13      | Variable      | 5.88%                 | 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        |     2000000 | PA      | $1969640.00   | 0.29%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                                      | Bacardi Ltd                                                               | CUSIP: 067316AG4<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |     3000000 | PA      | $2848350.00   | 0.41%             | 2038-05-15      | Fixed         | 5.15%                 | 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        |     1566081 | PA      | $1565930.38   | 0.23%             | 2051-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                     | Barclays Mortgage Loan Trust 2022-INV1                                    | CUSIP: 06744YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1355176 | PA      | $1309093.12   | 0.19%             | 2062-02-25      | Variable      | 4.53%                 | 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        |     1580526 | PA      | $1578545.00   | 0.23%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                   | Becle SAB de CV                                                           | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |     2500000 | PA      | $2168800.00   | 0.31%             | 2031-10-14      | Fixed         | 2.50%                 | 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        |      546456 | PA      | $556131.61    | 0.08%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co                          | Bristol-Myers Squibb Co                                                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       38400 | NS      | $2071296.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1357000 | PA      | $1218083.91   | 0.18%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1795260.00   | 0.26%             | 2032-05-01      | Fixed         | 4.50%                 | 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        |     1500000 | PA      | $1213275.00   | 0.18%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                                    | CME Group Inc                                                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       49000 | NS      | $13380920.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2021-NQM8                                                            | CUSIP: 12659FAD7<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2347195.14   | 0.34%             | 2066-10-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2021-BPNY                                                            | CUSIP: 12659XAA4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     1849057 | PA      | $1796057.16   | 0.26%             | 2026-08-15      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2022-NQM5 Trust                                                      | CUSIP: 12663DAE4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     1205266 | PA      | $1201149.02   | 0.17%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Capital Power Corp                               | Capital Power Corp                                                        | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Long             | EC               | CORP              | CA        |       82619 | NS      | $3524346.98   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2021-P3                                    | CUSIP: 14687JAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        2500 | PA      | $229014.58    | 0.03%             | 2028-09-11      | None          | 0.00%                 | 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        |    30677481 | PA      | $93014.12     | 0.01%             | 2029-01-10      | None          | 0.00%                 | 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        |        3000 | PA      | $637544.57    | 0.09%             | 2029-01-10      | None          | 0.00%                 | 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        |     2000000 | PA      | $1969440.00   | 0.28%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                | Cisco Systems Inc                                                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      174100 | NS      | $13410923.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                    | Citigroup Inc                                                             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       50610 | NS      | $5905680.90   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                             | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2492525.00   | 0.36%             | 2026-02-18      | Fixed         | 3.88%                 | 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        |      350000 | PA      | $193600.09    | 0.03%             | 2051-09-25      | Variable      | 2.86%                 | 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        |      194288 | PA      | $81580.32     | 0.01%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                                  | Cogent Ipv4 LLC                                                           | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $1042119.26   | 0.15%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| COMCAST HOLDINGS CORP                            | Comcast Holdings Corp                                                     | CUSIP: 200300507<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2100000 | PA      | $1288917.00   | 0.19%             | 2029-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                    | CoreCivic Inc                                                             | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     1867000 | PA      | $1964494.74   | 0.28%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                           | Cushman & Wakefield US Borrower LLC                                       | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2010620.00   | 0.29%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                               | Dominican Republic International Bond                                     | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   170000000 | PA      | $2924587.69   | 0.42%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Enbridge Inc                                     | Enbridge Inc                                                              | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |      250870 | NS      | $12004766.02  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms Inc                                                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       15200 | NS      | $10033368.00  | 1.45%             |  |  |  | No            |                  1 | 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        |     2412001 | PA      | $2254415.43   | 0.33%             | 2051-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                 | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2925061 | PA      | $2664794.63   | 0.39%             | 2052-07-01      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWJS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2754253 | PA      | $2831925.74   | 0.41%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWMS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3145953 | PA      | $3192089.85   | 0.46%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                 | CUSIP: 31342WA43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      283162 | PA      | $279714.54    | 0.04%             | 2047-11-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140H54H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      228190 | PA      | $227894.62    | 0.03%             | 2048-01-01      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140JP5N1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      352463 | PA      | $361958.37    | 0.05%             | 2047-11-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140JP5P6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      266358 | PA      | $273725.78    | 0.04%             | 2048-04-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140K7V26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       97894 | PA      | $99035.39     | 0.01%             | 2049-07-01      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140QMN83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2277246 | PA      | $2164078.59   | 0.31%             | 2051-11-01      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418EW48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      938993 | PA      | $965257.29    | 0.14%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     3750000 | PA      | $3905700.00   | 0.57%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fortiva Retail Credit Master Note Business Trust | Fortiva Retail Credit Master Note Business Trust                          | CUSIP: 34962AAZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $1993860.80   | 0.29%             | 2031-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                | GEO Group Inc/The                                                         | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2104900.00   | 0.30%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| GCAT                                             | GCAT 2021-CM2 Trust                                                       | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      493281 | PA      | $470822.26    | 0.07%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| GABELLI DVD & INC TR                             | Gabelli Dividend & Income Trust/The                                       | CUSIP: 36242H872<br>LEI: 549300082N1MHBT8NI60 | Long             | EP               | CORP              | US        |         152 | NS      | $3705000.00   | 0.54%             |  |  |  | No            |                  3 | On Loan: No      |
| Glebe Funding Trust                              | Glebe Funding Trust 2024-1/The                                            | CUSIP: 37735RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1778706 | PA      | $1795159.14   | 0.26%             | 2028-11-29      | Variable      | 8.10%                 | 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        |       12500 | PA      | $513890.50    | 0.07%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                            | Finance Department Government of Sharjah                                  | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     3500000 | PA      | $2343845.00   | 0.34%             | 2050-07-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38381ND39<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1856504 | PA      | $1953246.11   | 0.28%             | 2055-07-20      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Generali                                         | Generali                                                                  | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |       46287 | NS      | $1934260.45   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Harvest SBA Loan Trust                           | Harvest SBA Loan Trust 2024-1                                             | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     1739667 | PA      | $1756499.45   | 0.25%             | 2051-12-25      | Floating      | 6.25%                 | 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        |     2455000 | PA      | $2457458.44   | 0.36%             | 2029-07-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| INDUSTRIALIZADORA INTEGRAL DEL                   | INDUSTRIALIZADORA INTEGRAL DEL                                            | CUSIP: 45646HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2000000 | PA      | $2027600.00   | 0.29%             | 2031-11-26      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| Deutsche Post AG                                 | Deutsche Post AG                                                          | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      136709 | NS      | $7454154.06   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                          | Iron Mountain Information Management Services Inc                         | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     3000000 | PA      | $2860860.00   | 0.41%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2021-11                                          | CUSIP: 46654KCG0<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |      678009 | PA      | $531067.99    | 0.08%             | 2052-01-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2021-11                                          | CUSIP: 46654KCH8<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |      804408 | PA      | $428123.49    | 0.06%             | 2052-01-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | J.P. Morgan Mortgage Trust 2023-3                                         | CUSIP: 46656RAN0<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     1179079 | PA      | $1185907.17   | 0.17%             | 2053-10-25      | Variable      | 5.50%                 | 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        |     2000000 | PA      | $2103420.00   | 0.30%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| E.ON SE                                          | E.ON SE                                                                   | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |      546538 | NS      | $10348653.19  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR REIGN I LTD                                  | KKR Reign I LLC                                                           | CUSIP: 49836MAA6<br>LEI: N/A                  | Long             | SN               | CORP              | US        |     3500000 | PA      | $2170000.00   | 0.31%             | 2049-05-30      | Fixed         | 5.00%                 | 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        |     1000000 | PA      | $556532.40    | 0.08%             | 2029-01-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Orange SA                                        | Orange SA                                                                 | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     1986323 | NS      | $33147440.12  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                                        | Endesa SA                                                                 | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |      514135 | NS      | $18506996.61  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MFRA Trust                                       | MFA 2022-INV1 Trust                                                       | CUSIP: 55284TAC1<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |      750000 | PA      | $727335.91    | 0.11%             | 2066-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                           | Mercedes-Benz Group AG                                                    | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |      133563 | NS      | $9258865.44   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Marlette Funding Trust                           | Marlette Funding Trust 2021-3                                             | CUSIP: 57108Q103<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |       14510 | PA      | $206377.27    | 0.03%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                         | Matthews International Corp                                               | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |     1750000 | PA      | $1805720.00   | 0.26%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2024-NPL1 Trust                                                       | CUSIP: 58004YAA7<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |     1279783 | PA      | $1281573.47   | 0.19%             | 2054-09-25      | Variable      | 6.33%                 | 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        |    23284650 | PA      | $152442.28    | 0.02%             | 2051-10-25      | Variable      | 0.15%                 | 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        |     1889988 | PA      | $52378.74     | 0.01%             | 2051-10-25      | Variable      | 0.55%                 | 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        |       90502 | PA      | $71565.58     | 0.01%             | 2051-10-25      | Variable      | 3.20%                 | 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        |      399051 | PA      | $230040.56    | 0.03%             | 2051-10-25      | Variable      | 3.08%                 | 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        |    87759006 | PA      | $370386.89    | 0.05%             | 2051-08-25      | Variable      | 0.11%                 | 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        |     6013090 | PA      | $249888.99    | 0.04%             | 2051-08-25      | Variable      | 0.70%                 | 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        |      298765 | PA      | $237800.68    | 0.03%             | 2051-08-25      | Variable      | 3.31%                 | 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        |     1453567 | PA      | $813195.92    | 0.12%             | 2051-08-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                 | MercadoLibre Inc                                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        4300 | NS      | $8661318.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                   | Merck & Co Inc                                                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       98411 | NS      | $10358741.86  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                   | Microsoft Corp                                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       10700 | NS      | $5174734.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp                       | Realtek Semiconductor Corp                                                | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |      230000 | NS      | $3579510.19   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                    | BHP Group Ltd                                                             | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      370500 | NS      | $11247547.49  | 1.63%             |  |  |  | No            |                  1 | 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        |     1926358 | PA      | $2036731.08   | 0.29%             | 2029-05-05      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2018-2-GS                                         | CUSIP: 61946LAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1621939 | PA      | $1432704.02   | 0.21%             | 2044-02-22      | Fixed         | 7.44%                 | 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        |     8500000 | PA      | $329001.00    | 0.05%             | 2052-06-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                       | NLT 2023-1 Trust                                                          | CUSIP: 62917MAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $1889712.60   | 0.27%             | 2062-10-25      | Variable      | 3.70%                 | 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        |     1376075 | PA      | $1354235.02   | 0.20%             | 2033-01-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2021-INV1                             | CUSIP: 64829WAL8<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |    28354177 | PA      | $1144879.28   | 0.17%             | 2051-06-25      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2021-INV1                             | CUSIP: 64829WBA1<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |      343930 | PA      | $284077.49    | 0.04%             | 2051-06-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2021-INV1                             | CUSIP: 64829WBB9<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |      616966 | PA      | $403200.16    | 0.06%             | 2051-06-25      | Variable      | 3.23%                 | 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        |     1725959 | PA      | $1743262.91   | 0.25%             | 2032-03-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Keyence Corp                                     | Keyence Corp                                                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       11000 | NS      | $3978971.82   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Continental Credit Card llc                      | Continental Finance Credit Card ABS Master Trust                          | CUSIP: 66981PAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $2036827.20   | 0.29%             | 2032-12-15      | Fixed         | 9.42%                 | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                       | Samsung Electronics Co Ltd                                                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      262525 | NS      | $22003504.00  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                                   | Open Text Corp                                                            | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      128100 | NS      | $4171848.02   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp                                          | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2982030.00   | 0.43%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust            | PRPM 2025-1 LLC                                                           | CUSIP: 69382GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1835959 | PA      | $1835467.58   | 0.27%             | 2030-04-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Novartis AG                                      | Novartis AG                                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       42500 | NS      | $5856325.03   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                 | Roche Holding AG                                                          | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       49031 | NS      | $20248339.57  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                      | Equinor ASA                                                               | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      256946 | NS      | $6059250.64   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                         | Enel SpA                                                                  | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     1897635 | NS      | $19730342.56  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                          | Eni SpA                                                                   | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |      362100 | NS      | $6864010.77   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEOS MEXICANOS                              | Petroleos Mexicanos                                                       | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     3000000 | PA      | $2454720.00   | 0.36%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras               | Petroleo Brasileiro SA - Petrobras                                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |      302585 | NS      | $3585632.25   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                       | Pfizer Inc                                                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      433052 | NS      | $10782994.80  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                                         | Snam SpA                                                                  | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |     2051611 | NS      | $13632688.06  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                        | Prosus NV                                                                 | CUSIP: 74365PAD0<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $2086440.00   | 0.30%             | 2050-08-03      | Fixed         | 4.03%                 | 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        |     1891394 | PA      | $1894600.25   | 0.27%             | 2028-06-27      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                           | Regions Financial Corp                                                    | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      184100 | NS      | $4989110.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SFO Commerical Mortgage Trust                    | SFO Commercial Mortgage Trust 2021-555                                    | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1043000 | PA      | $1035330.58   | 0.15%             | 2038-05-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                         | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2995710.00   | 0.43%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sea Ltd                                          | Sea Ltd                                                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |        8695 | NS      | $1109221.15   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2023-3                                             | CUSIP: 816943BF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      994927 | PA      | $1011863.67   | 0.15%             | 2053-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2021-9                                             | CUSIP: 81748CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000183 | PA      | $1677600.87   | 0.24%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                   | ServiceNow Inc                                                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       25000 | NS      | $3829750.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                      | Shopify Inc                                                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       17500 | NS      | $2816975.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                       | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2520675.00   | 0.36%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                       | SKY Trust 2025-LINE                                                       | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      808525 | PA      | $812594.59    | 0.12%             | 2042-04-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Sony Group Corp                                  | Sony Group Corp                                                           | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      133125 | NS      | $3408000.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc                         | Sony Financial Group Inc                                                  | CUSIP: 83571B100<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |       26625 | NS      | $139248.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp                                   | South Bow Corp                                                            | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |      125957 | NS      | $3464264.87   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Mortgage Residential Trust              | Starwood Mortgage Residential Trust 2021-6                                | CUSIP: 85573RAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1130285.52   | 0.16%             | 2066-11-25      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                             | Stillwater Mining Co                                                      | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1418940.00   | 0.21%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                 | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      500000 | PA      | $512750.00    | 0.07%             | 2030-09-18      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                           | Sunoco LP / Sunoco Finance Corp                                           | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2003520.00   | 0.29%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                 | TKC Holdings Inc                                                          | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2012540.00   | 0.29%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd        | Taiwan Semiconductor Manufacturing Co Ltd                                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       58182 | NS      | $17680927.98  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                   | TC Energy Corp                                                            | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |      132373 | NS      | $7289170.77   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                     | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $3119460.00   | 0.45%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                | Thornburg Capital Management Fund                                         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     3976525 | NS      | $39765249.72  | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2025-R1                                         | CUSIP: 89183DAA1<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |     1875674 | PA      | $1684932.76   | 0.24%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                              | TransDigm Group Inc                                                       | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        2425 | NS      | $3224886.25   | 0.47%             |  |  |  | No            |                  1 | 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        |        6000 | PA      | $283783.33    | 0.04%             | 2028-11-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                     | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     3095340 | PA      | $2937066.57   | 0.43%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834DV7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2500000 | PA      | $1336866.90   | 0.19%             | 2039-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834KP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     8000000 | PA      | $3741538.32   | 0.54%             | 2041-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834MT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     5000000 | PA      | $2071895.30   | 0.30%             | 2043-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834VV7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     5000000 | PA      | $1447972.20   | 0.21%             | 2050-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Upstart Securitization Trust                     | Upstart Securitization Trust 2023-1                                       | CUSIP: 91679AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1279650 | PA      | $1283369.01   | 0.19%             | 2033-02-20      | Fixed         | 11.10%                | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                       | Upstart Pass-Through Trust Series 2021-ST7                                | CUSIP: 91683KAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3000000 | PA      | $227448.00    | 0.03%             | 2029-09-20      | None          | 0.00%                 | 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        |     3000000 | PA      | $303120.00    | 0.04%             | 2029-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                             | Republic of Uzbekistan International Bond                                 | CUSIP: 91824PAD9<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        | 13000000000 | PA      | $1132471.58   | 0.16%             | 2028-02-25      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                          | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2491500.00   | 0.36%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust     | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KAX0<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |    23871285 | PA      | $699643.49    | 0.10%             | 2051-08-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust     | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KBL5<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      478671 | PA      | $398890.06    | 0.06%             | 2051-08-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust     | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KBM3<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      378378 | PA      | $304047.31    | 0.04%             | 2051-08-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust     | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KBN1<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      293079 | PA      | $146080.43    | 0.02%             | 2051-08-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| CALAMOS STRATEGIC TOTAL RETURN                   | CALAMOS STRATEGIC TOTAL RETURN                                            | CUSIP: 000000000<br>LEI: 54930048NQ2YBS3TXW78 | Long             | EP               | CORP              | US        |      106000 | NS      | $2676500.00   | 0.39%             |  |  |  | No            |                  3 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                      | TRISTATE INSURED CASH SWEEP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |         898 | PA      | $898.35       | 0.00%             | 2050-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| BASF SE                                          | BASF SE                                                                   | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |      157464 | NS      | $8285532.92   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                               | Vodafone Group PLC                                                        | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     3450000 | NS      | $4598344.45   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Vend Marketplaces ASA                            | Vend Marketplaces ASA                                                     | CUSIP: 000000000<br>LEI: 5967007LIEEXZXHT0O36 | Long             | EC               | CORP              | NO        |       78389 | NS      | $2173757.45   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| COMISION FEDERAL DE ELEC                         | Comision Federal de Electricidad                                          | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     3110000 | PA      | $2886702.00   | 0.42%             | 2036-09-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ES12735401 THORNBURG                             | ES12735401 THORNBURG                                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | DE        |     -108000 | NC      | $-58301.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | ES12740710 THORNBURG                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | DE        |      -78732 | NC      | $-14103.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | ES12768490 THORNBURG                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |     -142500 | NC      | $-23310.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | ES12773237 THORNBURG                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |      -64367 | NC      | $-98871.15    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | ES12773293 THORNBURG                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |     -362100 | NC      | $-82101.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | ES12773296 THORNBURG                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -25123 | NC      | $-100747.78   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | ES12773294 THORNBURG                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -17500 | NC      | $-37972.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                 | TotalEnergies SE                                                          | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      183632 | NS      | $11996562.40  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Severstal PAO                                    | Severstal PAO                                                             | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |      236300 | NS      | $0.24         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Glencore PLC                                     | Glencore PLC                                                              | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |      475000 | NS      | $2603044.08   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO                         | GMK Norilskiy Nickel PAO                                                  | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |     3070000 | NS      | $0.04         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                  | Telkom Indonesia Persero Tbk PT                                           | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |    20618500 | NS      | $4314118.84   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                                           | OCI NV                                                                    | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |      279469 | NS      | $1005001.82   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel NV                                    | Akzo Nobel NV                                                             | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |       64367 | NS      | $4478130.59   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                        | Alibaba Group Holding Ltd                                                 | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      202000 | NS      | $3706374.39   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                             | Tencent Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |       59500 | NS      | $4579451.86   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| B&M European Value Retail SA                     | B&M European Value Retail SA                                              | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | LU        |      767245 | NS      | $1745743.59   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                                        | Mondi PLC                                                                 | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |      290908 | NS      | $3561320.91   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertiglobe plc                                   | Fertiglobe plc                                                            | CUSIP: 000000000<br>LEI: 984500A99D1B4CPBF744 | Long             | EC               | CORP              | AE        |     2294190 | NS      | $1555383.05   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group NV                                      | NN Group NV                                                               | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |      264961 | NS      | $20470263.49  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                        | Shell PLC                                                                 | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      173200 | NS      | $6406567.49   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                         | Adyen NV                                                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |        1025 | NS      | $1656297.49   | 0.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Medtronic PLC                                    | Medtronic PLC                                                             | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       55600 | NS      | $5340936.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                     | LyondellBasell Industries NV                                              | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |       82904 | NS      | $3589743.20   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis NV                                    | Stellantis NV                                                             | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |      278210 | NS      | $3029706.90   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-26

**Name of Applicant:** Thornburg Income Builder Opportunities Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin