# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-23-037737
**Filing Date:** 2023-2
**Character Count:** 104849
**Document Hash:** 0f7672d04cefb77630e2bfecdc8d9c2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037737.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037737

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153
- **IRS NUMBER:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 23663195

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

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

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

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

## Series and Classes Contracts Data

### Thornburg Summit Fund (Series ID: S000064930)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000210187 | Thornburg Summit Fund - Class A | TSAMX           |
| C000210188 | Thornburg Summit Fund - Class I | TSUMX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT/<br> NOTIONAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 49.9%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp; 5759 | &nbsp;&nbsp;$378514 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 378514 |
|  | &nbsp;&nbsp;**Banks — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp; 15756 | &nbsp;&nbsp;&nbsp;&nbsp; 898114 |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class H | &nbsp;&nbsp; 768600 | &nbsp;&nbsp;&nbsp;&nbsp; 481517 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp; 9998 | &nbsp;&nbsp;&nbsp;&nbsp; 452209 |
|  | &nbsp;&nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp; 5056 | &nbsp;&nbsp;&nbsp;&nbsp; 616276 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 13694 | &nbsp;&nbsp;&nbsp;&nbsp; 295243 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2743359 |
|  | &nbsp;&nbsp;**Capital Goods — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 853661 |
|  | &nbsp;&nbsp;&nbsp;**Building Products — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | &nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp;&nbsp; 433982 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp; 7284 | &nbsp;&nbsp;&nbsp;&nbsp; 570410 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1858053 |
|  | &nbsp;&nbsp;**Consumer Services — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp; 11339 | &nbsp;&nbsp;&nbsp;&nbsp; 783978 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Airbnb, Inc. Class A | &nbsp;&nbsp; 3051 | &nbsp;&nbsp;&nbsp;&nbsp; 260860 |
|  | &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | &nbsp;&nbsp; 7450 | &nbsp;&nbsp;&nbsp;&nbsp; 419009 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1463847 |
|  | &nbsp;&nbsp;**Diversified Financials — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp; 2781 | &nbsp;&nbsp;&nbsp;&nbsp; 467653 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp; 5893 | &nbsp;&nbsp;&nbsp;&nbsp; 547813 |
|  | &nbsp;&nbsp;&nbsp;SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 26865 | &nbsp;&nbsp;&nbsp;&nbsp; 258178 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1273644 |
|  | &nbsp;&nbsp;**Energy — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chesapeake Energy Corp. | &nbsp;&nbsp; 9030 | &nbsp;&nbsp;&nbsp;&nbsp; 852161 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp; 15067 | &nbsp;&nbsp;&nbsp;&nbsp; 588882 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 20129 | &nbsp;&nbsp;&nbsp;&nbsp; 1263736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2704779 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp; 5694 | &nbsp;&nbsp;&nbsp;&nbsp; 659769 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 659769 |
|  | &nbsp;&nbsp;**Insurance — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp; 56600 | &nbsp;&nbsp;&nbsp;&nbsp; 629417 |
|  | &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp; 23390 | &nbsp;&nbsp;&nbsp;&nbsp; 955443 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1584860 |
|  | &nbsp;&nbsp;**Materials — 3.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp; 4779 | &nbsp;&nbsp;&nbsp;&nbsp; 320037 |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp; 2142 | &nbsp;&nbsp;&nbsp;&nbsp; 698677 |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp; 10821 | &nbsp;&nbsp;&nbsp;&nbsp; 898468 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT/<br> NOTIONAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Teck Resources Ltd. Class B | &nbsp;&nbsp; 8640 | &nbsp;&nbsp;$326765 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2243947 |
|  | &nbsp;&nbsp;**Media & Entertainment — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Entertainment — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp; 16900 | &nbsp;&nbsp;&nbsp;&nbsp; 712365 |
|  | &nbsp;&nbsp;&nbsp;**Interactive Media & Services — 1.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp; 8336 | &nbsp;&nbsp;&nbsp;&nbsp; 735485 |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 350883 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1798733 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 4.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 641554 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp; 3658 | &nbsp;&nbsp;&nbsp;&nbsp; 496098 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 6908 | &nbsp;&nbsp;&nbsp;&nbsp; 766443 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 2373 | &nbsp;&nbsp;&nbsp;&nbsp; 745532 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2649627 |
|  | &nbsp;&nbsp;**Real Estate — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp; 3486 | &nbsp;&nbsp;&nbsp;&nbsp; 472841 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 472841 |
|  | &nbsp;&nbsp;**Retailing — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 275028 |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp; 2406 | &nbsp;&nbsp;&nbsp;&nbsp; 759959 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1034987 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 825118 |
|  | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 1316 | &nbsp;&nbsp;&nbsp;&nbsp; 735815 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 437767 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1998700 |
|  | &nbsp;&nbsp;**Software & Services — 9.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 4.3%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 277213 |
|  | &nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | &nbsp;&nbsp; 3140 | &nbsp;&nbsp;&nbsp;&nbsp; 1091872 |
|  | &nbsp;&nbsp;&nbsp;Nomura Research Institute Ltd. | &nbsp;&nbsp; 18900 | &nbsp;&nbsp;&nbsp;&nbsp; 448594 |
|  | &nbsp;&nbsp;&nbsp;Visa, Inc. Class A | &nbsp;&nbsp; 4882 | &nbsp;&nbsp;&nbsp;&nbsp; 1014284 |
|  | &nbsp;&nbsp;&nbsp;**Software — 4.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp;&nbsp; 589003 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 5793 | &nbsp;&nbsp;&nbsp;&nbsp; 1389277 |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp; 8156 | &nbsp;&nbsp;&nbsp;&nbsp; 841541 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp; 293144 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5944928 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Calix, Inc. | &nbsp;&nbsp; 6713 | &nbsp;&nbsp;&nbsp;&nbsp; 459370 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 1913 | &nbsp;&nbsp;&nbsp;&nbsp; 749516 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp; 6258 | &nbsp;&nbsp;&nbsp;&nbsp; 813102 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2021988 |
|  | &nbsp;&nbsp;**Telecommunication Services — 3.0%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT/<br> NOTIONAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp; 27583 | &nbsp;&nbsp;$550309 |
|  | &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 68837 | &nbsp;&nbsp;&nbsp;&nbsp; 683885 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 25500 | &nbsp;&nbsp;&nbsp;&nbsp; 773705 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2007899 |
|  | &nbsp;&nbsp;**Transportation — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Road & Rail — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp;&nbsp;&nbsp; 294631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 294631 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $31,220,922) |  | &nbsp;&nbsp;&nbsp;&nbsp;33135106 |
|  | **Asset Backed Securities — 10.7%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 4.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | &nbsp;&nbsp;$328563 | &nbsp;&nbsp;&nbsp;&nbsp; 322444 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;ACM Auto Trust, Series 2022-1A Class A, 3.23% due 4/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 98558 | &nbsp;&nbsp;&nbsp;&nbsp; 98305 |
|  | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2021-1 Class A3, 0.34% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 467501 | &nbsp;&nbsp;&nbsp;&nbsp; 450058 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2022-A Class A, 0.98% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 161159 | &nbsp;&nbsp;&nbsp;&nbsp; 158684 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 289425 | &nbsp;&nbsp;&nbsp;&nbsp; 283515 |
|  | &nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust, Series 2021-3 Class A2, 0.24% due 12/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 90574 | &nbsp;&nbsp;&nbsp;&nbsp; 90273 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Motorcycle Trust, Series 2021-B Class A3, 0.56% due 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 580699 |
|  | &nbsp;&nbsp;&nbsp;Nissan Auto Receivables Owner Trust, Series 2019-C Class A3, 1.93% due 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 605506 | &nbsp;&nbsp;&nbsp;&nbsp; 603287 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, Series 2020-3 Class C, 1.12% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 263401 | &nbsp;&nbsp;&nbsp;&nbsp; 261022 |
|  | &nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust, Series 2020-A Class A3, 0.39% due 1/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 228952 | &nbsp;&nbsp;&nbsp;&nbsp; 227630 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3075917 |
|  | &nbsp;&nbsp;**Credit Card — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 435798 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 435798 |
|  | &nbsp;&nbsp;**Other Asset Backed — 5.1%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables IX LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 539040 |
|  | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A, 3.14% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 13795 | &nbsp;&nbsp;&nbsp;&nbsp; 12905 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class B, 3.47% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184042 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Consumer Loan Underlying Bond Credit Trust, Series 2019-P1 Class C, 4.66% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 271790 | &nbsp;&nbsp;&nbsp;&nbsp; 270366 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Series 2020-2 Class A3, 0.57% due 10/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 252999 | &nbsp;&nbsp;&nbsp;&nbsp; 250590 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 173435 | &nbsp;&nbsp;&nbsp;&nbsp; 107523 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2019-1A Class A, 3.86% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 32609 | &nbsp;&nbsp;&nbsp;&nbsp; 31997 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class A, 4.50% due 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 198358 | &nbsp;&nbsp;&nbsp;&nbsp; 197604 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Series 2021-GRN2 Class R, due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 159438 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST1 Class A, 2.50% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 177492 | &nbsp;&nbsp;&nbsp;&nbsp; 167350 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 113760 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 146313 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 229885 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class DT1, 3.011% due 8/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 240167 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28665 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 16601 | &nbsp;&nbsp;&nbsp;&nbsp; 16130 |
|  | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST4 Class CERT, due 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 187742 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST7 Class A, 1.85% due 9/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 211924 | &nbsp;&nbsp;&nbsp;&nbsp; 197357 |
|  | &nbsp;&nbsp;&nbsp;Verizon Owner Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C Class A1A, 1.94% due 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 175769 | &nbsp;&nbsp;&nbsp;&nbsp; 175440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A1A, 1.85% due 7/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 119673 | &nbsp;&nbsp;&nbsp;&nbsp; 119083 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3375397 |
|  | &nbsp;&nbsp;**Student Loan — 0.3%** |  |  |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, Series 2015-AA Class A2B, 5.518% (LIBOR 1 Month + 1.20%) due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 94314 | &nbsp;&nbsp;&nbsp;&nbsp; 94196 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2020-B Class A1A, 1.29% due 7/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 147125 | &nbsp;&nbsp;&nbsp;&nbsp; 129867 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 224063 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $7,878,203) |  | &nbsp;&nbsp;&nbsp;&nbsp; 7111175 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT/<br> NOTIONAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Corporate Bonds — 6.3%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.4%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 0.875% due 6/14/2024 | &nbsp;&nbsp;$300000 | &nbsp;&nbsp;$280023 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 280023 |
|  | &nbsp;&nbsp;**Commercial Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Darling Global Finance BV (EUR), 3.625% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208091 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 208091 |
|  | &nbsp;&nbsp;**Diversified Financials — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Owl Rock Technology Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.50% due 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 136980 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10044 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 147024 |
|  | &nbsp;&nbsp;**Energy — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.2%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 6.50% due 6/2/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 129814 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 129814 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.4%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Vector Group Ltd., 10.50% due 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 250039 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 250039 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 4.625% due 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488680 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 488680 |
|  | &nbsp;&nbsp;**Insurance — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 0.6%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Pentair Finance Sarl, 5.90% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 396388 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 396388 |
|  | &nbsp;&nbsp;**Materials — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc., 6.75% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 482630 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 482630 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.6%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 401440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 401440 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 0.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100943 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 100943 |
|  | &nbsp;&nbsp;**Real Estate — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Properties Trust, 4.95% due 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 31528 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31528 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 162220 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 162220 |
|  | &nbsp;&nbsp;**Software & Services — 0.5%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT/<br> NOTIONAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Prosus NV (EUR), 1.288% due 7/13/2029 | &nbsp;&nbsp;$285000 | &nbsp;&nbsp;$230783 |
|  | &nbsp;&nbsp;&nbsp;**Software — 0.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp;&nbsp; 129000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 359783 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Office Electronics — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 213062 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246285 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Lenovo Group Ltd., 5.831% due 1/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 290244 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 749591 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $4,259,618) |  | &nbsp;&nbsp;&nbsp;&nbsp; 4188194 |
|  | **U.S. Treasury Securities — 13.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 981758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 9/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 887969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 978187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 528172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1222812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 561000 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Notes Inflationary Index, 0.125%, 7/15/2024 - 2/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4299728 | &nbsp;&nbsp;&nbsp;&nbsp; 3765696 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $9,355,398) |  | &nbsp;&nbsp;&nbsp;&nbsp; 8925594 |
|  | **Mortgage Backed — 5.2%** |  |  |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 39437 | &nbsp;&nbsp;&nbsp;&nbsp; 36303 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B4, 2.611% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 32586 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B5, 2.611% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 27067 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B6, 2.611% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 99908 | &nbsp;&nbsp;&nbsp;&nbsp; 21774 |
|  | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2015-LC23 Class ASB, 3.598% due 10/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 334451 | &nbsp;&nbsp;&nbsp;&nbsp; 323851 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.206% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 269460 | &nbsp;&nbsp;&nbsp;&nbsp; 224552 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool SE9046, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 275123 | &nbsp;&nbsp;&nbsp;&nbsp; 241270 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50% due 7/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 50714 | &nbsp;&nbsp;&nbsp;&nbsp; 47945 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, Pool SD1669, 2.50% due 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 291754 | &nbsp;&nbsp;&nbsp;&nbsp; 246899 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 71851 | &nbsp;&nbsp;&nbsp;&nbsp; 65812 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, Pool MA4579, 3.00% due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 239879 | &nbsp;&nbsp;&nbsp;&nbsp; 210590 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 4.027% due 12/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 117032 | &nbsp;&nbsp;&nbsp;&nbsp; 96910 |
| **<sup>b,e</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; 252362 | &nbsp;&nbsp;&nbsp;&nbsp; 227355 |
|  | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1, 1.073% due 9/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 233727 | &nbsp;&nbsp;&nbsp;&nbsp; 190068 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 350705 | &nbsp;&nbsp;&nbsp;&nbsp; 282615 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2013-LC11 Class A5, 2.96% due 4/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 338899 | &nbsp;&nbsp;&nbsp;&nbsp; 336919 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 52630 | &nbsp;&nbsp;&nbsp;&nbsp; 50972 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 315082 | &nbsp;&nbsp;&nbsp;&nbsp; 296307 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2013-C10 Class ASB, 3.912% due 7/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 13199 | &nbsp;&nbsp;&nbsp;&nbsp; 13157 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 388567 | &nbsp;&nbsp;&nbsp;&nbsp; 354863 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.693% due 7/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 163123 | &nbsp;&nbsp;&nbsp;&nbsp; 136893 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $3,798,878) |  | &nbsp;&nbsp;&nbsp;&nbsp; 3464708 |
|  | **Exchange-Traded Funds — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Invesco DB Agriculture Fund | &nbsp;&nbsp;&nbsp;&nbsp; 19822 | &nbsp;&nbsp;&nbsp;&nbsp; 399413 |
|  | &nbsp;&nbsp;&nbsp;Invesco DB Base Metals Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34412 | &nbsp;&nbsp;&nbsp;&nbsp; 669314 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SPDR Gold Shares Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5318 | &nbsp;&nbsp;&nbsp;&nbsp; 902146 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;United States Oil Fund LP | &nbsp;&nbsp;&nbsp;&nbsp; 12067 | &nbsp;&nbsp;&nbsp;&nbsp; 846017 |
|  | &nbsp;&nbsp;&nbsp;Total Exchange-Traded Funds (Cost $2,372,814) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2816890 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT/<br> NOTIONAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Call Options Purchased — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SPDR Gold Shares Fund<br> Expiration Date: 9/15/2023<br> Contract Amount: 12,740<br> Exercise Price: USD 180.00<br> Contract Party: JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD 2,161,214 | &nbsp;&nbsp;$102020 |
|  | &nbsp;&nbsp;&nbsp;Total Call Options Purchased (Premiums paid $86,377) |  | &nbsp;&nbsp;&nbsp;&nbsp; 102020 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Investments — 90.0% (Cost $58,972,210) |  | &nbsp;&nbsp;&nbsp;&nbsp;59743687 |
|  | **Short-Term Investments — 8.8%** |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp; 584774 | &nbsp;&nbsp;&nbsp;&nbsp; 5847735 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $5,847,735) |  | &nbsp;&nbsp;&nbsp;&nbsp; 5847735 |
|  | **Total Investments — 98.8% (Cost $64,819,945)** |  | &nbsp;&nbsp;$65591422 |
|  | **Other Assets Less Liabilities — 1.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763428 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$66354850 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2022** |
| **Contract<br> Description** | **Contract<br> Party\*** | &nbsp;&nbsp;**Buy/Sell** | &nbsp;&nbsp;**Contract<br> Amount** | &nbsp;&nbsp;**Contract<br> Value Date** | &nbsp;&nbsp;**Value<br> USD** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| Euro | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;1093820 | &nbsp;&nbsp;1/30/2023 | &nbsp;&nbsp;1172902 | &nbsp;&nbsp;$63506 | &nbsp;&nbsp;$— |
| Japanese Yen | MSC | &nbsp;&nbsp;Buy | &nbsp;&nbsp;246842000 | &nbsp;&nbsp;1/30/2023 | &nbsp;&nbsp;1887012 | &nbsp;&nbsp;&nbsp; 181300 | &nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$244806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation (depreciation) |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$244806 |  |

---

\* Counterparties include State Street Bank and Trust Company ("SSB") and Morgan Stanely & Co. Inc. ("MSC").

---

| | |
|:---|:---|
| **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, 2022, the aggregate value of these securities in the Fund's portfolio was $9,404,618, representing 14.17% of the Fund's net assets. |
| c | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| d | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees' Audit Committee. |
| e | 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, 2022. |
| f | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| EUR | Denominated in Euro |
| LIBOR | London Interbank Offered Rates |

---

Mtg Mortgage <br> UMBS Uniform Mortgage Backed Securities <br> USD United States Dollar

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

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

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

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

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

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

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

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

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2022 (Unaudited)* |

---

------

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

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/22** | &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> 12/31/22** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $1326366 | &nbsp;&nbsp;$12390178 | &nbsp;&nbsp;$(7868809) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5847735 | &nbsp;&nbsp;$34771 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Thornburg Summit Fund

- **b. EDGAR series identifier (if any):** S000064930

- **c. LEI of Series:** 549300HH8GRQINTDIM06

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $66082763.78

**Total Liabilities:** $74407.34

**Net Assets:** $66008356.44

**Cash Not Reported:** $3504.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -71.37000000 | **1-Year:** -334.73000000 | **5-Year:** -792.69000000 | **10-Year:** -836.59000000 | **30-Year:** -162.97000000

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

- **3-Month:** -45.23000000 | **1-Year:** -468.11000000 | **5-Year:** -875.75000000 | **10-Year:** -702.21000000 | **30-Year:** -256.90000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210188 | 2.72%                | 6.52%                | -1.70%               |
| Class ID C000210187 | 2.72%                | 6.42%                | -1.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-285609.95              | $1892686.48                                |
| Month 2  | $327312.38               | $3251757.14                                |
| Month 3  | $44991.78                | $-1452041.34                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SBA Tower Trust                                   | SBA Tower Trust                                                              | CUSIP: 78403DAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $28664.70     | 0.04%             | 2049-10-15      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                             | CUSIP: 3133SKBP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    275122 | PA      | $241270.27    | 0.37%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                           | Carmax Auto Owner Trust 2021-1                                               | CUSIP: 14316NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    467501 | PA      | $450058.44    | 0.68%             | 2025-12-15      | Fixed         | 0.34%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Inflation Indexed Bonds                               | CUSIP: 912810TE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    535200 | PA      | $345071.24    | 0.52%             | 2052-02-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                            | Yum China Holdings Inc                                                       | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      7450 | NS      | $419008.51    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| QORVO INC                                         | Qorvo Inc                                                                    | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $162220.00    | 0.25%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                         | L3Harris Technologies Inc                                                    | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      4100 | NS      | $853661.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                                     | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |     40000 | PA      | $31527.60     | 0.05%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                           | Flagstar Mortgage Trust 2019-2                                               | CUSIP: 33852BAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117032 | PA      | $96909.56     | 0.15%             | 2049-12-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                 | FREED ABS Trust 2022-3FP                                                     | CUSIP: 35634EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198358 | PA      | $197603.92    | 0.30%             | 2029-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Inflation Indexed Bonds                               | CUSIP: 91282CCM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    222350 | PA      | $196153.04    | 0.30%             | 2031-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11               | CUSIP: 46639YAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    338899 | PA      | $336918.84    | 0.51%             | 2046-04-15      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-1                                                | CUSIP: 57110N106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1200 | PA      | $113760.21    | 0.17%             | 2031-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                        | Upstart Pass-Through Trust Series 2021-ST4                                   | CUSIP: 91534HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $187742.50    | 0.28%             | 2027-07-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ASML Holding NV                                   | ASML Holding NV                                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1530 | NS      | $825117.46    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arroyo Mortgage Trust                             | Arroyo Mortgage Trust 2019-1                                                 | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39437 | PA      | $36303.12     | 0.05%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                            | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $246285.00    | 0.37%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                             | CUSIP: 912810QA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1300000 | PA      | $1222812.50   | 1.85%             | 2039-02-15      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2019-3                                   | CUSIP: 30167EAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    289425 | PA      | $283515.20    | 0.43%             | 2025-08-15      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| SAP SE                                            | SAP SE                                                                       | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      8156 | NS      | $841541.19    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ACM Auto Trust                                    | ACM Auto Trust 2022-1                                                        | CUSIP: 00091QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98558 | PA      | $98304.88     | 0.15%             | 2029-04-20      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | Thermo Fisher Scientific Inc                                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1165 | NS      | $641553.85    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Advance Receivables Trust Advance | New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1 | CUSIP: 62942QCU5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $240167.00    | 0.36%             | 2053-08-15      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                    | BNP Paribas SA                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     15756 | NS      | $898114.62    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust 2020-2                                          | CUSIP: 24704GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    252999 | PA      | $250590.48    | 0.38%             | 2023-10-23      | Fixed         | 0.57%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                        | Upstart Pass-Through Trust Series 2021-ST7                                   | CUSIP: 91683KAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    211924 | PA      | $197357.19    | 0.30%             | 2029-09-20      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                              | CUSIP: 31418ECR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    239879 | PA      | $210590.18    | 0.32%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                             | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $561000.00    | 0.85%             | 2032-11-15      | Fixed         | 4.13%                 | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | Citigroup Inc                                                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      9998 | NS      | $452209.54    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                         | Linde PLC                                                                    | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |      2142 | NS      | $698677.56    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlife Securitization Trust                      | METLIFE SECURITIZATION TRUST 2019-1                                          | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52630 | PA      | $50972.36     | 0.08%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                             | CUSIP: 91282CCD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $981757.81    | 1.49%             | 2023-05-31      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Imperial Fund LLC                                 | Imperial Fund Mortgage Trust 2021-NQM3                                       | CUSIP: 452762AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350705 | PA      | $282615.43    | 0.43%             | 2056-11-25      | Variable      | 1.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                             | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $887968.75    | 1.35%             | 2026-09-30      | Fixed         | 0.88%                 | No            |                  1 | On Loan: No      |
| Ellington Financial Mortgage Trust                | Ellington Financial Mortgage Trust 2022-1                                    | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    269460 | PA      | $224551.52    | 0.34%             | 2067-01-25      | Variable      | 2.21%                 | 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        |      2000 | PA      | $159437.80    | 0.24%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Akzo Nobel NV                                     | Akzo Nobel NV                                                                | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |      4779 | NS      | $320036.82    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                         | Orange SA                                                                    | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     68837 | NS      | $683884.70    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TIAA Bank Mortgage Loan Trust                     | TIAA Bank Mortgage Loan Trust 2018-2                                         | CUSIP: 886312CD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163123 | PA      | $136892.94    | 0.21%             | 2048-07-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                               | Avantor Funding Inc                                                          | CUSIP: 000000000<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100943.39    | 0.15%             | 2025-11-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                                     | CME Group Inc                                                                | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      2781 | NS      | $467652.96    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      8336 | NS      | $735485.28    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | Visa Inc                                                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4882 | NS      | $1014284.32   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                                      | Enbridge Inc                                                                 | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     15067 | NS      | $588881.57    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | Roche Holding AG                                                             | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      2373 | NS      | $745532.36    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Motorcycle Trust                  | Harley-Davidson Motorcycle Trust 2021-B                                      | CUSIP: 41285AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $580698.54    | 0.88%             | 2026-11-16      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL                              | Pentair Finance Sarl                                                         | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $396388.00    | 0.60%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                  | TotalEnergies SE                                                             | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     20129 | NS      | $1263736.11   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-2                                                | CUSIP: 57108T107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1150 | PA      | $146312.90    | 0.22%             | 2031-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Seasoned Credit Risk Transfer Trust Series 2019-1                            | CUSIP: 35563PJF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     50714 | PA      | $47945.26     | 0.07%             | 2058-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OWL ROCK TECHNOLOGY FINA                          | Owl Rock Technology Finance Corp                                             | CUSIP: 691205AG3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    168000 | PA      | $136980.48    | 0.21%             | 2027-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5793 | NS      | $1389277.26   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust           | Freddie Mac Whole Loan Securities Trust 2017-SC02                            | CUSIP: 3137G1BS5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     71851 | PA      | $65811.76     | 0.10%             | 2047-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Verizon Owner Trust                               | Verizon Owner Trust 2020-A                                                   | CUSIP: 92348TAA2<br>LEI: 549300XY7L2MRX0BQH89 | Long             | ABS-O            | CORP              | US        |    119673 | PA      | $119083.00    | 0.18%             | 2024-07-22      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Service Corp International/US                     | Service Corp International/US                                                | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     11339 | NS      | $783978.46    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Loan Trust 2015-A                                  | CUSIP: 63939EAC7<br>LEI: 549300YZ4ZMNDBNO4U12 | Long             | ABS-O            | CORP              | US        |     94314 | PA      | $94195.57     | 0.14%             | 2028-12-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Adyen NV                                          | Adyen NV                                                                     | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       201 | NS      | $277212.59    | 0.42%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LENOVO GROUP LTD                                  | Lenovo Group Ltd                                                             | CUSIP: 526250AD7<br>LEI: 254900VUZRGD5U73RE46 | Long             | DBT              | CORP              | HK        |    300000 | PA      | $290244.00    | 0.44%             | 2028-01-27      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                 | Thornburg Capital Management Fund                                            | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |    582369 | NS      | $5823687.97   | 8.82%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10136781 GLD US 09/15/23                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |     12740 | NC      | $102020.16    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL FUND LLC                                 | Imperial Fund Mortgage Trust 2021-NQM2                                       | CUSIP: 452761AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233727 | PA      | $190067.97    | 0.29%             | 2056-09-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                  | Crown Castle Inc                                                             | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      3486 | NS      | $472841.04    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust 2021-2                                               | CUSIP: 61946RAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $229885.00    | 0.35%             | 2047-04-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ACC Auto Trust                                    | ACC Auto Trust 2022-A                                                        | CUSIP: 00085YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    328563 | PA      | $322444.19    | 0.49%             | 2026-07-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                             | CUSIP: 91282CBL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1200000 | PA      | $978187.50    | 1.48%             | 2031-02-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| Calix Inc                                         | Calix Inc                                                                    | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      6713 | NS      | $459370.59    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MFRA Trust                                        | MFRA Trust                                                                   | CUSIP: 552758AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315082 | PA      | $296306.48    | 0.45%             | 2056-09-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2022-A                                            | CUSIP: 12659WAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    161159 | PA      | $158683.63    | 0.24%             | 2029-04-16      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                        | Airbnb Inc                                                                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      3051 | NS      | $260860.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                         | Nestle SA                                                                    | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      5694 | NS      | $659768.73    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                                      | Keyence Corp                                                                 | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      1913 | NS      | $749515.85    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                 | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                        | CUSIP: 17329EBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99907 | PA      | $21774.21     | 0.03%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Vector Group Ltd                                  | Vector Group Ltd                                                             | CUSIP: 92240MBJ6<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |    251000 | PA      | $250038.67    | 0.38%             | 2026-11-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust             | GM Financial Automobile Leasing Trust 2021-3                                 | CUSIP: 36262XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90575 | PA      | $90273.42     | 0.14%             | 2023-12-20      | Fixed         | 0.24%                 | No            |                  2 | On Loan: No      |
| First Republic Bank/CA                            | First Republic Bank/CA                                                       | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |      5056 | NS      | $616275.84    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Research Institute Ltd                     | Nomura Research Institute Ltd                                                | CUSIP: 000000000<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     18900 | NS      | $448594.18    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                         | Prosus NV                                                                    | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    285000 | PA      | $230782.43    | 0.35%             | 2029-07-13      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                    | GoTo Group Inc                                                               | CUSIP: 541056AA5<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |    239000 | PA      | $129000.25    | 0.20%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                         | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10                  | CUSIP: 61762MBU4<br>LEI: 549300P1YQ48837ZOI22 | Long             | ABS-MBS          | CORP              | US        |     13199 | PA      | $13157.25     | 0.02%             | 2046-07-15      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | AstraZeneca PLC                                                              | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      3658 | NS      | $496098.04    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Equipment Finance Receivables LLC            | Amur Equipment Finance Receivables IX LLC                                    | CUSIP: 03237KAG9<br>LEI: 549300INEWFFGID70G60 | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $539039.70    | 0.82%             | 2029-02-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc                                    | Mastercard Inc                                                               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3140 | NS      | $1091872.20   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1316 | NS      | $735815.08    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen Auto Lease Trust                       | Volkswagen Auto Lease Trust 2020-A                                           | CUSIP: 92868VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228952 | PA      | $227630.25    | 0.34%             | 2024-01-22      | Fixed         | 0.39%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                                          | ECAF I Ltd                                                                   | CUSIP: 26827EAC9<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |    173435 | PA      | $107523.22    | 0.16%             | 2040-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                               | Deutsche Telekom AG                                                          | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     27583 | NS      | $550309.47    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | Home Depot Inc/The                                                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2406 | NS      | $759959.16    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                 | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                        | CUSIP: 17329EBX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $32585.72     | 0.05%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Verizon Owner Trust                               | Verizon Owner Trust 2019-C                                                   | CUSIP: 92348AAA3<br>LEI: 549300WANFF5OIMC3D47 | Long             | ABS-O            | CORP              | US        |    175769 | PA      | $175439.97    | 0.27%             | 2024-04-22      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                 | Sierra Timeshare 2019-1 Receivables Funding LLC                              | CUSIP: 82653EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16601 | PA      | $16129.54     | 0.02%             | 2036-01-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                | Aqua Finance Trust 2019-A                                                    | CUSIP: 038370AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $184041.97    | 0.28%             | 2040-07-16      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Inflation Indexed Bonds                               | CUSIP: 912828WU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    752946 | PA      | $728967.23    | 1.10%             | 2024-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd                      | Canadian Pacific Railway Ltd                                                 | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3950 | NS      | $294630.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                    | ServiceNow Inc                                                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       755 | NS      | $293143.85    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| OWL ROCK TECHNOLOGY FINA                          | Owl Rock Technology Finance Corp                                             | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10043.77     | 0.02%             | 2025-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                             | CUSIP: 3132DN2A0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    291754 | PA      | $246898.54    | 0.37%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                             | CUSIP: 912828G38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $528171.88    | 0.80%             | 2024-11-15      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2022-NQM3                                | CUSIP: 64831QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    388566 | PA      | $354863.32    | 0.54%             | 2062-04-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                               | CDW LLC / CDW Finance Corp                                                   | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $213062.50    | 0.32%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Oil Fund LP                         | United States Oil Fund LP                                                    | CUSIP: 91232N207<br>LEI: ZR7XWIN3GSRDDWZ9V446 | Long             | EC               | RF                | US        |     12067 | NS      | $846017.37    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2020-3                                | CUSIP: 80285WAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263401 | PA      | $261022.23    | 0.40%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                      | LyondellBasell Industries NV                                                 | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     10821 | NS      | $898467.63    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                             | Tenet Healthcare Corp                                                        | CUSIP: 88033GCS7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488680.00    | 0.74%             | 2024-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                                 | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $401440.00    | 0.61%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                | Aqua Finance Trust 2019-A                                                    | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13795 | PA      | $12905.17     | 0.02%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust             | Mission Lane Credit Card Master Trust                                        | CUSIP: 60510MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $435798.45    | 0.66%             | 2026-09-15      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED JPY / SOLD USD                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |         1 | NC      | $181299.53    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco DB Agriculture Fund                       | Invesco DB Agriculture Fund                                                  | CUSIP: 46140H106<br>LEI: 549300CW37D800HX4P40 | Long             | EC               | RF                | US        |     19822 | NS      | $399413.30    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group NV                                       | NN Group NV                                                                  | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     23390 | NS      | $955442.97    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust                                             | CUSIP: 78449XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147125 | PA      | $129867.10    | 0.20%             | 2053-07-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM 2015-LC23 Mortgage Trust                                                | CUSIP: 12636FBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    334451 | PA      | $323850.74    | 0.49%             | 2048-10-10      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                   | LendingPoint Pass-Through Trust Series 2022-ST1                              | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177492 | PA      | $167349.86    | 0.25%             | 2028-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner Trust               | Nissan Auto Receivables 2019-C Owner Trust                                   | CUSIP: 65479JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    605506 | PA      | $603286.74    | 0.91%             | 2024-07-15      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp                               | Otis Worldwide Corp                                                          | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      7284 | NS      | $570410.04    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                            | Regions Financial Corp                                                       | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     13694 | NS      | $295242.64    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares                                  | SPDR Gold Shares                                                             | CUSIP: 78463V107<br>LEI: 549300SMREV46EHBHL79 | Long             | EC               | RF                | US        |      5318 | NS      | $902145.52    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                 | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                        | CUSIP: 17329EBY2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $27067.04     | 0.04%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      6258 | NS      | $813101.94    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd                                   | Nintendo Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     16900 | NS      | $712365.13    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | Taiwan Semiconductor Manufacturing Co Ltd                                    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     30000 | NS      | $437767.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                                         | KDDI Corp                                                                    | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     25500 | NS      | $773704.66    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                          | Builders FirstSource Inc                                                     | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      6689 | NS      | $433982.32    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                          | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $129814.00    | 0.20%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM2 Trust                                                          | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    252361 | PA      | $227355.10    | 0.34%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MercadoLibre Inc                                                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       325 | NS      | $275028.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                      | CUSIP: 44891ABV8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    300000 | PA      | $280023.00    | 0.42%             | 2024-06-14      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                     | AIA Group Ltd                                                                | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     56600 | NS      | $629416.63    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                              | Tencent Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      8200 | NS      | $350883.04    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                | Teck Resources Ltd                                                           | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      8640 | NS      | $326764.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | Merck & Co Inc                                                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6908 | NS      | $766442.60    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp                            | Chesapeake Energy Corp                                                       | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      9030 | NS      | $852161.10    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING GLOBAL FINANCE                            | Darling Global Finance BV                                                    | CUSIP: 000000000<br>LEI: 724500R2BQXOR6YG2Y67 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $208091.10    | 0.32%             | 2026-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                          | Compass Minerals International Inc                                           | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $482630.00    | 0.73%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                          | Foundation Finance Trust 2019-1                                              | CUSIP: 35041JAA3<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |     32609 | PA      | $31996.61     | 0.05%             | 2034-11-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Inflation Indexed Bonds                               | CUSIP: 912828ZZ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2789232 | PA      | $2495504.64   | 3.78%             | 2030-07-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                   | Fair Isaac Corp                                                              | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       984 | NS      | $589002.72    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Cards & Payment Services Ltd                  | SBI Cards & Payment Services Ltd                                             | CUSIP: 000000000<br>LEI: 335800HN4Y9OTCFH4236 | Long             | EC               | CORP              | IN        |     26865 | NS      | $258177.42    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                            | Mercedes-Benz Group AG                                                       | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |      5759 | NS      | $378513.72    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                        | Capital One Financial Corp                                                   | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      5893 | NS      | $547813.28    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Loan Underlying Bond Credit Trust        | Consumer Loan Underlying Bond Credit Trust 2019-P1                           | CUSIP: 21054AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    271790 | PA      | $270366.10    | 0.41%             | 2026-07-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED EUR / SOLD USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $63506.31     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                      | China Construction Bank Corp                                                 | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    768600 | NS      | $481516.63    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco DB Base Metals Fund                       | Invesco DB Base Metals Fund                                                  | CUSIP: 46140H700<br>LEI: 549300I8WTPB4O7RVF32 | Long             | EC               | RF                | US        |     34412 | NS      | $669313.40    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin