# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195818
**Filing Date:** 2025-8
**Character Count:** 263626
**Document Hash:** 03df69356f9d25a62b5e6a33c05e553c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195818.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195818

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238602

**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 Core Plus Bond Fund (Series ID: S000082059)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000245315 | Class R6     | THCSX           |
| C000245316 | Class R5     | THCFX           |
| C000245317 | Class R4     | THCEX           |
| C000245318 | Class A      | THCAX           |
| C000245319 | Class I      | THCIX           |
| C000245320 | Class C      | THCCX           |
| C000245321 | Class R3     | THCHX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Preferred Stock — 0.4%** |  |  |
|  | &nbsp;&nbsp;**Financial Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund 6.24%, 9/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;$351260 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 288000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 639260 |
|  | &nbsp;&nbsp;&nbsp;Total Preferred Stock (Cost $617,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 639260 |
|  | **Asset Backed Securities — 9.7%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 1.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | &nbsp;&nbsp;$128917 | &nbsp;&nbsp;&nbsp;&nbsp; 129686 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N4 Class A, 6.42% due 1/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8238 | &nbsp;&nbsp;&nbsp;&nbsp; 8274 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 1.08% due 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp;&nbsp; 2485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 5.30% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 168114 | &nbsp;&nbsp;&nbsp;&nbsp; 168257 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-4 Class B, 6.78% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 452523 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 6.954% (SOFR30A + 2.65%) due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 516668 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-3A Class A2, 4.97% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 497616 | &nbsp;&nbsp;&nbsp;&nbsp; 497519 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class A, 7.59% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp;&nbsp; 2531 |
|  | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class A, 5.11% due 2/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7126 | &nbsp;&nbsp;&nbsp;&nbsp; 7127 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A2, 6.44% due 3/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240258 | &nbsp;&nbsp;&nbsp;&nbsp; 241834 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 84030 | &nbsp;&nbsp;&nbsp;&nbsp; 83930 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, Series 2023-4A Class A, 7.54% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 18704 | &nbsp;&nbsp;&nbsp;&nbsp; 18843 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2024-2A Class A, 6.36% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60913 | &nbsp;&nbsp;&nbsp;&nbsp; 61090 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2190767 |
|  | &nbsp;&nbsp;**Credit Card — 0.8%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201425 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 318485 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 277347 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2024-A Class A1, 6.20% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 378151 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1175408 |
|  | &nbsp;&nbsp;**Other Asset Backed — 6.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 166082 | &nbsp;&nbsp;&nbsp;&nbsp; 166729 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 131553 | &nbsp;&nbsp;&nbsp;&nbsp; 129784 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 51858 | &nbsp;&nbsp;&nbsp;&nbsp; 52269 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2022-C Class B, 5.93% due 10/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 156235 | &nbsp;&nbsp;&nbsp;&nbsp; 156302 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 181477 | &nbsp;&nbsp;&nbsp;&nbsp; 179611 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 497190 | &nbsp;&nbsp;&nbsp;&nbsp; 499053 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 429167 | &nbsp;&nbsp;&nbsp;&nbsp; 433738 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 361077 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503540 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 303507 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95114 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 140952 | &nbsp;&nbsp;&nbsp;&nbsp; 139156 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2019-1A Class B, 4.22% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 90947 | &nbsp;&nbsp;&nbsp;&nbsp; 90690 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 204545 | &nbsp;&nbsp;&nbsp;&nbsp; 204742 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 461087 | &nbsp;&nbsp;&nbsp;&nbsp; 380191 |
|  | &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3CS Class A, 2.10% due 5/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 211547 | &nbsp;&nbsp;&nbsp;&nbsp; 161592 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4GS Class A, 1.93% due 7/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 173114 | &nbsp;&nbsp;&nbsp;&nbsp; 136813 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5CS Class A, 2.31% due 10/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 324366 | &nbsp;&nbsp;&nbsp;&nbsp; 268427 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.598% (SOFR90A + 2.25%) due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16165 | &nbsp;&nbsp;&nbsp;&nbsp; 16191 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 152046 | &nbsp;&nbsp;&nbsp;&nbsp; 152930 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust, Series 2024-1 Class A, 6.689% (SOFR30A + 2.25%) due 12/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 372654 | &nbsp;&nbsp;&nbsp;&nbsp; 374659 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 525865 | &nbsp;&nbsp;&nbsp;&nbsp; 492692 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 440140 | &nbsp;&nbsp;&nbsp;&nbsp; 364992 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Mill City Solar Loan Ltd., Series 2019-2GS Class A, 3.69% due 7/20/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 91732 | &nbsp;&nbsp;&nbsp;&nbsp; 78875 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 27555 | &nbsp;&nbsp;&nbsp;&nbsp; 28145 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, Series 2024-A Class A, 7.43% due 10/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 101391 | &nbsp;&nbsp;&nbsp;&nbsp; 101822 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 126609 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 | &nbsp;&nbsp;$35617 | &nbsp;&nbsp;$35860 |
|  | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 36431 | &nbsp;&nbsp;&nbsp;&nbsp; 35668 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 267507 | &nbsp;&nbsp;&nbsp;&nbsp; 262027 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A, 5.05% due 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 71457 | &nbsp;&nbsp;&nbsp;&nbsp; 71438 |
|  | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 167437 | &nbsp;&nbsp;&nbsp;&nbsp; 168530 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class C, 8.491% due 6/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 207113 | &nbsp;&nbsp;&nbsp;&nbsp; 208430 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A, 6.258% due 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 46540 | &nbsp;&nbsp;&nbsp;&nbsp; 46719 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;PFS Financing Corp., Series 2023-B Class A, 5.27% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161048 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 127219 | &nbsp;&nbsp;&nbsp;&nbsp; 130381 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24821 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 28765 | &nbsp;&nbsp;&nbsp;&nbsp; 28117 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 389835 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 190591 | &nbsp;&nbsp;&nbsp;&nbsp; 197233 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 245308 | &nbsp;&nbsp;&nbsp;&nbsp; 242163 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 377009 | &nbsp;&nbsp;&nbsp;&nbsp; 380400 |
|  | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class C, 3.61% due 6/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60245 | &nbsp;&nbsp;&nbsp;&nbsp; 59939 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 149652 | &nbsp;&nbsp;&nbsp;&nbsp; 149926 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 386877 | &nbsp;&nbsp;&nbsp;&nbsp; 387347 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8979132 |
|  | &nbsp;&nbsp;**Student Loan — 1.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 267172 | &nbsp;&nbsp;&nbsp;&nbsp; 272759 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, Series 18-CGS Class A1, 3.87% due 2/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 446816 | &nbsp;&nbsp;&nbsp;&nbsp; 432415 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 42058 | &nbsp;&nbsp;&nbsp;&nbsp; 38675 |
|  | &nbsp;&nbsp;&nbsp;MPOWER Education Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 6.78% due 7/22/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 183763 | &nbsp;&nbsp;&nbsp;&nbsp; 190083 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 6.62% due 7/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 288505 | &nbsp;&nbsp;&nbsp;&nbsp; 290334 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.724% (TSFR1M + 0.40%) due 1/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 423196 | &nbsp;&nbsp;&nbsp;&nbsp; 409624 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2020-IA Class A1A, 1.33% due 4/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 248415 | &nbsp;&nbsp;&nbsp;&nbsp; 228473 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 48939 | &nbsp;&nbsp;&nbsp;&nbsp; 42471 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1904834 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $14,143,941) |  | &nbsp;&nbsp;&nbsp;&nbsp; 14250141 |
|  | **Corporate Bonds — 31.6%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.2%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Hyundai Capital America, 4.30% due 9/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 282729 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 282729 |
|  | &nbsp;&nbsp;**Banks — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.5%** |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc., 5.376% (H15T1Y + 1.12%) due 5/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 212746 |
|  | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.741% (SOFR + 1.88%) due 3/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 211498 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.174% (SOFR + 2.50%) due 1/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 73876 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., 5.574% (SOFR + 1.74%) due 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp; 285983 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 784103 |
|  | &nbsp;&nbsp;**Capital Goods — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 81938 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.375% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 308493 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 365500 | &nbsp;&nbsp;&nbsp;&nbsp; 351640 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp;&nbsp; 297704 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.30% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 274000 | &nbsp;&nbsp;&nbsp;&nbsp; 287127 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp; 283811 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1610713 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.2%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | &nbsp;&nbsp;$168000 | &nbsp;&nbsp;$178276 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36845 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33304 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 323023 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc., 2.375% due 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 291655 |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.4%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Belron U.K. Finance plc, 5.75% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 322310 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV, 6.255% due 1/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 233431 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 847396 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 278592 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 250571 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 529163 |
|  | &nbsp;&nbsp;**Consumer Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Arcos Dorados BV, 6.375% due 1/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 373597 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 46606 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 420203 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 310779 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 295089 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 605868 |
|  | &nbsp;&nbsp;**Energy — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.2%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., 9.50% due 12/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 258405 |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 401836 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 364203 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 11/2/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 58968 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.375% due 1/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120644 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 214967 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., 2.16% due 3/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 294860 | &nbsp;&nbsp;&nbsp;&nbsp; 261284 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 444250 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 289570 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350098 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 7.69% due 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 224192 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, 5.70% due 1/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 309151 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 376192 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 312438 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.25% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 157535 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 448910 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4592643 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 537304 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 147236 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 357410 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, 3.90% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 298644 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | &nbsp;&nbsp;$220000 | &nbsp;&nbsp;$211037 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 67161 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.884% due 7/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 600036 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.328% due 7/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 104942 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.831% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 440460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2764230 |
|  | &nbsp;&nbsp;**Financial Services — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.6%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257398 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 362744 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 426329 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.00% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 651006 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., 6.50% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 406000 | &nbsp;&nbsp;&nbsp;&nbsp; 415224 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 254175 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 6.875% due 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 517560 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 3.95% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 491995 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.785% (SOFR + 1.94%) due 3/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 368551 |
| **<sup>b,c,e</sup>** | &nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.610%) due 6/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242100 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;HSBC Holdings plc, 5.546% (SOFR + 1.46%) due 3/4/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257372 |
| **<sup>b,c,d</sup>** | &nbsp;&nbsp;&nbsp;Societe Generale SA, 5.471% (SOFR + 1.10%) due 2/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 313109 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp; 289230 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.2%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150928 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 98311 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5096032 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.8%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Becle SAB de CV, 2.50% due 10/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 537361 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 340634 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 211025 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 445462 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144281 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43825 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51434 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.834% due 2/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 126251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.75% due 10/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 184768 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 5.50% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 360570 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2570796 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 3.00% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 293111 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 362544 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199414 |
|  | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, 4.55% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 325080 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.75% due 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 362173 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.65% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 333000 | &nbsp;&nbsp;&nbsp;&nbsp; 296769 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197778 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2036869 |
|  | &nbsp;&nbsp;**Insurance — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 3.5%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | &nbsp;&nbsp;$350000 | &nbsp;&nbsp;$359524 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 5.55% due 4/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp;&nbsp; 415503 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.70% due 6/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 145259 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 425177 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 298446 |
|  | &nbsp;&nbsp;&nbsp;F&G Global Funding, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.00% due 9/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 173000 | &nbsp;&nbsp;&nbsp;&nbsp; 158909 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 1/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 311714 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 159549 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 4.40% due 9/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp; 301577 |
|  | &nbsp;&nbsp;&nbsp;Globe Life, Inc., 5.85% due 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 318848 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Intact Financial Corp., 5.459% due 9/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 291997 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp;&nbsp; 283529 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Omnis Funding Trust, 6.722% due 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 300362 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II, 6.012% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp; 293004 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 412791 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;RGA Global Funding, 2.70% due 1/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 61044 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 338000 | &nbsp;&nbsp;&nbsp;&nbsp; 302327 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Western-Southern Global Funding, 4.90% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 333340 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5172900 |
|  | &nbsp;&nbsp;**Materials — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.4%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Ma'aden Sukuk Ltd., 5.25% due 2/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 533752 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 304461 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 415518 |
|  | &nbsp;&nbsp;&nbsp;Berry Global, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.57% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 136362 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249990 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;CCL Industries, Inc., 3.05% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 171621 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 337441 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2149145 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 293703 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.50% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 347330 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 641033 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.6%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 368865 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., 6.75% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 261000 | &nbsp;&nbsp;&nbsp;&nbsp; 282157 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 331000 | &nbsp;&nbsp;&nbsp;&nbsp; 298482 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 949504 |
|  | &nbsp;&nbsp;**Software & Services — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 448000 | &nbsp;&nbsp;&nbsp;&nbsp; 433516 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257628 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp;&nbsp; 680193 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.5%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Prosus NV, 3.832% due 2/8/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 128502 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Prosus NV (EUR), 1.985% due 7/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102032 |
|  | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 458437 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.0%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350042 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 3.625% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 317000 | &nbsp;&nbsp;&nbsp;&nbsp; 297441 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 282666 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250093 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 259547 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3500097 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | &nbsp;&nbsp;$310000 | &nbsp;&nbsp;$293849 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Flex Ltd., 4.875% due 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 361429 |
|  | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc., 5.35% due 7/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 299126 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 6.625% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205654 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 317000 | &nbsp;&nbsp;&nbsp;&nbsp; 298931 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc.,6.375% due 3/15/2029 - 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412592 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205648 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2077229 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Crown Castle Towers LLC, 4.241% due 7/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122761 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 305319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 428080 |
|  | &nbsp;&nbsp;**Transportation — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 0.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, 6.613% (SOFR + 2.35%) due 12/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 285356 |
|  | &nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250593 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 535949 |
|  | &nbsp;&nbsp;**Utilities — 5.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 5.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AEP Texas, Inc., Series I, 2.10% due 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 319828 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 2.30% due 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 316029 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., 6.15% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 352219 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Boston Gas Co., 3.757% due 3/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 368860 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.348% due 2/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176430 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 132800 | &nbsp;&nbsp;&nbsp;&nbsp; 118734 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., 5.85% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313734 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Electricite de France SA, 5.75% due 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 383107 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Enel Finance International NV, 5.125% due 6/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 322000 | &nbsp;&nbsp;&nbsp;&nbsp; 328041 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 3.75% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 58865 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.55% due 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 247368 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.30% due 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 274788 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 334555 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 307569 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 350962 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co., 5.339% (SOFRINDX + 0.95%) due 9/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249898 |
|  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403360 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp;&nbsp; 301194 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.10% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.224% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 192792 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southern Co., Series B, 4.00% (5-Yr. CMT + 3.730%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 372994 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co., 6.00% due 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252612 |
|  | &nbsp;&nbsp;&nbsp;Tucson Electric Power Co., 5.20% due 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 451939 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.05% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 376087 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 402058 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp., 5.994% due 3/6/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 290973 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Snam SpA, Series 2025-2 Class A2, 5.75% due 5/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 293979 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8432535 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $45,421,404) |  | &nbsp;&nbsp;&nbsp;&nbsp; 46350240 |
|  | **Convertible Bonds — 0.2%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | &nbsp;&nbsp;$480000 | &nbsp;&nbsp;$285283 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 285283 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $295,799) |  | &nbsp;&nbsp;&nbsp;&nbsp; 285283 |
|  | **Long-Term Municipal Bonds — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Seaport Department, 6.224% due 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103649 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds (Cost $100,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 103649 |
|  | **Other Government — 1.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Albania Government International Bonds (EUR), 5.90% due 6/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 249191 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 258375 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9080000 | &nbsp;&nbsp;&nbsp;&nbsp; 151478 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;9.75% due 6/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 134754 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;10.75% due 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 138585 |
|  | &nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 161460 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 4.00% due 7/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 159172 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 177707 |
|  | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 274000 | &nbsp;&nbsp;&nbsp;&nbsp; 157876 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), 15.50% due 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 198112 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 350652 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $2,028,100) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2137362 |
|  | **U.S. Treasury Securities — 23.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.25%, 8/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 599325 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 2/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 642053 | &nbsp;&nbsp;&nbsp;&nbsp; 508751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2874162 | &nbsp;&nbsp;&nbsp;&nbsp; 2631543 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 317665 | &nbsp;&nbsp;&nbsp;&nbsp; 303469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 749233 | &nbsp;&nbsp;&nbsp;&nbsp; 742765 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2166773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1429784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4287000 | &nbsp;&nbsp;&nbsp;&nbsp; 2844826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 164186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1403000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020244 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1347000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608496 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/15/2035 - 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 966000 | &nbsp;&nbsp;&nbsp;&nbsp; 886918 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 5891531 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.931%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 6375000 | &nbsp;&nbsp;&nbsp;&nbsp; 3016721 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.956%, 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 11930000 | &nbsp;&nbsp;&nbsp;&nbsp; 4620381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.073%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1713615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.11%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 598113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8.346%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4775000 | &nbsp;&nbsp;&nbsp;&nbsp; 2130683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;9.909%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 271516 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $34,803,825) |  | &nbsp;&nbsp;&nbsp;&nbsp; 34476435 |
|  | **U.S. Government Agencies — 0.7%** |  |  |
| **<sup>b,c,e</sup>** | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.420%), 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 463303 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, 2.90%, 2/18/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 510412 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $971,863) |  | &nbsp;&nbsp;&nbsp;&nbsp; 973715 |
|  | **Mortgage Backed — 30.9%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-G Class A, 4.875% due 6/25/2061 | &nbsp;&nbsp;$452797 | &nbsp;&nbsp;$451180 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A, 4.25% due 10/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 507524 | &nbsp;&nbsp;&nbsp;&nbsp; 497996 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C Class A1, 3.50% due 5/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 495674 | &nbsp;&nbsp;&nbsp;&nbsp; 471373 |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.881% due 12/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 103454 | &nbsp;&nbsp;&nbsp;&nbsp; 95855 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A1, 4.80% due 11/26/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 171631 | &nbsp;&nbsp;&nbsp;&nbsp; 170073 |
|  | &nbsp;&nbsp;&nbsp;Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 264492 | &nbsp;&nbsp;&nbsp;&nbsp; 263749 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 4.25% due 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 338730 | &nbsp;&nbsp;&nbsp;&nbsp; 335434 |
|  | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3 Class A1, 1.699% due 4/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 31978 | &nbsp;&nbsp;&nbsp;&nbsp; 29668 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 5.108% due 7/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 67074 | &nbsp;&nbsp;&nbsp;&nbsp; 66688 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 309896 | &nbsp;&nbsp;&nbsp;&nbsp; 303774 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 363524 |
|  | &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 3.007% due 1/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 91389 | &nbsp;&nbsp;&nbsp;&nbsp; 86208 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1, 7.065% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 178678 | &nbsp;&nbsp;&nbsp;&nbsp; 179393 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, Series 2024-R1 Class A1, 4.75% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 408311 | &nbsp;&nbsp;&nbsp;&nbsp; 404945 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A3A, 2.50% due 5/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 73678 | &nbsp;&nbsp;&nbsp;&nbsp; 60084 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 277313 | &nbsp;&nbsp;&nbsp;&nbsp; 245601 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 127167 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 510259 |
|  | &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-H1 Class A1, 6.615% due 3/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 286033 | &nbsp;&nbsp;&nbsp;&nbsp; 287750 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-H4 Class A1, 6.147% due 7/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 248397 | &nbsp;&nbsp;&nbsp;&nbsp; 250403 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2020-WEST Class A, 3.04% due 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 284132 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 0.83% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 45019 | &nbsp;&nbsp;&nbsp;&nbsp; 36345 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RP11 Class A1, 2.25% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 605321 | &nbsp;&nbsp;&nbsp;&nbsp; 501800 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 100163 | &nbsp;&nbsp;&nbsp;&nbsp; 99691 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 365430 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.702% due 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 290137 | &nbsp;&nbsp;&nbsp;&nbsp; 278481 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841463, 2.157% (2.18% - SOFR30A) due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 101278 | &nbsp;&nbsp;&nbsp;&nbsp; 90818 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5461 Class PA, 4.50% due 8/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 544058 | &nbsp;&nbsp;&nbsp;&nbsp; 533011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5469 Class QA, 4.50% due 11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 401535 | &nbsp;&nbsp;&nbsp;&nbsp; 393761 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FH, 5.705% (SOFR30A + 1.40%) due 2/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 341560 | &nbsp;&nbsp;&nbsp;&nbsp; 341846 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series K-154 Class A2, 4.35% due 1/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 106371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ46 Class A2, 4.796% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32729 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ47 Class A2, 5.43% due 6/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ48 Class A2, 5.028% due 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57936 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class MT, 3.00% due 11/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 477934 | &nbsp;&nbsp;&nbsp;&nbsp; 388110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class MT, 3.50% due 5/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 596986 | &nbsp;&nbsp;&nbsp;&nbsp; 510991 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RA6665, 3.00% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1129369 | &nbsp;&nbsp;&nbsp;&nbsp; 977499 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8140, 2.00% due 4/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 401541 | &nbsp;&nbsp;&nbsp;&nbsp; 319960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8206, 3.00% due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1381893 | &nbsp;&nbsp;&nbsp;&nbsp; 1197491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8213, 3.00% due 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1079483 | &nbsp;&nbsp;&nbsp;&nbsp; 935310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8225, 3.00% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 182935 | &nbsp;&nbsp;&nbsp;&nbsp; 158482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8244, 4.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1101843 | &nbsp;&nbsp;&nbsp;&nbsp; 1027165 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BL8603, 2.07% due 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 459096 | &nbsp;&nbsp;&nbsp;&nbsp; 318209 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM7277, 1.969% (2.07% - SOFR30A) due 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 105738 | &nbsp;&nbsp;&nbsp;&nbsp; 95211 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM7341, 2.435% (RFUCCT1Y + 1.61%) due 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 501666 | &nbsp;&nbsp;&nbsp;&nbsp; 463921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS1289, 2.17% due 3/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 470070 | &nbsp;&nbsp;&nbsp;&nbsp; 317626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS6056 3.85% due 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 367705 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-25 Class VB, 5.50% due 3/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 321596 | &nbsp;&nbsp;&nbsp;&nbsp; 327944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70 Class MP, 4.50% due 10/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 552938 | &nbsp;&nbsp;&nbsp;&nbsp; 544331 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 607027 | &nbsp;&nbsp;&nbsp;&nbsp; 504468 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB0199, 3.00% due 4/1/2051 | &nbsp;&nbsp;$390673 | &nbsp;&nbsp;$338138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB1134, 2.50% due 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1965195 | &nbsp;&nbsp;&nbsp;&nbsp; 1630981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 457810 | &nbsp;&nbsp;&nbsp;&nbsp; 396247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2399, 2.50% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 534831 | &nbsp;&nbsp;&nbsp;&nbsp; 445538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2404, 2.50% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 290469 | &nbsp;&nbsp;&nbsp;&nbsp; 241162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2665, 3.00% due 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 258781 | &nbsp;&nbsp;&nbsp;&nbsp; 223982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM8761, 2.50% due 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 746286 | &nbsp;&nbsp;&nbsp;&nbsp; 619609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS0957, 3.00% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 482075 | &nbsp;&nbsp;&nbsp;&nbsp; 417802 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS2676, 3.00% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 323307 | &nbsp;&nbsp;&nbsp;&nbsp; 279831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS4862, 2.50% due 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 263760 | &nbsp;&nbsp;&nbsp;&nbsp; 219111 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS4919, 2.50% due 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 362775 | &nbsp;&nbsp;&nbsp;&nbsp; 301483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7059, 3.00% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 517998 | &nbsp;&nbsp;&nbsp;&nbsp; 449341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7065, 3.00% due 3/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2765497 | &nbsp;&nbsp;&nbsp;&nbsp; 2396143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS7879, 2.50% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1013941 | &nbsp;&nbsp;&nbsp;&nbsp; 841504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4399, 2.50% due 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 323426 | &nbsp;&nbsp;&nbsp;&nbsp; 269734 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4548, 2.50% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1816354 | &nbsp;&nbsp;&nbsp;&nbsp; 1511447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4578, 2.50% due 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1979167 | &nbsp;&nbsp;&nbsp;&nbsp; 1643481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4599, 3.00% due 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2143018 | &nbsp;&nbsp;&nbsp;&nbsp; 1856801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4730, 3.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 445458 | &nbsp;&nbsp;&nbsp;&nbsp; 385860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5442, 4.50% due 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1155761 | &nbsp;&nbsp;&nbsp;&nbsp; 1105646 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 68916 | &nbsp;&nbsp;&nbsp;&nbsp; 65469 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-INV1 Class A1, 6.00% due 8/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 231971 | &nbsp;&nbsp;&nbsp;&nbsp; 233433 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4 Class A1, 4.25% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 403555 | &nbsp;&nbsp;&nbsp;&nbsp; 371688 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 287461 | &nbsp;&nbsp;&nbsp;&nbsp; 290508 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 63762 | &nbsp;&nbsp;&nbsp;&nbsp; 59312 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., UMBS Collateral, Pool MA7368, 3.00% due 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 589848 | &nbsp;&nbsp;&nbsp;&nbsp; 522313 |
|  | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 170306 | &nbsp;&nbsp;&nbsp;&nbsp; 165812 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4 Class A1, 3.90% due 9/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 426678 | &nbsp;&nbsp;&nbsp;&nbsp; 414628 |
|  | &nbsp;&nbsp;&nbsp;Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 311278 | &nbsp;&nbsp;&nbsp;&nbsp; 322842 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 355120 | &nbsp;&nbsp;&nbsp;&nbsp; 356758 |
|  | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 A Class A1, 5.082% due 7/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 157161 | &nbsp;&nbsp;&nbsp;&nbsp; 156230 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300665 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 7.12% due 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 326550 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 230208 |
|  | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 89852 | &nbsp;&nbsp;&nbsp;&nbsp; 91383 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 511276 | &nbsp;&nbsp;&nbsp;&nbsp; 512468 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A3A, 2.00% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 345825 | &nbsp;&nbsp;&nbsp;&nbsp; 268591 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV6 Class A2, 3.00% due 4/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 71446 | &nbsp;&nbsp;&nbsp;&nbsp; 60820 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 412028 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 330979 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 64167 | &nbsp;&nbsp;&nbsp;&nbsp; 55767 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 390037 | &nbsp;&nbsp;&nbsp;&nbsp; 379347 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 382757 | &nbsp;&nbsp;&nbsp;&nbsp; 383784 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1, 4.25% due 2/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 424512 | &nbsp;&nbsp;&nbsp;&nbsp; 406478 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 574708 | &nbsp;&nbsp;&nbsp;&nbsp; 540128 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 296746 | &nbsp;&nbsp;&nbsp;&nbsp; 311581 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 6.152% due 12/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 147315 | &nbsp;&nbsp;&nbsp;&nbsp; 148432 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 100875 | &nbsp;&nbsp;&nbsp;&nbsp; 91667 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 338550 | &nbsp;&nbsp;&nbsp;&nbsp; 320830 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;NMLT Trust, Whole Loan Securities Trust CMO, Series 2021-INV1 Class A1, 1.185% due 5/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 53654 | &nbsp;&nbsp;&nbsp;&nbsp; 46525 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 328483 |
|  | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 4.31% due 5/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 88586 | &nbsp;&nbsp;&nbsp;&nbsp; 88121 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM11 Class A1, 5.875% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 343383 | &nbsp;&nbsp;&nbsp;&nbsp; 345480 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 254504 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 6.116% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 221651 | &nbsp;&nbsp;&nbsp;&nbsp; 221699 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, Series 2021-RN3 Class A1, 4.843% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 276373 | &nbsp;&nbsp;&nbsp;&nbsp; 275340 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 160008 | &nbsp;&nbsp;&nbsp;&nbsp; 154225 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | &nbsp;&nbsp;$242892 | &nbsp;&nbsp;$245948 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 277885 | &nbsp;&nbsp;&nbsp;&nbsp; 278277 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A13, 3.50% due 9/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 26487 | &nbsp;&nbsp;&nbsp;&nbsp; 23249 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Redwood Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 7.745% due 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 298386 | &nbsp;&nbsp;&nbsp;&nbsp; 300399 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 332128 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.576% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 169881 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.90% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 293965 | &nbsp;&nbsp;&nbsp;&nbsp; 293230 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-SH1 Class A1A, 4.10% due 7/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 96923 | &nbsp;&nbsp;&nbsp;&nbsp; 94232 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301829 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2A, 3.10% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91138 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 341160 | &nbsp;&nbsp;&nbsp;&nbsp; 331482 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A3, 2.50% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 71415 | &nbsp;&nbsp;&nbsp;&nbsp; 58104 |
|  | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A1, 5.93% due 3/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 73076 | &nbsp;&nbsp;&nbsp;&nbsp; 73081 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class A1, 5.811% due 5/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 162712 | &nbsp;&nbsp;&nbsp;&nbsp; 162673 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 195616 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 2.50% due 12/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 36878 | &nbsp;&nbsp;&nbsp;&nbsp; 30351 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $44,980,821) |  | &nbsp;&nbsp;&nbsp;&nbsp; 45201474 |
|  | **Short-Term Investments — 0.9%** |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 137504 | &nbsp;&nbsp;&nbsp;&nbsp; 1375035 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $1,375,035) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1375035 |
|  | **Total Investments — 99.5% (Cost $144,737,788)** |  | &nbsp;&nbsp;$145792594 |
|  | **Other Assets Less Liabilities — 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666047 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$146458641 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** |
| **Contract<br> Description** | **Contract<br> Party\*** | &nbsp;&nbsp;**Buy/Sell** | &nbsp;&nbsp;**Contract<br> Amount** | &nbsp;&nbsp;**Contract<br> Value Date** | &nbsp;&nbsp;**Value<br> USD** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| Euro | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;286400 | &nbsp;&nbsp;9/25/2025 | &nbsp;&nbsp;338972 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(26257) |
| Euro | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;144000 | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;170636 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9969) |
| Total |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$(36226) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(36226) |

---

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

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee. |
| b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025. |
| c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $61,500,683, representing 41.99% of the Fund's net assets. |
| d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| e | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| f | Investment in Affiliates. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DOP | Denominated in Dominican Peso |
| EGP | Denominated in Egyptian Pound |
| EUR | Denominated in Euro |
| GBP | Denominated in Pound Sterling |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
| Mtg | Mortgage |

---

---

| | |
|:---|:---|
| NZD | Dominated in New Zealand Dollar |
| REMIC | Real Estate Mortgage Investment Conduit |
| RFUCCT1Y | Refinitiv USD Interbank Offered Rate Consumer Cash Fallbacks Term 1 Year |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| SOFRINDX | Secured Overnight Financing Rate Index |
| TSFR1M | Term SOFR 1 Month |
| UMBS | Uniform Mortgage-Backed Securities |
| UZS | Denominated in Uzbekistani Som |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

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

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

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

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

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

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Core Plus Bond Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/24** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 6/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $6292172 | &nbsp;&nbsp;$37284450 | &nbsp;&nbsp;$(42201587) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$1375035 | &nbsp;&nbsp;$65543 |

---

## 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 Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000082059

- **c. LEI of Series:** 5493000O5HWPIXAHMB98

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $146921251.90

**Total Liabilities:** $803247.04

**Net Assets:** $146118004.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -186.02000000 | **1-Year:** -2781.95000000 | **5-Year:** -9763.07000000 | **10-Year:** -8043.40000000 | **30-Year:** -1575.53000000

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

- **3-Month:** -133.00000000 | **1-Year:** -1572.91000000 | **5-Year:** -2695.45000000 | **10-Year:** -1126.57000000 | **30-Year:** -145.66000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000245319 | 0.13%                | -0.63%               | 1.59%                |
| Class ID C000245321 | 0.19%                | -0.77%               | 1.63%                |
| Class ID C000245316 | 0.23%                | -0.73%               | 1.67%                |
| Class ID C000245318 | 0.11%                | -0.65%               | 1.56%                |
| Class ID C000245320 | 0.05%                | -0.72%               | 1.60%                |
| Class ID C000245317 | 0.21%                | -0.75%               | 1.65%                |
| Class ID C000245315 | 0.13%                | -0.63%               | 1.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23017.66                | $-400079.70                                |
| Month 2  | $11766.86                | $-1585636.27                               |
| Month 3  | $5433.27                 | $1752928.64                                |

### 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: 78403DAR1<br>LEI: N/A                  | Long             | DBT              |  | US        |     111000 | PA      | $104941.99    | 0.07%             | 2028-01-15      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                              | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     445000 | PA      | $368864.95    | 0.25%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                     | CUSIP: 63890CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |     330000 | PA      | $337441.50    | 0.23%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2023-B                                           | CUSIP: 009691AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     507524 | PA      | $497996.30    | 0.34%             | 2062-10-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                 | MIAMI-DADE CNTY FL SEAPORT REVENUE                                        | CUSIP: 59335KFS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     100000 | PA      | $103648.70    | 0.07%             | 2055-11-01      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                              | Nasdaq Inc                                                                | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |     244000 | PA      | $254174.80    | 0.17%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                | CUSIP: 80282KBQ8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     206000 | PA      | $211498.14    | 0.14%             | 2031-03-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                 | PowerPay Issuance Trust 2024-1                                            | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     127219 | PA      | $130380.90    | 0.09%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Radian Mortgage Capital Trust                           | Radian Mortgage Capital Trust 2024-J2                                     | CUSIP: 75023WAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     277885 | PA      | $278276.46    | 0.19%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                        | MercadoLibre Inc                                                          | CUSIP: 58733RAE2<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |     296000 | PA      | $291654.72    | 0.20%             | 2026-01-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                      | RGA Global Funding                                                        | CUSIP: 76209PAB9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |      65000 | PA      | $61044.10     | 0.04%             | 2029-01-18      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                        | NetCredit Combined Receivables 2024 LLC                                   | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     101390 | PA      | $101821.98    | 0.07%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                              | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     400000 | PA      | $400216.00    | 0.27%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                           | Parkland Corp                                                             | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     350000 | PA      | $350098.00    | 0.24%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                               | Qorvo Inc                                                                 | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |     331000 | PA      | $298482.56    | 0.20%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                                | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc     | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $310779.00    | 0.21%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust           | BHG Securitization Trust 2022-C                                           | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     156235 | PA      | $156302.40    | 0.11%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| EL PUERTO DE LIVERPOOL                                  | El Puerto de Liverpool SAB de CV                                          | CUSIP: 283837AC6<br>LEI: 4469000001BO4JEXZL32 | Long             | DBT              | CORP              | MX        |     225000 | PA      | $233430.75    | 0.16%             | 2032-01-22      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                                  | Champ Acquisition Corp                                                    | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     235000 | PA      | $250571.10    | 0.17%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                                   | SS&C Technologies Inc                                                     | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     250000 | PA      | $250092.50    | 0.17%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                        | Berry Global Inc                                                          | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     250000 | PA      | $249990.00    | 0.17%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                            | Vontier Corp                                                              | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     317000 | PA      | $298931.00    | 0.20%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                  | Extra Space Storage LP                                                    | CUSIP: 30225VAH0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     305000 | PA      | $298643.80    | 0.20%             | 2029-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-2             | CUSIP: 35563PX46<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     596986 | PA      | $510990.50    | 0.35%             | 2064-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                                      | Century Plaza Towers 2019-CPT                                             | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     400000 | PA      | $363523.65    | 0.25%             | 2039-11-13      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2143018 | PA      | $1856801.37   | 1.27%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2024-3                                      | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     497616 | PA      | $497518.73    | 0.34%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                       | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4287000 | PA      | $2844826.41   | 1.95%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-1 Trust                       | CUSIP: 95003AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      36878 | PA      | $30350.70     | 0.02%             | 2050-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| EDvestinU Private Education Loan Issue No. 1, LLC       | EDvestinU Private Education Loan Issue No 3 LLC                           | CUSIP: 28166LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      42058 | PA      | $38674.74     | 0.03%             | 2045-11-25      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                | Brex Commercial Charge Card Master Trust                                  | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $201424.90    | 0.14%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     330000 | PA      | $293703.30    | 0.20%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                 | CUSIP: 91824PAD9<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        | 2500000000 | PA      | $198111.81    | 0.14%             | 2028-02-25      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2020-A                                                 | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     131553 | PA      | $129783.71    | 0.09%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2021-B Trust                               | CUSIP: 83405NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      48939 | PA      | $42471.20     | 0.03%             | 2047-02-15      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                   | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     285000 | PA      | $282728.55    | 0.19%             | 2027-09-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                                 | Laboratory Corp of America Holdings                                       | CUSIP: 50540RBA9<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     330000 | PA      | $325079.70    | 0.22%             | 2032-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CALAMOS STRATEGIC TOTAL RETURN                          | CALAMOS STRATEGIC TOTAL RETURN                                            | CUSIP: 000000000<br>LEI: 54930048NQ2YBS3TXW78 | Long             | EP               | CORP              | US        |      14000 | NS      | $351260.00    | 0.24%             |  |  |  | No            |                  3 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XGB32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     482075 | PA      | $417801.92    | 0.29%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                         | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      50000 | PA      | $51434.00     | 0.04%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     285000 | PA      | $224192.40    | 0.15%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                                          | AMCR ABS TRUST 2024-A                                                     | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     166082 | PA      | $166729.19    | 0.11%             | 2031-08-18      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                          | Becle SAB de CV                                                           | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |     650000 | PA      | $537361.50    | 0.37%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                     | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     749233 | PA      | $742765.01    | 0.51%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XCWX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     746286 | PA      | $619609.37    | 0.42%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                              | SKY Trust 2025-LINE                                                       | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     293965 | PA      | $293230.42    | 0.20%             | 2042-04-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust                      | Lobel Automobile Receivables Trust 2023-2                                 | CUSIP: 53949FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       2527 | PA      | $2531.56      | 0.00%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                                | Korn Ferry                                                                | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74598.00     | 0.05%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137HAMP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      22000 | PA      | $23041.21     | 0.02%             | 2031-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                           | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              |  | US        |     440000 | PA      | $440459.80    | 0.30%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                                  | Reliance Standard Life Global Funding II                                  | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     412000 | PA      | $412791.04    | 0.28%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                                | Main Street Capital Corp                                                  | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |     406000 | PA      | $415224.32    | 0.28%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                              | NMLT 2021-INV1 Trust                                                      | CUSIP: 62923JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      53654 | PA      | $46525.25     | 0.03%             | 2056-05-25      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                       | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     295000 | PA      | $164185.94    | 0.11%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  1 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2021-C                                             | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     267507 | PA      | $262027.31    | 0.18%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                    | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     200000 | PA      | $206668.00    | 0.14%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                       | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      61000 | PA      | $61104.84     | 0.04%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2022-1                                  | CUSIP: 43789KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     157161 | PA      | $156230.24    | 0.11%             | 2067-07-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                     | CUSIP: 91282CGK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     317665 | PA      | $303469.20    | 0.21%             | 2033-01-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| LKQ CORP                                                | LKQ Corp                                                                  | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |     269000 | PA      | $283811.14    | 0.19%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GABELLI DVD & INC TR                                    | Gabelli Dividend & Income Trust/The                                       | CUSIP: 36242H872<br>LEI: 549300082N1MHBT8NI60 | Long             | EP               | CORP              | US        |         12 | NS      | $288000.00    | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                                | Southwestern Public Service Co                                            | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |     250000 | PA      | $252612.50    | 0.17%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                                   | One Bryant Park Trust 2019-OBP                                            | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     280000 | PA      | $254504.12    | 0.17%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XH6N2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     323308 | PA      | $279831.26    | 0.19%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J2                                     | CUSIP: 17329MCL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     277313 | PA      | $245600.53    | 0.17%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2021-RN3 LLC                                                         | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     276373 | PA      | $275340.45    | 0.19%             | 2051-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                            | Hudson Yards 2019-55HY Mortgage Trust                                     | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $230207.91    | 0.16%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140JCCP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     105738 | PA      | $95210.94     | 0.07%             | 2051-08-01      | Floating      | 1.97%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                  | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $-26257.20    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                                         | Cogent Ipv4 LLC                                                           | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     120000 | PA      | $127167.13    | 0.09%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM4                                    | CUSIP: 45276NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      89852 | PA      | $91382.73     | 0.06%             | 2067-06-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                        | CUSIP: 69335PEV3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     160000 | PA      | $161048.39    | 0.11%             | 2028-05-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2021-B                                             | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      36431 | PA      | $35668.31     | 0.02%             | 2031-05-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2023-5                                               | CUSIP: 69546PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     167437 | PA      | $168530.21    | 0.12%             | 2031-04-15      | Fixed         | 9.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                       | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     915000 | PA      | $599325.00    | 0.41%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     875000 | PA      | $271515.61    | 0.19%             | 2048-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| EquipmentShare                                          | Crockett Partners Equipment Co IIA LLC                                    | CUSIP: 22689LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     429167 | PA      | $433738.05    | 0.30%             | 2031-01-20      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                   | TRK 2022-INV2 Trust                                                       | CUSIP: 87265XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     341160 | PA      | $331482.40    | 0.23%             | 2057-06-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                          | CUSIP: 36321PAD2<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     294860 | PA      | $261284.29    | 0.18%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                 | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $128502.00    | 0.09%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                 | GA Global Funding Trust                                                   | CUSIP: 36143L2N4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |     302000 | PA      | $301577.20    | 0.21%             | 2027-09-23      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| DOM REP CB NOTES                                        | Dominican Republic Central Bank Notes                                     | CUSIP: 000000000<br>LEI: 549300DTVR57NON7XL66 | Long             | DBT              | NUSS              | DO        |    9080000 | PA      | $151477.51    | 0.10%             | 2025-10-03      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                                 | Farm Credit Bank of Texas                                                 | CUSIP: 30767EAD1<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGA              | US        |     465000 | PA      | $463302.75    | 0.32%             | 2025-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                 | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     300000 | PA      | $312438.00    | 0.21%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                                          | Globe Life Inc                                                            | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |     308000 | PA      | $318847.76    | 0.22%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL                                  | Mutual of Omaha Cos Global Funding                                        | CUSIP: 62829D2B5<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |     276000 | PA      | $283529.28    | 0.19%             | 2028-12-12      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-4                                         | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |     162712 | PA      | $162673.43    | 0.11%             | 2068-05-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust 2022-1                             | CHNGE Mortgage Trust 2022-1                                               | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      91389 | PA      | $86208.34     | 0.06%             | 2067-01-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QM6B5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     258781 | PA      | $223981.53    | 0.15%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                            | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     300000 | PA      | $282666.00    | 0.19%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                                | Tucson Electric Power Co                                                  | CUSIP: 898813AW0<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |     450000 | PA      | $451939.50    | 0.31%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WB Commercial Mortgage Trust                            | WB Commercial Mortgage Trust 2024-HQ                                      | CUSIP: 92943PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     195000 | PA      | $195616.39    | 0.13%             | 2040-03-15      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2021-1 LLC                                         | CUSIP: 81758VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      28765 | PA      | $28116.99     | 0.02%             | 2032-02-02      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                  | CUSIP: 38381JLK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      63762 | PA      | $59312.02     | 0.04%             | 2065-01-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                        | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     274000 | PA      | $287127.34    | 0.20%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                  | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     350000 | PA      | $340634.00    | 0.23%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                        | NMEF Funding 2023-A LLC                                                   | CUSIP: 62890QAB1<br>LEI: 549300LKWL3P0UPHKL72 | Long             | ABS-O            | CORP              | US        |      35617 | PA      | $35859.69     | 0.02%             | 2030-06-17      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                | Virginia Electric and Power Co                                            | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     375000 | PA      | $376087.50    | 0.26%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-3                          | CUSIP: 382371AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     211547 | PA      | $161592.18    | 0.11%             | 2048-05-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-RPL1 Trust                                                       | CUSIP: 55287AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     424512 | PA      | $406478.45    | 0.28%             | 2066-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                     | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     350000 | PA      | $362173.00    | 0.25%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                                 | PPL Capital Funding Inc                                                   | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     400000 | PA      | $403360.00    | 0.28%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust            | Arivo Acceptance Auto Loan Receivables Trust 2024-1                       | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     128917 | PA      | $129686.35    | 0.09%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                | Octane Receivables Trust 2022-2                                           | CUSIP: 67578XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       7126 | PA      | $7127.31      | 0.00%             | 2028-02-22      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                                   | Belron UK Finance PLC                                                     | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |     320000 | PA      | $322310.40    | 0.22%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                             | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     300000 | PA      | $313734.00    | 0.21%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                | MSCI Inc                                                                  | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     317000 | PA      | $297441.10    | 0.20%             | 2030-09-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                             | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     322000 | PA      | $328040.72    | 0.22%             | 2029-06-26      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2020-1                                          | CUSIP: 89178WBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $91138.02     | 0.06%             | 2060-01-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                               | IQVIA Inc                                                                 | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199414.00    | 0.14%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Tower Trust I                                  | American Tower Trust #1                                                   | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     550000 | PA      | $537304.24    | 0.37%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418FBL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1155761 | PA      | $1105646.36   | 0.76%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust                        | LEX 2024-BBG Mortgage Trust                                               | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     410000 | PA      | $412027.51    | 0.28%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                          | CUSIP: 66981PAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     315000 | PA      | $318485.29    | 0.22%             | 2032-12-15      | Fixed         | 9.42%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Bonds                                     | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     642053 | PA      | $508751.44    | 0.35%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| MPOWER Education Trust                                  | MPOWER Education Trust 2024-A                                             | CUSIP: 62476DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     183763 | PA      | $190083.11    | 0.13%             | 2041-07-22      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834MD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4125000 | PA      | $1713614.80   | 1.17%             | 2043-02-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| OMNIS FUNDING TRUST                                     | Omnis Funding Trust                                                       | CUSIP: 68218WAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     290000 | PA      | $300361.70    | 0.21%             | 2055-05-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834JH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6375000 | PA      | $3016720.95   | 2.06%             | 2040-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Auxilior Term Funding LLC                               | Auxilior Term Funding 2023-1 LLC                                          | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      51858 | PA      | $52269.41     | 0.04%             | 2028-12-15      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                          | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     670000 | PA      | $651005.50    | 0.45%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                  | Mizuho Financial Group Inc                                                | CUSIP: 60687YDD8<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |     207000 | PA      | $212746.32    | 0.15%             | 2030-05-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                       | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     313000 | PA      | $313109.55    | 0.21%             | 2027-02-19      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418EBS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1816354 | PA      | $1511446.52   | 1.03%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2024-RRTL2                              | CUSIP: 43789GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $300665.37    | 0.21%             | 2039-09-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                           | UWM Mortgage Trust 2021-1                                                 | CUSIP: 91824NAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71415 | PA      | $58104.33     | 0.04%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2024-NQM1 Trust                                                     | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |     355120 | PA      | $356758.41    | 0.24%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QMUZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     534831 | PA      | $445538.08    | 0.30%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                    | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     210000 | PA      | $211024.80    | 0.14%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                          | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     132800 | PA      | $118733.82    | 0.08%             | 2036-09-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-5                          | CUSIP: 38237HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     324366 | PA      | $268426.53    | 0.18%             | 2048-10-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                  | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     147316 | PA      | $148432.00    | 0.10%             | 2068-12-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                             | RCKT Mortgage Trust 2019-1                                                | CUSIP: 749357AN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      26487 | PA      | $23249.41     | 0.02%             | 2049-09-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XNZ72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2765497 | PA      | $2396142.85   | 1.64%             | 2053-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                                     | DataBank Issuer                                                           | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     305000 | PA      | $303506.86    | 0.21%             | 2054-01-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140LBNF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     470070 | PA      | $317625.89    | 0.22%             | 2051-03-01      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                        | Insight Enterprises Inc                                                   | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     250000 | PA      | $257627.50    | 0.18%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                                 | Iron Mountain Information Management Services Inc                         | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     220000 | PA      | $211037.20    | 0.14%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                                | Stewart Information Services Corp                                         | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |     338000 | PA      | $302327.48    | 0.21%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PEACHTREE FUND TRUST II                                 | Peachtree Corners Funding Trust II                                        | CUSIP: 70470BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     286000 | PA      | $293004.14    | 0.20%             | 2035-05-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUST                         | Stream Innovations 2024-1 Issuer Trust                                    | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     190591 | PA      | $197233.08    | 0.13%             | 2044-07-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QMRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     457810 | PA      | $396246.84    | 0.27%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2024-R1                                                         | CUSIP: 17179VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     408311 | PA      | $404944.76    | 0.28%             | 2064-06-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CROSS Mortgage Trust                                    | Cross 2023-H1 Mortgage Trust                                              | CUSIP: 22758CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     286033 | PA      | $287749.59    | 0.20%             | 2068-03-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                              | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     300000 | PA      | $295089.00    | 0.20%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2023-C                                           | CUSIP: 009926AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     495674 | PA      | $471372.65    | 0.32%             | 2063-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                                | Amcor Flexibles North America Inc                                         | CUSIP: 02344AAE8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     300000 | PA      | $304461.00    | 0.21%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                              | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     250000 | PA      | $247367.50    | 0.17%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust                   | Harvest Commercial Capital Loan Trust 2024-1                              | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     311278 | PA      | $322842.07    | 0.22%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust                                    | CHNGE Mortgage Trust 2023-1                                               | CUSIP: 12547QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     178678 | PA      | $179392.59    | 0.12%             | 2058-03-25      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                                     | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     277000 | PA      | $289229.55    | 0.20%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                       | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1347000 | PA      | $1326795.00   | 0.91%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| BLACK HILLS CORP                                        | Black Hills Corp                                                          | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     335000 | PA      | $352219.00    | 0.24%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| MA'ADEN SUKUK LTD                                       | Ma'aden Sukuk Ltd                                                         | CUSIP: 55407NAA0<br>LEI: 254900QDNU6I6VA8UL14 | Long             | DBT              | CORP              | KY        |     525000 | PA      | $533751.75    | 0.37%             | 2030-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-INV6                                        | CUSIP: 46654FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71446 | PA      | $60819.52     | 0.04%             | 2052-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                                | Evergy Missouri West Inc                                                  | CUSIP: 30037EAA1<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |      65000 | PA      | $58864.65     | 0.04%             | 2032-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                                    | Hercules Capital Inc                                                      | CUSIP: 427096AJ1<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |     440000 | PA      | $426329.20    | 0.29%             | 2027-01-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                           | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     375000 | PA      | $372993.75    | 0.26%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                       | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     905000 | PA      | $825812.50    | 0.57%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| FLOWERS FOODS INC                                       | Flowers Foods Inc                                                         | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |     435000 | PA      | $445461.75    | 0.30%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2024-3                                               | CUSIP: 69547XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      46540 | PA      | $46719.09     | 0.03%             | 2031-10-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE TOWERS LLC                                 | Crown Castle Towers LLC                                                   | CUSIP: 22822RBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     125000 | PA      | $122761.51    | 0.08%             | 2028-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                       | Thornburg Capital Management Fund                                         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     136936 | NS      | $1369355.40   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| WHISTLER PIPELINE LLC                                   | Whistler Pipeline LLC                                                     | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |     440000 | PA      | $448910.00    | 0.31%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM11 Trust                                                      | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |     343383 | PA      | $345480.29    | 0.24%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| EverBright Solar Trust                                  | EverBright Solar Trust 2024-A                                             | CUSIP: 29977FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     140952 | PA      | $139155.47    | 0.10%             | 2054-06-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                | CUSIP: 80282KBJ4<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |      71000 | PA      | $73875.50     | 0.05%             | 2030-01-09      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                          | CUSIP: 745310AK8<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     200000 | PA      | $193344.00    | 0.13%             | 2030-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real Estate Trust               | FARM 2024-1 Mortgage Trust                                                | CUSIP: 30335JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     290137 | PA      | $278480.54    | 0.19%             | 2053-10-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| PEGASUS HAVA TASIMACILIG                                | Pegasus Hava Tasimaciligi AS                                              | CUSIP: 705567AB1<br>LEI: 789000B1MW5PQ58A8T03 | Long             | DBT              | CORP              | TR        |     250000 | PA      | $250592.50    | 0.17%             | 2031-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2021-NQM3                                 | CUSIP: 105690AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      31978 | PA      | $29668.46     | 0.02%             | 2060-04-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                       | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     500000 | PA      | $491995.00    | 0.34%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-1                                           | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     103454 | PA      | $95854.72     | 0.07%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2021-GRN1 Issuer Trust                                               | CUSIP: 12529KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     181477 | PA      | $179610.59    | 0.12%             | 2041-03-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2023-6                                               | CUSIP: 69547UAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     207113 | PA      | $208429.61    | 0.14%             | 2031-06-16      | Fixed         | 8.49%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                      | Dominican Republic International Bond                                     | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    8000000 | PA      | $134754.42    | 0.09%             | 2026-06-05      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                     | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     261000 | PA      | $282156.66    | 0.19%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                  | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |          1 | NC      | $-9969.07     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FLEX LTD                                                | Flex Ltd                                                                  | CUSIP: 33938XAB1<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |     360000 | PA      | $361429.20    | 0.25%             | 2030-05-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XLPD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     362775 | PA      | $301482.66    | 0.21%             | 2053-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137H9UD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     107000 | PA      | $106370.87    | 0.07%             | 2033-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| SPS Servicer Advance Receivables Trust                  | SPS Servicer Advance Receivables Trust                                    | CUSIP: 78472JAE3<br>LEI: 549300W6RZ3B25O0SH56 | Long             | ABS-O            | CORP              | US        |     395000 | PA      | $389834.98    | 0.27%             | 2055-11-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140MHSH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     607027 | PA      | $504468.24    | 0.35%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-RPL11 Trust                                                     | CUSIP: 12659AAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     605321 | PA      | $501799.68    | 0.34%             | 2061-10-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-3                                           | CUSIP: 03466HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     171631 | PA      | $170073.16    | 0.12%             | 2068-11-26      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3133KNMN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1129369 | PA      | $977498.78    | 0.67%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                          | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     277000 | PA      | $285983.11    | 0.20%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2024-RPL1 Trust                                                      | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     160008 | PA      | $154224.46    | 0.11%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                   | Toorak Mortgage Trust 2024-RRTL1                                          | CUSIP: 89054YAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $301829.25    | 0.21%             | 2039-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                             | Polaris Inc                                                               | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |     265000 | PA      | $278591.85    | 0.19%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                                 | Zebra Technologies Corp                                                   | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     200000 | PA      | $205648.00    | 0.14%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ALBANIA                                     | Albania Government International Bond                                     | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |     200000 | PA      | $249190.75    | 0.17%             | 2028-06-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                  | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     375000 | PA      | $383107.50    | 0.26%             | 2035-01-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2023-N4                                    | CUSIP: 14688LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       8238 | PA      | $8274.05      | 0.01%             | 2028-01-10      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                           | DailyPay Securitization Trust 2025-1                                      | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     500000 | PA      | $503540.10    | 0.34%             | 2028-06-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                   | Onemain Direct Auto Receivables Trust 2022-1                              | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      84030 | PA      | $83929.99     | 0.06%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                            | Highmark Inc                                                              | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     374000 | PA      | $362544.38    | 0.25%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                                | Sensata Technologies Inc                                                  | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     200000 | PA      | $205654.00    | 0.14%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DC Office Trust                                         | DC Office Trust 2019-MTC                                                  | CUSIP: 23312BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     400000 | PA      | $365429.65    | 0.25%             | 2045-09-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3132DWER0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1101843 | PA      | $1027165.02   | 0.70%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                         | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     150000 | PA      | $144280.50    | 0.10%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     500000 | PA      | $517560.00    | 0.35%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                                   | Liberty Utilities Finance GP 1                                            | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     350000 | PA      | $307569.50    | 0.21%             | 2030-09-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2024-RPL1                             | CUSIP: 64832AAA5<br>LEI: 213800YID3SS4UZHT817 | Long             | ABS-MBS          | CORP              | US        |     338550 | PA      | $320830.19    | 0.22%             | 2064-01-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                        | CUSIP: 36179WFH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     589848 | PA      | $522312.52    | 0.36%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                               | CUSIP: 694308KS5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     250000 | PA      | $249897.50    | 0.17%             | 2025-09-04      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust                                              | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     149652 | PA      | $149925.97    | 0.10%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2021-NPL1                                         | CUSIP: 06744JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     264492 | PA      | $263749.42    | 0.18%             | 2051-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                 | Loanpal Solar Loan 2021-1 Ltd                                             | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     440140 | PA      | $364992.18    | 0.25%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XPXH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1013942 | PA      | $841503.71    | 0.58%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                                  | Mueller Water Products Inc                                                | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     365500 | PA      | $351640.24    | 0.24%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                  | APA Infrastructure Ltd                                                    | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     410000 | PA      | $402058.30    | 0.28%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                          | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $176430.00    | 0.12%             | 2031-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                                | Fortitude Group Holdings LLC                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |     155000 | PA      | $159549.25    | 0.11%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMCAST HOLDINGS CORP                                   | Comcast Holdings Corp                                                     | CUSIP: 200300507<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     480000 | PA      | $285283.20    | 0.20%             | 2029-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                   | Universal Health Services Inc                                             | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     200000 | PA      | $197778.00    | 0.14%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Loan Trust                         | Spruce Hill Mortgage Loan Trust 2022-SH1                                  | CUSIP: 85213XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      96923 | PA      | $94232.09     | 0.06%             | 2057-07-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140JCEP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     501666 | PA      | $463921.10    | 0.32%             | 2050-12-01      | Floating      | 2.44%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                                    | BWX Technologies Inc                                                      | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |      85000 | PA      | $81937.45     | 0.06%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AMCOR GROUP FINANCE                                     | Amcor Group Finance PLC                                                   | CUSIP: 02344BAA4<br>LEI: 2549008XHB8M1L64J275 | Long             | DBT              | CORP              | GB        |     404000 | PA      | $415518.04    | 0.28%             | 2029-05-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp                                       | ITC Holdings Corp                                                         | CUSIP: 465685AH8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     300000 | PA      | $274788.00    | 0.19%             | 2043-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM7                                    | CUSIP: 452763AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     511276 | PA      | $512468.09    | 0.35%             | 2067-11-25      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                    | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     200000 | PA      | $205924.00    | 0.14%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                   | Egypt Government Bond                                                     | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    8000000 | PA      | $161459.68    | 0.11%             | 2027-06-04      | Fixed         | 23.87%                | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                   | New Economy Assets - Phase 1 Sponsor LLC                                  | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     135000 | PA      | $126608.73    | 0.09%             | 2061-10-20      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                    | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     125000 | PA      | $125185.00    | 0.09%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ClickLease Equipment Receivables 2024-1 Trust           | ClickLease Equipment Receivables 2024-1 Trust                             | CUSIP: 18682FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     497190 | PA      | $499053.31    | 0.34%             | 2030-02-15      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                              | U.K. Gilts                                                                | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     253000 | PA      | $350652.46    | 0.24%             | 2029-07-22      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                | Ajax Mortgage Loan Trust 2021-F                                           | CUSIP: 009703AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     452797 | PA      | $451180.09    | 0.31%             | 2061-06-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                 | American Electric Power Co Inc                                            | CUSIP: 025537AN1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     350000 | PA      | $316029.00    | 0.22%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Diamond Infrastructure Funding LLC                      | Diamond Infrastructure Funding LLC                                        | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $95114.45     | 0.07%             | 2049-04-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                        | Berry Global Inc                                                          | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     139000 | PA      | $136361.78    | 0.09%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     691000 | PA      | $680192.76    | 0.47%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                              | ROCK Trust 2024-CNTR                                                      | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     325000 | PA      | $332128.18    | 0.23%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2024-RPL4                             | CUSIP: 362948AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     426678 | PA      | $414627.87    | 0.28%             | 2061-09-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                           | Lineage OP LP                                                             | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              |  | US        |     150000 | PA      | $150928.50    | 0.10%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                   | KeySpan Gas East Corp                                                     | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |     280000 | PA      | $290973.20    | 0.20%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                  | Federal Home Loan Banks                                                   | CUSIP: 3130AQT86<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |     625000 | PA      | $510412.50    | 0.35%             | 2037-02-18      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-1             | CUSIP: 35563PR43<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     477934 | PA      | $388109.72    | 0.27%             | 2063-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OWS Structured Asset Trust                              | OSAT 2021-RPL1 Trust                                                      | CUSIP: 67114HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     221651 | PA      | $221699.45    | 0.15%             | 2065-05-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418D3H3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     323426 | PA      | $269734.09    | 0.18%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2024-NQM4                                 | CUSIP: 10568NAA0<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |     309896 | PA      | $303774.32    | 0.21%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                | Turkcell Iletisim Hizmetleri AS                                           | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     300000 | PA      | $305319.00    | 0.21%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                              | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      70000 | PA      | $58968.00     | 0.04%             | 2031-11-02      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2024-BPR2                                  | CUSIP: 61776EAA1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |     296746 | PA      | $311580.94    | 0.21%             | 2029-05-05      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                           | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              |  | US        |     610000 | PA      | $600035.83    | 0.41%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                          | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     146000 | PA      | $147236.62    | 0.10%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                     | CUSIP: 60510MAY4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     375000 | PA      | $378150.52    | 0.26%             | 2029-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3132DWDK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1381893 | PA      | $1197490.67   | 0.82%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC               | Retained Vantage Data Centers Issuer LLC                                  | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |      25000 | PA      | $24821.34     | 0.02%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                        | Puget Energy Inc                                                          | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     205000 | PA      | $192792.25    | 0.13%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-WEST Trust                                                      | CUSIP: 12655QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     340000 | PA      | $284132.08    | 0.19%             | 2035-02-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2022-3                                             | CUSIP: 68378NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      71457 | PA      | $71437.54     | 0.05%             | 2031-06-09      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                            | VeriSign Inc                                                              | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     450000 | PA      | $458437.50    | 0.31%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-INV2 Trust                                                       | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      64167 | PA      | $55767.37     | 0.04%             | 2056-11-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia II Issuer, LLC                           | Sunnova Hestia II Issuer LLC                                              | CUSIP: 86746FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     245308 | PA      | $242163.30    | 0.17%             | 2051-07-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                | Momnt Technologies Trust 2023-1                                           | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      27555 | PA      | $28145.45     | 0.02%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                                    | Prologis Targeted US Logistics Fund LP                                    | CUSIP: 74350LAC8<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              |  | US        |      98000 | PA      | $98310.66     | 0.07%             | 2035-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2023-INV1 Trust                                                      | CUSIP: 36830QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     231971 | PA      | $233432.66    | 0.16%             | 2053-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                                      | Boston Gas Co                                                             | CUSIP: 100743AM5<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |     400000 | PA      | $368860.00    | 0.25%             | 2032-03-16      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2019-1                                           | CUSIP: 35041JAB1<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |      90947 | PA      | $90690.00     | 0.06%             | 2034-11-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-NQM2 Trust                                                       | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     390037 | PA      | $379346.93    | 0.26%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                                     | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     350000 | PA      | $359523.50    | 0.25%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                         | CUSIP: 3136BRTQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     321596 | PA      | $327943.85    | 0.22%             | 2035-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                 | Kinder Morgan Energy Partners LP                                          | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     280000 | PA      | $289570.40    | 0.20%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                                      | nVent Finance Sarl                                                        | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |     343000 | PA      | $297703.42    | 0.20%             | 2031-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                          | Manhattan West 2020-1MW Mortgage Trust                                    | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $330979.44    | 0.23%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1                                | Redwood Funding Trust 2024-1                                              | CUSIP: 75806FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     298386 | PA      | $300398.69    | 0.21%             | 2054-12-25      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2022-NQM3                             | CUSIP: 64831QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100875 | PA      | $91667.41     | 0.06%             | 2062-04-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2022-4                                         | CUSIP: 33843XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     450000 | PA      | $452523.01    | 0.31%             | 2027-10-15      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     310000 | PA      | $293849.00    | 0.20%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     400000 | PA      | $401836.00    | 0.28%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| UL SOLUTIONS INC                                        | UL Solutions Inc                                                          | CUSIP: 903731AA5<br>LEI: 549300F7CUV5ESKV9P71 | Long             | DBT              | CORP              | US        |      35000 | PA      | $36844.85     | 0.03%             | 2028-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-CM1 Trust                                                       | CUSIP: 36168AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      68916 | PA      | $65469.17     | 0.04%             | 2065-04-25      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                 | Public Service Co of Oklahoma                                             | CUSIP: 744533BM1<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |     348000 | PA      | $301194.00    | 0.21%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner Trust                    | Kinetic Advantage Master Owner Trust                                      | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     515000 | PA      | $516667.57    | 0.35%             | 2027-11-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                         | SBA Tower Trust                                                           | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |      70000 | PA      | $67160.98     | 0.05%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912833Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1000000 | PA      | $598112.93    | 0.41%             | 2036-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                              | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     328000 | PA      | $293110.64    | 0.20%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                | Octane Receivables Trust 2023-3                                           | CUSIP: 67571CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     240258 | PA      | $241833.64    | 0.17%             | 2029-03-20      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Glebe Funding Trust                                     | Glebe Funding Trust 2024-1/The                                            | CUSIP: 37735RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     287461 | PA      | $290508.32    | 0.20%             | 2028-11-29      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| KENTUCKY POWER CO                                       | Kentucky Power Co                                                         | CUSIP: 491386AP3<br>LEI: JHOZYZ5WPEXWR477VH72 | Long             | DBT              | CORP              | US        |     311000 | PA      | $334555.14    | 0.23%             | 2033-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WESTERN-SOUTHERN GLOBAL                                 | Western-Southern Global Funding                                           | CUSIP: 95954A2A0<br>LEI: 635400PFYEGVSGK4VB37 | Long             | DBT              | CORP              | US        |     330000 | PA      | $333339.60    | 0.23%             | 2030-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                          | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     370000 | PA      | $362744.30    | 0.25%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137HAD29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      32000 | PA      | $32729.23     | 0.02%             | 2031-10-25      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN CORP                                       | NorthWestern Corp                                                         | CUSIP: 66807TAA0<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | DBT              | CORP              | US        |     345000 | PA      | $350961.60    | 0.24%             | 2030-03-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-HOME1 Trust                                                    | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     242892 | PA      | $245947.82    | 0.17%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                         | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      44000 | PA      | $43825.32     | 0.03%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                 | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     150000 | PA      | $157534.50    | 0.11%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XLML9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     263760 | PA      | $219110.75    | 0.15%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BNSF Funding Trust I                                    | BNSF Funding Trust I                                                      | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     285000 | PA      | $285356.25    | 0.20%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                       | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5800000 | PA      | $5891531.25   | 4.03%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                         | CUSIP: 3136BTAJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     552938 | PA      | $544330.76    | 0.37%             | 2054-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                           | SFO Commercial Mortgage Trust 2021-555                                    | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     171000 | PA      | $169881.34    | 0.12%             | 2038-05-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                          | CUSIP: 22822VBE0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     345000 | PA      | $357409.65    | 0.24%             | 2034-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-INV2                                   | CUSIP: 17329RAY4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      73678 | PA      | $60084.32     | 0.04%             | 2051-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                                 | CNO Financial Group Inc                                                   | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |     405000 | PA      | $425177.10    | 0.29%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                       | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3525000 | PA      | $2166773.44   | 1.48%             | 2040-08-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H4 Mortgage Trust                                              | CUSIP: 22758HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     248397 | PA      | $250402.77    | 0.17%             | 2069-07-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                 | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     101278 | PA      | $90818.08     | 0.06%             | 2052-07-01      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                         | Goodgreen 2021-1 Trust                                                    | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     461086 | PA      | $380190.79    | 0.26%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                               | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     210000 | PA      | $214966.50    | 0.15%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Mill City Solar Loan 2019-2 Ltd.                        | Mill City Solar Loan 2019-2 Ltd                                           | CUSIP: 59982VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      91732 | PA      | $78874.86     | 0.05%             | 2043-07-20      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-4                           | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      18704 | PA      | $18842.67     | 0.01%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-NPL1 Trust                                                       | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     382757 | PA      | $383783.94    | 0.26%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1079483 | PA      | $935309.76    | 0.64%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ascent Education Funding Trust                          | Ascent Education Funding Trust 2024-A                                     | CUSIP: 04362VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     267172 | PA      | $272758.67    | 0.19%             | 2050-10-25      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                                         | Fair Isaac Corp                                                           | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     350000 | PA      | $350042.00    | 0.24%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                      | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      45019 | PA      | $36344.93     | 0.02%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                                   | Finance Department Government of Sharjah                                  | CUSIP: 000000000<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     150000 | PA      | $177706.81    | 0.12%             | 2031-01-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                                           | CUSIP: 46592EAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     345825 | PA      | $268590.94    | 0.18%             | 2051-06-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Bonds                                     | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2874162 | PA      | $2631542.77   | 1.80%             | 2054-02-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                         | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     144000 | PA      | $145258.56    | 0.10%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                             | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     300000 | PA      | $308493.00    | 0.21%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                     | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    8000000 | PA      | $138585.42    | 0.09%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                                   | SS&C Technologies Inc                                                     | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     250000 | PA      | $259547.50    | 0.18%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Trust 2024-1                                    | CUSIP: 39571MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     152046 | PA      | $152930.38    | 0.10%             | 2059-06-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2024-RTL1                               | CUSIP: 43789FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     325000 | PA      | $326549.99    | 0.22%             | 2029-07-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2024-RPL2                             | CUSIP: 36269MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     170306 | PA      | $165811.94    | 0.11%             | 2061-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3132DWD67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     182935 | PA      | $158481.76    | 0.11%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                                  | DaVinciRe Holdings Ltd                                                    | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     300000 | PA      | $298446.00    | 0.20%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418EHG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     445458 | PA      | $385860.10    | 0.26%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                           | Commonbond Student Loan Trust 2018-C-GS                                   | CUSIP: 20267XAA1<br>LEI: 549300O1CSZVJJTIR319 | Long             | ABS-O            | CORP              | US        |     446816 | PA      | $432414.58    | 0.30%             | 2046-02-25      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2007-2                             | CUSIP: 63543LAD7<br>LEI: 635400VQIBXGEB9ZUC59 | Long             | ABS-O            | CORP              | US        |     423196 | PA      | $409624.49    | 0.28%             | 2033-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust              | Mercury Financial Credit Card Master Trust                                | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     275000 | PA      | $277346.76    | 0.19%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2025-1                                       | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     386877 | PA      | $387346.88    | 0.27%             | 2035-04-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137HBC77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      56000 | PA      | $57935.97     | 0.04%             | 2031-10-25      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                       | FREED ABS Trust 2022-3FP                                                  | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     204545 | PA      | $204741.59    | 0.14%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                            | New Zealand Government Bonds                                              | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     274000 | PA      | $157875.83    | 0.11%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                                   | Keysight Technologies Inc                                                 | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |     290000 | PA      | $299126.30    | 0.20%             | 2030-07-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                   | Universal Health Services Inc                                             | CUSIP: 913903AW0<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     333000 | PA      | $296769.60    | 0.20%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2022-NQM5 Trust                                                       | CUSIP: 67115FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      88586 | PA      | $88120.78     | 0.06%             | 2062-05-25      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                        | CUSIP: 30321L2J0<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |     303000 | PA      | $311714.28    | 0.21%             | 2030-01-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARCOS DORADOS BV                                        | Arcos Dorados BV                                                          | CUSIP: 03965TAC7<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |     360000 | PA      | $373597.20    | 0.26%             | 2032-01-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                               | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     350000 | PA      | $360570.00    | 0.25%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                 | Columbia Pipelines Operating Co LLC                                       | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     345000 | PA      | $364202.70    | 0.25%             | 2030-08-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                            | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     440000 | PA      | $444250.40    | 0.30%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                          | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     120000 | PA      | $126250.80    | 0.09%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2023-NQM4 Trust                                                      | CUSIP: 36171FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     403555 | PA      | $371687.75    | 0.25%             | 2067-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                                 | InStar Leasing III LLC                                                    | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     525865 | PA      | $492692.33    | 0.34%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2022-3                                | CUSIP: 30166YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     168114 | PA      | $168256.65    | 0.12%             | 2027-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                 | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      16165 | PA      | $16190.78     | 0.01%             | 2027-03-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                              | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     125000 | PA      | $120643.75    | 0.08%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                                  | Harvest SBA Loan Trust 2024-1                                             | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     372654 | PA      | $374658.74    | 0.26%             | 2051-12-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3132DWBH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     401541 | PA      | $319960.38    | 0.22%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DEPOSITORY TRUST & CLEAR                                | Depository Trust & Clearing Corp/The                                      | CUSIP: 249670AB6<br>LEI: MLDY5N6PZ58ZE60QU102 | Long             | DBT              | CORP              | US        |     250000 | PA      | $242100.00    | 0.17%             | 2026-06-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                             | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     168000 | PA      | $178276.56    | 0.12%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1979167 | PA      | $1643480.49   | 1.12%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                        | CUSIP: 3137HFW92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     544058 | PA      | $533011.15    | 0.36%             | 2054-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                      | F&G Global Funding                                                        | CUSIP: 30321L2C5<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |     173000 | PA      | $158909.15    | 0.11%             | 2028-09-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust 2024-2                                 | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      60912 | PA      | $61090.39     | 0.04%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                 | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $102031.73    | 0.07%             | 2033-07-13      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2021-2                                | CUSIP: 30166RAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       2489 | PA      | $2485.10      | 0.00%             | 2026-11-16      | Fixed         | 1.08%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                  | CUSIP: 83304JAB3<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |     288000 | PA      | $293978.88    | 0.20%             | 2035-05-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2024-277P Mortgage Trust                                             | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     485000 | PA      | $510259.22    | 0.35%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                             | Gartner Inc                                                               | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |      35000 | PA      | $33303.90     | 0.02%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust        | GoodLeap Sustainable Home Solutions Trust 2021-4                          | CUSIP: 38237GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     173114 | PA      | $136812.94    | 0.09%             | 2048-07-20      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                                 | Brighthouse Financial Global Funding                                      | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |     409000 | PA      | $415503.10    | 0.28%             | 2027-04-09      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-3                                         | CUSIP: 92539GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      73076 | PA      | $73081.36     | 0.05%             | 2068-03-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                 | Booz Allen Hamilton Inc                                                   | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     448000 | PA      | $433516.16    | 0.30%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2020-H                          | CUSIP: 63942AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     248415 | PA      | $228473.24    | 0.16%             | 2069-04-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                 | NYMT Loan Trust Series 2024-BPL2                                          | CUSIP: 67120TAA8<br>LEI: 254900HCG7N4R7AWFZ60 | Long             | ABS-MBS          | CORP              | US        |     325000 | PA      | $328482.67    | 0.22%             | 2039-05-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                       | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     350000 | PA      | $347329.50    | 0.24%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                                | Corp Financiera de Desarrollo SA                                          | CUSIP: 21987DAG9<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |     250000 | PA      | $258375.00    | 0.18%             | 2029-04-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                        | CUSIP: 3137HHH87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     401536 | PA      | $393760.91    | 0.27%             | 2054-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tesla Sustainable Energy Trust                          | Tesla Sustainable Energy Trust 2024-1                                     | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     377009 | PA      | $380399.73    | 0.26%             | 2050-06-21      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                       | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2245000 | PA      | $1429784.38   | 0.98%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  1 | On Loan: No      |
| INTACT FINANCIAL CORP                                   | Intact Financial Corp                                                     | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |     285000 | PA      | $291996.75    | 0.20%             | 2032-09-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                | South Bow USA Infrastructure Holdings LLC                                 | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     375000 | PA      | $376192.50    | 0.26%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2022-NQM3                                 | CUSIP: 10569JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      67074 | PA      | $66688.29     | 0.05%             | 2062-07-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2021-2                                       | CUSIP: 91680FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      60245 | PA      | $59938.84     | 0.04%             | 2031-06-20      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-ATH2                                                            | CUSIP: 12665WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100163 | PA      | $99690.90     | 0.07%             | 2067-05-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QMU69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     290469 | PA      | $241161.68    | 0.17%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                                | Papa John's International Inc                                             | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |      48000 | PA      | $46605.60     | 0.03%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140J1RZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     459096 | PA      | $318209.14    | 0.22%             | 2050-10-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XNZZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     517998 | PA      | $449341.33    | 0.31%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QLHL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1965195 | PA      | $1630980.73   | 1.12%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CCL INDUSTRIES INC                                      | CCL Industries Inc                                                        | CUSIP: 124900AD3<br>LEI: 549300TD3EMSRRC0YH75 | Long             | DBT              | CORP              | CA        |     185000 | PA      | $171620.80    | 0.12%             | 2030-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                        | CUSIP: 3137HJSZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     341560 | PA      | $341845.93    | 0.23%             | 2055-02-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                         | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     250000 | PA      | $257372.50    | 0.18%             | 2030-03-04      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Securities 2024-RS1 Ltd                                         | CUSIP: 599920AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     574708 | PA      | $540127.80    | 0.37%             | 2069-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                                   | Finance Department Government of Sharjah                                  | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     250000 | PA      | $159172.50    | 0.11%             | 2050-07-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834KV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4775000 | PA      | $2130682.69   | 1.46%             | 2041-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| AEP TEXAS INC                                           | AEP Texas Inc                                                             | CUSIP: 00108WAM2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     360000 | PA      | $319827.60    | 0.22%             | 2030-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                       | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1625000 | PA      | $1608496.09   | 1.10%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                             | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     395000 | PA      | $368550.80    | 0.25%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                                  | Crossroads Asset Trust 2025-A                                             | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     360000 | PA      | $361076.63    | 0.25%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834NP9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11930000 | PA      | $4620380.91   | 3.16%             | 2044-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| POLARIS RENEWABLE ENERGY                                | Polaris Renewable Energy Inc                                              | CUSIP: 000000000<br>LEI: 254900IRAKXV4MM4QF30 | Long             | DBT              | CORP              | CA        |     250000 | PA      | $258405.00    | 0.18%             | 2029-12-03      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                       | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1403000 | PA      | $1020244.06   | 0.70%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                   | CUSIP: 75102XAD8<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     330000 | PA      | $309150.60    | 0.21%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2022-RPL1                                         | CUSIP: 06745CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     338730 | PA      | $335433.48    | 0.23%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QKGH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     390673 | PA      | $338137.97    | 0.23%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140LGWS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     385000 | PA      | $367705.05    | 0.25%             | 2032-08-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                          | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     160000 | PA      | $184768.00    | 0.13%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ABU DHABI DEVELOPMENT HO                                | Abu Dhabi Developmental Holding Co PJSC                                   | CUSIP: 00402D2A2<br>LEI: 254900G082ZFKTCR2Q75 | Long             | DBT              | CORP              | AE        |     250000 | PA      | $257397.50    | 0.18%             | 2029-05-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                  | MPOWER Education Trust 2025-A                                             | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     288505 | PA      | $290334.16    | 0.20%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Senior Manager - Fund Administration