# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-25-029184
**Filing Date:** 2025-11
**Character Count:** 80569
**Document Hash:** 0101ed27d65b4f2cada3eb32d8cb0666
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029184.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029184

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251510259

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

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

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $288128214.78

**Total Liabilities:** $1067896.33

**Net Assets:** $287060318.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -970.86000000 | **1-Year:** -12828.42000000 | **5-Year:** -51302.89000000 | **10-Year:** -42567.91000000 | **30-Year:** -1291.98000000

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

- **3-Month:** -2.37000000 | **1-Year:** -175.66000000 | **5-Year:** -549.86000000 | **10-Year:** -523.09000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032346 | 0.51%                | 0.98%                | 1.13%                |
| Class ID C000032345 | 0.46%                | 0.93%                | 1.08%                |
| Class ID C000032344 | 0.57%                | 0.88%                | 1.11%                |
| Class ID C000222322 | 0.54%                | 0.85%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2.64                   | $680370.70                                 |
| Month 2  | $23739.07                | $1888307.35                                |
| Month 3  | $442395.97               | $1990517.03                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LZU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1058461.69   | 0.37%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Tax-Exempt Mortgage-Backed Securities                            | Multifamily Tax-Exempt Mortgage-backed Securities            | CUSIP: 13081DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1521426 | PA      | $1545354.58   | 0.54%             | 2034-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                              | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE             | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2189834.00   | 0.76%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5878888.20   | 2.05%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $641581.20    | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653HX2<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509228.00    | 0.18%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UUP1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    730000 | PA      | $758215.23    | 0.26%             | 2039-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412G3R4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015619.00   | 0.35%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                     | CUSIP: 861398BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $591033.88    | 0.21%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000032.00   | 0.70%             | 2041-11-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Pittsburg Successor Agency Redevelopment Agency                              | PITTSBURG CA SUCCESSOR AGY REDEV AGY                         | CUSIP: 86459LBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $546665.14    | 0.19%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                               | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325H75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013699.00   | 0.35%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Redevelopment Agency Successor Agency                         | CATHEDRAL CITY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION REV | CUSIP: 14916YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $416716.94    | 0.15%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179UA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $404865.75    | 0.14%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YEZ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $371446.60    | 0.13%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                 | CUSIP: 664840AL9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    175000 | PA      | $188843.90    | 0.07%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MF HSG REVENUE                  | CUSIP: 54467WAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4024261.28   | 1.40%             | 2046-01-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412GX34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516913.00    | 0.18%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFC0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $447690.80    | 0.16%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005N61<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1092604.30   | 0.38%             | 2049-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE         | CUSIP: 913366GN4<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |  10230000 | PA      | $10230000.00  | 3.56%             | 2047-05-15      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032U4R6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130592.00   | 0.39%             | 2050-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000891.40   | 0.70%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH POLL CONTROL REVENUE       | CUSIP: 13078HAY8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2353820.00   | 0.82%             | 2029-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XHH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1754541.00   | 0.61%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Public Financing Authority                                  | RIVERSIDE CNTY CA PUBLIC FING AUTH LEASE REVENUE             | CUSIP: 76912KBT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001918.00   | 0.35%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1481915.50   | 0.52%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107WR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $985126.50    | 0.34%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Redevelopment Agency Successor Agency                            | CHULA VISTA CA REDEV AGY SUCCESSOR AGENCY TAX ALLOCATION     | CUSIP: 17132FAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1089894.51   | 0.38%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MULTIFAMILY HSG MTG REV         | CUSIP: 54465JAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2633761.81   | 0.92%             | 2043-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $322087.80    | 0.11%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                | CUSIP: 13032WCF9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4032900.00   | 1.40%             | 2064-08-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                   | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1780418.64   | 0.62%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rosemead Community Development Commission Successor Agency                   | ROSEMEAD CA CMNTY DEV COMMISSION SUCCESSOR AGY TAX ALLOCATIO | CUSIP: 77753PAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $405025.92    | 0.14%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                            | GUAM INTERNATIONAL ARPT AUTH                                 | CUSIP: 40064RFN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535246.50    | 0.19%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VN61<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109471.80    | 0.04%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518852.00    | 0.18%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UUW6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4856295.90   | 1.69%             | 2041-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                | CUSIP: 13032WBB9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507297.50   | 0.87%             | 2063-08-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2539303.54   | 0.88%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653HY0<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1275266.46   | 0.44%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $631779.00    | 0.22%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127208.00   | 0.39%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH MFH REVENUE               | CUSIP: 13079PA29<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021500.00   | 0.36%             | 2035-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH ACADEMIC FACS REVENUE            | CUSIP: 130491AH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    540000 | PA      | $599146.74    | 0.21%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Transit District Sales Tax Revenue                          | SAN MATEO CNTY CA TRANSPRTN AUTH SALES TAX REVENUE           | CUSIP: 79905CAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6960000 | PA      | $6960000.00   | 2.42%             | 2049-06-01      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VN53<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109857.30    | 0.04%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund                        | State Street Institutional Treasury Money Market Fund        | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |    762018 | NS      | $762018.43    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                            | GUAM INTERNATIONAL ARPT AUTH                                 | CUSIP: 40064RFM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213780.60    | 0.07%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YN2<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $577118.00    | 0.20%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445FC8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3645852.00   | 1.27%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063BCD2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    365000 | PA      | $365000.00    | 0.13%             | 2033-05-01      | Floating      | 2.70%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2971095.00   | 1.04%             | 2043-07-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YEY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $415168.80    | 0.14%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MF HSG REVENUE                  | CUSIP: 54467WAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2580103.65   | 0.90%             | 2046-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                       | LOS ANGELES CA UNIF SCH DIST COPS                            | CUSIP: 544648WV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1181614.00   | 0.41%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YQ5<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |    520000 | PA      | $602502.16    | 0.21%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA MF HSG REVENUE                                   | CUSIP: 798165LL8<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2815436.25   | 0.98%             | 2035-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GKA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1112604.97   | 0.39%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001566.00   | 0.70%             | 2054-03-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $383565.70    | 0.13%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                | LOS ANGELES CA HSG AUTH MF HSG REVENUE                       | CUSIP: 544562CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010917.00   | 0.35%             | 2029-02-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $496552.95    | 0.17%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $430945.50    | 0.15%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8217540.00   | 2.86%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $438452.40    | 0.15%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4182984.00   | 1.46%             | 2053-09-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GKX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542644.00    | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                            | IRVINE CA LIMITED OBLIG IMPT                                 | CUSIP: 46360VAY4<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $293876.00    | 0.10%             | 2035-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445FT1<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412871.20    | 0.14%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SYB4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3112685.87   | 1.08%             | 2038-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $418419.60    | 0.15%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DDX3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076222.00   | 0.72%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107RL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1992421.20   | 0.69%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                    | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CC34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3073440.00   | 1.07%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3061296.00   | 1.07%             | 2038-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1065994.71   | 0.37%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Apple Valley Public Financing Authority                                      | APPLE VLY CA PUBLIC FING AUTH TAX ALLOCATION REVENUE         | CUSIP: 03787QAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $478984.20    | 0.17%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RGF1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    625000 | PA      | $629956.25    | 0.22%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CD9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105604.90    | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SFS8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $337270.50    | 0.12%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                            | JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE                   | CUSIP: 482085GD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2627132.48   | 0.92%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $212957.00    | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                     | CUSIP: 861398BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $786655.93    | 0.27%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redwoods Community College District                                          | REDWOODS CA CMNTY CLG DIST                                   | CUSIP: 758084DX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $582234.00    | 0.20%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103010.60    | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DTM1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3270240.00   | 1.14%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UKB3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254118.75   | 0.44%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7525896.00   | 2.62%             | 2054-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXM6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3360753.00   | 1.17%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indian Wells Redevelopment Agency Successor Agency                           | INDIAN WELLS CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION       | CUSIP: 45454RBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508276.00    | 0.18%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $335560.64    | 0.12%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024UJ9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000460.00   | 0.35%             | 2047-04-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Fresno CA Airport Revenue                                            | FRESNO CA ARPT REVENUE                                       | CUSIP: 358100FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $656435.54    | 0.23%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rosemead Community Development Commission Successor Agency                   | ROSEMEAD CA CMNTY DEV COMMISSION SUCCESSOR AGY TAX ALLOCATIO | CUSIP: 77753PAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $763537.84    | 0.27%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1298362.65   | 0.45%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UFJ2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005160.00   | 0.35%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Redevelopment Agency Successor Agency                         | CATHEDRAL CITY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION REV | CUSIP: 14916YEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $394352.82    | 0.14%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GQY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3381807.00   | 1.18%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080S2F0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1119475.16   | 0.39%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                   | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533GS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1243149.96   | 0.43%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SN34<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253227.50    | 0.09%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH ACADEMIC FACS REVENUE            | CUSIP: 130491AJ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1975053.60   | 0.69%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                     | CUSIP: 798136VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530436.50   | 0.53%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063CD98<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3024777.00   | 1.05%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024XU1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994204.00    | 0.35%             | 2056-04-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063C6R6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004902.00   | 0.35%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3245286.00   | 1.13%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104096.30    | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YCQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2215392.90   | 0.77%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483JQ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $599408.40    | 0.21%             | 2028-09-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                | LOS ANGELES CA HSG AUTH MF HSG REVENUE                       | CUSIP: 544562CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5045541.76   | 1.76%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Tustin Financing Authority                                                   | TUSTIN CA FING AUTH SPL TAX REVENUE                          | CUSIP: 901049AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $822112.20    | 0.29%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    345000 | PA      | $373833.38    | 0.13%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RFZ8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505727.50    | 0.18%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4209397.50   | 1.47%             | 2056-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE        | CUSIP: 13078RHS2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2690401.12   | 0.94%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GQV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2602144.44   | 0.91%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3216078.00   | 1.12%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                              | RIVERSIDE CNTY CA REDEV SUCCESSOR AGY TAX ALLOCATION         | CUSIP: 76913ADJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500742.50    | 0.17%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                              | RIVERSIDE CNTY CA REDEV SUCCESSOR AGY TAX ALLOCATION         | CUSIP: 76913ADP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520376.48    | 0.18%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SFT6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $281218.25    | 0.10%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123044.48    | 0.04%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                     | LOS ANGELES CNTY CA DEV AUTH MF HSG REVENUE                  | CUSIP: 54467WAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006048.00   | 0.35%             | 2059-09-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $453056.00    | 0.16%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575YP7<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1222883.04   | 0.43%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DSZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4202083.20   | 1.46%             | 2051-11-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AV49<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    690000 | PA      | $691633.92    | 0.24%             | 2047-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District                                   | LAMMERSVILLE CA JT UNIF SCH DIST SPL TAX                     | CUSIP: 513533GV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1507615.50   | 0.53%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VL71<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    595000 | PA      | $595455.77    | 0.21%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DDR6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    640000 | PA      | $671274.24    | 0.23%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEVAUTH POLL CONTROL REVENUE       | CUSIP: 13078HBA9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3841166.00   | 1.34%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | CUSIP: 40065NDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543702.50    | 0.19%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445R84<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   5435000 | PA      | $5994190.85   | 2.09%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $472162.68    | 0.16%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAC8<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3875000 | PA      | $3947912.00   | 1.38%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWL9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2240932.00   | 0.78%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VL89<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2992197.65   | 1.04%             | 2028-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | SAN JOSE CA MF HSG REVENUE                                   | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026170.00   | 0.71%             | 2027-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $363678.25    | 0.13%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557569.00    | 0.19%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063EKM7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028299.00   | 0.36%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                       | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577KY2<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1040433.68   | 0.36%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063C6M7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504123.50    | 0.18%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Capital Financing Authority                                | SANTA CRUZ CNTY CA CAPITAL FING AUTH LEASE REVENUE           | CUSIP: 80181PGN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417229.20    | 0.15%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445BU2<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111196.90   | 0.39%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                            | GUAM INTERNATIONAL ARPT AUTH                                 | CUSIP: 40064RFP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214431.40    | 0.07%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UMZ8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1396393.05   | 0.49%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093475.90   | 0.38%             | 2050-09-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                         | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $277940.22    | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UJ82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505622.00   | 0.52%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                | TRISTATE INSURED CASH SWEEP                                  | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | Long             | STIV             | CORP              | US        |      3323 | PA      | $3323.22      | 0.00%             | 2050-10-01      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Ventura County Community College District                                    | VENTURA CNTY CA CMNTY CLG DIST                               | CUSIP: 923040GN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000897.00   | 0.35%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SFR0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    285000 | PA      | $318586.40    | 0.11%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063CS76<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512975.00   | 0.53%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275419.25    | 0.10%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GSS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1903265.60   | 0.66%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE         | CUSIP: 913366BB5<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   4975000 | PA      | $4975000.00   | 1.73%             | 2032-05-15      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                              | RIVERSIDE CNTY CA REDEV SUCCESSOR AGY TAX ALLOCATION         | CUSIP: 76913AGS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751113.75    | 0.26%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH MFH REVENUE               | CUSIP: 13079PZS5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $678735.20    | 0.24%             | 2028-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE    | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $5491713.60   | 1.91%             | 2056-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4570000 | PA      | $4674831.23   | 1.63%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7427707.00   | 2.59%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                      | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $406829.50    | 0.14%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1082058.84   | 0.38%             | 2056-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483GP9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1168730.05   | 0.41%             | 2029-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| West Valley-Mission Community College District                               | W VLY-MISSION CA CMNTY CLG DIST                              | CUSIP: 95640HEV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150814.20   | 0.40%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483GR5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015817.00   | 0.35%             | 2028-06-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                     | CUSIP: 861398BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415030.30    | 0.14%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Unified School District                                               | TUSTIN CA UNIF SCH DIST                                      | CUSIP: 901073GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450186.30    | 0.16%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                      | VICTORVILLE CALIF ELEC REV                                   | CUSIP: 92642CAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $345502.50    | 0.12%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hesperia Community Redevelopment Agency Successor Agency                     | HESPERIA CA CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION     | CUSIP: 42806KAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532966.00    | 0.19%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GJY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1665054.63   | 0.58%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centinela Valley Union High School District                                  | CENTINELA VLY CA UNION HIGH SCH DIST                         | CUSIP: 152339RF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $368357.27    | 0.13%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-17

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin