# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-25-029187
**Filing Date:** 2025-11
**Character Count:** 35332
**Document Hash:** ef48bfa34b9084d6a9967ef9edcd20a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029187.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029187

**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:** 251510262

**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 Municipal Managed Account Fund (Series ID: S000079976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241473 | Class SMA    | THMMX           |

## 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 Municipal Managed Account Fund

- **b. EDGAR series identifier (if any):** S000079976

- **c. LEI of Series:** 549300LHVOKZPWTJXV07

**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:** $12239093.53

**Total Liabilities:** $273529.32

**Net Assets:** $11965564.21

**Delayed Delivery Securities:** $149119.50

**Cash Not Reported:** $0.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -20.07000000 | **1-Year:** -485.70000000 | **5-Year:** -1975.49000000 | **10-Year:** -3444.63000000 | **30-Year:** -1366.23000000

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

- **3-Month:** -1.59000000 | **1-Year:** -39.51000000 | **5-Year:** -221.84000000 | **10-Year:** -567.50000000 | **30-Year:** -270.08000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241473 | -0.50%               | 0.90%                | 2.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-77447.55               | $-21125.35                                 |
| Month 2  | $-5875.63                | $64958.37                                  |
| Month 3  | $-22832.91               | $247318.57                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Main Street Natural Gas Inc                                        | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE           | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216641.00    | 1.81%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE               | CUSIP: 97712JPG2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160203.00    | 1.34%             | 2045-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                    | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269396.00    | 2.25%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                   | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE             | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272032.00    | 2.27%             | 2054-04-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                 | SAN JOSE CA ARPT REVENUE                                    | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200003.20    | 1.67%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                           | PUBLIC FIN AUTH WI HOSP REVENUE                             | CUSIP: 74442CBY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200965.60    | 1.68%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                     | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                     | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $127653.60    | 1.07%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                            | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE        | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    300000 | PA      | $328276.50    | 2.74%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                        | BLACK DESERT PUB INFRASTRUCTURE DIST UT SPL ASSMNT          | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199783.60    | 1.67%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                | WASHOE CNTY NV WTR FAC REVENUE                              | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251751.00    | 2.10%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                            | MICHIGAN ST STRATEGIC FUND EXEMPT FACS REVENUE              | CUSIP: 59468PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201911.40    | 1.69%             | 2027-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                   | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE        | CUSIP: 709225ET9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154983.30    | 1.30%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority             | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                    | CUSIP: 83755VE26<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151338.00    | 1.26%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                             | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                     | CUSIP: 71883MNV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150392.85    | 1.26%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                              | FARMINGTON NM POLL CONTROL REVENUE                          | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254170.25    | 2.12%             | 2040-06-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                        | WASHINGTON ST HSG FIN COMMISSION MF TAX-EXEMPT MTGE-BACKED  | CUSIP: 93979AAD1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98669.00     | 0.82%             | 2043-08-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                       | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE         | CUSIP: 646127FN5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    175000 | PA      | $188554.12    | 1.58%             | 2065-12-20      | Fixed         | 5.25%                 | 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        |      3361 | NS      | $3360.98      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| County of Owen KY                                                  | OWEN CNTY KY WTR FACS REVENUE                               | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148991.70    | 1.25%             | 2040-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                  | ALABAMA ST HSG FIN AUTH SF MTGE REVENUE                     | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154429.35    | 1.29%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                     | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE           | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160163.25    | 1.34%             | 2049-06-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                       | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS            | CUSIP: 95648VBP3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    290000 | PA      | $292772.98    | 2.45%             | 2036-04-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                  | HORACE ND                                                   | CUSIP: 440365JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99788.00     | 0.83%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                 | CHICAGO IL WSTWTR TRANSMISSION REVENUE                      | CUSIP: 167727C46<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155618.40    | 1.30%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                       | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE    | CUSIP: 160853MR5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 1.13%             | 2038-01-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                | BARTOW CNTY GA DEV AUTH                                     | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102342.00    | 0.86%             | 2032-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                        | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE      | CUSIP: 939783X92<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149323.80    | 1.25%             | 2046-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                         | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE  | CUSIP: 647377AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $133902.75    | 1.12%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                              | NEW MEXICO ST MTGE FIN AUTH                                 | CUSIP: 647201J94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $247493.12    | 2.07%             | 2044-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                              | HAMILTON CNTY OH HLTH CARE REVENUE                          | CUSIP: 40727RDH8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100248.90    | 0.84%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                        | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE              | CUSIP: 593344BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195069.00    | 1.63%             | 2046-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                             | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE   | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150099.30    | 1.25%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                  | ILLINOIS ST                                                 | CUSIP: 4521525U1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $142249.65    | 1.19%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority               | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                    | CUSIP: 19645UUL6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152571.15    | 1.28%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                 | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE              | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205894.83    | 1.72%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                          | INDIANA ST FIN AUTH REVENUE                                 | CUSIP: 45506ENF6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254792.50    | 2.13%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                     | CARSON CITY NV HOSP REVENUE                                 | CUSIP: 145810DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95546.10     | 0.80%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                        | OHIO ST HSG FIN AGY MF HSG REVENUE                          | CUSIP: 676900XL2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160333.85    | 1.34%             | 2041-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                        | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE           | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161346.60    | 1.35%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                        | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE          | CUSIP: 93978LGP5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104229.20    | 0.87%             | 2053-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                           | PUBLIC FIN AUTH WI TOLL REVENUE                             | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154232.70    | 1.29%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                   | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                | CUSIP: 34061UKL1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150579.00    | 1.26%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                           | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                   | CUSIP: 14054CFK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102347.10    | 0.86%             | 2048-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                          | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE               | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268164.50    | 2.24%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                | NEW YORK NY                                                 | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 2.01%             | 2040-03-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                 | WISCONSIN ST HSG & ECON DEV AUTH MF HSG                     | CUSIP: 97689RFB5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176586.17    | 1.48%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp            | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE  | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154429.20    | 1.29%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                          | MATAGORDA CNTY TX NAV DIST #1                               | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153487.05    | 1.28%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Agua Dulce Independent School District                             | AGUA DULCE TX INDEP SCH DIST                                | CUSIP: 008560EE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157402.80    | 1.32%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority         | N ESTRN PA HOSP & EDU AUTH                                  | CUSIP: 664551DJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $153218.89    | 1.28%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                             | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE             | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    150000 | PA      | $172085.10    | 1.44%             | 2050-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                           | NATIONAL FIN AUTH NH REVENUE                                | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $174827.28    | 1.46%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                             | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE   | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    165000 | PA      | $160463.33    | 1.34%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority           | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE  | CUSIP: 646080YC9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    140000 | PA      | $138142.76    | 1.15%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                          | MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE           | CUSIP: 62813NBC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100439.20    | 0.84%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                 | DETROIT MI                                                  | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272938.25    | 2.28%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                              | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS REVENUE              | CUSIP: 14043FAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146940.97    | 1.23%             | 2059-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri | MISSOURI ST HLTH & EDUCTNL FACS AUTH                        | CUSIP: 60635H4B2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99037.40     | 0.83%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                             | OHIO ST AIR QUALITY DEV AUTH                                | CUSIP: 677525WR4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    155000 | PA      | $154674.19    | 1.29%             | 2026-02-01      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                | GEISINGER PA AUTH HLTH SYS REVENUE                          | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195940.88    | 1.64%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                      | TRISTATE INSURED CASH SWEEP                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | Long             | STIV             | CORP              | US        |       223 | PA      | $222.67       | 0.00%             | 2050-10-01      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                  | HORACE ND                                                   | CUSIP: 440365JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97339.30     | 0.81%             | 2044-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                          | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                  | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151181.25    | 1.26%             | 2037-12-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                          | INDIANA ST FIN AUTH REVENUE                                 | CUSIP: 45506EPB3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204867.80    | 1.71%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                            | MUNI ELEC AUTH OF GA                                        | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100035.50    | 0.84%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                           | PUBLIC FIN AUTH WI CHRT SCH REVENUE                         | CUSIP: 744396KR2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99223.80     | 0.83%             | 2055-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Northeastern Illinois University                                   | N ESTRN IL UNIV COPS                                        | CUSIP: 66442RDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152053.35    | 1.27%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority               | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                    | CUSIP: 19645UVJ0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152969.10    | 1.28%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                             | CALIFORNIA MUNI FIN AUTH MF                                 | CUSIP: 130489AA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160925.25    | 1.34%             | 2046-09-01      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Madison-Plains Local School District                               | MADISON-PLAINS OH LOCAL SCH DIST COPS                       | CUSIP: 558187AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158765.40    | 1.33%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                     | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE              | CUSIP: 09182NCS7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268633.25    | 2.25%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                              | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 91754TH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $111265.08    | 0.93%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE    | CUSIP: 54659LBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151897.05    | 1.27%             | 2033-10-01      | Fixed         | 5.00%                 | 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:** Senior Manager - Fund Administration