# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-26-015717
**Filing Date:** 2026-2
**Character Count:** 192955
**Document Hash:** 998800f2b5a3831c7b78e833140930ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015717.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015717

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG 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:** 26659390

**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 Ultra Short Income Fund (Series ID: S000043670)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000135385 | Thornburg Ultra Short Income Fund Class A | TLDAX           |
| C000135386 | Thornburg Ultra Short Income Fund Class I | TLDIX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **U.S. Treasury Securities — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.277% due 1/15/2026 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$4991957 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.75% due 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 8/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000039 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125% due 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3019101 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $12,513,984) |  | &nbsp;&nbsp;&nbsp;&nbsp; 12549431 |
|  | **U.S. Government Agencies — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, Series 2009-20E Class 1, 4.43% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6736 | &nbsp;&nbsp;&nbsp;&nbsp; 6773 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $6,765) |  | &nbsp;&nbsp;&nbsp;&nbsp; 6773 |
|  | **Mortgage Backed — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-F Class A1, 2.86% due 7/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 918901 | &nbsp;&nbsp;&nbsp;&nbsp; 899563 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A1, 3.50% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 964965 | &nbsp;&nbsp;&nbsp;&nbsp; 942954 |
|  | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 10507 | &nbsp;&nbsp;&nbsp;&nbsp; 10276 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 10937 | &nbsp;&nbsp;&nbsp;&nbsp; 10479 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;COLT Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.857% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 150800 | &nbsp;&nbsp;&nbsp;&nbsp; 132567 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2021-BPNY Class A, 7.58% (TSFR1M + 3.83%) due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 277359 | &nbsp;&nbsp;&nbsp;&nbsp; 269409 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL1 Class A1A, 3.65% due 7/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 395421 | &nbsp;&nbsp;&nbsp;&nbsp; 389376 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM1 Class A1, 2.208% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 41348 | &nbsp;&nbsp;&nbsp;&nbsp; 39178 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SPT1 Class A3, 3.734% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 809348 | &nbsp;&nbsp;&nbsp;&nbsp; 801460 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 21479 | &nbsp;&nbsp;&nbsp;&nbsp; 20327 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 15066 | &nbsp;&nbsp;&nbsp;&nbsp; 14166 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 54141 | &nbsp;&nbsp;&nbsp;&nbsp; 51944 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Pool BZ3061, 5.26% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 670926 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, Pool MA3557, 4.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11726 | &nbsp;&nbsp;&nbsp;&nbsp; 11699 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 6435 | &nbsp;&nbsp;&nbsp;&nbsp; 5936 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 125489 | &nbsp;&nbsp;&nbsp;&nbsp; 121070 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 554941 | &nbsp;&nbsp;&nbsp;&nbsp; 529675 |
| **<sup>a,b,c</sup>** | &nbsp;&nbsp;&nbsp;Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 4.885% (TSFR1M + 1.13%) due 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 7897 | &nbsp;&nbsp;&nbsp;&nbsp; 7892 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.182% due 1/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 491858 | &nbsp;&nbsp;&nbsp;&nbsp; 490800 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 29343 | &nbsp;&nbsp;&nbsp;&nbsp; 29250 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A1, 1.381% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 851715 | &nbsp;&nbsp;&nbsp;&nbsp; 820824 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 389870 | &nbsp;&nbsp;&nbsp;&nbsp; 387772 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 5.346% (TSFR1M + 1.61%) due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 9041 | &nbsp;&nbsp;&nbsp;&nbsp; 9150 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 475456 | &nbsp;&nbsp;&nbsp;&nbsp; 478299 |
|  | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SH1 Class M1, 3.223% due 1/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 902091 | &nbsp;&nbsp;&nbsp;&nbsp; 890363 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 989891 | &nbsp;&nbsp;&nbsp;&nbsp; 989226 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2020-3 Class A1, 1.486% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 815172 | &nbsp;&nbsp;&nbsp;&nbsp; 794994 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 63911 | &nbsp;&nbsp;&nbsp;&nbsp; 62916 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 6301 | &nbsp;&nbsp;&nbsp;&nbsp; 6237 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A1A, 3.75% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 151648 | &nbsp;&nbsp;&nbsp;&nbsp; 150671 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.201% due 3/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 318479 | &nbsp;&nbsp;&nbsp;&nbsp; 316205 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $10,387,227) |  | &nbsp;&nbsp;&nbsp;&nbsp; 10355604 |
|  | **Asset Backed Securities — 37.1%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 19.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ACM Auto Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 9.85% due 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1496625 | &nbsp;&nbsp;&nbsp;&nbsp; 1511659 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 11.40% due 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 89329 | &nbsp;&nbsp;&nbsp;&nbsp; 90128 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.06% due 2/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 116828 | &nbsp;&nbsp;&nbsp;&nbsp; 116889 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 5.59% due 4/12/2029 | &nbsp;&nbsp;$849 | &nbsp;&nbsp;$849 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class C, 5.96% due 8/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 36709 | &nbsp;&nbsp;&nbsp;&nbsp; 36726 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class C, 6.24% due 4/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1915152 |
|  | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, Series 2022-2 Class B, 4.81% due 4/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 511464 | &nbsp;&nbsp;&nbsp;&nbsp; 511728 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 405734 | &nbsp;&nbsp;&nbsp;&nbsp; 408222 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1852570 | &nbsp;&nbsp;&nbsp;&nbsp; 1856900 |
|  | &nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60876 | &nbsp;&nbsp;&nbsp;&nbsp; 61484 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 206421 | &nbsp;&nbsp;&nbsp;&nbsp; 207996 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 341535 | &nbsp;&nbsp;&nbsp;&nbsp; 347582 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-N1A Class E, 5.20% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 162322 | &nbsp;&nbsp;&nbsp;&nbsp; 162339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N2 Class D, 1.27% due 3/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 414503 | &nbsp;&nbsp;&nbsp;&nbsp; 403789 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-N1 Class A2, 3.21% due 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 573004 | &nbsp;&nbsp;&nbsp;&nbsp; 569145 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 715493 | &nbsp;&nbsp;&nbsp;&nbsp; 718499 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P2 Class A3, 5.42% due 4/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 295465 | &nbsp;&nbsp;&nbsp;&nbsp; 296377 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chesapeake Funding II LLC, Series 2023-1A Class A1, 5.65% due 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 902225 | &nbsp;&nbsp;&nbsp;&nbsp; 906462 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Consumer Portfolio Services Auto Trust, Series 2025-A Class A, 4.77% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 736328 | &nbsp;&nbsp;&nbsp;&nbsp; 737955 |
|  | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 2.84% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 475716 | &nbsp;&nbsp;&nbsp;&nbsp; 473790 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D Class B, 6.78% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 121124 | &nbsp;&nbsp;&nbsp;&nbsp; 121240 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class B, 6.04% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265618 | &nbsp;&nbsp;&nbsp;&nbsp; 266967 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C Class A, 5.88% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 286426 | &nbsp;&nbsp;&nbsp;&nbsp; 286755 |
|  | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D, 1.94% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 314989 | &nbsp;&nbsp;&nbsp;&nbsp; 312080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class B, 4.52% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505485 |
|  | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 1.31% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 773524 | &nbsp;&nbsp;&nbsp;&nbsp; 771062 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.79% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250639 | &nbsp;&nbsp;&nbsp;&nbsp; 251649 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class B, 6.07% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 879994 | &nbsp;&nbsp;&nbsp;&nbsp; 881157 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 358266 | &nbsp;&nbsp;&nbsp;&nbsp; 358361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1177999 | &nbsp;&nbsp;&nbsp;&nbsp; 1186836 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class C, 6.32% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 112955 | &nbsp;&nbsp;&nbsp;&nbsp; 113322 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C, 6.51% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 515215 | &nbsp;&nbsp;&nbsp;&nbsp; 518293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.38% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 166188 |
|  | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 5.69% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 391646 | &nbsp;&nbsp;&nbsp;&nbsp; 394688 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 387746 | &nbsp;&nbsp;&nbsp;&nbsp; 388717 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A1, 4.839% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1212235 | &nbsp;&nbsp;&nbsp;&nbsp; 1213475 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 87648 | &nbsp;&nbsp;&nbsp;&nbsp; 87877 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;First Investors Auto Owner Trust, Series 2022-1A Class D, 3.79% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 159635 |
|  | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 295417 | &nbsp;&nbsp;&nbsp;&nbsp; 293843 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.76% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15651 | &nbsp;&nbsp;&nbsp;&nbsp; 15651 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class B, 6.78% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 410808 | &nbsp;&nbsp;&nbsp;&nbsp; 411209 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A3, 5.44% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 181415 | &nbsp;&nbsp;&nbsp;&nbsp; 181585 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 374041 | &nbsp;&nbsp;&nbsp;&nbsp; 374398 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Series 2023-2 Class A2, 5.99% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 934077 | &nbsp;&nbsp;&nbsp;&nbsp; 936574 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A Class D, 2.48% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 487583 | &nbsp;&nbsp;&nbsp;&nbsp; 484769 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 403401 | &nbsp;&nbsp;&nbsp;&nbsp; 402905 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 374182 | &nbsp;&nbsp;&nbsp;&nbsp; 377264 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class A2, 4.37% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251746 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A Class A3, 5.96% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 501405 | &nbsp;&nbsp;&nbsp;&nbsp; 505442 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust, Series 2024-1A Class A4, 5.17% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508019 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2024-3A Class A2, 4.97% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600341 | &nbsp;&nbsp;&nbsp;&nbsp; 601933 |
|  | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 8.31% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280109 | &nbsp;&nbsp;&nbsp;&nbsp; 280414 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 8.67% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 919546 | &nbsp;&nbsp;&nbsp;&nbsp; 924652 |
|  | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A2, 6.44% due 3/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 253305 | &nbsp;&nbsp;&nbsp;&nbsp; 254570 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A2, 5.80% due 7/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 749623 | &nbsp;&nbsp;&nbsp;&nbsp; 755717 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A1, 4.65% due 3/14/2029 | &nbsp;&nbsp;$436608 | &nbsp;&nbsp;$436953 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A, 5.41% due 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907851 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIV LLC, Series 2022-1A Class A4, 2.82% due 4/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 645163 | &nbsp;&nbsp;&nbsp;&nbsp; 640114 |
|  | &nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 2.08% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595168 | &nbsp;&nbsp;&nbsp;&nbsp; 589134 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 6.33% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1363000 | &nbsp;&nbsp;&nbsp;&nbsp; 1382238 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.64% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 109350 | &nbsp;&nbsp;&nbsp;&nbsp; 109629 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2, 4.87% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 329509 | &nbsp;&nbsp;&nbsp;&nbsp; 330204 |
|  | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A, 7.13% due 1/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 408798 | &nbsp;&nbsp;&nbsp;&nbsp; 409495 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1601113 | &nbsp;&nbsp;&nbsp;&nbsp; 1604264 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class A2, 4.575% due 6/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 134966 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2024-1A Class A, 7.09% due 6/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 97059 | &nbsp;&nbsp;&nbsp;&nbsp; 97537 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 392528 | &nbsp;&nbsp;&nbsp;&nbsp; 395241 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-C Class F, 14.592% due 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 694792 | &nbsp;&nbsp;&nbsp;&nbsp; 708238 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class A3, 5.93% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 752094 | &nbsp;&nbsp;&nbsp;&nbsp; 754304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6 Class B, 5.98% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 925952 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class A2, 4.28% due 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 636338 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust, Series 2025-SF1 Class B, 5.12% due 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 608342 | &nbsp;&nbsp;&nbsp;&nbsp; 608738 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust, Series 2024-1A Class A3, 5.11% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 304000 | &nbsp;&nbsp;&nbsp;&nbsp; 305913 |
|  | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class E, 7.79% due 8/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 618479 | &nbsp;&nbsp;&nbsp;&nbsp; 609340 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class F, 9.80% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 957212 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 764704 | &nbsp;&nbsp;&nbsp;&nbsp; 706947 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 223536 | &nbsp;&nbsp;&nbsp;&nbsp; 219883 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 169448 | &nbsp;&nbsp;&nbsp;&nbsp; 155556 |
|  | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 8.32% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 979000 | &nbsp;&nbsp;&nbsp;&nbsp; 998826 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.28% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 383151 | &nbsp;&nbsp;&nbsp;&nbsp; 384540 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1131566 | &nbsp;&nbsp;&nbsp;&nbsp; 1136631 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2022-2A Class D, 5.48% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2537904 | &nbsp;&nbsp;&nbsp;&nbsp; 2546254 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49570447 |
|  | &nbsp;&nbsp;**Home Equity — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Knock Issuer Trust, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 7.119% due 2/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506015 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 506015 |
|  | &nbsp;&nbsp;**Other Asset Backed — 15.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250520 |
|  | &nbsp;&nbsp;&nbsp;ACHV ABS Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1PL Class A, 5.90% due 4/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1148275 | &nbsp;&nbsp;&nbsp;&nbsp; 1154231 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2PL Class A, 5.07% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 609044 | &nbsp;&nbsp;&nbsp;&nbsp; 611823 |
|  | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X1 Class C, 6.57% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 992320 | &nbsp;&nbsp;&nbsp;&nbsp; 994283 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A, 5.22% due 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 82338 | &nbsp;&nbsp;&nbsp;&nbsp; 82375 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-X2 Class A, 4.45% due 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 475833 | &nbsp;&nbsp;&nbsp;&nbsp; 476382 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 287433 | &nbsp;&nbsp;&nbsp;&nbsp; 287831 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1090727 | &nbsp;&nbsp;&nbsp;&nbsp; 1092522 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class A, 1.90% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 286912 | &nbsp;&nbsp;&nbsp;&nbsp; 268043 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2024-1A Class A2, 5.84% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 192033 | &nbsp;&nbsp;&nbsp;&nbsp; 192481 |
|  | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class B, 1.67% due 10/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 245361 | &nbsp;&nbsp;&nbsp;&nbsp; 243327 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class B, 5.93% due 10/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 848283 | &nbsp;&nbsp;&nbsp;&nbsp; 850864 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class B, 6.35% due 4/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 930482 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1275362 | &nbsp;&nbsp;&nbsp;&nbsp; 1285807 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257168 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Series 2023-3 Class A3, 5.93% due 4/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 719669 | &nbsp;&nbsp;&nbsp;&nbsp; 723406 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 206164 | &nbsp;&nbsp;&nbsp;&nbsp; 207253 |
|  | &nbsp;&nbsp;&nbsp;FREED ABS Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D, 3.35% due 3/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165111 | &nbsp;&nbsp;&nbsp;&nbsp; 165026 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3FP Class D, 7.36% due 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 794761 | &nbsp;&nbsp;&nbsp;&nbsp; 795777 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.447% (SOFR90A + 2.25%) due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 83708 | &nbsp;&nbsp;&nbsp;&nbsp; 83787 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A2, 5.25% due 10/27/2059 | &nbsp;&nbsp;$75973 | &nbsp;&nbsp;$76225 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2, 4.93% due 6/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;1576809 | &nbsp;&nbsp;&nbsp;&nbsp; 1582221 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 114508 | &nbsp;&nbsp;&nbsp;&nbsp; 115295 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 14945 | &nbsp;&nbsp;&nbsp;&nbsp; 14898 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, Series 2023-2A Class C, 6.48% due 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 190962 | &nbsp;&nbsp;&nbsp;&nbsp; 191501 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, Series 2022-ST3 Class A, 4.00% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5691 | &nbsp;&nbsp;&nbsp;&nbsp; 5689 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust, Series 2021-AA Class A, 1.86% due 3/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1279548 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 7.20% due 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 166638 | &nbsp;&nbsp;&nbsp;&nbsp; 167044 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 6.96% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1119161 | &nbsp;&nbsp;&nbsp;&nbsp; 1123666 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 333380 | &nbsp;&nbsp;&nbsp;&nbsp; 334677 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.75% due 7/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 332873 | &nbsp;&nbsp;&nbsp;&nbsp; 333366 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1596626 | &nbsp;&nbsp;&nbsp;&nbsp; 1610653 |
|  | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A, 7.78% due 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1093304 | &nbsp;&nbsp;&nbsp;&nbsp; 1094620 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A, 7.43% due 10/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7540 | &nbsp;&nbsp;&nbsp;&nbsp; 7547 |
|  | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A2, 6.57% due 6/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 652934 | &nbsp;&nbsp;&nbsp;&nbsp; 656384 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B Class A2, 4.64% due 1/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 803492 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust, Series 2022-S1 Class A, 4.13% due 5/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 229069 | &nbsp;&nbsp;&nbsp;&nbsp; 229049 |
|  | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 162946 | &nbsp;&nbsp;&nbsp;&nbsp; 160102 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 765587 | &nbsp;&nbsp;&nbsp;&nbsp; 753981 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 5.01% due 2/8/2033 | &nbsp;&nbsp;&nbsp;&nbsp;1613000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614156 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10 Class ABC, 5.633% due 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1237178 | &nbsp;&nbsp;&nbsp;&nbsp; 1242509 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2021-HG1 Class B, 1.82% due 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 168764 | &nbsp;&nbsp;&nbsp;&nbsp; 168764 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1 Class A, 6.66% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 221405 | &nbsp;&nbsp;&nbsp;&nbsp; 221561 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 473584 | &nbsp;&nbsp;&nbsp;&nbsp; 472830 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, Series 2023-1A Class C, 8.29% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1084038 | &nbsp;&nbsp;&nbsp;&nbsp; 1085878 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1654867 | &nbsp;&nbsp;&nbsp;&nbsp; 1663209 |
|  | &nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 5.88% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 259599 | &nbsp;&nbsp;&nbsp;&nbsp; 261028 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.96% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 109024 | &nbsp;&nbsp;&nbsp;&nbsp; 109379 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A, 4.93% due 8/18/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 177816 | &nbsp;&nbsp;&nbsp;&nbsp; 178576 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1228953 | &nbsp;&nbsp;&nbsp;&nbsp; 1227082 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 577276 | &nbsp;&nbsp;&nbsp;&nbsp; 566675 |
|  | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 4.80% due 2/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1285913 | &nbsp;&nbsp;&nbsp;&nbsp; 1291076 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A, 4.82% due 6/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 910450 | &nbsp;&nbsp;&nbsp;&nbsp; 915021 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 144474 | &nbsp;&nbsp;&nbsp;&nbsp; 136509 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1775175 | &nbsp;&nbsp;&nbsp;&nbsp; 1805812 |
|  | &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 830633 | &nbsp;&nbsp;&nbsp;&nbsp; 835124 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 567993 | &nbsp;&nbsp;&nbsp;&nbsp; 568913 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 46883 | &nbsp;&nbsp;&nbsp;&nbsp; 46896 |
|  | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class C, 3.28% due 7/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 39159 | &nbsp;&nbsp;&nbsp;&nbsp; 39088 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 638000 | &nbsp;&nbsp;&nbsp;&nbsp; 641105 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 217126 | &nbsp;&nbsp;&nbsp;&nbsp; 217538 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 463149 | &nbsp;&nbsp;&nbsp;&nbsp; 462924 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 463270 | &nbsp;&nbsp;&nbsp;&nbsp; 463896 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A2, 5.22% due 6/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 377291 | &nbsp;&nbsp;&nbsp;&nbsp; 379183 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40108078 |
|  | &nbsp;&nbsp;**Student Loan — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust, Series 2020-A Class A2FX, 1.40% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 284824 | &nbsp;&nbsp;&nbsp;&nbsp; 273044 |
|  | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1 Class A5, 4.196% (TSFR1M + 0.46%) due 3/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 485737 | &nbsp;&nbsp;&nbsp;&nbsp; 481049 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-4 Class A4, 4.156% (TSFR1M + 0.42%) due 5/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 58297 | &nbsp;&nbsp;&nbsp;&nbsp; 58039 |
|  | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BA Class A2A, 3.61% due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 101337 | &nbsp;&nbsp;&nbsp;&nbsp; 101130 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BA Class A2B, 4.585% (TSFR1M + 0.83%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 4288 | &nbsp;&nbsp;&nbsp;&nbsp; 4285 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, Series 2019-FA Class A2, 2.60% due 8/15/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 302775 | &nbsp;&nbsp;&nbsp;&nbsp; 293002 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 4.845% (TSFR1M + 1.09%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 296692 | &nbsp;&nbsp;&nbsp;&nbsp; 296189 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-2A Class A, 4.789% (SOFR30A + 0.91%) due 12/26/2033 | &nbsp;&nbsp;$36928 | &nbsp;&nbsp;$36579 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A Class A2, 4.589% (SOFR30A + 0.71%) due 2/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 8144 | &nbsp;&nbsp;&nbsp;&nbsp; 8118 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 4.538% (TSFR1M + 0.80%) due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 74735 | &nbsp;&nbsp;&nbsp;&nbsp; 74121 |
| **<sup>a,b,c</sup>** | &nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.092% (TSFR1M + 1.36%) due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 28517 | &nbsp;&nbsp;&nbsp;&nbsp; 28530 |
|  | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4 Class A, 4.539% (SOFR30A + 0.66%) due 6/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 14934 | &nbsp;&nbsp;&nbsp;&nbsp; 14666 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 4.639% (SOFR30A + 0.76%) due 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95875 | &nbsp;&nbsp;&nbsp;&nbsp; 95020 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 4.615% (TSFR1M + 0.86%) due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100910 | &nbsp;&nbsp;&nbsp;&nbsp; 100837 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B Class A2B, 4.585% (TSFR1M + 0.83%) due 1/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 147589 | &nbsp;&nbsp;&nbsp;&nbsp; 147226 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C Class A2B, 4.615% (TSFR1M + 0.86%) due 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 38109 | &nbsp;&nbsp;&nbsp;&nbsp; 38003 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.44% due 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 448160 | &nbsp;&nbsp;&nbsp;&nbsp; 443892 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2A, 2.23% due 9/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;1761993 | &nbsp;&nbsp;&nbsp;&nbsp; 1713941 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 4.548% (TSFR1M + 0.81%) due 11/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 43147 | &nbsp;&nbsp;&nbsp;&nbsp; 43123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4250794 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $94,653,619) |  | &nbsp;&nbsp;&nbsp;&nbsp; 94435334 |
|  | **Corporate Bonds — 43.9%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 1.1%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.352% (SOFR + 0.62%) due 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 569000 | &nbsp;&nbsp;&nbsp;&nbsp; 569609 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505540 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005920 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.45% due 9/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 752887 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2833956 |
|  | &nbsp;&nbsp;**Banks — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Bank of New York Mellon, 4.587% (SOFR + 0.69%) due 4/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001610 |
| **<sup>a,b,c</sup>** | &nbsp;&nbsp;&nbsp;NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 735712 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1737322 |
|  | &nbsp;&nbsp;**Capital Goods — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Systems Corp., 7.875% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255662 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1252100 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2507762 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.5%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1260750 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc., 2.375% due 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1772675 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1772675 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1739885 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1739885 |
|  | &nbsp;&nbsp;**Consumer Services — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp., 4.75% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001100 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2001100 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;7-Eleven, Inc., 0.95% due 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2242215 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2242215 |
|  | &nbsp;&nbsp;**Energy — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP, 5.95% due 6/1/2026 | &nbsp;&nbsp;$1250000 | &nbsp;&nbsp;$1253413 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.625% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000370 |
|  | &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001780 |
|  | &nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.55% due 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263387 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.50% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501470 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5020420 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., 1.60% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240763 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., 4.225% due 1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494236 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, 4.25% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250190 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1467586 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.884% due 7/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 349610 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5802385 |
|  | &nbsp;&nbsp;**Financial Services — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 2.15% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1234925 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp., 3.40% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 745095 |
|  | &nbsp;&nbsp;&nbsp;FS KKR Capital Corp., 3.40% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999350 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1478295 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000130 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., 3.00% due 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 631515 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial, Inc., 3.65% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1874774 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 3.95% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995480 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8959564 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 4.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 1.6%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Bacardi Ltd., 2.75% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990970 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., 3.70% due 12/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1246863 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., 4.387% (SOFR + 0.58%) due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1749317 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.17% due 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.30% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504230 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 3.50% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243713 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 4.40% due 2/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499265 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 3.215% due 9/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248530 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;BAT International Finance plc, 1.668% due 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2236432 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 3.50% due 7/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 436209 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12152112 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alcon Finance Corp., 2.75% due 9/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2477125 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.25% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1701819 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2414000 | &nbsp;&nbsp;&nbsp;&nbsp; 2386963 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6565907 |
|  | &nbsp;&nbsp;**Insurance — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 4.60% due 12/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256375 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 1.30% due 7/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985870 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;F&G Global Funding, 1.75% due 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1153000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138784 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 1.625% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998060 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., 4.525% (SOFRINDX + 0.70%) due 11/8/2027 | &nbsp;&nbsp;$751000 | &nbsp;&nbsp;$754312 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 850399 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6983800 |
|  | &nbsp;&nbsp;**Materials — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Berry Global, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.57% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 748913 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750542 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990730 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1223200 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1983100 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co., 4.45% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001590 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7698075 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.125% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 965923 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 965923 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1258000 | &nbsp;&nbsp;&nbsp;&nbsp; 1261699 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 1.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc., 2.875% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240112 |
|  | &nbsp;&nbsp;&nbsp;Utah Acquisition Sub, Inc., 3.95% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495230 |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 728325 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4725366 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236963 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1236963 |
|  | &nbsp;&nbsp;**Software & Services — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Global Payments, Inc., 1.20% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1699000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690998 |
|  | &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., 2.05% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229312 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wipro IT Services LLC, 1.50% due 6/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 986890 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc., Series 2020-3 Class D, 3.40% due 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1342291 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001290 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc., 1.15% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1242000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236188 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7486969 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Avnet, Inc., 4.625% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044864 |
|  | &nbsp;&nbsp;&nbsp;**Office Electronics — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 2.67% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp; 2516442 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 6.02% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301203 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3862509 |
|  | &nbsp;&nbsp;**Telecommunication Services — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cox Communications, Inc., 3.35% due 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243375 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;NBN Co. Ltd., 1.45% due 5/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 991140 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 2.25% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4229335 |
|  | &nbsp;&nbsp;**Transportation — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.227% due 5/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 708627 | &nbsp;&nbsp;&nbsp;&nbsp; 704928 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75% due 5/24/2026 | &nbsp;&nbsp;$2350000 | &nbsp;&nbsp;$2361163 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3066091 |
|  | &nbsp;&nbsp;**Utilities — 6.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 5.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp., 1.375% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1662552 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 1.40% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 709881 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.70% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013660 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., Series A, 1.45% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 938064 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Enel Americas SA, 4.00% due 10/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 528585 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Enel Finance International NV, 1.625% due 7/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1973380 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc., 4.146% due 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2498300 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254725 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 744180 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southern Co., Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999630 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998780 |
|  | &nbsp;&nbsp;&nbsp;Spire, Inc., 5.30% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001520 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania-American Water Co., 7.80% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533810 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16857067 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $111,610,305) |  | &nbsp;&nbsp;&nbsp;&nbsp;111708151 |
|  | **Convertible Bonds — 0.6%** |  |  |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485960 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1485960 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $1,484,717) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1485960 |
|  | **Long-Term Municipal Bonds — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Jersey City GO, Series B, 4.75% due 7/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256289 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds (Cost $1,253,749) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1256289 |
|  | **Short-Term Investments — 7.7%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp;1969813 | &nbsp;&nbsp;&nbsp;&nbsp; 19698129 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $19,698,129) |  | &nbsp;&nbsp;&nbsp;&nbsp; 19698129 |
|  | **Total Investments — 98.8% (Cost $251,608,495)** |  | &nbsp;&nbsp;$251495671 |
|  | **Other Assets Less Liabilities — 1.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035709 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$254531380 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the aggregate value of these securities in the Fund's portfolio was $148,814,426, representing 58.47% of the Fund's net assets. |
| b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on December 31, 2025. |
| c | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| d | Bond in default. |
| e | Investment in Affiliates. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DAC | Designated Activity Company |
| GO | General Obligation |
| Mtg | Mortgage |

---

---

| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| SOFRINDX | Secured Overnight Financing Rate Index |
| TSFR1M | Term SOFR 1 Month |
| UMBS | Uniform Mortgage-Backed Securities |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *December 31, 2025 (Unaudited)* |

---

------

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

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

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

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

<u>Valuation of Securities:</u> Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/25** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 12/31/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $16022573 | &nbsp;&nbsp;$64339572 | &nbsp;&nbsp;$(60664016) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$19698129 | &nbsp;&nbsp;$313996 |

---

## 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 Ultra Short Income Fund

- **b. EDGAR series identifier (if any):** S000043670

- **c. LEI of Series:** 5493008QZFA48DAOHN91

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $253932360.45

**Total Liabilities:** $1097882.65

**Net Assets:** $252834477.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2674.05000000 | **1-Year:** -4677.46000000 | **5-Year:** -861.32000000 | **10-Year:** -75.41000000 | **30-Year:** -0.32000000

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

- **3-Month:** -590.30000000 | **1-Year:** -1003.30000000 | **5-Year:** -437.79000000 | **10-Year:** -256.36000000 | **30-Year:** -72.89000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135385 | 0.31%                | 0.36%                | 0.43%                |
| Class ID C000135386 | 0.33%                | 0.38%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27959.43                | $-175990.34                                |
| Month 2  | $2804.66                 | $2664.07                                   |
| Month 3  | $12183.81                | $116716.42                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACHV ABS TRUST                                    | ACHV ABS TRUST 2024-1PL                                       | CUSIP: 00092BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1148275 | PA      | $1154230.57   | 0.46%             | 2031-04-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                    | ACHV ABS TRUST 2024-2PL                                       | CUSIP: 00092HAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    609044 | PA      | $611822.89    | 0.24%             | 2031-10-27      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| ACHD Trust                                        | ACHD Trust 2025-DS1                                           | CUSIP: 00092TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1250519.53   | 0.49%             | 2034-01-09      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                      | AES Corp/The                                                  | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1662552.45   | 0.66%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                    | ACM Auto Trust 2023-2                                         | CUSIP: 00161AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1496625 | PA      | $1511659.16   | 0.60%             | 2030-06-20      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                    | ACM Auto Trust 2024-1                                         | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89329 | PA      | $90128.49     | 0.04%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                                    | AMCR ABS TRUST 2024-A                                         | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287433 | PA      | $287831.24    | 0.11%             | 2031-08-18      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                    | ACM Auto Trust 2024-2                                         | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    116828 | PA      | $116889.39    | 0.05%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| ACTIVISION BLIZZARD                               | Activision Blizzard Inc                                       | CUSIP: 00507VAK5<br>LEI: 549300TPQQDBP9GNOF40 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1342290.10   | 0.53%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2024-X2                     | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     82338 | PA      | $82375.48     | 0.03%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2024-X1                     | CUSIP: 00834XAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    992320 | PA      | $994282.79    | 0.39%             | 2029-05-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2025-X2                     | CUSIP: 00835DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475833 | PA      | $476381.95    | 0.19%             | 2030-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                                        | Airbnb Inc                                                    | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1485960.00   | 0.59%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2022-A                               | CUSIP: 009695AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    964965 | PA      | $942954.22    | 0.37%             | 2061-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2019-F                               | CUSIP: 00969PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    918901 | PA      | $899562.72    | 0.36%             | 2059-07-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                | Alcon Finance Corp                                            | CUSIP: 01400EAA1<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2477125.00   | 0.98%             | 2026-09-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                            | Alliant Energy Finance LLC                                    | CUSIP: 01882YAC0<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    715000 | PA      | $709880.60    | 0.28%             | 2026-03-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                  | Altria Group Inc                                              | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1499265.00   | 0.59%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AMDR ABS Trust                                    | AMDR ABS TRUST 2025-1                                         | CUSIP: 02342WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090727 | PA      | $1092522.24   | 0.43%             | 2033-12-19      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                       | Ameren Corp                                                   | CUSIP: 023608AP7<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013660.00   | 0.40%             | 2026-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust 2023-2           | CUSIP: 02529YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36709 | PA      | $36725.92     | 0.01%             | 2029-08-13      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust 2023-1           | CUSIP: 02530UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       849 | PA      | $849.06       | 0.00%             | 2029-04-12      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust 2024-2           | CUSIP: 02531BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1915151.66   | 0.76%             | 2030-04-12      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                            | American Honda Finance Corp                                   | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    569000 | PA      | $569608.83    | 0.23%             | 2026-12-11      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                           | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   1250000 | PA      | $1240762.50   | 0.49%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust          | AmeriCredit Automobile Receivables Trust 2022-2               | CUSIP: 03065WAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    511464 | PA      | $511728.18    | 0.20%             | 2028-04-18      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                  | Antares Holdings LP                                           | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995480.00    | 0.39%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                | Aqua Finance Trust 2020-A                                     | CUSIP: 038413AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286912 | PA      | $268043.12    | 0.11%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust      | Arivo Acceptance Auto Loan Receivables Trust 2024-1           | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405734 | PA      | $408221.87    | 0.16%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                 | Ares Capital Corp                                             | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1234925.00   | 0.49%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                             | Arroyo Mortgage Trust 2019-1                                  | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10507 | PA      | $10276.48     | 0.00%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                             | Arroyo Mortgage Trust 2019-3                                  | CUSIP: 04285AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10937 | PA      | $10478.76     | 0.00%             | 2048-10-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| AutoNation Finance Trust 2025-1                   | AutoNation Finance Trust 2025-1                               | CUSIP: 05330QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1852570 | PA      | $1856899.79   | 0.73%             | 2028-04-10      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                         | Auxilior Term Funding 2024-1 LLC                              | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192033 | PA      | $192481.46    | 0.08%             | 2027-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| AVNET INC                                         | Avnet Inc                                                     | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1044864.15   | 0.41%             | 2026-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                  | BAT Capital Corp                                              | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248530.00    | 0.10%             | 2026-09-06      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                              | BAT International Finance PLC                                 | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   2250000 | PA      | $2236432.50   | 0.88%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | BOF URSA VI Funding Trust I                                   | CUSIP: 05603KAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60876 | PA      | $61484.44     | 0.02%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | BOF URSA VI Funding Trust I                                   | CUSIP: 05603LAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206421 | PA      | $207995.54    | 0.08%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON                           | Bank of New York Mellon/The                                   | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001610.00   | 0.40%             | 2027-04-20      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                                       | Bacardi Ltd                                                   | CUSIP: 067316AD1<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $990970.00    | 0.39%             | 2026-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                              | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    750000 | PA      | $748912.50    | 0.30%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                              | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1750542.50   | 0.69%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust 2022-C                               | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    848283 | PA      | $850863.53    | 0.34%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust 2023-A                               | CUSIP: 08860FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    920000 | PA      | $930481.77    | 0.37%             | 2036-04-17      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust 2021-B                               | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245361 | PA      | $243327.11    | 0.10%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP                            | Boardwalk Pipelines LP                                        | CUSIP: 096630AE8<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1253412.50   | 0.50%             | 2026-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | BOF VII AL Funding Trust I                                    | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    341535 | PA      | $347582.26    | 0.14%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                             | Brooklyn Union Gas Co/The                                     | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998780.00    | 0.40%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                 | Brown & Brown Inc                                             | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1256375.00   | 0.50%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                               | CDW LLC / CDW Finance Corp                                    | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2550000 | PA      | $2516442.00   | 1.00%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2019-RPL1 Trust                                          | CUSIP: 12596MAB2<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    395421 | PA      | $389376.16    | 0.15%             | 2058-07-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2023-D                             | CUSIP: 12598VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121124 | PA      | $121239.65    | 0.05%             | 2028-03-15      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2024-B                             | CUSIP: 12627SAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265618 | PA      | $266967.05    | 0.11%             | 2028-10-16      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | Consumer Portfolio Services Auto Trust 2025-A                 | CUSIP: 12633SAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    736328 | PA      | $737955.30    | 0.29%             | 2028-10-16      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2020-NQM1 Trust                                          | CUSIP: 126401AA6<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     41348 | PA      | $39177.74     | 0.02%             | 2065-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2020-SPT1 Trust                                          | CUSIP: 12659LAC6<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    809348 | PA      | $801459.49    | 0.32%             | 2065-04-25      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2022-A                             | CUSIP: 12659WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475716 | PA      | $473789.88    | 0.19%             | 2029-04-16      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-BPNY                                                | CUSIP: 12659XAA4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    277358 | PA      | $269408.58    | 0.11%             | 2026-08-15      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2022-N1                        | CUSIP: 14686GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    573004 | PA      | $569144.54    | 0.23%             | 2028-12-11      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2021-N2                        | CUSIP: 14686KAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    414503 | PA      | $403789.10    | 0.16%             | 2028-03-10      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2023-N3                        | CUSIP: 14686RAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    715492 | PA      | $718499.27    | 0.28%             | 2028-05-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2023-P2                        | CUSIP: 14686TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295465 | PA      | $296376.61    | 0.12%             | 2028-04-10      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2020-NP1                       | CUSIP: 14687PAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    162322 | PA      | $162339.08    | 0.06%             | 2027-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                         | Chesapeake Funding II LLC                                     | CUSIP: 165183CU6<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    902225 | PA      | $906461.95    | 0.36%             | 2035-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2021-1RMortgage Pass-Through Certificates                | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150800 | PA      | $132566.79    | 0.05%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                                | Conagra Brands Inc                                            | CUSIP: 205887CJ9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504230.00    | 0.20%             | 2026-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                                | Conagra Brands Inc                                            | CUSIP: 20600HAG9<br>LEI: 54930035UDEIH090K650 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1996583.33   | 0.79%             | 2026-01-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                          | Constellation Brands Inc                                      | CUSIP: 21036PAQ1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1246862.50   | 0.49%             | 2026-12-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2024-C                             | CUSIP: 223920AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286426 | PA      | $286754.77    | 0.11%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                            | Cox Communications Inc                                        | CUSIP: 224044CG0<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1243375.00   | 0.49%             | 2026-09-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                            | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000370.00   | 0.40%             | 2027-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                            | Crossroads Asset Trust 2025-A                                 | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1275362 | PA      | $1285807.24   | 0.51%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC.                                 | Crown Castle Inc                                              | CUSIP: 22823QAM3<br>LEI: 54930012H97VSM0I2R19 | Long             | STIV             |  | US        |   2500000 | PA      | $2494236.11   | 0.99%             | 2026-01-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust 2021-3                                    | CUSIP: 23344QAD1<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |    773524 | PA      | $771062.04    | 0.30%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust 2023-3                                    | CUSIP: 23345WAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    879994 | PA      | $881157.11    | 0.35%             | 2028-03-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust 2023-2                                    | CUSIP: 23346CAE8<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |    250639 | PA      | $251648.82    | 0.10%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                     | DailyPay Securitization Trust 2025-1                          | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1257167.94   | 0.50%             | 2028-06-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust 2023-3                           | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    719669 | PA      | $723406.24    | 0.29%             | 2029-04-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                             | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301203.00    | 0.12%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                          | Dext ABS 2023-2 LLC                                           | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206164 | PA      | $207252.51    | 0.08%             | 2034-05-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                           | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    945000 | PA      | $938063.70    | 0.37%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                      | Drive Auto Receivables Trust 2024-2                           | CUSIP: 26207AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1505484.54   | 0.60%             | 2029-07-16      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                      | Drive Auto Receivables Trust 2021-3                           | CUSIP: 262081AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    314989 | PA      | $312080.02    | 0.12%             | 2029-06-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                          | Element Fleet Management Corp                                 | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1250000 | PA      | $1260750.00   | 0.50%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| ENEL AMERICAS SA                                  | Enel Americas SA                                              | CUSIP: 29274FAF1<br>LEI: 549300LKH11TFCJLZK20 | Long             | DBT              | CORP              | CL        |    530000 | PA      | $528584.90    | 0.21%             | 2026-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                              | Enel Finance International NV                                 | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $1973380.00   | 0.78%             | 2026-07-12      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                          | Equitable Financial Life Global Funding                       | CUSIP: 29449W7M3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985870.00    | 0.39%             | 2026-07-12      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                          | Evergy Missouri West Inc                                      | CUSIP: 30037NA78<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | STIV             | CORP              | US        |   2500000 | PA      | $2498300.00   | 0.99%             | 2026-01-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2022-4                    | CUSIP: 30166BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1177999 | PA      | $1186836.09   | 0.47%             | 2028-12-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2022-2                    | CUSIP: 30166QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    358266 | PA      | $358360.83    | 0.14%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2023-4                    | CUSIP: 30166TAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    515215 | PA      | $518293.17    | 0.20%             | 2028-08-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2025-5                    | CUSIP: 30166VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    166000 | PA      | $166188.16    | 0.07%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2022-6                    | CUSIP: 30168AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    112955 | PA      | $113321.60    | 0.04%             | 2028-05-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                               | FS KKR Capital Corp                                           | CUSIP: 302635AG2<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999350.00    | 0.40%             | 2026-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                | F&G Global Funding                                            | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1153000 | PA      | $1138783.51   | 0.45%             | 2026-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                   | Fair Isaac Corp                                               | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001290.00   | 0.40%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                          | FHF Issuer Trust 2024-3                                       | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    387746 | PA      | $388717.31    | 0.15%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                          | FHF Issuer Trust 2025-2                                       | CUSIP: 30343DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1212235 | PA      | $1213475.07   | 0.48%             | 2026-12-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140NXMK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    650000 | PA      | $670926.02    | 0.27%             | 2030-02-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 31418C5T7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11726 | PA      | $11699.13     | 0.00%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                          | FHF Issuer Trust 2024-1                                       | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    391646 | PA      | $394687.90    | 0.16%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                          | FHF Trust 2022-2                                              | CUSIP: 31568EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87648 | PA      | $87876.86     | 0.03%             | 2027-12-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                           | Fidelity National Information Services Inc                    | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |   1242000 | PA      | $1236187.44   | 0.49%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                  | First Investors Auto Owner Trust 2022-1                       | CUSIP: 32057KAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $159635.20    | 0.06%             | 2028-06-15      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2024-1                             | CUSIP: 33843VAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    374041 | PA      | $374397.52    | 0.15%             | 2028-03-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2022-4                             | CUSIP: 33843XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410808 | PA      | $411209.50    | 0.16%             | 2027-10-15      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2022-2                             | CUSIP: 33844XAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15651 | PA      | $15651.43     | 0.01%             | 2027-05-17      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2022-1                             | CUSIP: 33845VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295417 | PA      | $293842.59    | 0.12%             | 2028-03-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2023-3                             | CUSIP: 33846BAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    181415 | PA      | $181584.85    | 0.07%             | 2028-04-17      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                           | Flagstar Mortgage Trust 2017-1                                | CUSIP: 33850BAT4<br>LEI: 549300H3PON1KOB2RF56 | Long             | ABS-MBS          | CORP              | US        |      6435 | PA      | $5936.02      | 0.00%             | 2047-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                 | Flowers Foods Inc                                             | CUSIP: 343498AB7<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1243712.50   | 0.49%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile Receivables Trust    | Foursight Capital Automobile Receivables Trust 2023-2         | CUSIP: 35104AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    934077 | PA      | $936573.89    | 0.37%             | 2028-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-3 | CUSIP: 35563PBY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21479 | PA      | $20326.85     | 0.01%             | 2056-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1 | CUSIP: 35563PDU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15066 | PA      | $14166.46     | 0.01%             | 2057-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2 | CUSIP: 35563PFB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54140 | PA      | $51944.14     | 0.02%             | 2057-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                                   | FREED ABS Trust 2022-1FP                                      | CUSIP: 35633KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165111 | PA      | $165026.48    | 0.07%             | 2029-03-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                 | FREED ABS Trust 2022-3FP                                      | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    794761 | PA      | $795776.74    | 0.31%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                           | GA Global Funding Trust                                       | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1998060.00   | 0.79%             | 2026-01-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM2 Trust                                           | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    554941 | PA      | $529675.03    | 0.21%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM1 Trust                                           | CUSIP: 36168AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125489 | PA      | $121070.41    | 0.05%             | 2065-04-25      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2021-4                      | CUSIP: 36263DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    487583 | PA      | $484768.86    | 0.19%             | 2027-10-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2022-1                      | CUSIP: 36263XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    403401 | PA      | $402904.90    | 0.16%             | 2028-01-18      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2022-2                      | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    374182 | PA      | $377263.91    | 0.15%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                 | GLS Auto Select Receivables Trust 2023-1                      | CUSIP: 36267FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    501405 | PA      | $505441.63    | 0.20%             | 2028-10-16      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2025-4                      | CUSIP: 36273HAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1251746.16   | 0.50%             | 2028-10-16      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                               | Global Payments Inc                                           | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1699000 | PA      | $1690997.71   | 0.67%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                | GRACIE POINT INTERNATIONAL FUNDING 2023-2                     | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83708 | PA      | $83787.39     | 0.03%             | 2027-03-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                          | Graphic Packaging International LLC                           | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990730.00    | 0.39%             | 2026-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust            | GreenSky Home Improvement Trust 2024-1                        | CUSIP: 39571MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114508 | PA      | $115294.78    | 0.05%             | 2059-06-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust            | GreenSky Home Improvement Issuer Trust 2025-2                 | CUSIP: 39571VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1576809 | PA      | $1582221.38   | 0.63%             | 2060-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust            | GreenSky Home Improvement Issuer Trust 2024-2                 | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75973 | PA      | $76225.21     | 0.03%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes            | Greystone CRE Notes 2021-FL3 Ltd                              | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      7897 | PA      | $7892.08      | 0.00%             | 2039-07-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                       | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1701819.00   | 0.67%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                              | Hercules Capital Inc                                          | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1478295.00   | 0.58%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                      | Highmark Inc                                                  | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |   2414000 | PA      | $2386963.20   | 0.94%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                      | Hilton Grand Vacations Trust 2019-A                           | CUSIP: 43284HAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14945 | PA      | $14897.95     | 0.01%             | 2033-07-25      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced Securuties Limited   | HOMES 2023-NQM1 Trust                                         | CUSIP: 43761JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    491858 | PA      | $490799.75    | 0.19%             | 2068-01-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                          | Host Hotels & Resorts LP                                      | CUSIP: 44107TBE5<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    250000 | PA      | $250190.00    | 0.10%             | 2028-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                             | HPEFS Equipment Trust 2023-2                                  | CUSIP: 44328UAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190962 | PA      | $191500.57    | 0.08%             | 2031-01-21      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                       | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005920.00   | 0.40%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                       | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505540.00    | 0.20%             | 2027-06-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                      | Illumina Inc                                                  | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |   1258000 | PA      | $1261698.52   | 0.50%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                           | Imperial Brands Finance PLC                                   | CUSIP: 45262BAB9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    438000 | PA      | $436208.58    | 0.17%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PRA HEALTH SCIENCES INC                           | PRA Health Sciences Inc                                       | CUSIP: 45569KAA1<br>LEI: 549300R1HR1VWWHIAK47 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1240112.50   | 0.49%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| City of Jersey City NJ                            | JERSEY CITY NJ                                                | CUSIP: 476576VW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256288.75   | 0.50%             | 2026-07-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                              | Keurig Dr Pepper Inc                                          | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1749317.50   | 0.69%             | 2026-11-15      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Knock Issuer Trust 2025-1                         | Knock Issuer Trust 2025-1                                     | CUSIP: 49917PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $506014.50    | 0.20%             | 2030-02-25      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                              | Kyndryl Holdings Inc                                          | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1229312.50   | 0.49%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                        | LAD Auto Receivables Trust 2024-1                             | CUSIP: 501689AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1508019.33   | 0.60%             | 2028-09-15      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                  | LPL Holdings Inc                                              | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000130.00   | 0.40%             | 2027-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Laurel Road Prime Student Loan Trust              | Laurel Road Prime Student Loan Trust 2020-A                   | CUSIP: 51889CAB8<br>LEI: 549300XLHGW4YH0MCQ51 | Long             | ABS-O            | CORP              | US        |    284824 | PA      | $273043.86    | 0.11%             | 2050-11-25      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                   | LendingPoint Pass-Through Trust Series 2022-ST3               | CUSIP: 52607TAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5691 | PA      | $5688.91      | 0.00%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                     | Lendbuzz Securitization Trust 2024-3                          | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600341 | PA      | $601932.81    | 0.24%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust                | Lobel Automobile Receivables Trust 2023-1                     | CUSIP: 53946XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280109 | PA      | $280414.07    | 0.11%             | 2028-10-16      | Fixed         | 8.31%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust                | Lobel Automobile Receivables Trust 2023-2                     | CUSIP: 53949FAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    919546 | PA      | $924652.48    | 0.37%             | 2029-05-15      | Fixed         | 8.67%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2020-NQM2 Trust                                           | CUSIP: 552751AA7<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |    851715 | PA      | $820824.42    | 0.32%             | 2065-04-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2022-CHM1 Trust                                           | CUSIP: 552758AA2<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |    389870 | PA      | $387771.48    | 0.15%             | 2056-09-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| MMP Capital                                       | MMP Capital 2025-A LLC                                        | CUSIP: 55317QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1596626 | PA      | $1610653.06   | 0.64%             | 2031-12-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                          | Main Street Capital Corp                                      | CUSIP: 56035LAE4<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |    637000 | PA      | $631515.43    | 0.25%             | 2026-07-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                    | Mariner Finance Issuance Trust 2021-A                         | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1279548.40   | 0.51%             | 2036-03-20      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2025-1                                 | CUSIP: 570920AA6<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |    332873 | PA      | $333365.98    | 0.13%             | 2035-07-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2023-2                                 | CUSIP: 57109LAC7<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |   1119161 | PA      | $1123665.72   | 0.44%             | 2033-06-15      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2023-3                                 | CUSIP: 57109RAC4<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |    333380 | PA      | $334677.36    | 0.13%             | 2033-09-15      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2023-1                                 | CUSIP: 57110PAC5<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |    166638 | PA      | $167044.04    | 0.07%             | 2033-04-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                          | Marsh & McLennan Cos Inc                                      | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    751000 | PA      | $754311.91    | 0.30%             | 2027-11-08      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                  | MercadoLibre Inc                                              | CUSIP: 58733RAE2<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1772674.75   | 0.70%             | 2026-01-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                      | METLIFE SECURITIZATION TRUST 2019-1                           | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29343 | PA      | $29250.32     | 0.01%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| UTAH ACQUISITION SUB                              | Utah Acquisition Sub Inc                                      | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495230.00   | 0.59%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NBK SPC LTD                                       | NBK SPC Ltd                                                   | CUSIP: 62877PAB0<br>LEI: 549300P1ANDK86KWB419 | Long             | DBT              | CORP              | AE        |    750000 | PA      | $735712.50    | 0.29%             | 2027-09-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| NBN CO LTD                                        | NBN Co Ltd                                                    | CUSIP: 62878U2A9<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $991140.00    | 0.39%             | 2026-05-05      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                  | NMEF Funding 2023-A LLC                                       | CUSIP: 62890QAB1<br>LEI: 549300LKWL3P0UPHKL72 | Long             | ABS-O            | CORP              | US        |    652934 | PA      | $656383.80    | 0.26%             | 2030-06-17      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                  | NMEF Funding 2025-B LLC                                       | CUSIP: 62919WAB5<br>LEI: 549300LKWL3P0UPHKL72 | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $803492.28    | 0.32%             | 2033-01-18      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust            | National Collegiate Student Loan Trust 2006-1                 | CUSIP: 63543PCD6<br>LEI: 635400ZLDAQQL4PJBJ98 | Long             | ABS-O            | CORP              | US        |    485737 | PA      | $481049.49    | 0.19%             | 2033-03-25      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust            | National Collegiate Student Loan Trust 2006-4                 | CUSIP: 63543WAD3<br>LEI: 635400VHKJCABQGBTP36 | Long             | ABS-O            | CORP              | US        |     58297 | PA      | $58038.79     | 0.02%             | 2032-05-25      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust 2019-F              | CUSIP: 63935CAB7<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |    302775 | PA      | $293001.81    | 0.12%             | 2068-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Loan Trust 2018-B                   | CUSIP: 63940QAB9<br>LEI: 549300GZIQGXPYGM8M95 | Long             | ABS-O            | CORP              | US        |    101336 | PA      | $101129.95    | 0.04%             | 2059-12-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Loan Trust 2018-B                   | CUSIP: 63940QAC7<br>LEI: 549300GZIQGXPYGM8M95 | Long             | ABS-O            | CORP              | US        |      4288 | PA      | $4285.09      | 0.00%             | 2059-12-15      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Student Loan Trust 2019-B                             | CUSIP: 63941LAC7<br>LEI: 549300761SV59SBM0Z40 | Long             | ABS-O            | CORP              | US        |    296692 | PA      | $296188.98    | 0.12%             | 2059-12-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2012-2                              | CUSIP: 64031CAA0<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     36927 | PA      | $36579.18     | 0.01%             | 2033-12-26      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2015-3                              | CUSIP: 64033TAC7<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |      8143 | PA      | $8117.93      | 0.00%             | 2051-02-27      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2021-D                              | CUSIP: 64034YAA9<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     74735 | PA      | $74120.87     | 0.03%             | 2062-04-20      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| NetCredit Combined Receivables 2023 LLC           | NetCredit Combined Receivables 2023 LLC                       | CUSIP: 64110XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1093304 | PA      | $1094619.81   | 0.43%             | 2027-12-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                  | NetCredit Combined Receivables 2024 LLC                       | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7540 | PA      | $7546.90      | 0.00%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2017-5                    | CUSIP: 64828NAA3<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |      9041 | PA      | $9150.06      | 0.00%             | 2057-06-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                           | New York State Electric & Gas Corp                            | CUSIP: 649840CQ6<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    750000 | PA      | $744180.00    | 0.29%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN SYSTEMS                          | Northrop Grumman Systems Corp                                 | CUSIP: 666807AQ5<br>LEI: 549300KYOZYCZII5OX23 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1255662.50   | 0.50%             | 2026-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                               | NuStar Logistics LP                                           | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001780.00   | 0.40%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                          | Octane Receivables Trust 2023-3                               | CUSIP: 67571CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    253305 | PA      | $254569.52    | 0.10%             | 2029-03-20      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                          | Octane Receivables Trust 2024-2                               | CUSIP: 67578YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    749623 | PA      | $755716.87    | 0.30%             | 2032-07-20      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                  | OneMain Financial Issuance Trust 2022-S1                      | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229070 | PA      | $229049.21    | 0.09%             | 2035-05-14      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                         | ONEOK Inc                                                     | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1263387.50   | 0.50%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust             | OneMain Direct Auto Receivables Trust 2023-1                  | CUSIP: 682685AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1895000 | PA      | $1907850.96   | 0.75%             | 2029-11-14      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust             | Onemain Direct Auto Receivables Trust 2022-1                  | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    436608 | PA      | $436953.37    | 0.17%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2021-B                                 | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    162946 | PA      | $160101.71    | 0.06%             | 2031-05-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2025-A                                 | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1613000 | PA      | $1614155.68   | 0.64%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2021-C                                 | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    765587 | PA      | $753980.58    | 0.30%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                            | Oscar US Funding XIV LLC                                      | CUSIP: 68784HAD3<br>LEI: 353800FUC565GTX73583 | Long             | ABS-O            | CORP              | JP        |    645163 | PA      | $640114.51    | 0.25%             | 2029-04-10      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                             | Blue Owl Capital Corp                                         | CUSIP: 69121KAE4<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    750000 | PA      | $745095.00    | 0.29%             | 2026-07-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                    | Pagaya AI Debt Grantor Trust 2024-10                          | CUSIP: 69544MAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1237178 | PA      | $1242509.12   | 0.49%             | 2032-06-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                    | Pagaya AI Debt Selection Trust 2021-HG1                       | CUSIP: 69547PAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168764 | PA      | $168763.72    | 0.07%             | 2029-01-16      | Fixed         | 1.82%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                    | Pagaya AI Debt Trust 2024-1                                   | CUSIP: 69548AAA9<br>LEI: 254900ULYEY0HX0PKA54 | Long             | ABS-O            | CORP              | US        |    221405 | PA      | $221561.06    | 0.09%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                      | Pawneee Equipment Receivables Series 2021-1 LLC               | CUSIP: 704100AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    473584 | PA      | $472829.92    | 0.19%             | 2027-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PENN-AMER WATER CO                                | Pennsylvania-American Water Co                                | CUSIP: 708653AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1533810.00   | 0.61%             | 2026-09-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                          | FirstEnergy Pennsylvania Electric Co                          | CUSIP: 708696CA5<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2254725.00   | 0.89%             | 2026-03-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                          | Penske Truck Leasing Co Lp / PTL Finance Corp                 | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2361162.50   | 0.93%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                          | Plains All American Pipeline LP / PAA Finance Corp            | CUSIP: 72650RBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501470.00    | 0.20%             | 2026-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                   | Prestige Auto Receivables Trust 2023-1                        | CUSIP: 74113GAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1363000 | PA      | $1382238.06   | 0.55%             | 2029-04-16      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                   | Prestige Auto Receivables Trust 2025-1                        | CUSIP: 74113UAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    329509 | PA      | $330203.90    | 0.13%             | 2027-12-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                   | Prestige Auto Receivables Trust 2023-2                        | CUSIP: 74113VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109350 | PA      | $109628.71    | 0.04%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                   | Prestige Auto Receivables Trust 2021-1                        | CUSIP: 74113XAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    595168 | PA      | $589133.61    | 0.23%             | 2028-02-15      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC              | PRET 2025-NPL3 LLC                                            | CUSIP: 74143HAA3<br>LEI: 254900UGRYVHG7BY6M45 | Long             | ABS-O            | CORP              | US        |    475456 | PA      | $478299.34    | 0.19%             | 2055-04-25      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Activity Co            | Prodigy Finance CM2021-1 DAC                                  | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |     28517 | PA      | $28529.94     | 0.01%             | 2051-07-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                | Prosper Marketplace Issuance Trust Series 2023-1              | CUSIP: 74390NAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1084038 | PA      | $1085877.72   | 0.43%             | 2029-07-16      | Fixed         | 8.29%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                        | RCKT Trust 2025-PL1                                           | CUSIP: 74939RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1654867 | PA      | $1663209.39   | 0.66%             | 2034-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | Reach ABS Trust 2024-2                                        | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    259599 | PA      | $261028.29    | 0.10%             | 2031-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | Reach ABS Trust 2025-1                                        | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109024 | PA      | $109379.36    | 0.04%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | Reach ABS Trust 2025-2                                        | CUSIP: 75525QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177816 | PA      | $178576.47    | 0.07%             | 2032-08-18      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                | Regal Rexnord Corp                                            | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1252100.00   | 0.50%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                | Regional Management Issuance Trust 2022-1                     | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1228953 | PA      | $1227081.72   | 0.49%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                            | Reliance Standard Life Global Funding II                      | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $850399.50    | 0.34%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Asset Trust 2023-4               | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1601113 | PA      | $1604263.79   | 0.63%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Trust 2024-1                     | CUSIP: 76088YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97059 | PA      | $97537.16     | 0.04%             | 2032-06-25      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Trust 2025-5                     | CUSIP: 76089KAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $134966.27    | 0.05%             | 2034-06-26      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Asset Trust 2023-3               | CUSIP: 76089RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    408798 | PA      | $409494.79    | 0.16%             | 2032-01-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                               | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              |  | US        |    350000 | PA      | $349610.31    | 0.14%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                               | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |   1500000 | PA      | $1467586.50   | 0.58%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Space Coast Credit Union                          | SCCU Auto Receivables Trust 2024-1                            | CUSIP: 78436RAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304000 | PA      | $305913.27    | 0.12%             | 2029-06-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                       | SBNA Auto Receivables Trust 2025-SF1                          | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    608342 | PA      | $608738.07    | 0.24%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Student Loan Trust 2013-4                                 | CUSIP: 78448AAA1<br>LEI: 5493004WA7G168XIR344 | Long             | ABS-O            | CORP              | US        |     14934 | PA      | $14666.11     | 0.01%             | 2043-06-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Student Loan Trust 2013-6                                 | CUSIP: 78448CAG4<br>LEI: 5493000NQN5E3MSIIG77 | Long             | ABS-O            | CORP              | US        |     95875 | PA      | $95020.12     | 0.04%             | 2028-06-26      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2018-B                       | CUSIP: 78449LAC2<br>LEI: 549300INMCHM7L5O6M41 | Long             | ABS-O            | CORP              | US        |    147589 | PA      | $147226.09    | 0.06%             | 2037-01-15      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2018-C                       | CUSIP: 78449QAC1<br>LEI: 549300V1P5RKG8RJI005 | Long             | ABS-O            | CORP              | US        |     38109 | PA      | $38002.86     | 0.02%             | 2035-11-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2019-A                       | CUSIP: 78449TAB7<br>LEI: 549300WEYOS38NWU8D22 | Long             | ABS-O            | CORP              | US        |    448160 | PA      | $443892.39    | 0.18%             | 2036-07-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2020-A                       | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1761993 | PA      | $1713940.72   | 0.68%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                      | SAFCO Auto Receivables Trust 2025-1                           | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392528 | PA      | $395240.72    | 0.16%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2023-6                 | CUSIP: 80287DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    752094 | PA      | $754304.48    | 0.30%             | 2028-07-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2023-6                 | CUSIP: 80287DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    915000 | PA      | $925951.81    | 0.37%             | 2029-04-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes           | Santander Bank Auto Credit-Linked Notes Series 2022-C         | CUSIP: 80290CBK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    694792 | PA      | $708237.84    | 0.28%             | 2032-12-15      | Fixed         | 14.59%                | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2025-4                 | CUSIP: 802923AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    635000 | PA      | $636337.81    | 0.25%             | 2029-01-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                               | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1223200.00   | 0.48%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                            | Service Experts Issuer 2021-1 LLC                             | CUSIP: 81758VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    577276 | PA      | $566675.39    | 0.22%             | 2032-02-02      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                      | 7-Eleven Inc                                                  | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2242215.00   | 0.89%             | 2026-02-10      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                               | Silgan Holdings Inc                                           | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1983100.00   | 0.78%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                           | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    975000 | PA      | $965922.75    | 0.38%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                            | Skyworks Solutions Inc                                        | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1236962.50   | 0.49%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs | United States Small Business Administration                   | CUSIP: 83162CSN4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      6736 | PA      | $6772.84      | 0.00%             | 2029-05-01      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2017-B                       | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |    100910 | PA      | $100837.16    | 0.04%             | 2035-10-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                  | SoFi Consumer Loan Program 2025-1 Trust                       | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1285913 | PA      | $1291076.37   | 0.51%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                  | SoFi Consumer Loan Program 2025-2 Trust                       | CUSIP: 83407HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910450 | PA      | $915020.59    | 0.36%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                | Sonoco Products Co                                            | CUSIP: 835495AQ5<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001590.00   | 0.40%             | 2026-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                               | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999630.00    | 0.40%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                         | Spire Inc                                                     | CUSIP: 84857LAC5<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001520.00   | 0.40%             | 2026-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                                  | SpringCastle America Funding LLC                              | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144474 | PA      | $136509.49    | 0.05%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| SPRUCE HILL MORTGAGE LOAN TRUST                   | Spruce Hill Mortgage Loan Trust 2020-SH1                      | CUSIP: 85209FAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    902091 | PA      | $890363.15    | 0.35%             | 2050-01-28      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Acquisition Company, LLC     | Spruce Hill Mortgage Loan Trust 2020-SH2                      | CUSIP: 85214RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    989891 | PA      | $989225.81    | 0.39%             | 2055-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                    | Starbucks Corp                                                | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001100.00   | 0.79%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust               | Starwood Mortgage Residential Trust 2020-3                    | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    815172 | PA      | $794994.21    | 0.31%             | 2065-04-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                              | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1994820.00   | 0.79%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                             | Theorem Funding Trust 2022-3                                  | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1775175 | PA      | $1805811.74   | 0.71%             | 2029-04-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                 | Thornburg Capital Management Fund                             | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |   1960202 | NS      | $19602015.23  | 7.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2017-6                              | CUSIP: 89175JAA8<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |     63911 | PA      | $62915.65     | 0.02%             | 2057-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2018-2                              | CUSIP: 89175VAA1<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |      6301 | PA      | $6236.83      | 0.00%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2018-6                              | CUSIP: 89176LAA2<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |    151648 | PA      | $150670.67    | 0.06%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Trust                            | Towd Point Asset Trust 2021-SL1                               | CUSIP: 89179XAL9<br>LEI: 54930022FYEFQVX02P24 | Long             | ABS-O            | CORP              | US        |     43147 | PA      | $43122.81     | 0.02%             | 2061-11-20      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2022-1                     | CUSIP: 89616BAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    618479 | PA      | $609340.52    | 0.24%             | 2027-08-16      | Fixed         | 7.79%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2022-1                     | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $957212.13    | 0.38%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2023-1                     | CUSIP: 89616KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    764704 | PA      | $706947.36    | 0.28%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2024-2                     | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223536 | PA      | $219882.58    | 0.09%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2024-3                     | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    169448 | PA      | $155556.16    | 0.06%             | 2028-06-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                  | Under Armour Inc                                              | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1739885.00   | 0.69%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC RR 2014-1                           | Union Pacific Railroad Co 2014-1 Pass Through Trust           | CUSIP: 907825AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    708627 | PA      | $704928.27    | 0.28%             | 2026-05-14      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                           | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4991956.80   | 1.97%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CBW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1486171.88   | 0.59%             | 2026-04-30      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CGL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1000039.06   | 0.40%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2050000 | PA      | $2052162.11   | 0.81%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3019101.57   | 1.19%             | 2027-01-31      | Fixed         | 4.13%                 | No            |                  1 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                    | Upgrade Master Pass-Thru Trust Series 2025-ST4                | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830633 | PA      | $835124.30    | 0.33%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                         | Upgrade Receivables Trust 2024-1                              | CUSIP: 91533NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46883 | PA      | $46896.06     | 0.02%             | 2031-02-18      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                    | Upgrade Master Pass-Thru Trust Series 2025-ST5                | CUSIP: 91535BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    567993 | PA      | $568912.90    | 0.23%             | 2032-09-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2025-2                           | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    377291 | PA      | $379182.80    | 0.15%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2021-3                           | CUSIP: 91679LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39159 | PA      | $39088.04     | 0.02%             | 2031-07-20      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2023-2                           | CUSIP: 91683VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    638000 | PA      | $641104.72    | 0.25%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2023-3                           | CUSIP: 91684MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    217126 | PA      | $217537.98    | 0.09%             | 2033-10-20      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust                                  | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    463149 | PA      | $462923.90    | 0.18%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2025-1                           | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    463270 | PA      | $463895.90    | 0.18%             | 2035-04-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                      | Veros Auto Receivables Trust 2023-1                           | CUSIP: 924933AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    979000 | PA      | $998825.65    | 0.40%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                      | Veros Auto Receivables Trust 2025-1                           | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1131566 | PA      | $1136631.32   | 0.45%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                      | Veros Auto Receivables Trust 2024-1                           | CUSIP: 92512WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    383151 | PA      | $384540.35    | 0.15%             | 2027-11-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                       | Viatris Inc                                                   | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    750000 | PA      | $728325.00    | 0.29%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                  | Vista Point Securitization Trust 2020-1                       | CUSIP: 92838WAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    318479 | PA      | $316204.89    | 0.13%             | 2065-03-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                          | Volkswagen Group of America Finance LLC                       | CUSIP: 928668CV2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    750000 | PA      | $752887.50    | 0.30%             | 2027-09-11      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                                | Voya Financial Inc                                            | CUSIP: 929089AB6<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1874773.60   | 0.74%             | 2026-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust 2022-2                  | CUSIP: 96042VAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2537904 | PA      | $2546254.04   | 1.01%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                       | TRISTATE INSURED CASH SWEEP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       588 | PA      | $588.16       | 0.00%             | 2050-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| WIPRO IT SERVICE                                  | Wipro IT Services LLC                                         | CUSIP: 97654MAA4<br>LEI: 549300S6XZZ65F0EJS98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986890.00    | 0.39%             | 2026-06-23      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin