# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195813
**Filing Date:** 2025-8
**Character Count:** 117342
**Document Hash:** 722388903cf4ec2ca9bae303215d7210
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195813.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195813

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238594

**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 Capital Management Fund (Series ID: S000051223)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000161463 | Thornburg Capital Management Fund - Class I |  |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Capital Management Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **U.S. Treasury Securities — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.406% due 8/28/2025 | &nbsp;&nbsp;$6537000 | &nbsp;&nbsp;$6491555 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.338% due 8/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49669445 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $56,161,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 56161000 |
|  | **Commercial Paper — 92.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AbbVie, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.737% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;46000000 | &nbsp;&nbsp;&nbsp;&nbsp; 45964427 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.738% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6993684 |
|  | &nbsp;&nbsp;&nbsp;Amcor Finance USA, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.718% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5994598 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.707% due 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9979467 |
|  | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.707% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 789000 | &nbsp;&nbsp;&nbsp;&nbsp; 787687 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.709% due 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;46000000 | &nbsp;&nbsp;&nbsp;&nbsp; 45757963 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.663% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14986642 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.662% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;29274000 | &nbsp;&nbsp;&nbsp;&nbsp; 29199514 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.791% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.748% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 39896667 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.751% due 8/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16923146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.694% due 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% due 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73% due 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994727 |
|  | &nbsp;&nbsp;&nbsp;American Transmission Co. LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.519% due 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4177000 | &nbsp;&nbsp;&nbsp;&nbsp; 4175967 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.692% due 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49859139 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.586% due 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3580000 | &nbsp;&nbsp;&nbsp;&nbsp; 3579101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.629% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;31000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30976440 |
|  | &nbsp;&nbsp;&nbsp;AutoZone, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.566% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;27200000 | &nbsp;&nbsp;&nbsp;&nbsp; 27200000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.543% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5999253 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.536% due 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3144000 | &nbsp;&nbsp;&nbsp;&nbsp; 3143219 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.578% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;27000000 | &nbsp;&nbsp;&nbsp;&nbsp; 26972940 |
|  | &nbsp;&nbsp;&nbsp;Avangrid, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.634% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49962083 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.634% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8992038 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4994967 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.592% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996492 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Avery Dennison Corp., 4.533% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;47000000 | &nbsp;&nbsp;&nbsp;&nbsp; 46994164 |
|  | &nbsp;&nbsp;&nbsp;BASF SE, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.637% due 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498167 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.682% due 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498147 |
|  | &nbsp;&nbsp;&nbsp;BAT International Finance plc, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.699% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 636000 | &nbsp;&nbsp;&nbsp;&nbsp; 633237 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 341000 | &nbsp;&nbsp;&nbsp;&nbsp; 339480 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada, 4.623% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;66000000 | &nbsp;&nbsp;&nbsp;&nbsp; 65991658 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.654% due 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249491 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co., 4.682% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2999617 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.664% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999746 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.684% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999872 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.642% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998353 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.649% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8531000 | &nbsp;&nbsp;&nbsp;&nbsp; 8516921 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.662% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8550000 | &nbsp;&nbsp;&nbsp;&nbsp; 8535859 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.675% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998343 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.687% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996678 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.684% due 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996303 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;15800000 | &nbsp;&nbsp;&nbsp;&nbsp; 15784024 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.662% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49917306 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Capital Management Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Delmarva Power & Light Co., 4.543% due 7/1/2025 | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2000000 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.664% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.672% due 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9987250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.704% due 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6967730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.699% due 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2233613 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.649% due 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;11700000 | &nbsp;&nbsp;&nbsp;&nbsp; 11677770 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.677% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12943768 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;18500000 | &nbsp;&nbsp;&nbsp;&nbsp; 18403502 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.689% due 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994773 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.677% due 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10941223 |
|  | &nbsp;&nbsp;&nbsp;Enbridge U.S., Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.646% due 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4993653 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.682% due 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9971889 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.642% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998984 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66% due 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21932827 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.634% due 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;10200000 | &nbsp;&nbsp;&nbsp;&nbsp; 10179374 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.698% due 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24865833 |
|  | &nbsp;&nbsp;&nbsp;Equifax, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.661% due 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498982 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.573% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  | &nbsp;&nbsp;&nbsp;Evergy, Inc., 4.652% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.813% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996584 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.815% due 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7983182 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.818% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;19000000 | &nbsp;&nbsp;&nbsp;&nbsp; 18947576 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Exelon Corp., 4.597% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;63000000 | &nbsp;&nbsp;&nbsp;&nbsp; 62952435 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Experian Finance plc, 4.543% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999876 |
|  | &nbsp;&nbsp;&nbsp;Fiserv, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.611% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19984867 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.598% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998238 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.618% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995576 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% due 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;36000000 | &nbsp;&nbsp;&nbsp;&nbsp; 35872040 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.703% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;19095000 | &nbsp;&nbsp;&nbsp;&nbsp; 19077846 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.713% due 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp;&nbsp; 34959488 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.624% due 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 549000 | &nbsp;&nbsp;&nbsp;&nbsp; 547820 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.702% due 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987680 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.684% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1991311 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.672% due 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2635840 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.527% due 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248859 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.534% due 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 433952 |
|  | &nbsp;&nbsp;&nbsp;HP, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.624% due 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 749052 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.649% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;63000000 | &nbsp;&nbsp;&nbsp;&nbsp; 62935880 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.657% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;57000000 | &nbsp;&nbsp;&nbsp;&nbsp; 57000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.656% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2997715 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.598% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998238 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.608% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249748 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 4.623% due 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19994944 |
|  | &nbsp;&nbsp;&nbsp;J.M. Smucker Co., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.614% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.721% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2997288 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.672% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;43300000 | &nbsp;&nbsp;&nbsp;&nbsp; 43255738 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Utilities Co., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 39964222 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7991822 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.701% due 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4344418 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.703% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;12570000 | &nbsp;&nbsp;&nbsp;&nbsp; 12549029 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Capital Management Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.618% due 7/2/2025 | &nbsp;&nbsp;$8000000 | &nbsp;&nbsp;$7998989 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.589% due 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp; 54930944 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp., 4.60% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;64000000 | &nbsp;&nbsp;&nbsp;&nbsp; 63935573 |
|  | &nbsp;&nbsp;&nbsp;Louisville Gas & Electric Co., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;23663000 | &nbsp;&nbsp;&nbsp;&nbsp; 23638811 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.714% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7978000 | &nbsp;&nbsp;&nbsp;&nbsp; 7963635 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp., 4.634% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;63000000 | &nbsp;&nbsp;&nbsp;&nbsp; 63000000 |
|  | &nbsp;&nbsp;&nbsp;Marriott International, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.699% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997444 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.669% due 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997837 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.672% due 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2391756 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.665% due 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996446 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.672% due 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4284682 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.661% due 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15926880 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.679% due 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994784 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.664% due 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994288 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.662% due 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;34000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33792827 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.603% due 8/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987723 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.643% due 8/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 447213 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co., Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.602% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.624% due 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 397735 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;57650000 | &nbsp;&nbsp;&nbsp;&nbsp; 57599220 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.605% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4987417 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc., 4.589% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.631% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14962083 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.658% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3982773 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.647% due 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;11739000 | &nbsp;&nbsp;&nbsp;&nbsp; 11684104 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.613% due 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 656602 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 324425 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.648% due 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248702 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.689% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3855000 | &nbsp;&nbsp;&nbsp;&nbsp; 3851059 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.694% due 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;20250000 | &nbsp;&nbsp;&nbsp;&nbsp; 20206013 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.658% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2992383 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.692% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1286703 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.693% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8518000 | &nbsp;&nbsp;&nbsp;&nbsp; 8495143 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.695% due 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2989650 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% due 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 298936 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17890080 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.694% due 8/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2981217 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.604% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49911917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.628% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4986729 |
|  | &nbsp;&nbsp;&nbsp;Oglethorpe Power Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.681% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;30087000 | &nbsp;&nbsp;&nbsp;&nbsp; 30087000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.681% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;19000000 | &nbsp;&nbsp;&nbsp;&nbsp; 18997572 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.621% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9989889 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.784% due 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984986 |
|  | &nbsp;&nbsp;&nbsp;ONE Gas, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.666% due 7/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7299069 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.655% due 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8100000 | &nbsp;&nbsp;&nbsp;&nbsp; 8097939 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.659% due 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3992367 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.682% due 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp;&nbsp; 8788731 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.707% due 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;17995000 | &nbsp;&nbsp;&nbsp;&nbsp; 17960285 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oracle Corp., 4.704% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp., 4.563% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3140000 | &nbsp;&nbsp;&nbsp;&nbsp; 3140000 |
|  | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.739% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3993298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.739% due 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5982987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.666% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.681% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;33000000 | &nbsp;&nbsp;&nbsp;&nbsp; 32945183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.739% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23894827 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Capital Management Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Treasury Services plc, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% due 7/29/2025 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;$12953489 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.699% due 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996294 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.673% due 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3985751 |
|  | &nbsp;&nbsp;&nbsp;Sempra, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.702% due 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2994225 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.705% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;29000000 | &nbsp;&nbsp;&nbsp;&nbsp; 28921845 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.718% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2991898 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.533% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.682% due 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;29000000 | &nbsp;&nbsp;&nbsp;&nbsp; 28911067 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.673% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999109 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.633% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6993807 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.649% due 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 699378 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.644% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196377 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.645% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499113 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996438 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.642% due 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498167 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.673% due 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10959416 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.699% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995656 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.547% due 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4694736 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.598% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3341588 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.648% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 284276 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.575% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13963250 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.615% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.502% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 4.655% due 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;24150000 | &nbsp;&nbsp;&nbsp;&nbsp; 24103914 |
|  | &nbsp;&nbsp;&nbsp;Spire, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999233 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4996142 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.736% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10988633 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.711% due 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8490161 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.711% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;12430000 | &nbsp;&nbsp;&nbsp;&nbsp; 12398027 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.595% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 748754 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994668 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co., 4.663% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;28000000 | &nbsp;&nbsp;&nbsp;&nbsp; 27978627 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.673% due 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12986740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.686% due 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1891368 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.686% due 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;14600000 | &nbsp;&nbsp;&nbsp;&nbsp; 14570151 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.677% due 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 29923500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.691% due 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6178610 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.645% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;42000000 | &nbsp;&nbsp;&nbsp;&nbsp; 41925357 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.676% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;21235000 | &nbsp;&nbsp;&nbsp;&nbsp; 21197013 |
|  | &nbsp;&nbsp;&nbsp;Total Commercial Paper (Cost $2,409,332,140) |  | &nbsp;&nbsp;&nbsp;&nbsp;2409332140 |
|  | **Total Investments — 94.6% (Cost $2,465,493,140)** |  | &nbsp;&nbsp;$2465493140 |
|  | **Other Assets Less Liabilities — 5.4%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140166227 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$2605659367 |

---

---

| | |
|:---|:---|
| **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 June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $1,979,224,829, representing 75.96% of the Fund's net assets. |
| b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Capital Management Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Capital Management 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 one class of shares of beneficial interest: 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>: Securities held with a maturity of less than 60 days from trade date and other short-term investments are valued using the amortized cost method unless the Committee determines such method does not represent fair value. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.

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

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

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

## 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 Capital Management Fund

- **b. EDGAR series identifier (if any):** S000051223

- **c. LEI of Series:** 549300GLR0WG6ALV5277

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2605711242.30

**Total Liabilities:** $9704895.35

**Net Assets:** $2596006346.95

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161463 | 0.38%                | 0.40%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1308.53                 | $0.00                                      |
| Month 2  | $-10.34                  | $0.00                                      |
| Month 3  | $973.01                  | $0.00                                      |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MUU8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2989650.00   | 0.12%             | 2025-07-28      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Equifax Inc                                    | Equifax Inc                                    | CUSIP: 29442KUH1<br>LEI: 5493004MCF8JDC86VS77 | Long             | STIV             | CORP              | US        |    500000 | PA      | $498982.22    | 0.02%             | 2025-07-17      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP                     | Penske Truck Leasing Co LP                     | CUSIP: 70962AUE4<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |  33000000 | PA      | $32945183.33  | 1.27%             | 2025-07-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Bell Telephone Co of Canada or Bell Canada/The | Bell Telephone Co of Canada or Bell Canada/The | CUSIP: 07787PU22<br>LEI: 549300JYAVAQRV5MNZ86 | Long             | STIV             | CORP              | CA        |  66000000 | PA      | $65991658.33  | 2.54%             | 2025-07-02      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TVK2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |    450000 | PA      | $447213.13    | 0.02%             | 2025-08-19      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Co                          | Kentucky Utilities Co                          | CUSIP: 49167AU92<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | STIV             | CORP              | US        |   8000000 | PA      | $7991822.22   | 0.31%             | 2025-07-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc             | Dominion Energy South Carolina Inc             | CUSIP: 25731DVT8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | STIV             | CORP              | US        |   2250000 | PA      | $2233612.50   | 0.09%             | 2025-08-27      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797QL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  50000000 | PA      | $49669444.45  | 1.91%             | 2025-08-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp                           | Lockheed Martin Corp                           | CUSIP: 53983LU92<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | STIV             | CORP              | US        |  64000000 | PA      | $63935573.33  | 2.46%             | 2025-07-09      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                     | Mondelez International Inc                     | CUSIP: 60920VUM2<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |  15000000 | PA      | $14962083.34  | 0.58%             | 2025-07-21      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TUU1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   2400000 | PA      | $2391756.00   | 0.09%             | 2025-07-28      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co                 | Virginia Electric and Power Co                 | CUSIP: 92780JUU3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | STIV             | CORP              | US        |   6200000 | PA      | $6178610.00   | 0.24%             | 2025-07-28      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                     | Intel Corp                                     | CUSIP: 45826CU16<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | STIV             | CORP              | US        |    630000 | PA      | $630000.00    | 0.02%             | 2025-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Co                               | CUSIP: 37255FU81<br>LEI: 549300D46DQVEU651W04 | Long             | STIV             | CORP              | US        |  19095000 | PA      | $19077846.32  | 0.73%             | 2025-07-08      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                     | Intel Corp                                     | CUSIP: 45826CU16<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | STIV             | CORP              | US        |  57000000 | PA      | $57000000.00  | 2.20%             | 2025-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| McCormick & Co Inc/MD                          | McCormick & Co Inc/MD                          | CUSIP: 57978CVF5<br>LEI: 549300JQQA6MQ4OJP259 | Long             | STIV             | CORP              | US        |    400000 | PA      | $397735.00    | 0.02%             | 2025-08-15      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TU81<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999109.44    | 0.04%             | 2025-07-08      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2UE2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1996677.78   | 0.08%             | 2025-07-14      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc                                     | Fiserv Inc                                     | CUSIP: 33774KU81<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4995576.39   | 0.19%             | 2025-07-08      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MU14<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.08%             | 2025-07-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                    | American Honda Finance Corp                    | CUSIP: 02665JV56<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |  17000000 | PA      | $16923145.83  | 0.65%             | 2025-08-05      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HP Inc                                         | HP Inc                                         | CUSIP: 44331BUB7<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | STIV             | CORP              | US        |    750000 | PA      | $749052.08    | 0.03%             | 2025-07-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2UE2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   8531000 | PA      | $8516921.48   | 0.33%             | 2025-07-14      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TVB2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $994783.89    | 0.04%             | 2025-08-11      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUF5<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |    500000 | PA      | $499113.33    | 0.02%             | 2025-07-15      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                                     | Evergy Inc                                     | CUSIP: 30036AU18<br>LEI: 549300PGTHDQY6PSUI61 | Long             | STIV             | CORP              | US        |  22000000 | PA      | $22000000.00  | 0.85%             | 2025-07-01      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                     | Mondelez International Inc                     | CUSIP: 60920VVB5<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |    250000 | PA      | $248701.67    | 0.01%             | 2025-08-11      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MUN6<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1994668.33   | 0.08%             | 2025-07-22      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Co                      | Arizona Public Service Co                      | CUSIP: 04056AU75<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | STIV             | CORP              | US        |  31000000 | PA      | $30976440.00  | 1.19%             | 2025-07-07      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Sempra                                         | Sempra                                         | CUSIP: 81686MU18<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | STIV             | CORP              | US        |   1800000 | PA      | $1800000.00   | 0.07%             | 2025-07-01      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| Amcor Finance USA Inc                          | Amcor Finance USA Inc                          | CUSIP: 0234D4UH3<br>LEI: 549300ZMT7FVT8R77U18 | Long             | STIV             | CORP              | US        |  10000000 | PA      | $9979466.67   | 0.38%             | 2025-07-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Co                      | Arizona Public Service Co                      | CUSIP: 04056AU34<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | STIV             | CORP              | US        |   3580000 | PA      | $3579101.02   | 0.14%             | 2025-07-03      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUE8<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |   2200000 | PA      | $2196377.33   | 0.08%             | 2025-07-14      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUM0<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |   3350000 | PA      | $3341587.78   | 0.13%             | 2025-07-21      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                    | American Honda Finance Corp                    | CUSIP: 02665JV64<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1990800.00   | 0.08%             | 2025-08-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TUV9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $996445.56    | 0.04%             | 2025-07-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                  | Intercontinental Exchange Inc                  | CUSIP: 45856WU98<br>LEI: 5493000F4ZO33MV32P92 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249747.78    | 0.01%             | 2025-07-09      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Treasury Services PLC        | Reckitt Benckiser Treasury Services PLC        | CUSIP: 7562E0UV6<br>LEI: 213800LAXWIUOOBZ3908 | Long             | STIV             | CORP              | GB        |   4000000 | PA      | $3985751.11   | 0.15%             | 2025-07-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Enbridge US Inc                                | Enbridge US Inc                                | CUSIP: 29251UUP1<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |  10000000 | PA      | $9971888.89   | 0.38%             | 2025-07-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| J M Smucker Co/The                             | J M Smucker Co/The                             | CUSIP: 46642QU98<br>LEI: 5493000WDH6A0LHDJD55 | Long             | STIV             | CORP              | US        |  43300000 | PA      | $43255737.78  | 1.67%             | 2025-07-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Southern Co Gas Capital Corp                   | Southern Co Gas Capital Corp                   | CUSIP: 8426ELUG0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | STIV             | CORP              | US        |  24150000 | PA      | $24103913.75  | 0.93%             | 2025-07-16      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                           | Keurig Dr Pepper Inc                           | CUSIP: 49271JU21<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | STIV             | CORP              | US        |   8000000 | PA      | $7998988.89   | 0.31%             | 2025-07-02      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TV63<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |  16000000 | PA      | $15926880.00  | 0.61%             | 2025-08-06      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TU81<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |    700000 | PA      | $699377.97    | 0.03%             | 2025-07-08      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                     | Mondelez International Inc                     | CUSIP: 60920VV74<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |  11739000 | PA      | $11684103.87  | 0.45%             | 2025-08-07      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                  | Intercontinental Exchange Inc                  | CUSIP: 45856WU80<br>LEI: 5493000F4ZO33MV32P92 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1998238.34   | 0.08%             | 2025-07-08      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Louisville Gas and Electric Co                 | Louisville Gas and Electric Co                 | CUSIP: 54667TU96<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | STIV             | CORP              | US        |  23663000 | PA      | $23638811.15  | 0.91%             | 2025-07-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| McCormick & Co Inc/MD                          | McCormick & Co Inc/MD                          | CUSIP: 57978CU17<br>LEI: 549300JQQA6MQ4OJP259 | Long             | STIV             | CORP              | US        |   6000000 | PA      | $6000000.00   | 0.23%             | 2025-07-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| NSTAR Electric Co                              | NSTAR Electric Co                              | CUSIP: 67021JUN0<br>LEI: 54930080R72Y2Z31UR68 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4986729.17   | 0.19%             | 2025-07-22      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Louisville Gas and Electric Co                 | Louisville Gas and Electric Co                 | CUSIP: 54667TUF2<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | STIV             | CORP              | US        |   7978000 | PA      | $7963635.17   | 0.31%             | 2025-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MUV6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |    300000 | PA      | $298936.00    | 0.01%             | 2025-07-29      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                   | AutoZone Inc                                   | CUSIP: 05333TU92<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | STIV             | CORP              | US        |  27000000 | PA      | $26972940.00  | 1.04%             | 2025-07-09      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                     | Intel Corp                                     | CUSIP: 45826CU73<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2997715.00   | 0.12%             | 2025-07-07      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2UE2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   8550000 | PA      | $8535859.25   | 0.33%             | 2025-07-14      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TUV9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   4300000 | PA      | $4284682.44   | 0.17%             | 2025-07-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Avangrid Inc                                   | Avangrid Inc                                   | CUSIP: 05353AUF4<br>LEI: 549300OX0Q38NLSKPB49 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1996492.22   | 0.08%             | 2025-07-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                    | American Honda Finance Corp                    | CUSIP: 02665JV64<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1990720.00   | 0.08%             | 2025-08-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TVK2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1987722.78   | 0.08%             | 2025-08-19      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Ameren Corp                                    | Ameren Corp                                    | CUSIP: 02360RU81<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | STIV             | CORP              | US        |  15000000 | PA      | $14986641.67  | 0.58%             | 2025-07-08      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2UE2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $998342.50    | 0.04%             | 2025-07-14      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Amcor Finance USA Inc                          | Amcor Finance USA Inc                          | CUSIP: 0234D4U83<br>LEI: 549300ZMT7FVT8R77U18 | Long             | STIV             | CORP              | US        |   6000000 | PA      | $5994598.33   | 0.23%             | 2025-07-08      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Co                               | CUSIP: 37255FVC1<br>LEI: 549300D46DQVEU651W04 | Long             | STIV             | CORP              | US        |   2650000 | PA      | $2635840.16   | 0.10%             | 2025-08-12      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                              | Eversource Energy                              | CUSIP: 30040XUN4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | STIV             | CORP              | US        |  19000000 | PA      | $18947575.83  | 0.73%             | 2025-07-22      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUW8<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |  11000000 | PA      | $10959416.11  | 0.42%             | 2025-07-30      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Co                          | Kentucky Utilities Co                          | CUSIP: 49167AU84<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | STIV             | CORP              | US        |  40000000 | PA      | $39964222.22  | 1.54%             | 2025-07-08      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mohawk Industries Inc                          | Mohawk Industries Inc                          | CUSIP: 60819JU19<br>LEI: 549300JI1115MG3Q6322 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.12%             | 2025-07-01      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MUM6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2992383.33   | 0.12%             | 2025-07-21      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Enbridge US Inc                                | Enbridge US Inc                                | CUSIP: 29251UUR7<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |  22000000 | PA      | $21932826.67  | 0.84%             | 2025-07-25      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                           | Keurig Dr Pepper Inc                           | CUSIP: 49271JUB1<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | STIV             | CORP              | US        |  55000000 | PA      | $54930944.45  | 2.12%             | 2025-07-11      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                    | American Honda Finance Corp                    | CUSIP: 02665JUM0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |  40000000 | PA      | $39896666.67  | 1.54%             | 2025-07-21      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| McCormick & Co Inc/MD                          | McCormick & Co Inc/MD                          | CUSIP: 57978CU82<br>LEI: 549300JQQA6MQ4OJP259 | Long             | STIV             | CORP              | US        |  57650000 | PA      | $57599219.96  | 2.22%             | 2025-07-08      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Union Electric Co                              | Union Electric Co                              | CUSIP: 90655JU70<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | STIV             | CORP              | US        |  28000000 | PA      | $27978626.67  | 1.08%             | 2025-07-07      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MUJ3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |  20250000 | PA      | $20206012.50  | 0.78%             | 2025-07-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                     | Mondelez International Inc                     | CUSIP: 60920VVB5<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |    660000 | PA      | $656602.46    | 0.03%             | 2025-08-11      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Sempra                                         | Sempra                                         | CUSIP: 81686MUN0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2991897.50   | 0.12%             | 2025-07-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ONE Gas Inc                                    | ONE Gas Inc                                    | CUSIP: 68236AUG3<br>LEI: 549300HXDWI0LATTX840 | Long             | STIV             | CORP              | US        |  17995000 | PA      | $17960284.64  | 0.69%             | 2025-07-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP                     | Penske Truck Leasing Co LP                     | CUSIP: 70962AUP9<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |   6000000 | PA      | $5982986.67   | 0.23%             | 2025-07-23      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Enbridge US Inc                                | Enbridge US Inc                                | CUSIP: 29251UU97<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $998984.44    | 0.04%             | 2025-07-09      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co                 | Virginia Electric and Power Co                 | CUSIP: 92780JUG4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | STIV             | CORP              | US        |   1895000 | PA      | $1891367.92   | 0.07%             | 2025-07-16      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Equifax Inc                                    | Equifax Inc                                    | CUSIP: 29442KU16<br>LEI: 5493004MCF8JDC86VS77 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2025-07-01      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co of New York Inc         | Consolidated Edison Co of New York Inc         | CUSIP: 20911LUE7<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49917305.56  | 1.92%             | 2025-07-14      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Co                          | Kentucky Utilities Co                          | CUSIP: 49167AUE1<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | STIV             | CORP              | US        |  12570000 | PA      | $12549029.05  | 0.48%             | 2025-07-14      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co of New York Inc         | Consolidated Edison Co of New York Inc         | CUSIP: 20911LU98<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | STIV             | CORP              | US        |  15800000 | PA      | $15784024.44  | 0.61%             | 2025-07-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| American Transmission Co LLC                   | American Transmission Co LLC                   | CUSIP: 03028TUP1<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49859138.89  | 1.92%             | 2025-07-23      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp                              | ITC Holdings Corp                              | CUSIP: 45032NU38<br>LEI: 549300HTO5U9D3SLE207 | Long             | STIV             | CORP              | US        |  20000000 | PA      | $19994944.44  | 0.77%             | 2025-07-03      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MU71<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999233.33    | 0.04%             | 2025-07-07      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ONE Gas Inc                                    | ONE Gas Inc                                    | CUSIP: 68236AU24<br>LEI: 549300HXDWI0LATTX840 | Long             | STIV             | CORP              | US        |   7300000 | PA      | $7299069.25   | 0.28%             | 2025-07-02      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Co                          | Kentucky Utilities Co                          | CUSIP: 49167AUB7<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | STIV             | CORP              | US        |   4350000 | PA      | $4344417.50   | 0.17%             | 2025-07-11      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUN8<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |  14000000 | PA      | $13963250.00  | 0.54%             | 2025-07-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MVK9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2981216.66   | 0.11%             | 2025-08-19      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Treasury Services PLC        | Reckitt Benckiser Treasury Services PLC        | CUSIP: 7562E0UV6<br>LEI: 213800LAXWIUOOBZ3908 | Long             | STIV             | CORP              | GB        |  13000000 | PA      | $12953488.89  | 0.50%             | 2025-07-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MUN4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   8518000 | PA      | $8495143.37   | 0.33%             | 2025-07-22      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUV0<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $996437.78    | 0.04%             | 2025-07-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co                    | Canadian Pacific Railway Co                    | CUSIP: 13645WU27<br>LEI: 54930036474DURYNB481 | Long             | STIV             | CORP              | CA        |   3000000 | PA      | $2999616.67   | 0.12%             | 2025-07-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc                                     | Fiserv Inc                                     | CUSIP: 33774KU81<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1998238.34   | 0.08%             | 2025-07-08      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co                 | Virginia Electric and Power Co                 | CUSIP: 92780JU90<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | STIV             | CORP              | US        |  13000000 | PA      | $12986740.00  | 0.50%             | 2025-07-09      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Co                               | CUSIP: 37255FUR9<br>LEI: 549300D46DQVEU651W04 | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3987680.00   | 0.15%             | 2025-07-25      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP                     | Penske Truck Leasing Co LP                     | CUSIP: 70962AUE4<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3993297.78   | 0.15%             | 2025-07-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                    | TRISTATE INSURED CASH SWEEP                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        | 279560666 | NS      | $279560666.36 | 10.77%            |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp                               | CUSIP: 26244HV42<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |  13000000 | PA      | $12943767.79  | 0.50%             | 2025-08-04      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Enbridge US Inc                                | Enbridge US Inc                                | CUSIP: 29251UUB2<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4993652.78   | 0.19%             | 2025-07-11      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                    | American Honda Finance Corp                    | CUSIP: 02665JU99<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1997915.56   | 0.08%             | 2025-07-09      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| BASF SE                                        | BASF SE                                        | CUSIP: 05526LUW5<br>LEI: 529900PM64WH8AF1E917 | Long             | STIV             | CORP              | DE        |    500000 | PA      | $498147.22    | 0.02%             | 2025-07-30      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                   | AutoZone Inc                                   | CUSIP: 05333TU35<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | STIV             | CORP              | US        |   3144000 | PA      | $3143219.24   | 0.12%             | 2025-07-03      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MUM8<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |  12430000 | PA      | $12398027.28  | 0.48%             | 2025-07-21      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp                               | CUSIP: 26244HUG6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |  11700000 | PA      | $11677770.00  | 0.45%             | 2025-07-16      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| NSTAR Electric Co                              | NSTAR Electric Co                              | CUSIP: 67021JUF7<br>LEI: 54930080R72Y2Z31UR68 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49911916.66  | 1.92%             | 2025-07-15      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TVF3<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $994287.50    | 0.04%             | 2025-08-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797PQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   6537000 | PA      | $6491555.14   | 0.25%             | 2025-08-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Avangrid Inc                                   | Avangrid Inc                                   | CUSIP: 05353AU80<br>LEI: 549300OX0Q38NLSKPB49 | Long             | STIV             | CORP              | US        |   9000000 | PA      | $8992037.50   | 0.35%             | 2025-07-08      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HP Inc                                         | HP Inc                                         | CUSIP: 44331BU92<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | STIV             | CORP              | US        |  63000000 | PA      | $62935880.00  | 2.42%             | 2025-07-09      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2UW2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $996302.50    | 0.04%             | 2025-07-30      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MUM6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   1290000 | PA      | $1286703.34   | 0.05%             | 2025-07-21      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                     | AbbVie Inc                                     | CUSIP: 00287BU72<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | STIV             | CORP              | US        |  46000000 | PA      | $45964426.67  | 1.77%             | 2025-07-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Sempra                                         | Sempra                                         | CUSIP: 81686MUR1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | STIV             | CORP              | US        |  29000000 | PA      | $28911066.67  | 1.11%             | 2025-07-25      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TUJ6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $997837.22    | 0.04%             | 2025-07-18      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp                            | Otis Worldwide Corp                            | CUSIP: 68902WU11<br>LEI: 549300ZLBKR8VSU25153 | Long             | STIV             | CORP              | US        |   3140000 | PA      | $3140000.00   | 0.12%             | 2025-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                     | AbbVie Inc                                     | CUSIP: 00287BU80<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | STIV             | CORP              | US        |   7000000 | PA      | $6993684.44   | 0.27%             | 2025-07-08      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Sempra                                         | Sempra                                         | CUSIP: 81686MUN0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | STIV             | CORP              | US        |  29000000 | PA      | $28921845.00  | 1.11%             | 2025-07-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                    | Exelon Corp                                    | CUSIP: 3016A2U70<br>LEI: 3SOUA6IRML7435B56G12 | Long             | STIV             | CORP              | US        |  63000000 | PA      | $62952435.00  | 2.42%             | 2025-07-07      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Delmarva Power & Light Co                      | Delmarva Power & Light Co                      | CUSIP: 24710RU17<br>LEI: NJ98T8DDD027ZFXUDB24 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.08%             | 2025-07-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                            | Vulcan Materials Co                            | CUSIP: 92919TUF8<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | STIV             | CORP              | US        |  42000000 | PA      | $41925356.66  | 1.61%             | 2025-07-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp                               | CUSIP: 26244HVB6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |  18500000 | PA      | $18403501.94  | 0.71%             | 2025-08-11      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp                          | Oglethorpe Power Corp                          | CUSIP: 67705AUQ5<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4984986.11   | 0.19%             | 2025-07-24      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                                   | Entergy Corp                                   | CUSIP: 29366EUH7<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | STIV             | CORP              | US        |  10200000 | PA      | $10179373.60  | 0.39%             | 2025-07-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP                     | Penske Truck Leasing Co LP                     | CUSIP: 70962AV45<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |  24000000 | PA      | $23894826.66  | 0.92%             | 2025-08-04      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| ONE Gas Inc                                    | ONE Gas Inc                                    | CUSIP: 68236AU32<br>LEI: 549300HXDWI0LATTX840 | Long             | STIV             | CORP              | US        |   8100000 | PA      | $8097939.00   | 0.31%             | 2025-07-03      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc             | Dominion Energy South Carolina Inc             | CUSIP: 25731DU10<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | STIV             | CORP              | US        |  25000000 | PA      | $25000000.00  | 0.96%             | 2025-07-01      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TV49<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $995655.55    | 0.04%             | 2025-08-04      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Co                               | CUSIP: 37255FUA6<br>LEI: 549300D46DQVEU651W04 | Long             | STIV             | CORP              | US        |  35000000 | PA      | $34959487.50  | 1.35%             | 2025-07-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc                    | Honeywell International Inc                    | CUSIP: 43851TV78<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | STIV             | CORP              | US        |    250000 | PA      | $248859.17    | 0.01%             | 2025-08-07      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUW8<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |    500000 | PA      | $498167.36    | 0.02%             | 2025-07-30      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MUA4<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   8500000 | PA      | $8490161.25   | 0.33%             | 2025-07-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BASF SE                                        | BASF SE                                        | CUSIP: 05526LUW5<br>LEI: 529900PM64WH8AF1E917 | Long             | STIV             | CORP              | DE        |    500000 | PA      | $498167.36    | 0.02%             | 2025-07-30      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                                   | Entergy Corp                                   | CUSIP: 29366EVC7<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | STIV             | CORP              | US        |  25000000 | PA      | $24865833.33  | 0.96%             | 2025-08-12      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                        | Marathon Petroleum Corp                        | CUSIP: 56586MU11<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | STIV             | CORP              | US        |  63000000 | PA      | $63000000.00  | 2.43%             | 2025-07-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                              | Eversource Energy                              | CUSIP: 30040XUH7<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | STIV             | CORP              | US        |   8000000 | PA      | $7983182.22   | 0.31%             | 2025-07-17      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc                    | Honeywell International Inc                    | CUSIP: 43851TV86<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | STIV             | CORP              | US        |    436000 | PA      | $433952.01    | 0.02%             | 2025-08-08      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ONE Gas Inc                                    | ONE Gas Inc                                    | CUSIP: 68236AUG3<br>LEI: 549300HXDWI0LATTX840 | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3992366.67   | 0.15%             | 2025-07-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TVJ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |  34000000 | PA      | $33792826.67  | 1.30%             | 2025-08-18      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MUE6<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |    750000 | PA      | $748754.16    | 0.03%             | 2025-07-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc                                     | Fiserv Inc                                     | CUSIP: 33774KU73<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | STIV             | CORP              | US        |  20000000 | PA      | $19984866.67  | 0.77%             | 2025-07-07      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Treasury Services PLC        | Reckitt Benckiser Treasury Services PLC        | CUSIP: 7562E0UW4<br>LEI: 213800LAXWIUOOBZ3908 | Long             | STIV             | CORP              | GB        |   1000000 | PA      | $996294.44    | 0.04%             | 2025-07-30      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                     | Mondelez International Inc                     | CUSIP: 60920VV41<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3982773.34   | 0.15%             | 2025-08-04      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                   | AutoZone Inc                                   | CUSIP: 05333TU19<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | STIV             | CORP              | US        |  27200000 | PA      | $27200000.00  | 1.05%             | 2025-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Co                               | CUSIP: 37255FUJ7<br>LEI: 549300D46DQVEU651W04 | Long             | STIV             | CORP              | US        |    549000 | PA      | $547820.42    | 0.02%             | 2025-07-18      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co                 | Virginia Electric and Power Co                 | CUSIP: 92780JUH2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | STIV             | CORP              | US        |  14600000 | PA      | $14570151.11  | 0.56%             | 2025-07-17      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BAT International Finance PLC                  | BAT International Finance PLC                  | CUSIP: 05531MV47<br>LEI: 21380041YBGOQDFAC823 | Long             | STIV             | CORP              | US        |    636000 | PA      | $633236.94    | 0.02%             | 2025-08-04      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                    | American Honda Finance Corp                    | CUSIP: 02665JVB3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $994726.94    | 0.04%             | 2025-08-11      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| J M Smucker Co/The                             | J M Smucker Co/The                             | CUSIP: 46642QU15<br>LEI: 5493000WDH6A0LHDJD55 | Long             | STIV             | CORP              | US        |  17000000 | PA      | $17000000.00  | 0.65%             | 2025-07-01      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                     | Mondelez International Inc                     | CUSIP: 60920VUF7<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |    325000 | PA      | $324424.93    | 0.01%             | 2025-07-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| J M Smucker Co/The                             | J M Smucker Co/The                             | CUSIP: 46642QU80<br>LEI: 5493000WDH6A0LHDJD55 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2997287.50   | 0.12%             | 2025-07-08      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2U28<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999872.22    | 0.04%             | 2025-07-02      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Ameren Corp                                    | Ameren Corp                                    | CUSIP: 02360RUM0<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | STIV             | CORP              | US        |  29274000 | PA      | $29199513.94  | 1.12%             | 2025-07-21      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc             | Dominion Energy South Carolina Inc             | CUSIP: 25731DV68<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | STIV             | CORP              | US        |   7000000 | PA      | $6967730.00   | 0.27%             | 2025-08-06      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp                          | Oglethorpe Power Corp                          | CUSIP: 67705AU10<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | STIV             | CORP              | US        |  30087000 | PA      | $30087000.00  | 1.16%             | 2025-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                    | Oracle Corp                                    | CUSIP: 6840C2U11<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2025-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Sempra                                         | Sempra                                         | CUSIP: 81686MUG5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | STIV             | CORP              | US        |   3000000 | PA      | $2994225.00   | 0.12%             | 2025-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Avangrid Inc                                   | Avangrid Inc                                   | CUSIP: 05353AU72<br>LEI: 549300OX0Q38NLSKPB49 | Long             | STIV             | CORP              | US        |  50000000 | PA      | $49962083.33  | 1.92%             | 2025-07-07      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 57163TUM9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $997444.44    | 0.04%             | 2025-07-21      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp                               | CUSIP: 26244HVB6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $994772.50    | 0.04%             | 2025-08-11      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MVJ2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |  18000000 | PA      | $17890080.00  | 0.69%             | 2025-08-18      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| ONE Gas Inc                                    | ONE Gas Inc                                    | CUSIP: 68236AUB4<br>LEI: 549300HXDWI0LATTX840 | Long             | STIV             | CORP              | US        |   8800000 | PA      | $8788731.11   | 0.34%             | 2025-07-11      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP                     | Penske Truck Leasing Co LP                     | CUSIP: 70962AU87<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999107.50    | 0.04%             | 2025-07-08      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Experian Finance PLC                           | Experian Finance PLC                           | CUSIP: 30217HU22<br>LEI: 635400RKRK5EGXSPC782 | Long             | STIV             | CORP              | GB        |   1000000 | PA      | $999875.56    | 0.04%             | 2025-07-02      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co                 | Virginia Electric and Power Co                 | CUSIP: 92780JUM1<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | STIV             | CORP              | US        |  30000000 | PA      | $29923500.00  | 1.15%             | 2025-07-21      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MU71<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4996141.66   | 0.19%             | 2025-07-07      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TUM0<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |    285000 | PA      | $284276.42    | 0.01%             | 2025-07-21      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                   | AutoZone Inc                                   | CUSIP: 05333TU27<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | STIV             | CORP              | US        |   6000000 | PA      | $5999253.34   | 0.23%             | 2025-07-02      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc            | NextEra Energy Capital Holdings Inc            | CUSIP: 65339MU95<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   3855000 | PA      | $3851059.33   | 0.15%             | 2025-07-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| American Transmission Co LLC                   | American Transmission Co LLC                   | CUSIP: 03028TU30<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   4177000 | PA      | $4175967.35   | 0.16%             | 2025-07-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc             | Dominion Energy South Carolina Inc             | CUSIP: 25731DUB8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | STIV             | CORP              | US        |  10000000 | PA      | $9987250.00   | 0.38%             | 2025-07-11      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2U28<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1999745.56   | 0.08%             | 2025-07-02      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Avangrid Inc                                   | Avangrid Inc                                   | CUSIP: 05353AU98<br>LEI: 549300OX0Q38NLSKPB49 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $4994966.67   | 0.19%             | 2025-07-09      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Southern California Gas Co                     | Southern California Gas Co                     | CUSIP: 84243LU10<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | STIV             | CORP              | US        |  21000000 | PA      | $21000000.00  | 0.81%             | 2025-07-01      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                         | CenterPoint Energy Inc                         | CUSIP: 1518T2UE2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $998353.33    | 0.04%             | 2025-07-14      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                            | Vulcan Materials Co                            | CUSIP: 92919TUF8<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | STIV             | CORP              | US        |  21235000 | PA      | $21197012.95  | 0.82%             | 2025-07-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 82434TU81<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | STIV             | CORP              | US        |   7000000 | PA      | $6993806.95   | 0.27%             | 2025-07-08      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp                               | CUSIP: 26244HVC4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |  11000000 | PA      | $10941223.33  | 0.42%             | 2025-08-12      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84858MU97<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |  11000000 | PA      | $10988633.33  | 0.42%             | 2025-07-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America Inc              | Amcor Flexibles North America Inc              | CUSIP: 02343BUE5<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | STIV             | CORP              | US        |    789000 | PA      | $787686.53    | 0.03%             | 2025-07-14      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp                          | Oglethorpe Power Corp                          | CUSIP: 67705AU28<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | STIV             | CORP              | US        |  19000000 | PA      | $18997572.22  | 0.73%             | 2025-07-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BAT International Finance PLC                  | BAT International Finance PLC                  | CUSIP: 05531MV47<br>LEI: 21380041YBGOQDFAC823 | Long             | STIV             | CORP              | US        |    341000 | PA      | $339479.90    | 0.01%             | 2025-08-04      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                   | Broadcom Inc                                   | CUSIP: 11135MUH7<br>LEI: 549300WV6GIDOZJTV909 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249491.12    | 0.01%             | 2025-07-17      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                              | Eversource Energy                              | CUSIP: 30040XUE4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1996583.89   | 0.08%             | 2025-07-14      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Southern California Gas Co                     | Southern California Gas Co                     | CUSIP: 84243LU10<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | STIV             | CORP              | US        |   5000000 | PA      | $5000000.00   | 0.19%             | 2025-07-01      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp                          | Oglethorpe Power Corp                          | CUSIP: 67705AU93<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | STIV             | CORP              | US        |  10000000 | PA      | $9989888.89   | 0.38%             | 2025-07-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Senior Manager - Fund Administration