# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-23-037750
**Filing Date:** 2023-2
**Character Count:** 279072
**Document Hash:** 8337ca816f41b725ee26f40e2a7e2358
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037750.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037750

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153
- **IRS NUMBER:** 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:** 23663210

**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 Intermediate Municipal Fund (Series ID: S000011844)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000032354 | Thornburg Intermediate Municipal Fund - Class A  | THIMX           |
| C000032355 | Thornburg Intermediate Municipal Fund - Class C  | THMCX           |
| C000032356 | Thornburg Intermediate Municipal Fund - Class I  | THMIX           |
| C000222324 | Thornburg Intermediate Municipal Fund - Class C2 | THMQX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **LONG-TERM MUNICIPAL BONDS — 89.3%** |  |  |
|  | &nbsp;&nbsp;**Alabama — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alabama Public School and College Authority (Educational Facilities), Series B, 5.00% due 6/1/2026 (pre-refunded 6/1/2023) | &nbsp;&nbsp;$4380000 | &nbsp;&nbsp;$4413932 |
|  | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117358 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% due 12/1/2051 (put 12/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176973 |
|  | &nbsp;&nbsp;&nbsp;UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6390036 |
|  | &nbsp;&nbsp;**Alaska — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Alaska International Airports System AMT, Series C, 5.00% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 805640 |
|  | &nbsp;&nbsp;**Arizona — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2579255 |
|  | &nbsp;&nbsp;&nbsp;Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034468 |
|  | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement and Power District (Salt River Electric System), Series A, 5.00% due 1/1/2036 - 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3279947 |
|  | &nbsp;&nbsp;&nbsp;Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup Global Markets), 5.25% due 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 810077 |
|  | &nbsp;&nbsp;&nbsp;Yavapai County (Waste Management, Inc.) AMT IDA, 1.30% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 870204 |
|  | &nbsp;&nbsp;**Arkansas — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Board of Trustees of the University of Arkansas (Fayetteville Campus), Series A, 5.00% due 11/1/2031 - 11/1/2034 (pre-refunded 11/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 3655000 | &nbsp;&nbsp;&nbsp;&nbsp; 3791509 |
|  | &nbsp;&nbsp;**California — 4.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.25% due 12/1/2027 - 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3732809 |
|  | &nbsp;&nbsp;&nbsp;California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2821621 |
|  | &nbsp;&nbsp;&nbsp;California (Children's Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 - 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 985575 |
|  | &nbsp;&nbsp;&nbsp;California Infrastructure and Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501527 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), 4.00% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 481348 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management of California, Inc.; Guaranty: Waste Management Holdings) AMT, 3.50% due 10/1/2045 (put 3/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2497062 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, Series A2, 3.875% due 11/1/2042 (put 1/17/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports AMT, Series C, 5.00% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2203324 |
|  | &nbsp;&nbsp;&nbsp;City of San Mateo (City of San Mateo Community Facilities District No 2008-1) (Insured: BAM), 5.25% due 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5345790 |
|  | &nbsp;&nbsp;&nbsp;Delano Financing Authority (City of Delano Police Station and Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1967668 |
|  | &nbsp;&nbsp;&nbsp;Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103026 |
|  | &nbsp;&nbsp;&nbsp;Fresno (Educational Facilities and Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 846575 |
|  | &nbsp;&nbsp;&nbsp;Jurupa Public Financing Authority (Eastvale Community Services; Insured: AGM), Series A, 5.50% due 9/1/2025 - 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2568231 |
|  | &nbsp;&nbsp;&nbsp;M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series B, 6.125% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | &nbsp;&nbsp;&nbsp;&nbsp; 2389314 |
|  | &nbsp;&nbsp;&nbsp;North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081543 |
|  | &nbsp;&nbsp;&nbsp;Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 (pre-refunded 8/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3183921 |
|  | &nbsp;&nbsp;&nbsp;Redwood City Redevelopment Successor Agency (Redevelopment Area A-2; Insured: AMBAC), Series A-2, Zero Coupon due 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2030341 |
|  | &nbsp;&nbsp;&nbsp;Saratoga Union School District (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 883337 |
|  | &nbsp;&nbsp;**Colorado — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Colorado (CommonSpirit Health Obligated Group) HFA, 5.00% due 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1520057 |
|  | &nbsp;&nbsp;&nbsp;Colorado School of Mines (Insured: AGM) (Green Bond), Series A, 5.00% due 12/1/2039 - 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1423293 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County Housing Authority (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336001 |
|  | &nbsp;&nbsp;&nbsp;Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2028 (pre-refunded 6/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1662395 |
|  | &nbsp;&nbsp;&nbsp;State of Colorado COP, Series A, 5.00% due 9/1/2029 - 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5205000 | &nbsp;&nbsp;&nbsp;&nbsp; 5749956 |
|  | &nbsp;&nbsp;**Connecticut — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1792118 |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071449 |
|  | &nbsp;&nbsp;&nbsp;State of Connecticut GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 4/15/2033 - 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;12415000 | &nbsp;&nbsp;&nbsp;&nbsp; 13616024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 6/15/2028 - 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2099646 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2926387 |
|  | &nbsp;&nbsp;**District of Columbia — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority (Dulles Toll Road Revenue; Insured: AGC), Series B, Zero Coupon due 10/1/2023 - 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 9890000 | &nbsp;&nbsp;&nbsp;&nbsp; 9469437 |
|  | &nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority, Series A, 5.00% due 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211214 |
|  | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3550315 |
|  | &nbsp;&nbsp;**Florida — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 3352307 |
|  | &nbsp;&nbsp;&nbsp;City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 4076612 |
|  | &nbsp;&nbsp;&nbsp;City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2032 - 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3430000 | &nbsp;&nbsp;&nbsp;&nbsp; 3637511 |
|  | &nbsp;&nbsp;&nbsp;County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2034 - 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3661635 |
|  | &nbsp;&nbsp;&nbsp;County of Broward Port Facilities Revenue AMT, 5.00% due 9/1/2037 - 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183371 |
|  | &nbsp;&nbsp;&nbsp;County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2026 - 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6080000 | &nbsp;&nbsp;&nbsp;&nbsp; 6387092 |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5335000 | &nbsp;&nbsp;&nbsp;&nbsp; 5536354 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue AMT, Series B, 5.00% due 10/1/2040 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2540050 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County (Nicklaus Children's Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2998111 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022786 |
|  | &nbsp;&nbsp;&nbsp;Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2137904 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 520193 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2040 - 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 720978 |
|  | &nbsp;&nbsp;&nbsp;Palm Beach County School District COP, Series C, 5.00% due 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 661093 |
|  | &nbsp;&nbsp;&nbsp;School Board of Miami-Dade County COP, Series A, 5.00% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3396442 |
|  | &nbsp;&nbsp;&nbsp;School District of Broward County (Educational Facilities and Equipment) COP, Series B, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100022 |
|  | &nbsp;&nbsp;&nbsp;School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2420561 |
|  | &nbsp;&nbsp;&nbsp;Sunshine State Governmental Finance Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2028 (pre-refunded 9/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3543785 |
|  | &nbsp;&nbsp;**Georgia — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons LLC), 5.00% due 6/15/2024 - 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 2341235 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2035 - 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;11170000 | &nbsp;&nbsp;&nbsp;&nbsp; 11449405 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), Series A, 4.00% due 7/1/2052 (put 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990966 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 - 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4370000 | &nbsp;&nbsp;&nbsp;&nbsp; 4618078 |
|  | &nbsp;&nbsp;**Guam — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Guam Waterworks Authority (Water and Wastewater System), 5.25% due 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004415 |
|  | &nbsp;&nbsp;**Hawaii — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2137024 |
|  | &nbsp;&nbsp;**Illinois — 14.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2029 - 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | &nbsp;&nbsp;&nbsp;&nbsp; 1877161 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9100000 | &nbsp;&nbsp;&nbsp;&nbsp; 9743413 |
|  | &nbsp;&nbsp;&nbsp;Chicago Park District (Capital Improvement Plan) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3489292 |
|  | &nbsp;&nbsp;&nbsp;Chicago Park District GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2027 - 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1370446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2027 - 1/1/2029 (pre-refunded 1/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 2585000 | &nbsp;&nbsp;&nbsp;&nbsp; 2633965 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2030 (pre-refunded 1/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp;&nbsp; 2328282 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Midway Airport), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 1/1/2032 - 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9805000 | &nbsp;&nbsp;&nbsp;&nbsp; 9975645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4707055 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Midway Airport) AMT, Series A, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369915 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Wastewater Transmission System), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 517232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C-2, 5.00% due 1/1/2028 - 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7865000 | &nbsp;&nbsp;&nbsp;&nbsp; 8132312 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Wastewater Transmission System; Insured: AGM-CR), Series B, 5.00% due 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486588 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021684 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2036 - 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5732042 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1339326 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1670054 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7885418 |
|  | &nbsp;&nbsp;&nbsp;City of Joliet (Rock Run Crossing Project; Insured: BAM) GO, 5.50% due 12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073213 |
|  | &nbsp;&nbsp;&nbsp;County of Cook Sales Tax Revenue, Series A, 5.00% due 11/15/2036 - 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2305083 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 813072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030900 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1889378 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037096 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Silver Cross Hospital and Medical Centers), Series C, 5.00% due 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020477 |
|  | &nbsp;&nbsp;&nbsp;Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5550000 | &nbsp;&nbsp;&nbsp;&nbsp; 5825424 |
|  | &nbsp;&nbsp;&nbsp;Knox & Warren Counties Community Unit School District No. 205 Galesburg GO, Series B, 5.00% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 838095 |
|  | &nbsp;&nbsp;&nbsp;Monroe and St. Clair Counties (Community Unit School District No. 5; Insured: BAM) GO, 5.00% due 4/15/2027 - 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6285000 | &nbsp;&nbsp;&nbsp;&nbsp; 6647822 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147268 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. (Insured: BAM-TCRS), Series A, 5.00% due 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp;&nbsp; 3185186 |
|  | &nbsp;&nbsp;&nbsp;Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2037 - 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100287 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;State of Illinois GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/1/2034 - 5/1/2040 | &nbsp;&nbsp;$10810000 | &nbsp;&nbsp;$10935387 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/1/2027 - 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4393812 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2030 - 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9280000 | &nbsp;&nbsp;&nbsp;&nbsp; 9935441 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2885000 | &nbsp;&nbsp;&nbsp;&nbsp; 3086148 |
|  | &nbsp;&nbsp;&nbsp;Tazewell County School District (Insured: Natl-Re) GO Partial ETM, 9.00% due 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1335030 |
|  | &nbsp;&nbsp;&nbsp;Will County School District No. 114 Manhattan (Insured: BAM) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 1/1/2040 - 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2225378 |
|  | &nbsp;&nbsp;**Indiana — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Brownsburg 1999 School Building Corp (Brownsburg Community School Corp.; Insured: State Intercept), 5.00% due 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080511 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Whiting (BP Products North America, Inc.; Guaranty : BP plc) AMT, 5.00% due 11/1/2047 (put 11/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 254112 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Whiting Environmental Facilities (BP Products North America Inc. Project) AMT, Series A, 5.00% due 3/1/2046 (put 3/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000573 |
|  | &nbsp;&nbsp;&nbsp;Indiana (Ascension Health Credit Group) HFFA, Series A-1, 5.00% due 11/15/2034 - 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8325000 | &nbsp;&nbsp;&nbsp;&nbsp; 8559872 |
|  | &nbsp;&nbsp;&nbsp;Indiana Bond Bank (Hendricks Regional Health Financing Program; Insured: AMBAC), Series A, 5.25% due 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009128 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 570002 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7819680 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Reid Hospital & Health Care Services, Inc. Obligated Group; Insured: AGM), 5.00% due 1/1/2041 - 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100900 |
|  | &nbsp;&nbsp;&nbsp;Indiana Municipal Power Agency, Series C, 5.00% due 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054585 |
|  | &nbsp;&nbsp;&nbsp;IPS Multi-School Building Corp. (Indianapolis Board of School Commissioners; Insured: State Intercept), 5.50% due 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113271 |
|  | &nbsp;&nbsp;&nbsp;Mount Vernon of Hancock County Multi-School Building Corp. (Insured: State Intercept), 5.50% due 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109595 |
|  | &nbsp;&nbsp;&nbsp;Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096986 |
|  | &nbsp;&nbsp;**Iowa — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4179874 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5508751 |
|  | &nbsp;&nbsp;**Kansas — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Unified Government of Wyandotte County/Kansas City (School Improvement Project; Insured: AGM) USD GO, Series A, 5.00% due 9/1/2030 - 9/1/2031 (pre-refunded 9/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 708403 |
|  | &nbsp;&nbsp;**Kentucky — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5073875 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00% due 4/1/2048 (put 4/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6489476 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00% due 2/1/2050 (put 2/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1978118 |
|  | &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, Series A, 5.25% due 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3356451 |
|  | &nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Suburban Hospital and Kosair Children's Hospital), Series A, 5.25% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 2349005 |
|  | &nbsp;&nbsp;**Louisiana — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Sewerage Commission, Series B, 5.00% due 2/1/2030 - 2/1/2032 (pre-refunded 2/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 6825000 | &nbsp;&nbsp;&nbsp;&nbsp; 7127661 |
|  | &nbsp;&nbsp;&nbsp;Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2034 - 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1609307 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Energy and Power Authority (LEPA Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2029 - 6/1/2031 (pre-refunded 6/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp;&nbsp; 6154638 |
|  | &nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2035 - 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2064176 |
|  | &nbsp;&nbsp;&nbsp;Parish of Lafourche (Roads, Highways and Bridges), 5.00% due 1/1/2024 - 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3685000 | &nbsp;&nbsp;&nbsp;&nbsp; 3801869 |
|  | &nbsp;&nbsp;**Maryland — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;County of Montgomery GO, Series C, 5.00% due 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 387917 |
|  | &nbsp;&nbsp;**Massachusetts — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1804127 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8370000 | &nbsp;&nbsp;&nbsp;&nbsp; 9516665 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts (Simmons College) DFA, Series J, 5.50% due 10/1/2025 - 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1814583 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Assessment Revenue (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174755 |
|  | &nbsp;&nbsp;**Michigan — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047749 |
|  | &nbsp;&nbsp;&nbsp;County of Genesee (Water Supply System; Insured: BAM) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2024 - 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3360000 | &nbsp;&nbsp;&nbsp;&nbsp; 3382251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.125% due 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 755493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 11/1/2026 - 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp;&nbsp; 2941352 |
|  | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site Improvement; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3394494 |
|  | &nbsp;&nbsp;&nbsp;Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1208088 |
|  | &nbsp;&nbsp;&nbsp;Kalamazoo Hospital Finance Authority (Bronson Healthcare), Series A, 5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 145169 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2199904 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1296902 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority (McLaren Health System), Series A, 5.00% due 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3356118 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2510721 |
|  | &nbsp;&nbsp;**Minnesota — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00% due 10/1/2034 - 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 654477 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Mississippi — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.25% due 10/1/2037 - 10/1/2038 | &nbsp;&nbsp;$5250000 | &nbsp;&nbsp;$5574049 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Development Bank (Vicksburg Warren School District; Insured: BAM), 5.50% due 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 786469 |
|  | &nbsp;&nbsp;**Nebraska — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050619 |
|  | &nbsp;&nbsp;**Nevada — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 761674 |
|  | &nbsp;&nbsp;**New Hampshire — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Municipal Bond Bank (Insured: State Intercept), Series C, 5.00% due 8/15/2026 (pre-refunded 8/15/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | &nbsp;&nbsp;&nbsp;&nbsp; 1883112 |
|  | &nbsp;&nbsp;**New Jersey — 5.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2616790 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.25% due 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4235684 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction) EDA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2035 - 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp;&nbsp; 4765243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series NN, 5.00% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005866 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3231207 |
|  | &nbsp;&nbsp;&nbsp;New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1859162 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, 5.00% due 7/1/2027 - 7/1/2028 (pre-refunded 1/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 188762 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2871356 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 12/15/2032 - 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5785000 | &nbsp;&nbsp;&nbsp;&nbsp; 6115476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series AA, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2035 - 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1901273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series BB-1 5.00% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114974 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2023 - 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2537396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051459 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.00% due 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3642436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series CC, 5.00% due 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3897870 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 527788 |
|  | &nbsp;&nbsp;**New York — 6.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Build NYC Resource Corp. (Kipp NYC Public Charter Schools), 5.00% due 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2363114 |
|  | &nbsp;&nbsp;&nbsp;City of Long Beach (Insured: BAM) GO, Series B, 5.25% due 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068817 |
|  | &nbsp;&nbsp;&nbsp;City of New York (City Budget Financial Management) GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.00% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4530000 | &nbsp;&nbsp;&nbsp;&nbsp; 4634919 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series J, 5.00% due 8/1/2030 - 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9307781 |
|  | &nbsp;&nbsp;&nbsp;City of New York GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.25% due 5/1/2040 - 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2820424 |
|  | &nbsp;&nbsp;&nbsp;County of Nassau (Insured: BAM-TCRS) GO, Series B, 5.00% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306322 |
|  | &nbsp;&nbsp;&nbsp;Erie County (City of Buffalo School District) (State Aid Withholding) IDA, Series A, 5.00% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035325 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00% due 11/15/2030 - 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8295000 | &nbsp;&nbsp;&nbsp;&nbsp; 8549658 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp;&nbsp; 2341766 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bond), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00% due 11/15/2035 - 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1844160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A2, 5.00% due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 620545 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A2, 5.00% due 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series F1, 5.00% due 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 223642 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (Cornell University) (Green Bond), Series D, 5.00% due 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 593580 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (Insured: BAM), Series A, 5.00% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5481490 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 109008 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 976027 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 540753 |
|  | &nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series N, 5.00% due 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 276866 |
|  | &nbsp;&nbsp;&nbsp;New York State Thruway Authority (State of New York Personal Income Tax Revenue), 5.00% due 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1638637 |
|  | &nbsp;&nbsp;&nbsp;New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2720702 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey AMT, Series 223, 5.00% due 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 819742 |
|  | &nbsp;&nbsp;&nbsp;State of New York Mortgage Agency (Insured: SONYMA) AMT, Series 248, 4.05% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003317 |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 283940 |
|  | &nbsp;&nbsp;&nbsp;Western Nassau County Water Authority (Green Bond), Series A, 4.00% due 4/1/2040 - 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 460378 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Yonkers (New Community School Project) (State Aid Withholding) IDA, 4.00% due 5/1/2041 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$241376 |
|  | &nbsp;&nbsp;**North Carolina — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193053 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 (pre-refunded 6/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3151239 |
|  | &nbsp;&nbsp;**Ohio — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 (pre-refunded 12/15/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp;&nbsp; 3206801 |
|  | &nbsp;&nbsp;&nbsp;City of Cleveland (Bridges and Roadways), Series A-2, 5.00% due 10/1/2028 - 10/1/2029 (pre-refunded 10/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp;&nbsp;&nbsp; 2557150 |
|  | &nbsp;&nbsp;&nbsp;City of Cleveland (Public Facilities Improvements), Series A-1, 5.00% due 11/15/2027 - 11/15/2030 (pre-refunded 11/15/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 5185000 | &nbsp;&nbsp;&nbsp;&nbsp; 5274736 |
|  | &nbsp;&nbsp;&nbsp;City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001457 |
|  | &nbsp;&nbsp;&nbsp;City of Cleveland GO, 5.00% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15022 |
|  | &nbsp;&nbsp;&nbsp;City of Cleveland Income Tax Revenue, Series A, 5.00% due 10/1/2033 - 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1580897 |
|  | &nbsp;&nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1872421 |
|  | &nbsp;&nbsp;&nbsp;County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2033 - 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2523224 |
|  | &nbsp;&nbsp;&nbsp;County of Hamilton (Cincinnati Children's Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8085000 | &nbsp;&nbsp;&nbsp;&nbsp; 8291020 |
|  | &nbsp;&nbsp;&nbsp;Greene County Vocational School District (School Facilities Construction and Improvement) GO, 5.00% due 12/1/2030 - 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2580000 | &nbsp;&nbsp;&nbsp;&nbsp; 2874174 |
|  | &nbsp;&nbsp;&nbsp;Northeast Ohio Medical University (Insured: BAM), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2038 - 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 2565010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% due 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1182658 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 886141 |
|  | &nbsp;&nbsp;**Oklahoma — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Clinton Public Works Authority, 5.00% due 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3335000 | &nbsp;&nbsp;&nbsp;&nbsp; 3531732 |
|  | &nbsp;&nbsp;**Oregon — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Gilliam (Guaranty: Waste Management, Inc.) AMT, 3.00% due 7/1/2038 (put 5/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2995272 |
|  | &nbsp;&nbsp;**Pennsylvania — 9.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Hospital Development Authority (University of Pittsburgh Medical Center), Series A, 5.00% due 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1239220 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Pennsylvania Gas Works), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 13, 5.00% due 8/1/2032 - 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2394286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 14, 5.00% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 526273 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Philadelphia Gas Works), Series 15, 5.00% due 8/1/2036 - 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 7985000 | &nbsp;&nbsp;&nbsp;&nbsp; 8303797 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia (Water and Wastewater System), Series A, 5.00% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183511 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue (Insured: AGM) AMT, 4.00% due 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305533 |
|  | &nbsp;&nbsp;&nbsp;City of Philadelphia Airport Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 7/1/2030 - 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp;&nbsp; 3294462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1470637 |
|  | &nbsp;&nbsp;&nbsp;City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300103 |
|  | &nbsp;&nbsp;&nbsp;County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3154845 |
|  | &nbsp;&nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia (Temple University Health System Obligated Group; Insured: AGM), 4.00% due 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8634042 |
|  | &nbsp;&nbsp;&nbsp;Lancaster County Hospital Authority (Penn State Health Obligated Group), 5.00% due 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067224 |
|  | &nbsp;&nbsp;&nbsp;Lancaster County Solid Waste Management Authority (Acquisition of Susquehanna Resource Management Facility), Series A, 5.25% due 12/15/2030 (pre-refunded 12/15/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3064779 |
|  | &nbsp;&nbsp;&nbsp;Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3700444 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.50% due 6/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6205524 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, Series A, 5.00% due 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081623 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania State Public School Building Authority (Philadelphia School District; Insured: AGM) (State Aid Withholding), Series B, 5.00% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5417890 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2035 - 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868601 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development (Thomas Jefferson University), Series A, 5.00% due 9/1/2032 - 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5273154 |
|  | &nbsp;&nbsp;&nbsp;Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;11125000 | &nbsp;&nbsp;&nbsp;&nbsp; 11792888 |
|  | &nbsp;&nbsp;&nbsp;Pittsburgh Water & Sewer Authority (Water and Sewer System; Insured: AGM), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 9/1/2030 - 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8740000 | &nbsp;&nbsp;&nbsp;&nbsp; 8849175 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 9/1/2031 (pre-refunded 9/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 3665000 | &nbsp;&nbsp;&nbsp;&nbsp; 3713422 |
|  | &nbsp;&nbsp;**Rhode Island — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;State of Rhode Island and Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3595000 | &nbsp;&nbsp;&nbsp;&nbsp; 3647972 |
|  | &nbsp;&nbsp;**South Carolina — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Myrtle Beach (Municipal Sports Complex), Series B, 5.00% due 6/1/2028 - 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053452 |
|  | &nbsp;&nbsp;&nbsp;County of Richland (International Paper Co.) AMT, Series A, 3.875% due 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997124 |
|  | &nbsp;&nbsp;**South Dakota — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;South Dakota Health and Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2028 - 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1889635 |
|  | &nbsp;&nbsp;**Tennessee — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2026 - 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 2487195 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville and Davidson County (Green Projects), Series B, 5.00% due 7/1/2033 - 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3274286 |
|  | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2027 - 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3560000 | &nbsp;&nbsp;&nbsp;&nbsp; 3782830 |
|  | &nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp. (The Gas Project; Guaranty: Goldman Sachs Group, Inc.), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25% due 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7034503 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00% due 2/1/2023 | &nbsp;&nbsp;$2650000 | &nbsp;&nbsp;$2650777 |
|  | &nbsp;&nbsp;**Texas — 8.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2035 - 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2662021 |
|  | &nbsp;&nbsp;&nbsp;City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 9720000 | &nbsp;&nbsp;&nbsp;&nbsp; 10175491 |
|  | &nbsp;&nbsp;&nbsp;City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024012 |
|  | &nbsp;&nbsp;&nbsp;City of Galveston (Galveston Island Convention Center; Insured: AGM), Series B, 5.00% due 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116487 |
|  | &nbsp;&nbsp;&nbsp;City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1253430 |
|  | &nbsp;&nbsp;&nbsp;City of Houston Airport System Revenue AMT, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088811 |
|  | &nbsp;&nbsp;&nbsp;City of McAllen (International Toll Bridge Revenue; Insured: AGM), Series A, 5.00% due 3/1/2028 - 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6120000 | &nbsp;&nbsp;&nbsp;&nbsp; 6469966 |
|  | &nbsp;&nbsp;&nbsp;City of McKinney Waterworks & Sewer System Revenue, 5.00% due 3/15/2041 - 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 981190 |
|  | &nbsp;&nbsp;&nbsp;City of New Braunfels Utility System Revenue, 5.00% due 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1917422 |
|  | &nbsp;&nbsp;&nbsp;City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3225000 | &nbsp;&nbsp;&nbsp;&nbsp; 3228175 |
|  | &nbsp;&nbsp;&nbsp;City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2159378 |
|  | &nbsp;&nbsp;&nbsp;City of San Antonio (Water System), Series A, 5.00% due 5/15/2033 - 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp; 3825952 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit, Series A, 5.00% due 12/1/2035 - 12/1/2036 (pre-refunded 12/1/2025) | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7659223 |
|  | &nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291490 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series A, 5.00% due 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3103710 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2028 - 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | &nbsp;&nbsp;&nbsp;&nbsp; 2441826 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2306669 |
|  | &nbsp;&nbsp;&nbsp;Lower Colorado River Authority (LCRA Transmission Services Corp.), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 535988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25% due 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533708 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transit Authority of Harris County, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2861452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp;&nbsp; 1739688 |
|  | &nbsp;&nbsp;&nbsp;Newark Higher Education Finance Corp. (Hughen Center, Inc.; Insured: PSF-GTD), Series A, 5.00% due 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 630749 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1849020 |
|  | &nbsp;&nbsp;&nbsp;Stephen F Austin State University (Financing System), Series A, 5.00% due 10/15/2030 - 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391617 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group), Series B, 5.00% due 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1238640 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3520000 | &nbsp;&nbsp;&nbsp;&nbsp; 3748159 |
|  | &nbsp;&nbsp;&nbsp;Texas State Technical College (Insured: AGM), Series A, 5.50% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2255284 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 - 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5378416 |
|  | &nbsp;&nbsp;**Utah — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency, 5.50% due 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 559281 |
|  | &nbsp;&nbsp;**Virginia — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) AMT, 3.50% due 11/1/2052 (put 11/1/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3989128 |
|  | &nbsp;&nbsp;**Washington — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106517 |
|  | &nbsp;&nbsp;&nbsp;King County Public Hospital District No. 2 (EvergreenHealth Medical Center) GO, 5.00% due 12/1/2028 - 12/1/2030 (pre-refunded 12/1/2024) | &nbsp;&nbsp;&nbsp;&nbsp; 4545000 | &nbsp;&nbsp;&nbsp;&nbsp; 4743389 |
|  | &nbsp;&nbsp;&nbsp;State of Washington (Acquisition and Improvements of Real and Personal Property) COP, Series A, 5.00% due 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4415000 | &nbsp;&nbsp;&nbsp;&nbsp; 4829048 |
|  | &nbsp;&nbsp;&nbsp;State of Washington (Various Purposes) GO, Series C, 5.00% due 2/1/2036 - 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 7425000 | &nbsp;&nbsp;&nbsp;&nbsp; 8116112 |
|  | &nbsp;&nbsp;&nbsp;State of Washington GO, Series 2021A, 5.00% due 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | &nbsp;&nbsp;&nbsp;&nbsp; 2423014 |
|  | &nbsp;&nbsp;&nbsp;Washington Higher Education Facilities Authority (Seattle Pacific University), Series A, 5.00% due 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 975481 |
|  | &nbsp;&nbsp;**Wisconsin — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority, Series A, 4.00% due 10/1/2035 - 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079525 |
|  | &nbsp;&nbsp;&nbsp;WPPI Energy, Series A, 5.00% due 7/1/2029 - 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2980000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268659 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds — 89.3% (Cost $814,065,615) |  | &nbsp;&nbsp;&nbsp;&nbsp;816209576 |
|  | **Short-Term Municipal Bonds — 9.9%** |  |  |
|  | &nbsp;&nbsp;**California — 0.8%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank A.G.), Series DBE-8082, 4.06% due 10/1/2058 (put 1/9/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 7450000 | &nbsp;&nbsp;&nbsp;&nbsp; 7450000 |
|  | &nbsp;&nbsp;**Colorado — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Colorado (Children's Hospital Colorado Obligated Group; LOC TD Bank N.A.) HFA, 3.65% due 12/1/2052 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
|  | &nbsp;&nbsp;**Florida — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series B, 3.65% due 10/1/2042 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Manatee (Florida Power & Light Co.), 3.75% due 9/1/2024 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank A.G.), Series DBE-8083, 4.06% due 7/1/2061 (put 1/9/2023) | &nbsp;&nbsp;&nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 |
|  | &nbsp;&nbsp;**Kentucky — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Meade (Nucor Corp.) AMT, Series A-1, 4.32% due 8/1/2061 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245000 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Louisiana — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Parish of St. James (Nucor Steel Louisiana LLC; Guaranty: Nucor Corp.), Series B-1, 4.10% due 11/1/2040 (put 1/9/2023) | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 |
|  | &nbsp;&nbsp;**Minnesota — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Minneapolis /St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JP Morgan Chase Bank N.A.), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.58% due 11/15/2035 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 3.65% due 11/15/2035 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 5950000 | &nbsp;&nbsp;&nbsp;&nbsp; 5950000 |
|  | &nbsp;&nbsp;**Missouri — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (St. Louis University; LOC Barclays Bank plc), Series B-1, 3.70% due 10/1/2035 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 |
|  | &nbsp;&nbsp;**New Hampshire — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street B&T Co.), Series A2, 3.65% due 7/1/2035 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  | &nbsp;&nbsp;**New York — 2.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System; (SPA JP Morgan Chase Bank N.A.), 3.65% due 6/15/2044 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA Mizuho Bank Ltd.), 3.65% due 6/15/2048 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp;10900000 | &nbsp;&nbsp;&nbsp;&nbsp; 10900000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank N.A.), Series B4, 3.65% due 8/1/2042 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 |
|  | &nbsp;&nbsp;**Oregon — 0.8%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), Series 2021-XF1123, 3.65% due 10/1/2061 (put 1/9/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 |
|  | &nbsp;&nbsp;**Tennessee — 0.4%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates (LOC Deutsche Bank A.G.), Series 2022-XF1137, 3.96% due 12/1/2051 (put 1/9/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 4045000 | &nbsp;&nbsp;&nbsp;&nbsp; 4045000 |
|  | &nbsp;&nbsp;**Texas — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 4.20% due 4/1/2040 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 |
|  | &nbsp;&nbsp;**Utah — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Murray (Intermountain Healthcare Obligated Group; SPA JP Morgan Chase Bank N.A.), Series B, 3.60% due 5/15/2037 (put 1/3/2023) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Municipal Bonds — 9.9% (Cost $90,230,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 90230000 |
|  | **Total Investments — 99.2% (Cost $904,295,615)** |  | &nbsp;&nbsp;$906439576 |
|  | **Other Assets Less Liabilities — 0.8%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7060244 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$913499820 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on December 31, 2022. |
| b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the aggregate value of these securities in the Fund's portfolio was $31,395,000, representing 3.44% of the Fund's net assets. |
| c | When-issued security. |
| d | Segregated as collateral for a when-issued security. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

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

---

| | |
|:---|:---|
| AGC | Insured by Assured Guaranty Corp. |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| ETM | Escrowed to Maturity |
| FGIC | Insured by Financial Guaranty Insurance Co. |

---

---

| | |
|:---|:---|
| GO | General Obligation |
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| IDA | Industrial Development Authority/Agency |
| LOC | Letter of Credit |
| Natl-Re | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| Q-SBLF | Insured by Qualified School Bond Loan Fund |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| TCRS | Transferable Custodial Receipts |
| USD | Unified School District |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Intermediate Municipal Fund** | *December 31, 2022 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Intermediate Municipal 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-one separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers four classes of shares of beneficial interest: Class A, Class C, Class C2 and Institutional Class ("Class I").

#### NOTE 2 – SECURITY VALUATION
Valuation of the Fund's portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust 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 in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees of the Trust (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> 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.

## 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 Intermediate Municipal Fund

- **b. EDGAR series identifier (if any):** S000011844

- **c. LEI of Series:** 549300PH2XN84HM3Z895

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $920515566.54

**Total Liabilities:** $7164696.56

**Net Assets:** $913350869.98

**Delayed Delivery Securities:** $2384410.00

**Cash Not Reported:** $195508.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3170.53000000 | **1-Year:** -43923.75000000 | **5-Year:** -122349.25000000 | **10-Year:** -174058.69000000 | **30-Year:** -31453.48000000

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

- **3-Month:** -18.58000000 | **1-Year:** -858.70000000 | **5-Year:** -1754.41000000 | **10-Year:** -8418.22000000 | **30-Year:** -2130.44000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032355 | -0.49%               | 2.65%                | 0.37%                |
| Class ID C000032354 | -0.54%               | 2.77%                | 0.32%                |
| Class ID C000222324 | -0.49%               | 2.73%                | 0.29%                |
| Class ID C000032356 | -0.52%               | 2.79%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3806777.46             | $-2360232.24                               |
| Month 2  | $-3183052.34             | $24343820.29                               |
| Month 3  | $-51476.71               | $1055446.99                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State of Washington                                                             | WASHINGTON ST COPS                                           | CUSIP: 939720XA1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4415000 | PA      | $4829047.53   | 0.53%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KM4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    350000 | PA      | $374193.40    | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                               | COLORADO ST COPS                                             | CUSIP: 196711QK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2528329.46   | 0.28%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772JY63<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071449.00   | 0.12%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                             | WASHINGTON ST                                                | CUSIP: 93974D6S2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2991887.25   | 0.33%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                   | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 59334NDU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $913040.34    | 0.10%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7100000 | PA      | $7592399.20   | 0.83%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No 202 Turner                          | WYANDOTTE CNTY KS UNIF SCH DIST #202                         | CUSIP: 982683FN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $387407.65    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                               | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443BQ8<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7034503.00   | 0.77%             | 2023-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                    | JEFFERSON LA SALES TAX DIST SPL SALES TAX REVENUE            | CUSIP: 474176KH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075570.00   | 0.12%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                     | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE            | CUSIP: 821697S75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1749049.20   | 0.19%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brownsburg 1999 School Building Corp                                            | BROWNSBURG IN 1999 SCH BLDG CORP                             | CUSIP: 116083XY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080511.00   | 0.12%             | 2042-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $574899.12    | 0.06%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | CHICAGO IL                                                   | CUSIP: 167486ZV4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1670054.27   | 0.18%             | 2031-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                           | RICHLAND CNTY SC ENVRNMNTL IMPT REVENUE                      | CUSIP: 76363PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997124.00   | 0.22%             | 2023-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Joliet IL                                                               | JOLIET IL                                                    | CUSIP: 479754NQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3073213.00   | 0.34%             | 2042-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                               | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XCE1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094588.00   | 0.23%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No 2                                       | KING CNTY WA PUBLIC HOSP DIST #2                             | CUSIP: 494791RE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1059304.75   | 0.12%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                               | UTAH ST TELECOMMUNICATION OPEN INFRASTRUCTURE AGY SALES TAX  | CUSIP: 91756SAQ6<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $559281.00    | 0.06%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                          | IOWA ST FIN AUTH HLTH FACS REVENUE                           | CUSIP: 462466EZ2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1885135.20   | 0.21%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Sewerage Commission                                            | E BATON ROUGE PARISH LA SWR COMMISSION REVENUE               | CUSIP: 270618EM9<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2771958.06   | 0.30%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of Lafourche LA                                                          | LAFOURCHE PARISH LA REVENUE                                  | CUSIP: 50700RAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2718234.28   | 0.30%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                         | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $969158.58    | 0.11%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153AR0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513819.50   | 0.17%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040758.00   | 0.11%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                              | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499CC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1468847.80   | 0.16%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                  | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325XU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061279.00   | 0.12%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972F2J4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6600000.00   | 0.72%             | 2044-06-15      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276866.00    | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX International Toll Bridge Revenue                            | MCALLEN TX INTERNATIONAL TOLL BRIDGE REVENUE                 | CUSIP: 579117HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $623858.33    | 0.07%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McKinney TX Waterworks & Sewer System Revenue                           | MCKINNEY TX WTRWKS & SWR REVENUE                             | CUSIP: 581714A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $437277.20    | 0.05%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $667098.81    | 0.07%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                    | DETROIT MI CITY SCH DIST                                     | CUSIP: 251129Y71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3394493.55   | 0.37%             | 2026-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                               | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443EB8<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2650776.45   | 0.29%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                         | MEMPHIS-SHELBY CNTY TN ARPT AUTH ARPT REVENUE                | CUSIP: 586111NZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $575059.10    | 0.06%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Solid Waste Management Authority                               | LANCASTER CNTY PA SOL WST MGMT AUTH SOL WST DISP REVENUE     | CUSIP: 514061AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3064779.00   | 0.34%             | 2030-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                          | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                     | CUSIP: 83755VZR8<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    800000 | PA      | $839934.40    | 0.09%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                                    | WILL CNTY IL SCH DIST #114 MANHATTAN                         | CUSIP: 968838JV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549276.00    | 0.06%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                                                   | MONROEVILLE PA FIN AUTH UPMC REVENUE                         | CUSIP: 611530AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3490000 | PA      | $3700443.51   | 0.41%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                     | INDIANA ST HLTH FAC FING AUTH                                | CUSIP: 454798SZ3<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1378895.70   | 0.15%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                            | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562PN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4805000 | PA      | $4891365.07   | 0.54%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                            | LUZERNE CNTY PA                                              | CUSIP: 550697VF0<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3154845.00   | 0.35%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                               | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | CUSIP: 64988YRX7<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2003317.09   | 0.22%             | 2031-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                  | INDIANA ST MUNI PWR AGY                                      | CUSIP: 454898UN5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054585.00   | 0.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                           | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.55%             | 2040-11-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                             | COOK CNTY IL SALES TAX REVENUE                               | CUSIP: 213248CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1242146.56   | 0.14%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HP55<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037096.00   | 0.11%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57583UYN2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1348396.56   | 0.15%             | 2028-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                        | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642BY80<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1604836.50   | 0.18%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEC6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4235684.00   | 0.46%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH HOSP REVENUE                             | CUSIP: 45471AUC4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048437.00   | 0.11%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                           | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399KN5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    650000 | PA      | $702510.90    | 0.08%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greene County Vocational School District                                        | GREENE CNTY OH VOTECH SCH DIST                               | CUSIP: 39466HAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $852962.11    | 0.09%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH HOSP REVENUE                             | CUSIP: 45471AUB6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052463.00   | 0.12%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No 5 Waterloo         | MONROE & SAINT CLAIR CNTYS ILCMNTY UNIT SCH DIST #5          | CUSIP: 610253DL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1724761.68   | 0.19%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                   | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ACB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $367734.58    | 0.04%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE              | CUSIP: 13049YFN6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481348.00    | 0.05%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL Public Utilities Revenue                                   | MANATEE CNTY FL PUBLIC UTILITIES REVENUE                     | CUSIP: 561851HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $388472.99    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County Unified Government Development Authority                   | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE             | CUSIP: 047059EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $595588.48    | 0.07%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KBB4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   5415000 | PA      | $5933957.36   | 0.65%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                        | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642BY98<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1683804.15   | 0.18%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox & Warren Counties Community Unit School District No 205 Galesburg          | KNOX & WARREN CNTYS IL CMNTY UNIT SCH DIST #205              | CUSIP: 499260GF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $838095.18    | 0.09%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado School of Mines                                                        | COLORADO ST SCH OF MINES INSTNL ENTERPRISE REVENUE           | CUSIP: 19658QGB7<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |    560000 | PA      | $603188.32    | 0.07%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6P9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2341766.26   | 0.26%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1182657.52   | 0.13%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                  | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325XR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061322.00   | 0.12%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                  | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | CUSIP: 88034YRY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7400000.00   | 0.81%             | 2061-10-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                        | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1587172.50   | 0.17%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 6459165G8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3231207.00   | 0.35%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HX31<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020477.00   | 0.11%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KK8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271410.50    | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saratoga Union School District                                                  | SARATOGA CA UNION SCH DIST                                   | CUSIP: 803469BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $883337.40    | 0.10%             | 2023-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Redwood City Redevelopment Agency Successor Agency                              | REDWOOD CITY CA REDEV AGY TAX ALLOCATION REVENUE             | CUSIP: 757887BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2030341.04   | 0.22%             | 2023-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101474.20    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Energy & Power Authority                                              | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE              | CUSIP: 546462DM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008957.00   | 0.11%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615WJ8<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3489292.05   | 0.38%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBS8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    435000 | PA      | $389032.25    | 0.04%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AMG9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    600000 | PA      | $620544.60    | 0.07%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966QB90<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1692402.00   | 0.19%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                       | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088811.00   | 0.12%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX International Toll Bridge Revenue                            | MCALLEN TX INTERNATIONAL TOLL BRIDGE REVENUE                 | CUSIP: 579117HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1701779.66   | 0.19%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hartford CT                                                             | HARTFORD CT                                                  | CUSIP: 416415GY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1792117.90   | 0.20%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                   | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $768871.50    | 0.08%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                        | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074849.00   | 0.12%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                    | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $548472.09    | 0.06%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.11%             | 2042-11-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                              | ESSEX CNTY NJ IMPT AUTH                                      | CUSIP: 296809RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2616790.00   | 0.29%             | 2024-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The           | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717825QB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8634042.00   | 0.95%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                     | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE            | CUSIP: 821697R76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $683408.59    | 0.07%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                           | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736P84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4693279.50   | 0.51%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                   | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CG0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050619.00   | 0.12%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EFE3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    800000 | PA      | $813072.00    | 0.09%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX International Toll Bridge Revenue                            | MCALLEN TX INTERNATIONAL TOLL BRIDGE REVENUE                 | CUSIP: 579117HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056787.00   | 0.12%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615S61<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1229389.25   | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                           | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036FU5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2720702.50   | 0.30%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                        | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP THERMAL UTILITY RE | CUSIP: 41401PCK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1073492.55   | 0.12%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                               | PALM BEACH CNTY FL SCH BRD COPS                              | CUSIP: 696550G55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $661093.20    | 0.07%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No 5 Waterloo         | MONROE & SAINT CLAIR CNTYS ILCMNTY UNIT SCH DIST #5          | CUSIP: 610253DK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1498119.93   | 0.16%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                        | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PM88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1385368.22   | 0.15%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                         | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1305533.10   | 0.14%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBT6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    505000 | PA      | $431583.61    | 0.05%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                              | HOUSTON TX                                                   | CUSIP: 442331K78<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1253430.08   | 0.14%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL Public Utilities Revenue                                   | MANATEE CNTY FL PUBLIC UTILITIES REVENUE                     | CUSIP: 561851HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1612612.67   | 0.18%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue         | HARRIS CNTY TX MET TRANSIT AUTH SALES & USE TAX              | CUSIP: 41422EJA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2861452.44   | 0.31%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178237Q5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041858.00   | 0.11%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                     | INDIANA ST HLTH FAC FING AUTH                                | CUSIP: 454798TB5<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6146190.00   | 0.67%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 592098S65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100218.00   | 0.12%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                   | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 59334NDT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1057978.68   | 0.12%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFD2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540752.50    | 0.06%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367G0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    800000 | PA      | $832604.80    | 0.09%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL Public Utilities Revenue                                   | MANATEE CNTY FL PUBLIC UTILITIES REVENUE                     | CUSIP: 561851HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2810365.70   | 0.31%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                              | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727WN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2585362.50   | 0.28%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DSG7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3151239.00   | 0.35%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                           | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790RM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127542.00    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                 | GAINESVILLE FL UTILITIES SYS REVENUE                         | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.08%             | 2042-10-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                 | MINNESOTA ST HGR EDU FACS AUTH REVENUE                       | CUSIP: 60416JBZ2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    350000 | PA      | $380849.35    | 0.04%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615VG5<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010757.00   | 0.11%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                     | INDIANA ST HLTH FAC FING AUTH                                | CUSIP: 454798TA7<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034786.00   | 0.11%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178237R3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    800000 | PA      | $832123.20    | 0.09%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                          | UNIV OF ARKANSAS AR UNIV REVENUES                            | CUSIP: 914072WQ2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037391.00   | 0.11%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387UW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $487806.75    | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                         | MYRTLE BEACH SC LTD OBLG                                     | CUSIP: 628571BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026734.00   | 0.11%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado School of Mines                                                        | COLORADO ST SCH OF MINES INSTNL ENTERPRISE REVENUE           | CUSIP: 19658QFX0<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |    350000 | PA      | $383749.45    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224ZA0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063157.00   | 0.12%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KN2<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531297.50    | 0.06%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue             | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4890000 | PA      | $4766087.40   | 0.52%             | 2023-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                   | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536742.50   | 0.17%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EFC7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030900.00   | 0.11%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224YZ6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $805443.75    | 0.09%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ATD9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    805000 | PA      | $821614.40    | 0.09%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No 2                                       | KING CNTY WA PUBLIC HOSP DIST #2                             | CUSIP: 494791RB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $626190.00    | 0.07%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                               | NEW HAMPSHIRE ST MUNI BOND BANK                              | CUSIP: 64465PYJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1883112.36   | 0.21%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                           | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JDY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081623.00   | 0.12%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                    | JEFFERSON LA SALES TAX DIST SPL SALES TAX REVENUE            | CUSIP: 474176KJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533736.50    | 0.06%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                           | HAMILTON CNTY OH HOSP FACS REVENUE                           | CUSIP: 407272Q22<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4532710.00   | 0.50%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                               | DALLAS TX                                                    | CUSIP: 235219MA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570233.00   | 0.17%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KBA6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5503940.00   | 0.60%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                              | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304TF6<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3713421.98   | 0.41%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                | PHILADELPHIA PA MUNI AUTH REVENUE                            | CUSIP: 717904LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1839469.28   | 0.20%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                               | INDIANA ST BOND BANK REVENUE                                 | CUSIP: 454624UL9<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009128.00   | 0.22%             | 2023-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7N8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1847270.18   | 0.20%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                    | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654GA7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2510721.00   | 0.27%             | 2039-12-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| City of New Braunfels TX Utility System Revenue                                 | NEW BRAUNFELS TX UTILITY REVENUE                             | CUSIP: 642577XW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1917422.50   | 0.21%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364D0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    785000 | PA      | $839845.60    | 0.09%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                | WASHINGTON ST HGR EDU FACS AUTH                              | CUSIP: 9397812S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $975480.90    | 0.11%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Industrial Development Agency                                           | YONKERS NY INDL DEV AGY SCH FAFAC REV                        | CUSIP: 986094AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241376.25    | 0.03%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                   | MASSACHUSETTS BAY MA TRANSPRTN AUTH REVENUE                  | CUSIP: 575577HX2<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1174755.00   | 0.13%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greater Texas Cultural Education Facilities Finance Corp                        | GREATER TEXAS CULTURAL EDU FACS FIN CORP LEASE REVENUE       | CUSIP: 39237RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1291490.03   | 0.14%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North City West School Facilities Financing Authority                           | NORTH CITY CA WEST SCH FACS FING AUTH SPL TAX                | CUSIP: 658620FB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1081543.32   | 0.12%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                          | UNIV OF ARKANSAS AR UNIV REVENUES                            | CUSIP: 914072WP4<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    655000 | PA      | $679466.22    | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tazewell County School District No 51 Washington Central                        | TAZEWELL CNTY IL SCH DIST #51 WASHINGTON CENTRAL             | CUSIP: 877681DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1335030.35   | 0.15%             | 2024-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                      | CUSIP: 45505MMH6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $570002.50    | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County Housing Authority                                          | DENVER CITY & CNTY CO HSG AUTH CAPITAL FUND PROGRAM REVENUE  | CUSIP: 24917PBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1336001.25   | 0.15%             | 2027-11-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                             | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PE5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5355880.00   | 0.59%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                        | PEFA INC IA GAS PROJ REVENUE                                 | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5508750.55   | 0.60%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2151014.00   | 0.24%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608RW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $906533.10    | 0.10%             | 2026-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608SC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755493.00    | 0.08%             | 2032-11-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Fresno Unified School District                                                  | FRESNO CA UNIF SCH DIST                                      | CUSIP: 358232RH1<br>LEI: 549300WL4QIP65TFU882 | Long             | DBT              | MUN               | US        |    810000 | PA      | $846574.74    | 0.09%             | 2026-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                         | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794C67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2137024.00   | 0.23%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2821620.88   | 0.31%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117358.00   | 0.23%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No 2                                       | KING CNTY WA PUBLIC HOSP DIST #2                             | CUSIP: 494791RA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $3057894.50   | 0.33%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greene County Vocational School District                                        | GREENE CNTY OH VOTECH SCH DIST                               | CUSIP: 39466HAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1322875.94   | 0.14%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                 | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KLC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5073875.00   | 0.56%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cincinnati City School District                                                 | CINCINNATI OH CITY SCH DIST COPS                             | CUSIP: 172253BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3206800.65   | 0.35%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387UU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $493372.80    | 0.05%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BVW8<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535987.50    | 0.06%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                     | BROWARD CNTY FL ARPT SYS REVENUE                             | CUSIP: 114894XP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2617482.50   | 0.29%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                               | DALLAS TX                                                    | CUSIP: 235219LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $3753831.99   | 0.41%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                     | WPPI ENERGY WI PWR SPLY REVENUE                              | CUSIP: 92937NCS1<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    300000 | PA      | $331562.70    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX International Toll Bridge Revenue                            | MCALLEN TX INTERNATIONAL TOLL BRIDGE REVENUE                 | CUSIP: 579117HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1617590.97   | 0.18%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                       | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    770000 | PA      | $810076.96    | 0.09%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai/The                   | YAVAPAI CNTY AZ INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 98521UAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $870204.00    | 0.10%             | 2027-06-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                | PHILADELPHIA PA MUNI AUTH REVENUE                            | CUSIP: 717904LK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3940876.39   | 0.43%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue         | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XT73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223641.60    | 0.02%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                | SUNSHINE FL ST GOVERNMENTAL FING COMMISSION                  | CUSIP: 867868GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3543785.00   | 0.39%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XMS7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1804127.50   | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447PGU9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1296902.36   | 0.14%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda County Joint Powers Authority                                           | ALAMEDA CNTY CA JT PWRS AUTH LEASE REVENUE                   | CUSIP: 010831CB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022457.00   | 0.11%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2497062.50   | 0.27%             | 2045-10-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                 | MINNESOTA ST HGR EDU FACS AUTH REVENUE                       | CUSIP: 60416JBY5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273628.00    | 0.03%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                          | IOWA ST FIN AUTH HLTH FACS REVENUE                           | CUSIP: 462466EX7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2294739.00   | 0.25%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447T3R2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2199904.00   | 0.24%             | 2036-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                              | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893A50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1183510.90   | 0.13%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1661267.20   | 0.18%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                          | M-S-R CA ENERGY AUTH GAS REVENUE                             | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2389314.03   | 0.26%             | 2029-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX                                                            | GALVESTON TX HOTEL OCCUPANCY TAX REVENUE                     | CUSIP: 364484CZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1116487.41   | 0.12%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephen F Austin State University                                               | STEPHEN F AUSTIN TX ST UNIV                                  | CUSIP: 8586202S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275589.50    | 0.03%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                                    | WILL CNTY IL SCH DIST #114 MANHATTAN                         | CUSIP: 968838JY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2225378.00   | 0.24%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                       | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGL1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1238640.21   | 0.14%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TUZ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3356118.40   | 0.37%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                    | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853RR0<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2193052.86   | 0.24%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ALX3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    825000 | PA      | $839148.75    | 0.09%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                              | WHITING IN ENVRNMNTL FACS REVENUE                            | CUSIP: 96634RAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000573.00   | 0.11%             | 2046-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Manatee County School District                                                  | MANATEE CNTY FL SCH DIST SALES TAX REVENUE                   | CUSIP: 56185PCK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2420561.25   | 0.27%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57583UYM4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    460000 | PA      | $466186.54    | 0.05%             | 2025-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ASY4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    645000 | PA      | $670927.71    | 0.07%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                             | NASSAU CNTY NY                                               | CUSIP: 63165TKP9<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1306321.90   | 0.14%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                   | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FV49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3356451.00   | 0.37%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mount Vernon of Hancock County Multi-School Building Corp                       | MOUNT VERNON OF HANCOCK CNTY IN MULTI-SCH BLDG CORP          | CUSIP: 623619LX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109595.00   | 0.12%             | 2042-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966LME8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5166685.00   | 0.57%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Z87<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511551.50   | 0.17%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                              | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304SL4<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3786735.04   | 0.41%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                             | COOK CNTY IL SALES TAX REVENUE                               | CUSIP: 213248CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062936.00   | 0.12%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Nassau County Water Authority                                           | WSTRN NASSAU CNTY NY WTR AUTH                                | CUSIP: 958792EX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $192874.00    | 0.02%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                        | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP THERMAL UTILITY RE | CUSIP: 41401PCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1368332.50   | 0.15%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KP7<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529342.50    | 0.06%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608SA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1203092.54   | 0.13%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                           | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399KQ8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531373.00    | 0.06%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                     | ALABAMA ST PUBLIC SCH & CLG AUTH                             | CUSIP: 0106086W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4380000 | PA      | $4413931.86   | 0.48%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                    | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260125.50    | 0.03%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                             | WASHINGTON ST                                                | CUSIP: 93974D6R4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4675000 | PA      | $5124225.43   | 0.56%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                            | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065YK4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100022.00   | 0.23%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                            | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562MX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4707054.70   | 0.52%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                           | MIAMI-DADE CNTY FL SCH BRD COPS                              | CUSIP: 59333MQ24<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3396441.75   | 0.37%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387HL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1439489.41   | 0.16%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach NY                                                           | LONG BEACH NY                                                | CUSIP: 542519ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068817.00   | 0.12%             | 2042-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue             | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4703350.00   | 0.51%             | 2024-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178237S1<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520304.50    | 0.06%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004415.00   | 0.11%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                  | UAB MEDICINE FIN AUTH AL REVENUE                             | CUSIP: 902562AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6390036.00   | 0.70%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966QCT5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084668.00   | 0.12%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue         | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XLG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071962.00   | 0.12%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387UV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $599716.70    | 0.07%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Murray UT                                                               | MURRAY CITY UT HOSP REVENUE                                  | CUSIP: 626853CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.38%             | 2037-05-15      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608RU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $613883.87    | 0.07%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051459.00   | 0.12%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No 114 Manhattan                                    | WILL CNTY IL SCH DIST #114 MANHATTAN                         | CUSIP: 968838JW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548338.00    | 0.06%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                            | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562PP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5084280.00   | 0.56%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                            | LAKELAND FL ENERGY SYS REVENUE                               | CUSIP: 51166FCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $3352306.63   | 0.37%             | 2036-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alameda County Joint Powers Authority                                           | ALAMEDA CNTY CA JT PWRS AUTH LEASE REVENUE                   | CUSIP: 010831CD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534168.50   | 0.17%             | 2029-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                | MINNEAPOLIS MN & SAINT PAUL MN HSG & REDEV AUTH HLTH CARE    | CUSIP: 603695FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.07%             | 2035-11-15      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                    | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534WQ76<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    700000 | PA      | $786468.90    | 0.09%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364V0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3642436.00   | 0.40%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH LEASE REVENUE           | CUSIP: 18610RAS3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1872421.16   | 0.21%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of Lafourche LA                                                          | LAFOURCHE PARISH LA REVENUE                                  | CUSIP: 50700RAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1083635.37   | 0.12%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MAX3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3127287.00   | 0.34%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                           | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790RN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61220.16     | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greene County Vocational School District                                        | GREENE CNTY OH VOTECH SCH DIST                               | CUSIP: 39466HAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $698336.25    | 0.08%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615S38<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2328282.47   | 0.25%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No 5 Waterloo         | MONROE & SAINT CLAIR CNTYS ILCMNTY UNIT SCH DIST #5          | CUSIP: 610253DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1177559.31   | 0.13%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                    | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CCW1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2181292.00   | 0.24%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | VIRGINIA ST SMALL BUSINESS FING AUTH ENVIRONMENTAL FACS REVE | CUSIP: 92810RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3989128.00   | 0.44%             | 2052-11-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Noblesville Redevelopment Authority                                             | NOBLESVILLE IN REDEV AUTH                                    | CUSIP: 655164JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096986.00   | 0.12%             | 2041-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FJH9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1889378.30   | 0.21%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                           | RHODE ISLAND ST & PROVIDENCE PLANTATIONS LEASE COPS          | CUSIP: 76222WGK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3595000 | PA      | $3647972.33   | 0.40%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1176973.04   | 0.13%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153CX5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5086185.00   | 0.56%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1638637.50   | 0.18%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBR0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $258909.11    | 0.03%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                              | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727ZL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1486588.13   | 0.16%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                          | UNIV OF ARKANSAS AR UNIV REVENUES                            | CUSIP: 914072WR0<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037299.00   | 0.11%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MAW5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2601767.67   | 0.28%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Educational Facilities Authority                              | MIAMI-DADE CNTY FL EDUCTNL FACS AUTH REVENUE                 | CUSIP: 59333AGM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022786.00   | 0.11%             | 2024-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                     | WPPI ENERGY WI PWR SPLY REVENUE                              | CUSIP: 92937NCV4<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550130.00    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                             | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PF2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $3086147.97   | 0.34%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                     | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 644614J83<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.55%             | 2035-07-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                     | WPPI ENERGY WI PWR SPLY REVENUE                              | CUSIP: 92937NCT9<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    400000 | PA      | $441920.00    | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton Public Works Authority                                                  | CLINTON OK PUBLIC WKS AUTH EDUCTNL FACS LEASE REVENUE        | CUSIP: 188411AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3531731.65   | 0.39%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                           | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KR9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   5550000 | PA      | $5825424.30   | 0.64%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County Unified Government Development Authority                   | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE             | CUSIP: 047059EX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $514593.57    | 0.06%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KJ1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273535.75    | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                           | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399KP0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    775000 | PA      | $830292.38    | 0.09%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615R39<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    665000 | PA      | $672432.04    | 0.07%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                               | JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE                   | CUSIP: 482085AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1212861.67   | 0.13%             | 2025-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                   | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 59334NDV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027092.00   | 0.11%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KBC2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2178126.00   | 0.24%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                        | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PM96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037746.00   | 0.11%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387HJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1307239.50   | 0.14%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                     | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE            | CUSIP: 821697S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1350372.24   | 0.15%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                          | UNIV OF ARKANSAS AR UNIV REVENUES                            | CUSIP: 914072WN9<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037353.00   | 0.11%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BNZ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5481490.00   | 0.60%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                           | HAMILTON CNTY OH HOSP FACS REVENUE                           | CUSIP: 407272P72<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2732834.91   | 0.30%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                     | WPPI ENERGY WI PWR SPLY REVENUE                              | CUSIP: 92937NCW2<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    440000 | PA      | $481143.52    | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No 5 Waterloo         | MONROE & SAINT CLAIR CNTYS ILCMNTY UNIT SCH DIST #5          | CUSIP: 610253DM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1903136.40   | 0.21%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1510700.90   | 0.17%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST SPL OBLG DEDICATED TAX REVENUE              | CUSIP: 576002DG1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   8370000 | PA      | $9516664.89   | 1.04%             | 2029-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                        | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PZ92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2540050.00   | 0.28%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                    | BROWARD CNTY FL PORT FACS REVENUE                            | CUSIP: 11506KGU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $859380.00    | 0.09%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                         | MYRTLE BEACH SC LTD OBLG                                     | CUSIP: 628571BJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026718.00   | 0.11%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Airport System                                           | SAN ANTONIO TX ARPT SYS REVENUE                              | CUSIP: 796242SH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1161142.60   | 0.13%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608RZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1218061.02   | 0.13%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No 202 Turner                          | WYANDOTTE CNTY KS UNIF SCH DIST #202                         | CUSIP: 982683FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $320994.91    | 0.04%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364G3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5275630.00   | 0.58%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Hospital Finance Authority                                            | KALAMAZOO MI HOSP FIN AUTH                                   | CUSIP: 483233PU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145169.07    | 0.02%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                                          | WAYNE MI ST UNIV REVENUES                                    | CUSIP: 946303UU6<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1047748.75   | 0.11%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452152T50<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2666154.75   | 0.29%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                           | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1912421.25   | 0.21%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                               | COLORADO ST COPS                                             | CUSIP: 196711QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $385543.55    | 0.04%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                         | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ETW6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2363114.30   | 0.26%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 6459165H6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1859162.50   | 0.20%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3353054.25   | 0.37%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                     | BROWARD CNTY FL ARPT SYS REVENUE                             | CUSIP: 114894XQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044153.00   | 0.11%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                    | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534WZA9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118558.00   | 0.23%             | 2038-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                             | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507PM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2579255.00   | 0.28%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Public Facilities Corp                                              | SAN ANTONIO TX PUB FACS CORP LEASE REVENUE                   | CUSIP: 796334BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159378.00   | 0.24%             | 2040-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                  | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782GG8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1518048.00   | 0.17%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Mateo CA                                                            | SAN MATEO CALIF SPL TAX                                      | CUSIP: 79901PCY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5345790.00   | 0.59%             | 2040-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Airport System                                           | SAN ANTONIO TX ARPT SYS REVENUE                              | CUSIP: 796242SG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2067031.96   | 0.23%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                              | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1183284.38   | 0.13%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                   | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WVZ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1849020.25   | 0.20%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                       | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QRX9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3520000 | PA      | $3748159.36   | 0.41%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJQ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    630000 | PA      | $652223.25    | 0.07%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                  | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2032266.78   | 0.22%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                            | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWR1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520056.50   | 0.17%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                            | LAKELAND FL ENERGY SYS REVENUE                               | CUSIP: 51166FCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $4076612.00   | 0.45%             | 2027-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                          | PENNSYLVANIA ST PUBLIC SCH BLDG AUTH                         | CUSIP: 709207DG6<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5417890.00   | 0.59%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                         | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026034.00   | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366W6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068668.00   | 0.12%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP | CUSIP: 13034JDF5<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501527.00   | 0.16%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | CHICAGO IL                                                   | CUSIP: 167486ZY8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7885417.50   | 0.86%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Agency/The                                   | ERIE CNTY NY INDL DEV AGY SCHFAC REVENUE                     | CUSIP: 29509PJT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5035325.00   | 0.55%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                       | DALLAS TX AREA RAPID TRANSIT SALES TAX REVENUE               | CUSIP: 235241RS7<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4255124.00   | 0.47%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                               | JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE                   | CUSIP: 482085AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1355369.43   | 0.15%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BZR5<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1533707.76   | 0.17%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238M3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526273.50    | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                              | WHITING IN ENVRNMNTL FACS REVENUE                            | CUSIP: 96634RAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254111.75    | 0.03%             | 2047-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $631978.66    | 0.07%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona/The                                                       | ARIZONA BRD OF RGTS UNIV ARIZONA SYS REVENUE                 | CUSIP: 040484LT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034468.00   | 0.11%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                             | WASHINGTON ST                                                | CUSIP: 93974EDR4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2423013.88   | 0.27%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Z95<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025844.00   | 0.11%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966LMF5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4141096.00   | 0.45%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608RV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $347212.49    | 0.04%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                               | COLORADO ST COPS                                             | CUSIP: 196711QH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1388372.62   | 0.15%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin-Mckinley School District                                               | FRANKLIN-MCKINLEY CA SCH DIST                                | CUSIP: 353856YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103026.00   | 0.12%             | 2027-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                  | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | CUSIP: 88035AHC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4045000 | PA      | $4045000.00   | 0.44%             | 2051-12-01      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Spears/Lifers Trust                                               | DEUTSCHE BANK SPEARS/LIFERS SER TRUST                        | CUSIP: 25160RMD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11500000.00  | 1.26%             | 2061-07-01      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Monroe & St Clair Counties Community Unit School District No 5 Waterloo         | MONROE & SAINT CLAIR CNTYS ILCMNTY UNIT SCH DIST #5          | CUSIP: 610253DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $344244.88    | 0.04%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Meade KY                                                              | MEADE CNTY KY INDL BLDG REVENUE                              | CUSIP: 583022AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2245000.00   | 0.25%             | 2061-08-01      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KL6<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    300000 | PA      | $323220.00    | 0.04%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephen F Austin State University                                               | STEPHEN F AUSTIN TX ST UNIV                                  | CUSIP: 8586202U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273042.75    | 0.03%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615Q55<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1329719.31   | 0.15%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue         | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7700000 | PA      | $7700000.00   | 0.84%             | 2042-08-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615Q30<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1304245.76   | 0.14%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL                                                            | MANATEE CNTY FL POLL CONTROL REVENUE                         | CUSIP: 561845AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.07%             | 2024-09-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL Public Utilities Revenue                                   | MANATEE CNTY FL PUBLIC UTILITIES REVENUE                     | CUSIP: 561851HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $493569.09    | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                  | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325XS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061320.00   | 0.12%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063635.00   | 0.12%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                         | MEMPHIS-SHELBY CNTY TN ARPT AUTH ARPT REVENUE                | CUSIP: 586111PD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1912136.31   | 0.21%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                         | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 6262074C5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    925000 | PA      | $978699.95    | 0.11%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                              | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $985378.74    | 0.11%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7K4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2917972.75   | 0.32%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                   | TEXAS ST TECH CLG SYS FING SYS REVENUE                       | CUSIP: 88276RFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2255284.00   | 0.25%             | 2042-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBS0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2012704.73   | 0.22%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                  | CARSON CITY NV HOSP REVENUE                                  | CUSIP: 145810DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $761673.97    | 0.08%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                         | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 6262074F8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1190560.50   | 0.13%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Spears/Lifers Trust                                               | DEUTSCHE BANK SPEARS/LIFERS SER TRUST                        | CUSIP: 25160RMA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7450000 | PA      | $7450000.00   | 0.82%             | 2058-10-01      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10900000 | PA      | $10900000.00  | 1.19%             | 2048-06-15      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2455675.64   | 0.27%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephen F Austin State University                                               | STEPHEN F AUSTIN TX ST UNIV                                  | CUSIP: 8586202T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $384643.70    | 0.04%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                           | CHICAGO IL PARK DIST                                         | CUSIP: 167615R54<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    690000 | PA      | $698013.66    | 0.08%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                     | WPPI ENERGY WI PWR SPLY REVENUE                              | CUSIP: 92937NCU6<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    545000 | PA      | $601434.75    | 0.07%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                       | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1229078.68   | 0.13%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KCL1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111214.00   | 0.12%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527787.50    | 0.06%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | CUYAHOGA CNTY OH ECON DEV REVENUE                            | CUSIP: 232263KH5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    200000 | PA      | $220225.40    | 0.02%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No 1                                       | CLARK CNTY WA PUBLIC UTILITY DIST #1 ELEC REVENUE            | CUSIP: 181108D73<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554082.50    | 0.06%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                   | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ACA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353243.80    | 0.04%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado School of Mines                                                        | COLORADO ST SCH OF MINES INSTNL ENTERPRISE REVENUE           | CUSIP: 19658QFY8<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |    400000 | PA      | $436356.40    | 0.05%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJR9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6215000 | PA      | $6404893.11   | 0.70%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RGC3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $283939.50    | 0.03%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                            | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562NX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1369915.37   | 0.15%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918T94<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005866.00   | 0.22%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                            | CLEVELAND OH                                                 | CUSIP: 186343H28<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001457.00   | 0.11%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6489476.50   | 0.71%             | 2048-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ACQ8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1005010.70   | 0.11%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Energy & Power Authority                                              | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE              | CUSIP: 546462DP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2164212.77   | 0.24%             | 2031-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                | REGL TRANSPRTN DIST CO COPS                                  | CUSIP: 75913THN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1662394.80   | 0.18%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                   | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651AAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520193.00    | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UMZ8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    600000 | PA      | $621451.80    | 0.07%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Sewerage Commission                                            | E BATON ROUGE PARISH LA SWR COMMISSION REVENUE               | CUSIP: 270618EN7<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3133599.00   | 0.34%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                         | CLEVELAND OH INCOME TAX REVENUE                              | CUSIP: 186387HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017307.00   | 0.11%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GNT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109008.30    | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda County Joint Powers Authority                                           | ALAMEDA CNTY CA JT PWRS AUTH LEASE REVENUE                   | CUSIP: 010831CC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1176183.20   | 0.13%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                | PHILADELPHIA PA MUNI AUTH REVENUE                            | CUSIP: 717904LL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2295141.81   | 0.25%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                           | CHICAGO IL WTR REVENUE                                       | CUSIP: 167736VK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1339326.09   | 0.15%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                        | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PM70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037712.00   | 0.11%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445XW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2203324.00   | 0.24%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX International Toll Bridge Revenue                            | MCALLEN TX INTERNATIONAL TOLL BRIDGE REVENUE                 | CUSIP: 579117GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1469950.02   | 0.16%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990966.00   | 0.22%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp                                                  | IPS MULTI-SCH BLDG CORP IN                                   | CUSIP: 46263RRM9<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113271.00   | 0.12%             | 2042-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                        | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009NH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2306669.40   | 0.25%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976027.00    | 0.11%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County Unified Government Development Authority                   | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE             | CUSIP: 047059FE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $741710.55    | 0.08%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No 1                                       | CLARK CNTY WA PUBLIC UTILITY DIST #1 ELEC REVENUE            | CUSIP: 181108D81<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552434.50    | 0.06%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McKinney TX Waterworks & Sewer System Revenue                           | MCKINNEY TX WTRWKS & SWR REVENUE                             | CUSIP: 581714A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543913.00    | 0.06%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                | PHILADELPHIA PA MUNI AUTH REVENUE                            | CUSIP: 717904LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1844620.75   | 0.20%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                | MINNEAPOLIS MN & SAINT PAUL MN HSG & REDEV AUTH HLTH CARE    | CUSIP: 603695FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5950000 | PA      | $5950000.00   | 0.65%             | 2035-11-15      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue         | HARRIS CNTY TX MET TRANSIT AUTH SALES & USE TAX              | CUSIP: 41422EJB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1739688.43   | 0.19%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                               | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XCD3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3178566.00   | 0.35%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                               | DALLAS TX                                                    | CUSIP: 235219KL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024012.00   | 0.11%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                         | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817WL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1470637.02   | 0.16%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                   | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3072801.00   | 0.34%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                   | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3185186.48   | 0.35%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                     | WPPI ENERGY WI PWR SPLY REVENUE                              | CUSIP: 92937NCR3<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    300000 | PA      | $331542.30    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                            | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FPT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.33%             | 2052-12-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                            | NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | CUSIP: 650346FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $630749.40    | 0.07%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XAN2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    750000 | PA      | $819741.75    | 0.09%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stephen F Austin State University                                               | STEPHEN F AUSTIN TX ST UNIV                                  | CUSIP: 8586202R7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $458339.70    | 0.05%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                          | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045W41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067224.00   | 0.23%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                              | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727WM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5365000 | PA      | $5546948.61   | 0.61%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Municipal Authority                                                | PHILADELPHIA PA MUNI AUTH REVENUE                            | CUSIP: 717904LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1872779.73   | 0.21%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KCM9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    890000 | PA      | $988432.22    | 0.11%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                        | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009JA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3103710.00   | 0.34%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Nassau County Water Authority                                           | WSTRN NASSAU CNTY NY WTR AUTH                                | CUSIP: 958792EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $267503.78    | 0.03%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL Public Utilities Revenue                                   | MANATEE CNTY FL PUBLIC UTILITIES REVENUE                     | CUSIP: 561851HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1082070.62   | 0.12%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                        | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PN20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075528.00   | 0.23%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KDZ9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2926387.05   | 0.32%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MAY1<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2574742.50   | 0.28%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                               | DALLAS TX                                                    | CUSIP: 235219LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045432.00   | 0.11%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1978118.00   | 0.22%             | 2050-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Delano Financing Authority                                                      | DELANO CA FING AUTH REVENUE                                  | CUSIP: 245592AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1967668.47   | 0.22%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UMX3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364122.50    | 0.04%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                       | DALLAS TX AREA RAPID TRANSIT SALES TAX REVENUE               | CUSIP: 235241RT5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3404099.20   | 0.37%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Sewerage Commission                                            | E BATON ROUGE PARISH LA SWR COMMISSION REVENUE               | CUSIP: 270618EL1<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1222103.61   | 0.13%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                               | DALLAS TX                                                    | CUSIP: 235219LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3635000 | PA      | $3805994.04   | 0.42%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                   | ALASKA ST INTERNATIONAL ARPTS REVENUES                       | CUSIP: 011842US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $805639.50    | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GSL7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $593580.00    | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBQ4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1717553.86   | 0.19%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE            | CUSIP: 677510CR8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    840000 | PA      | $886141.20    | 0.10%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                         | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 6262074B7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2448817.79   | 0.27%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gilliam OR                                                            | GILLIAM CNTY OR SOL WST DISP REVENUE                         | CUSIP: 37580TAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2995272.00   | 0.33%             | 2038-07-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966LDJ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4530000 | PA      | $4634919.33   | 0.51%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri              | MISSOURI ST HLTH & EDUCTNL FACS AUTH                         | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2340000.00   | 0.26%             | 2035-10-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                             | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227PD7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4579561.48   | 0.50%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Port Arthur Navigation District                                         | PORT OF PORT ARTHUR TX NAV DIST                              | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5700000.00   | 0.62%             | 2040-04-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966QB82<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128022.00   | 0.12%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608RY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $649763.97    | 0.07%             | 2028-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                    | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CCV3<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098655.00   | 0.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                         | ORANGE CNTY FL TOURIST DEV TAX                               | CUSIP: 684545ZH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2137904.00   | 0.23%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                              | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304SK6<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5062440.00   | 0.55%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                           | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790RV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $958935.36    | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                            | GENESEE CNTY MI                                              | CUSIP: 371608RX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1385055.38   | 0.15%             | 2027-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBR2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6264974.50   | 0.69%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Port Facilities Revenue                                    | BROWARD CNTY FL PORT FACS REVENUE                            | CUSIP: 11506KGY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323991.25   | 0.14%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                    | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431466A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1291689.00   | 0.14%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                   | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2147268.00   | 0.24%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE          | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7819680.00   | 0.86%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                               | COLORADO ST COPS                                             | CUSIP: 196711QJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1447709.82   | 0.16%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                    | DETROIT MI CITY SCH DIST                                     | CUSIP: 251129Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1208088.20   | 0.13%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Convention & Sports Authority                                        | WASHINGTON DC CONVENTION & SPORTS AUTH DEDICATED TAX REVENUE | CUSIP: 93878LBV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1211213.71   | 0.13%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                           | PITTSBURGH PA                                                | CUSIP: 725209LP3<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    515000 | PA      | $552824.18    | 0.06%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452152Y54<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1669226.72   | 0.18%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County Unified Government Development Authority                   | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE             | CUSIP: 047059EW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $489342.21    | 0.05%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                     | WPPI ENERGY WI PWR SPLY REVENUE                              | CUSIP: 92937NCY8<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |    495000 | PA      | $530926.11    | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                         | MONTGOMERY CNTY MD                                           | CUSIP: 6133407L6<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    365000 | PA      | $387917.26    | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                        | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GAU6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537311.50    | 0.06%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                           | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736P92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038762.00   | 0.11%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $691032.86    | 0.08%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBT8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1454171.60   | 0.16%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                           | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6205524.00   | 0.68%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                           | PITTSBURGH PA                                                | CUSIP: 725209LQ1<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    700000 | PA      | $747279.40    | 0.08%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $813526.25    | 0.09%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                           | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736F93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021684.00   | 0.11%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 592098S99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2174068.00   | 0.24%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                             | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2349004.64   | 0.26%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                 | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A4V5<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1239220.45   | 0.14%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                            | CLEVELAND OH                                                 | CUSIP: 186343W96<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15022.11     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Energy & Power Authority                                              | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE              | CUSIP: 546462DN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2955000 | PA      | $2981467.94   | 0.33%             | 2030-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                          | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                     | CUSIP: 83755VZS6<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049701.00   | 0.11%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                           | HAMILTON CNTY OH HOSP FACS REVENUE                           | CUSIP: 407272P80<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025475.00   | 0.11%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3897870.00   | 0.43%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                         | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299268.75   | 0.14%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                    | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534WYZ5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3455491.00   | 0.38%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461365X5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114974.00   | 0.23%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                              | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727WS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517231.50    | 0.06%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin